When a business manages to keep hold of existing customers
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What is an example of creating brand loyalty?
Social media; allows customers and businesses to interact with one another
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Marketing can be influenced by 2 factors:
External (EF) and Internal (IF)
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How do corporate objective (IF) influence marketing?
Marketing department has to make sure its objectives are aligned with company's overall goals.
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How does finance (IF) influence marketing?
Allocates marketing department's budget. Affects its ability.
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How does Human Resources (IF) influence marketing?
Identifies how many staff company needs. If reduced/increased, marketing will have to adjust objectives to match achievability with staff levels
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How does the market (EF) influence marketing
State of economy has a big impact. e.g. during economic boom is good, during recession, not as good.
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How does technology (EF) influence marketing?
Technology causes prices to rise or fall quickly,
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How do competitors (EF) influence marketing?
If Competitor focused on lower prices, marketing department might alter objectives so customers see them as price competitive
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How do ethics and environmental factors (EF) influence marketing?
Awareness increasing amongst consumers. Behaving in harmful way can damage business' reputation.
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How does the law affect MOs?
Predatory pricing: Cutting prices to force competitor out of business- illegal in EU and US. Trade Descriptions Act: Businesses cannot lie about their product. Advertising some products is restricted.
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Other cards in this set
Card 2
Front
What are marketing objectives?
Back
Targets a company's marketing department sets itself
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