Marketing objectives and market analysis Flashcards
(8 cards)
1
Q
What is marketing?
A
How a business promotes and sells its products or services to customers.
2
Q
Why do businesses need to understand their market?
A
To meet customer needs and stay ahead of competitors.
3
Q
What are different ways markets can be classified?
A
By geography
By development level
4
Q
What are examples of quantitative marketing objectives?
A
Increase:
Sales volume
Sales value
Market share
5
Q
What are examples of qualitative marketing objectives?
A
Improve product quality
Maintain brand loyalty
6
Q
What is the formula for market growth (%)?
A
Change in market size / old market size x 100
7
Q
What is the formula for market share (%)?
A
Sales / total market size x 100
8
Q
What is the formula for sales growth (%)?
A
Change in sales / last year’s sales x 100
