Setting marketing objectives

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7 Terms

1
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The value of setting marketing objectives.

Marketing objectives provide a clear direction for marketing activities and help a business achieve its broader goals. They ensure that marketing efforts are aligned with the company’s overall strategy.

  • Clarity and Focus: They give the marketing team a clear focus on what to achieve, guiding all actions and decisions.

  • Measurable Success: Well-defined objectives allow for measuring the success of marketing campaigns and strategies.

  • Motivation and Accountability: Clear objectives motivate employees and hold them accountable for achieving specific targets.

  • Resource Allocation: Objectives help prioritize marketing initiatives, ensuring resources are allocated efficiently.

2
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What do we use to make good Marketing objectives ?

Marketing objectives should be SMART (Specific, Measurable, Achievable, Realistic, and Time-bound).

3
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What is sales volume/value. Give formula

Measures sales performance.

4
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What is market size. Give formula

Indicates potential market opportunities.

Value Market Size:

Market Size = Total Sales Value of All Companies in the Market

Volume Market Size:

Market Size = Total Number of Units Sold in the Market

5
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What is market & sales growth. Give formulas.

Focus on expanding demand and sales over time.

Market growth % = (Market Size in Year 2 - Market Size in Year 1)​ ÷ Market Size in Year 1 × 100.

  • Market Size in Year 1 = The size of the market in the previous period.

  • Market Size in Year 2 = The size of the market in the current period.

Sales growth % = (Sales in Current Year - Sales in Previous Year) ÷ Sales in Previous Year × 100.

6
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What is market share. Give formula

Indicates competitive position in the market.

Market Share % = Company’s sales ÷ Total Market Sales × 100.

  • Company’s Sales = The revenue or volume of the company’s sales.

  • Total Market Sales = The combined revenue or volume of sales for all companies in the market.

7
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What is brand loyalty. Give formula

Ensures long-term customer retention and repeat business.