OBJECTIVES Flashcards
WHAT DO MKTING OBJ SET OPUT
What bs wants to achieve from its mkting activities
whats the broad obj of mkting
increase sqales
what are the 5 areas mkting objective srevolve aroundd
sales volume
sales vlue
sales growth
market share
market growth
brand loyalty
sales volume refers to
AMOUNT OF UNITS YOU SELL
Sales value refers to
selling a certain monetary value of products
what is sales growth
increase volume/value of sales over a period of time
market share
% of a mkt a business owns
we want to increase it
market growth refers to
wanting entire mkt to grow as increases sales
brand loyalty
extent whihc custoemrs repeat purchase from the same business despite competitiros offering similar products and services
why do we want brand loyalty
decrease PED to be more inelastic
so wehn rasie prices your rasie rev
value of setting mking obj
Ensure functional activities consistent with corporate objectives
Provide a focus for marketing decision-making and effort
Provide incentives for marketing team and a measure of success / failure
Establish priorities for marketing resources and effort
what is dynamic pricing
a pricing strategy in which businesses set flexible prices for products or services based on current market demands.
what is the aim of dynamic pricing
The aim of dynamic pricing is to allow a business that sells goods or services online and/or via mobile apps to adjust selling prices on the fly in response to changing market demand.
