3.3 - Decision Making To Improve Marketing Performance Flashcards
(19 cards)
What are objectives?
Statements of specific outcomes that are to be achieved.
What is a mission?
The overall purpose of a business
What is a vision?
The overall aspiration of a business?
What are aims/ goals?
General statements of what a business intends to achieve
What are objectives?
More precise and detailed statements of the aims/goals
What are corporate objectives?
Corporate objectives are those that relate to the business as a whole
What are four values of setting marketing objectives?
- Ensure function activities are consistent with corporate objectives
- Provide a focus for marketing decision making and effort
- Provides incentives for the marketing team and a measure of success or failure
- Establish priorities for marketing resources and effort
What are some potential problems with setting marketing objectives?
- Fast changing external environment
- Potential conflict between marketing objectives
- Easy to be too ambitious with marketing objectives
What is marketing?
A function of businesses that improves the link between the businesses and the customers through the process of identifying, anticipating and satisfying the needs of customers in a mutually beneficial exchange process.
What are some examples of marketing objectives?
- Maintaining or increasing market share
- Developing new products / innovation
- Meeting the needs of customers
- Entering a new market /market positioning
- Gaining an advantage over other competitor
What are the internal influences on marketing objectives?
- Corporate objectives
- Finance
- Human Resources
- Operational issues
- Business culture
What are the external influences on marketing objectives?
- Economic environment
- Competitor actions
- Market dynamics
- Technological change
- Social and political change
What is Market size?
Indicates the potential sales from a fir,usually measured in terms of both volume (units) and value (sales). The size of individual segments within the overall market can also be measured.
However,not normally a marketing objectives, since the firm cant influence it
How do you calculate market size?
(Sales / Market share) x 100
What is market growth?
A key indicator for existing and potential market entrants - growth rate can be calculated using either value or volume
How do you calculate market growth?
(Change in units / units sold from the previous year) x 100
What is market share?
Explains how the overall market is split between the existing competitors and tends to be calculates based on the market value,but volume can also be used.
It’s a good indicator of competitive advantage
How do you calculate market share?
9business revenue /total industry revenue) x 100
What is marketing research?
