Setting Marketing Objectives (Chapter 7 - definitions/formulae)

Marketing
The actions of a business to promote and sell products and services.
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Relationship Marketing
Marketing whereby a relationship is built with customers in order to retain their custom.
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Market
A transaction(s) between a buyer and a seller.
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Business Ethics
Whether a business decision is perceived to be right or wrong.
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Marketing Objectives
Targets set for the marketing function of a business.
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Sales Value (definition)
The monetary value of sales e.g. £500 from clothing.
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Sales Volume (definition)
A unitary measurement of sales e.g. 50 units of clothing.
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Sales Growth (definition)
An increase in sales, usually expressed as a percentage.
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Market Share (definition)
The sales of one brand or business as a percentage of total market sales.
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Market Share (formula)
(Product/Brand Sales / Total Market Sales) X 100
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Market Growth (definition)
The percentage change in total sales in the market over a given period.
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Market Growth (formula)
Year 2 sales - Year 1 sales / Year 1 sales X 100
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Brand Loyalty
The retaining of customers to a specific brand or company.
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Internal Influences (definition)
Factors within a business affecting marketing decisions.
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External Influences (definition)
Factors out of the business's control affecting marketing decisions.
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Globalisation
The internationalisation of trade and business.
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Other cards in this set

Card 2

Front

Relationship Marketing

Back

Marketing whereby a relationship is built with customers in order to retain their custom.

Card 3

Front

Market

Back

Preview of the front of card 3

Card 4

Front

Business Ethics

Back

Preview of the front of card 4

Card 5

Front

Marketing Objectives

Back

Preview of the front of card 5
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