3.3.1 Setting marketing objectives

Question 1

Marketing

Answer 1

Providing customers with what they need/want

Question 2

Marketing Objectives

Answer 2

Goals set by the marketing function, and are designed to achieve the corporate objectives

Question 3

Sales value

Answer 3

Measures the level of sales in a given period of time in GBP

Question 4

Sales volume

Answer 4

Measures the level of sales in a given time in terms of units sold

Question 5

Market size

Answer 5

How small or large the market is in regards to sales value or sales volume

Question 6

Market/sales

Answer 6

Growth is the % change in the total sales in the market over a given period

Question 7

Market share

Answer 7

Measures the sales of one brand or business as a % of total market sales in a given time period

Question 8

Brand loyalty

Answer 8

Refers to the business ability to retain its customers

Question 9

What are the internal influences on marketing objectives?

Answer 9

• Finance
• Human resources
• Corporate objectives
• Operational issues

Question 10

What are the external influences of marketing objectives?

Answer 10

• Competitors actions
• Market factors (PESTLE)
• Technological change