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Flashcards in Marketing Objectives Deck (10)
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1
Q

Generally, what does marketing involve?

A

Research, planning, analysis and the marketing mix

2
Q

What are marketing objectives usually based on?

A

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

3
Q

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

A

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

4
Q

What three internal factors can marketing objectives be influenced by?

A

Corporate objectives
Finance
Human Resources

5
Q

What three external factors can marketing objectives be influenced by?

A

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

6
Q

Describe how the law directly affects marketing objectives?

A

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

7
Q

What is brand loyalty?

A

Holding onto existing customers, rather than attracting new ones

8
Q

What is the formulae for market growth?

A

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

9
Q

What is the formulae to workout market share?

A

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

10
Q

What is the formulae to workout sales growth?

A

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