Marketing Objectives Flashcards

1
Q

What does marketing identify?

A

Customer’s needs and wants

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2
Q

What does marketing anticipate?

A

What customers will want in the future so the business is always one step ahead of the market

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3
Q

What does marketing try to ensure?

A

That the business supplies goods and services that customers want to make a profit

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4
Q

What does marketing cover?

A

Research, analysis, planning and the ‘marketing mix’

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5
Q

What is the ‘marketing mix’?

A

All the decisions a business makes about promoting and selling a product

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6
Q

What are marketing objectives?

A

Targets that a company’s marketing department sets itself?

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7
Q

Why are marketing objectives valuable?

A

To help the company achieve its overall objectives and should be SMART.

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8
Q

What do marketing objectives tend to focus on?

A

Sales

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9
Q

What is the objective ‘sales volume’?

A

Reach a number of units sold over a period of time

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10
Q

What is the objective ‘sales value’?

A

Amount of money made from sales in a period of time

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11
Q

What is the objective ‘sales growth’?

A

Growth in sales of a certain volume or value over a year

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12
Q

What is the objective ‘market share’?

A

The percentage of sales in a market made by one firm or brand

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13
Q

Why is market share useful for a business?

A

It tells a business how well its going compared to its competitors

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14
Q

What is the objective ‘market growth’?

A

If market size increases from one period of time to another

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15
Q

What is brand loyalty?

A

Holding on to existing customers

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16
Q

How are marketing objectives influenced by corporate objectives?

A

They need to make sure its objectives are aligned with the company’s overall goals.

17
Q

How are marketing objectives influenced by the finance department?

A

Finance department allocates the marketing department’s budget

18
Q

How are marketing objectives influenced by HR?

A

HR planning identities how many staff the company needs

19
Q

How does the market influence the marketing objectives?

A

The economy can increase sales volume or maintain market share

20
Q

How does technology influence the marketing objectives?

A

New technology can cause prices to rise and fall very fast

21
Q

How does competitors influence the marketing objectives?

A

The actions can affect the objectives e.g they can be price competitive

22
Q

How can ethics and the environment influence marketing objectives?

A

Behaving in a harmful way can damage a company’s brand image

23
Q

Give four quantitative measures that marketing objectives can be based on.

A

Sales growth
Market share
Market growth
Sales value