Marketing Objectives

Question 1

Generally, what does marketing involve?

Answer 1

Research, planning, analysis and the marketing mix

Question 2

What are marketing objectives usually based on?

Answer 2

Sales volume and sales value
Sales growth
Market share
Market size and market growth

Question 3

Give some qualitative measures that marketing objectives can be based on?

Answer 3

Improving product quality
Making sure the product survives in a new market
Creating and maintaining brand loyalty

Question 4

What three internal factors can marketing objectives be influenced by?

Answer 4

Corporate objectives
Finance
Human Resources

Question 5

What three external factors can marketing objectives be influenced by?

Answer 5

Market - the state of the economy
Technology
Competitors
Ethics and environmental factors

Question 6

Describe how the law directly affects marketing objectives?

Answer 6

Predatory pricing - cutting prices to force a competitor out of the market is illegal in the EU
Trade descriptions act - businesses can’t lie about products
Advertising restrictions

Question 7

What is brand loyalty?

Answer 7

Holding onto existing customers, rather than attracting new ones

Question 8

What is the formulae for market growth?

Answer 8

Market growth = new market size - old market size
———————————————- x 100
Old market size

Question 9

What is the formulae to workout market share?

Answer 9

Market share = Sales
—————— x 100
Total market size

Question 10

What is the formulae to workout sales growth?

Answer 10

SG=sales in the period of time- sales in the previous time period
——————————————————————— x100
Sales in the previous time period