3.3.1 setting marketing objectives

Marketing Cycle Steps

setting marketing objectives
analyse marketing data
make marketing decisions
implements decisions
review

relationship marketing

a strategy that focuses on keeping and improving relationships with current customers

Ethical Influences on Marketing

truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging

Sales growth

The percentage change in sales volume or value over a given period

market share

the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself

External influences on marketing objectives

PEST-C

brand loyalty

repeat purchase products insted of swapping

Monopolies

Corporations that gain complete control of the production of a single good or service.

Oliopology

a few large companies that controlled prices for an entire industry

Types of Markets

local
national
physical
electronic

physical markets

meet sellers and purchase directly
+experience cant be replicated
physically hold/view
no shipping costs
-decline in physically store
spatial limitations

electronic markets

using the internet buyers and sellers do not meet or physically interact
+convince of shopping at home
good discounts
less cost for business
-delay in delivery
lack of touch and feel
lack of shopping

local markets

by products and services in the vicinity that they were made, most likely fresh products
+easy to develop customer relations
generate local employment
-not much variety of products

national markets

operates in a particular contrary and provides goods or services. at least 20 locations per contrary
lower operating costs
+wider access to customer base
better able to complete on price
-more pollution
difficult to develop relationships

sales volume

The number of items or products or services sold by a business over a period of time.

sales value

The total sales revenue of a particular business over a period of time (usually one year)