3.3.1 setting marketing objectives

what are the five marketing objectives

sales volume and sales value
market share
market growth
brand loyalty
market size

define market size

value or volume of sales in an industry

state the formula for market size

q x avg ppu

define market growth

percentage growth of the overall market size over time

state the formula for market growth

change in market size/original market sizex100

define market share

percentage of sales a business has in a market

state the formula for market share

sales of business/total market salesx100

define brand loyalty

when customers engage in repeat purchases instead of switching between brands