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Flashcards in setting market objectives Deck (14):
1

what are marketing objectives?

the marketing targets that support firms corporate objectives

2

define market growth

the rate at which a market is growing

3

what's market share?

the proportion of the total sales in a market which each business has

4

what is market size?

the total number of items sold in a market in terms of volume or value

5

define brand

a sign, symbol or logo that differentiates one product from another

6

what is the formula for market growth?

change in the size of the market
-------------------------
original size of the market

X 100

7

what is the formula for market share?

sales of firm
----------------------
sales of whole market

X 100

8

how do you calculate market size?

sales of firm
-------------
market share

X 100

9

what is the formula for sales of individual firm?

sales of whole market
----------------------
100

X market share

10

how is sales volume measured?

in terms of the quantity of number of units sold e.g. 1 millions units

11

how is sales value measured?

in terms of how much is spent on a product e.g. £100,000 (1 million units sold at 10p each)

12

what are the internal influences on marketing objectives?

finance
operations
human resources

13

what are the external influences on marketing objectives?

(PESTEL)
political
economic
social
technological
environmental
legal

14

what is marketing?

marketing is the process of identifying, anticipating and satisfying customer needs to the mutual benefit of customers and the firm