Marketing Objectives Flashcards
What does marketing identify?
Customer’s needs and wants
What does marketing anticipate?
What customers will want in the future so the business is always one step ahead of the market
What does marketing try to ensure?
That the business supplies goods and services that customers want to make a profit
What does marketing cover?
Research, analysis, planning and the ‘marketing mix’
What is the ‘marketing mix’?
All the decisions a business makes about promoting and selling a product
What are marketing objectives?
Targets that a company’s marketing department sets itself?
Why are marketing objectives valuable?
To help the company achieve its overall objectives and should be SMART.
What do marketing objectives tend to focus on?
Sales
What is the objective ‘sales volume’?
Reach a number of units sold over a period of time
What is the objective ‘sales value’?
Amount of money made from sales in a period of time
What is the objective ‘sales growth’?
Growth in sales of a certain volume or value over a year
What is the objective ‘market share’?
The percentage of sales in a market made by one firm or brand
Why is market share useful for a business?
It tells a business how well its going compared to its competitors
What is the objective ‘market growth’?
If market size increases from one period of time to another
What is brand loyalty?
Holding on to existing customers
