unit 3 - decision making to improve marketing performance

Question 1

Relationship Marketing

Answer 1

an approach in which a company seeks to build long-term relationships with customers by providing consistent satisfaction

Question 2

Marketing Objectives

Answer 2

sales volume, sales value, sales growth, market share, brand loyalty

Question 3

Sales Volume & Sales Value

Answer 3

value - measured in terms of how much is spent on a product and increasing the volume sold
volume - measured in terms of the number of units sold and increasing the revenue generated

Question 4

Sales Growth

Answer 4

increasing the sales value or volume

Question 5

Market Share

Answer 5

measures the amount a product sells as a percentage of the total sales of the market

Question 6

Brand Loyalty

Answer 6

ensuring a business is retaining customers

Question 7

Market Growth

Answer 7

occurs when an industry grows in terms of volume or value

Question 8

Internal Influences

Answer 8

factors within the business

Question 9

External Influences

Answer 9

factors outside of the business