Marketing Objectives

Question 1

What does the process of marketing allow a business to do?

Answer 1

-understand what customers want -understand the market its operating in -build a strong

Question 2

What is a market?

Answer 2

where buyers meet sellers

Question 3

What do market departments typically set objectives around?

Answer 3

growth, brand image, share and brand loyalty

Question 4

What is market and sales growth usually measured in?

Answer 4

volume (units) and value (pounds)

Question 5

what is market share? what may increased market share lead to?

Answer 5

amount a business sells as a percentage of the whole market. increasing market share gives a business more influence and power in the market

Question 6

what does brand image involve?

Answer 6

building brand characteristics, good reputation e.g high quality can attract and reassure customers so they can charge premium prices.

Question 7

What does brand loyalty involve?

Answer 7

involves building a relationship with customers in order to encourage repeat purchase

Question 8

Internal and external influences on marketing objecives and decisions

Answer 8