Marketing Objectives in the Growth Stage Flashcards
How can Sales be tracked?
Actual sales can be tracked using a sales report to determine sales revenue for a period of time and for each product.
Examples of Sales Objectives
attracting new customers to increase sales
• expanding sales to existing customers
• increasing unit sales by 10 per cent for the coming period
• achieving sales revenue growth of 8 per cent for the coming period
Sales Definition
a company’s revenue earned from the sales of products or services
Sales Forecasting Definition
A sales forecast is an essential tool for managing a business of any size and is critically important during the growth stage to ensure the business has adequate inventory to meet certain demands and to ensure the market potential for a product.
Purpose of Sales Forecasting
to find information that can be used to plan for growth and make smart business decisions
Where do Sales Forecasting Data come from?
data comes from internal sales history and market research
What are the Values for Sales Forecasting
The number of units expected to be sold and the dollar value of sales (sales revenue) can both be forecast.
Any Benefits from the Sales Forecasting
allows a business to judge whether targets are being met so that planning and decision-making can be adjusted.
What’s the point of Brand Awareness
It’s a main way a business identifies its products
Brand Awareness Definition
Branding is a combination of the name, logo, customer service, uniforms, marketing materials and advertising that distinguish a business from its competition.
What is Branding in a consumer’s perspective?
For consumers, branding is a source of information that tells them what to expect in a product.
What is branding in a business perspective?
For business it can be a source of competitive advantage
Why is Brand awareness Important
For a business in the growth stage of the life cycle, developing brand awareness is important for encouraging repeat business and customer loyalty
