Unit 3.1 Marketing objectives

Question 1

What is Marketing?

Answer 1

Anticipation and satisfaction of consumers wants and needs profitably

Question 2

What are Marketing objectives?

Answer 2

Goal and targets set by the marketing department of a business and ensure the direction of customer having a good experience

Question 3

What are examples of marketing objectives

Answer 3

Sales volume and size (value), Market size, Market and sales growth, Market Share & Brand Loyalty

Question 4

What is a sales volume?

Answer 4

Number of products or services sold and is expressed in whole numbers

Question 5

What is sales value?

Answer 5

£££ Revenue earned from selling products or services and is expressed as a value

Question 6

What is Market value(size)?

Answer 6

Total sales revenue generated from selling all the products or services that a business has to offer

Question 7

Market growth formula?

Answer 7

Market size (YR2) - Market size (YR1)/ Market size (YR1) * 100

Question 8

Sales growth formula?

Answer 8

Sales(YR2) - Sales (YR1)/ Sales (YR1) * 100

Question 9

Market share formula?

Answer 9

Sales of business/ Total market share *100