Generally, what does marketing involve?
Research, planning, analysis and the marketing mix
What are marketing objectives usually based on?
Sales volume and sales value
Market size and market growth
Give some qualitative measures that marketing objectives can be based on?
Improving product quality
Making sure the product survives in a new market
Creating and maintaining brand loyalty
What three internal factors can marketing objectives be influenced by?
What three external factors can marketing objectives be influenced by?
Market - the state of the economy
Ethics and environmental factors
Describe how the law directly affects marketing objectives?
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
What is brand loyalty?
Holding onto existing customers, rather than attracting new ones
What is the formulae for market growth?
Market growth = new market size - old market size
———————————————- x 100
Old market size
What is the formulae to workout market share?
Market share = Sales
—————— x 100
Total market size
What is the formulae to workout sales growth?
SG=sales in the period of time- sales in the previous time period
Sales in the previous time period