Setting Market Objectives

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What is marketing?
The link between customers and the business
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What is Relationship Marketing?
Attempts to build long term partnerships with customers- aims to retain customers and build connections
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Philip Kotlers definition of marketing
'The art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer values'
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What are the 5 steps of the marketing process?
Setting marketing objectives, analysing marketing data, make marketing decisions, implement decisions and review
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How will marketing decisions help improve performance?
By ensuring the business meets customer needs and wants and therefore remains competitive
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What are marketing objectives?
The targets set for the marketing activities of a business. These should be SMART
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Give examples of marketing objectives a business might have
Sales volume, sales value, sales growth, market share and brand loyalty
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What is the difference between sales value and sales volume?
Sales value is measured in terms of how much is spent on a product, sales volume is measured in terms of the number of units sold
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What are sales growth targets?
Mangers will measure how much the business is increasing sales. For example, increase sales volume by 5% over the next 3 years.
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What is market share?
The amount a business sales as a percentage of the total sales of the market
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What is the equation for market share?
Sales of the business / total market sales x 100
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Why might managers want a high market share?
A high market share suggests relatively high sales and profits, high outputs - giving power over suppliers and partners, and relatively high prominence in the market
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What is brand loyalty?
Gaining loyal customers who will return to the business and favour them over competitors
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Why is brand loyalty beneficial to a business?
It is cheaper and easier to retain customers rather than attract new ones
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What is the value of setting market objectives?
Helps coordinate activities within the business, helps clarify priorities and help everyone contribute to the overall objectives
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Name some internal influences on marketing objectives
Finance, human resources, operations, existing position of the business, overall strategy and objectives and ambitions of the manager
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Name some external influences on marketing objectives
Political and legal environment, economic, social and technological change and the competitive environment
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Card 2

Front

What is Relationship Marketing?

Back

Attempts to build long term partnerships with customers- aims to retain customers and build connections

Card 3

Front

Philip Kotlers definition of marketing

Back

Preview of the front of card 3

Card 4

Front

What are the 5 steps of the marketing process?

Back

Preview of the front of card 4

Card 5

Front

How will marketing decisions help improve performance?

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Preview of the front of card 5
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