Paper 1 Divider 3

Question 1

Value of marketing objectives

Answer 1

• align with corporate objectives and will be SMART

- goals will contribute towards achieving the overall objectives and mission of the business

Question 2

Sales volume

Answer 2

-relates to the number of products sold and targets may be set to sell a certain number of products over a specified period of time

Question 3

Sales value

Answer 3

-measures sales in financial terms rather than units

Question 4

Market size

Answer 4

-can be exposed in units/financial terms and represents the total value or volume of all sales in a particular market

Question 5

Market share

Answer 5

The proportion of sales in a market gained by a particular product, brand or business

Question 6

Market and sales growth

Answer 6

• can be measured in units, monetary or %

- needs to be considère alongside market growth and changes in market size

Question 7

Brand loyalty

Answer 7

• where a business retains its customers and who returns repeatedly to purchase the product instead of going to competitors
• easier and cheaper to retain old customers than new ones

Question 8

Internal influences on marketing objectives, corporate objectives

Answer 8

Need to support the achievement of corporate objectives

Question 9

Internal influences on marketing objectives, operations

Answer 9

May be responsible for new product developments

Question 10

Internal influences on marketing objectives, finance

Answer 10

Historical finance performance will determine the magnitude of retained profits

Question 11

Internal influences on marketing objectives, HR

Answer 11

May need to recruit specialist staff if they want to grow to expand

Question 12

Internal influences on marketing objectives, marketing

Answer 12

Firms image and how its perceived by customers can determine whether a business could enter new markets

Question 13

External influences on marketing objectives, economic enviroment

Answer 13

Spending will increase during an economic boom, so sales volume will increase

Question 14

External influences on marketing objectives, competitors

Answer 14

Agressive pricing can make it harder to achieve sales objectives

Question 15

External influences on marketing objectives, tech

Answer 15

Can require high initial sales targets as competitors may later enter the market

Question 16

External influences on marketing objectives, social factors

Answer 16

Can restrict marketing activity in terms of products and design and safety

Question 17

External influences on marketing objectives, ethics and enviroment

Answer 17

May promote a firms enviromental and ethical creditdentials as customers start to value these more