Marketing Objectives

Question 1

Importance of marketing objectives (6)

Answer 1

Understand the market a business is operating in

Understand what customers want

Understand strengths and weaknesses of competitors

Build a strong brand

Build relationship with customers

Understand the nature of pricing

Question 2

Marketing objectives (4)

Answer 2

Market and sales growth - measured in volume or value - increases desirability - leads to increased revenue

Brand image - building brand - gain a good reputation - attract customers - charge higher price

Market share - the amount a business sells as a percentage of the whole market - more influence and power

Brand loyalty - need regular customers - builds relationship - repeat purchasing