Marketing Objectives Flashcards
What is a marketing objective
A target set for the marketing function derived from the corporate objectives
what are the 5 marketing objectives
• sales volumes - measures level of sales in a given period in terms of units sold
• Sales value - level of sales in a given period of time
• Sales growth - percentage change in sales volume of value over a period
• market share - measures sales of one brand or business as a percentage of total market
sales in a period
• Brand loyalty - measures how many customers return to use the business again
what does market objectives ensure
- helps coordinate activities
- Helps motivate employees
- Helps measure success
Internal influences on marketing objectives
- overall strategy - from corporate objectives
- ambitions of manager - more ambitious, more demanding
- Existing position and size- must be realistic depend on size&capacity
- Finance available - may limit promotional activities
- Employees - skill levels of workforce affect quality/design
External influences on marketing objectives
- political and legal environment
new laws/legislation can affect what is produced/advertising - Economic change
growth,employment,incomes,interest rate,inflation,cost of production - Social change
ethical issues - Technological change
digital tech - Competitive environment
degree of competition will affect marketing mix
what is sales volume
Measure the level of sales in a given period in terms of units sold
What is sales value
Measure the level of sales In A given period in pounds
What is sales growth
The percentage change in sales volume or value over a given period
What is market share
Measure the sales of one brand or business as a percentage of total market sales in a given period
What is brand loyalty
Measure how many customers return to use the business again
