3.3.1 Marketing Management Flashcards
(17 cards)
What is marketing?
The process of identifying, anticipating, and satisfying customer needs profitably.
What are marketing objectives?
Specific, measurable goals set by a business to guide its marketing activities, ensuring focus on achieving broader business goals such as increasing sales, market share, or brand awareness.
Why is setting marketing objectives important?
They provide direction, measure progress, ensure effective resource use, align employees, and help identify weaknesses.
What are common types of marketing objectives?
Sales volume, sales value, market share, brand loyalty, market size, and market/sales growth.
What is the formula for calculating market share?
(Sales of the business / Total market sales) × 100.
What is brand loyalty?
When customers consistently choose the same brand over competitors, leading to repeat purchases and potentially allowing the company to charge premium prices.
What is the marketing model process?
Set marketing objectives;
2. Analyse marketing data
3. Make marketing decisions;
4. Implement decisions;
5. Review.
What are some internal influences on marketing objectives?
Corporate objectives, financial position, operational capacity, and human resources.
What are some external influences on marketing objectives?
Market conditions, competition, technological changes, and legal/regulatory environment.
What challenges might a business face when setting marketing objectives?
Unpredictable market conditions, changes in consumer behavior, and internal resource constraints.
How is sales growth calculated?
((Sales in current year – Sales in previous year) / Sales in previous year) × 100.
How is market growth calculated?
((Market size in current year – Market size in previous year) / Market size in previous year) × 100.
What is the difference between sales volume and sales value?
Sales volume measures the number of units sold; sales value measures the total revenue from sales.
How can brand loyalty benefit a business?
It leads to repeat purchases, allows premium pricing, and reduces marketing costs.
What are some internal influences on marketing objectives?
Corporate objectives, financial position, operational capacity, and human resources.
Why is it important to align marketing objectives with corporate objectives?
To ensure cohesive strategy and efficient resource allocation across the business.
What challenges might a business face when setting marketing objectives?
Unpredictable market conditions, changes in consumer behavior, and internal resource constraints.
