Setting marketing objectives

what are the 5 marketing objectives

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

what is sales volume

the amount of sales expressed as a number of units sold

what is sales value

the amount of sales expressed as the total sum of money spent by customers

what is shrinkage

when the producers reduce the amount of product in a packet

what is the market size equation

number of units sold X price

what is market and sales growth

the percentage increase in the size of the market by value or volume over a period of time

what is market share (in words)

the proportion of total market sales that a firm has

what is the market share calculation

(business sales/market sales) X 100

what is brand loyalty

it exist when customers keep returning to buy a recognised brand

→branding is a proportional method that involves the creation of an identity for a business that distinguishes a product from its competitors

what are internal influences market objectives

* finance
* HR
* operational issues
* corporate objectives

explain how finance influences market objectives

* market budget
* cash flow targets
* ROI targets

explain how HR influences market objectives

• will marketing activities lead to more customers

• are staff trained to respond to marketing activities

• keeping staff informed

explain how operational issues influences market objectives

• ability to meet demand

• implementation of marketing decisions

• logistics of a new market

explain how corporate objectives influences market objectives

always the driving force behind other functional objectives

what are external influences market objectives

* competitors actions
* market factors
* technological change
* ethical and environmental influences

explain how competitors actions influences market objectives

* market budget
* promotional activities
* pricing policies
* product development
* aggresive marketing

explain how marketing factors influences market objectives

degree and relative power of competitors

social factors

legislation

demographics

explain how technology change influences market objectives

E commerce

digital marketing

social media

global markets

production capabilities

explain how ethical and environmental influences influence market objectives

consumers’ expectations

pressure groups