MARKETING OBJECTIVES

Question 1

What is a marketing objective

Answer 1

MARKETING OBJECTIVE: The goals set for the marketing department to achieve their corporate objectives.

Question 2

What is sales volume

Answer 2

Measure the total number of units sold by a firm.

For Example: A coffee shop may want to sell 1000 cups of coffee per day.

Question 3

What is sales value

Answer 3

Measures the monetary value of the sales a firm makes.

For Example: A marketing agency wants to make £2000 in sales per day.

Question 4

What is the formula for sales value

Answer 4

Formula For Sales Value: Units sold x average selling price.

Question 5

What is market size

Answer 5

Market Size: Can be measured by value, or by volume.

Question 6

What is the formula for market size

Answer 6

Formula: Total units sold in market x selling price per unit.

Question 7

What is the market value

Answer 7

The amount in revenue that was generated in that market

Question 8

What is market growth

Answer 8

Market Growth: The percentage increase in the size of the market in terms of either value or volume.

Question 9

What is the formula for market growth

Answer 9

Formula = change in size of market divided by the original size, multiplied by 100

Question 10

What is brand loyalty

Answer 10

Brand Loyalty:

The extent to which consumers make repeat purchases from the same brand.

A business may have the objective to increase their brand loyalty, by getting more repeat purchases.