Unit 3.1-Setting marketing objectives

Question 1

What is a market?

Answer 1

A market occurs when there are buyers and sellers willing to make an exchange.

Question 2

Objectives of marketing

Answer 2

• Marketing aims to satisfy or ideally delight customers so they want to come back and more.
• Marketing is about building a relationship with customers so they are loyal to your organisation and will return for more

Question 3

What is relationship marketing?

Answer 3

This attempts to build a long term partnership with customers, it aims to retain customers and build the connection with the business.

Question 4

What do banks want you to buy from them?

Answer 4

• Savings account
• Borrowing
• Insuring your house and possessions
• Buying shares
• Changing currency

Question 5

What was Philip Kotler’s definition of marketing?

Answer 5

the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value

Question 6

Name stages of the marketing process?

Answer 6

Analyse marketing data
Make marketing decision
Implement decisions
Review
Set marketing objectives

Question 7

What factors affect marketing objectives?

Answer 7

Sales volume
sales value,
sales growth
market share
brand loyalty

Question 8

Why would a business want high market share?

Answer 8

Relatively high sales and therefore possibly profit
Relatively high outputs - may give the business power over suppliers
Relatively high prominence in the market - raise the profile, strengthen the brand and make launching new products easier

Question 9

Internal influences on marketing objectives?

Answer 9

Finance
Human resources
Operations
Existing position
Overall strategy and business objectives.

Question 10

External influences on marketing objectives?

Answer 10

Political
Economic
Social
Technological
Competitive.