Setting marketing objectives

Flashcards about Business Studies and Economics

Market

Anywhere where buyers and sellers meet, or a whole industry.

Market Size

The total value or total volume of goods sold in a market.

Market Growth

The trend or rate at which a market is expanding or contracting.

Marketing

The process of identifying, anticipating and meeting customer needs profitably.

Purposes of Marketing

Anticipating, recognizing, stimulating, and satisfying demand.

Market Share

The percentage of sales in a market by one particular firm.

Aims

More long-term visions, such as understanding customer wants and needs or improving profitability.

Objectives

Refer to how the aims will be met, must be SMART.

Examples of Objectives

Sales volume and sales value growth, growing market size, market share growth, brand loyalty.