Setting Marketing Objectives

?
Define marketing
The process of understanding customers and findings ways to provide products of services which customers demand, in order for a business to achieve its corporate objectives.
1 of 13
Define marketing objectives
The goals of the marketing function in an organisation which contribute to corporate objectives.
2 of 13
Examples of marketing objectives
Sales volume, sales value (financial worth of items sold), market size, market growth, market share, sales growth and brand loyalty.
3 of 13
Benefits of setting marketing objectives?
decisions by different staff are consistent, provides clarity, increase team work, allow improvements to efficiency, motivational, enables employees to recognise their own priorities.
4 of 13
Drawbacks of setting marketing objectives?
external changes are not easy to predict, objectives can conflict, may be unclear priorities, may not have sufficient resources or marketing budget, can decrease motivation.
5 of 13
External influences on marketing objectives and decisions
Market factors (growth or decline of a market), Competitors actions+performance, Technological change, Economic factors (growth or recession + interest rates), Ethics and environmental factors, Suppliers.
6 of 13
Internal influences on marketing objectives and decision
Business/corporate objectives, finance, HR, operational issues, resources available, nature of the product.
7 of 13
Define sales volume and its calculation
Measures the number of items sold or produced. Total Value / Quantity
8 of 13
Define sales value and its calculation
Measures the financial worth of the items sold. Volume X Average Price
9 of 13
Define market size and its calculation
The volume of sales of a product or the value of sales of product. Total sales in the market X Selling price.
10 of 13
Define market growth and its calculation
The % change in sales of a generic product or services over a period of time. Market size in year / Market size in previous year X 100
11 of 13
Define market share and its calculation
The % of proportion of the total sales of a product or services achieved by a firm or a specific brand of a product. Sales of one firm / Total sales in the market X 100.
12 of 13
Define sales growth and its calculation
The % change in sales for a specific business or product over a period of time. Sales in that year / Sales in the previous year X 100.
13 of 13

Other cards in this set

Card 2

Front

Define marketing objectives

Back

The goals of the marketing function in an organisation which contribute to corporate objectives.

Card 3

Front

Examples of marketing objectives

Back

Preview of the front of card 3

Card 4

Front

Benefits of setting marketing objectives?

Back

Preview of the front of card 4

Card 5

Front

Drawbacks of setting marketing objectives?

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

Pricing
See all Business Studies resources »See all Marketing and competitive environments resources »