Setting Marketing Objectives 5.0 / 5 based on 1 rating ? Business StudiesMarketing and competitive environmentsASAQA Created by: konradekeCreated on: 24-03-16 13:05 Marketing Objectives may focus on.... -Sales Volume and Value, Market Size, Market and sales growth, Market share and Brand loyalty 1 of 16 What is sales volume? The number of units sold 2 of 16 What is the sales value? The total amount spent by consumers 3 of 16 What is the formula for market size? Number of units sold X Price 4 of 16 What is the formula for market growth? Change in size of market / original size X 100 5 of 16 What is the formula for market share? Business A sales / Market sales X 100 6 of 16 What is brand loyalty? Brand loyalty is when customers keep returning to buy a recognised brand 7 of 16 What are the types of internal influences? Finance, HR, Marketing, Operations 8 of 16 What is an example of a Financial internal influence? Marketing Budget, Cash flow. Return on investment (ROI) 9 of 16 What is an example of a HR internal influence? Will marketing lead to more customers?, Are staff trained to respond?, Keeping staff members up to date 10 of 16 What is an example of an Operational internal influence? Ability to meet demand, Implementation of marketing decisions, logistics of a new market 11 of 16 What are the main types of External influences? Technological change, Ethical and envrionmental influences, Actions of competitors, Market factors 12 of 16 What is an example of how a Competitors actions could impact marketing objectives? Marketing budget, Promotional activities, Pricing policies, Product development and Aggressive marketing 13 of 16 What is an example of how Market factors could impact marketing objectives? Degree and relative power of competitors, social factors, legislation and demographics 14 of 16 What is an example of how technological change could impact marketing objectives? E-commerce, Digital markeitng, Social media, Global markets and production capabilities 15 of 16 What is an example of how ethical and environmental influences could impact marketing objectives? Consumers' expectations and pressure groups 16 of 16
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