To reach a certain number of units sold over a certain period of time. Easy to visualise but doesn't mention amount of money coming in from sales. Businesses that sell lots of differently priced items use sales value instead.
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Objective: Sales Growth
Growth in sales of a certain volume/value over a year, e.g. sell 500 more cars. Could also be percentage growth in sales.
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Objective: Market Share
Increase percentage sales in a market made by a firm. Compares firm to competitors. Increases by enticing customers away from competitors or attracting new customers into market.
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Objective: Market Size/Growth
Market size-total number of sales over time period. Market is growing if market size is increasing. Stimulating market growth = increase in sales (as long as market share stays the same).
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Objective: Brand Loyalty
Holding onto existing customers rather than just attracting new ones. E.g. use of social media. Qualitative rather than quantitative.
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Internal Factor: Corporate Objectives
Marketing needs to be aligned with firm's overall goals. E.g. if firm wants to increase profits in short term then no point focusing on new product that won't be launched for years.
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Internal Factor: Finance
Finance department allocates marketing budget, so affects what marketing can do.
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Internal Factor: Human Resources
Number of staff impact what marketing can be done. E.g. a decrease in staff, leads to a decrease in capacity so will be a limit to how much marketing can increase sales volume.
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External Factor: Economic Environment
State of economy impacts objectives. Economic boom = good time to increase sales volume as income is higher. Recession = maintain market share.
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External Factor: Technology
Objectives focus on sales/price in markets were tech changes quickly. E.g. price of regular TVs decreased since release of smart TVs.
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External Factor: Competitors
Particularly in competitive markets. If a competitor focuses on low prices then objectives can change so they are seen as price competitive. E.g. Xbox 1 reduced in price to compete with PlayStation 4.
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External Factor: Ethics/Environment
Behaving in unethical way can damage brand's reputation/image. Might change objectives in order to show the business as ethical/environmentally conscious.
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External Factor: Laws
Government regulations affect objectives, e.g. predatory pricing is illegal in EU and US. Trade Descriptions means businesses can't lie about products. Advertising of some products is restricted, e.g. alcohol, tobacco.
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What does marketing identify?
Customers needs and wants. Tries to anticipate future needs/wants. Tries to be mutually beneficial (customer=get what they want, business=profit).
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Other cards in this set
Card 2
Front
Objective: Sales Growth
Back
Growth in sales of a certain volume/value over a year, e.g. sell 500 more cars. Could also be percentage growth in sales.
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