setting market objectives Flashcards
what are marketing objectives?
the marketing targets that support firms corporate objectives
define market growth
the rate at which a market is growing
what’s market share?
the proportion of the total sales in a market which each business has
what is market size?
the total number of items sold in a market in terms of volume or value
define brand
a sign, symbol or logo that differentiates one product from another
what is the formula for market growth?
original size of the market
X 100
what is the formula for market share?
sales of whole market
X 100
how do you calculate market size?
market share
X 100
what is the formula for sales of individual firm?
100
X market share
how is sales volume measured?
in terms of the quantity of number of units sold e.g. 1 millions units
how is sales value measured?
in terms of how much is spent on a product e.g. £100,000 (1 million units sold at 10p each)
what are the internal influences on marketing objectives?
finance
operations
human resources
what are the external influences on marketing objectives?
(PESTEL) political economic social technological environmental legal
what is marketing?
marketing is the process of identifying, anticipating and satisfying customer needs to the mutual benefit of customers and the firm
