Flashcards
3.3.1: Setting marketing objectives
Cards in this deck (15)
- 1Marketing:The business process that anticipates, identifies and satisfies the customers needs and wants profitably
- 2Marketing Model:a method to decide how to turn a marketing objective into a strategy
- 3How Technological Developments Affect Marketing Decisions:Digital Marketing:
-strong success pushes people that way to use it themselves
Social Media:
-tight targeting
-interactive relationship
Relationship Pricing:
-specify ads and junk mail to you and your interests
Dynamic Pricing:
-prices continually change based upon supply & demand - 4Ethical Marketing:the process through which companies generate customer interest in its products and services by incorporating social and environmental considerations
*Important for legal issues and to make customers more aware but conflicts might come from people believing it is dishonest or that you aren't actually ethical - 5Competitiveness:A measure of a firms ability to offer a better combination of price and quality than its rivals
- 6Measure of Market Competitiveness:Lack of competition
Monopoly e.g. electric & gas
|
Oligopoly
|
Competitive market e.g. chocolate bars
Fierce competition - 7Market Positioning:seeing where exactly a brand fits or would fit in the market
*Helps outline what consumers like and what a brand can do to increase their market position - 8How Marketing Can Boost Competitiveness:Design:
-USP to stand out from rivals
Brand Image:
-crucial for customers to tell brands apart - 9Marketing Objectives:the targets that a company's marketing department sets itself
- 10Typical Marketing Objectives: (Quantitative)-Sales volume in units: the number of items a business wishes to sell in a given time period)
-Sales value (£): increase revenue and sales figures
-Sales growth: in volume (units) or value (£)
-Market share: the % of the total market that one company or 1 brand has
-Market size: the total volume (units) or total value (£) of the whole market
-Market growth: % increase/decrease over time - 11Typical Marketing Objectives: (Qualitative)-Brand loyalty: repeating purchases/returning customers
-Market positioning: trying to appeal to a specific market e.g. Superdry age group 14-25, top in casual clothing market
-Launch new product: completely new or to amend an existing product e.g. mobile phones
-Differentiation: unique selling point (USP)
-Advertising methods
-Product range - 12Influences on Marketing Objectives:Internal:
-company's mission + overall objectives
-leadership style
-finance
-human resources (staff)
External:
-trends/fashion
-how much influence they have in the market/their share
-demographic of the market (age, gender, lifestyle)
-competitors
-ethics - 13Market Share:the % of the total market that one company or 1 brand has
total revenue for business in time period / total revenue of market for time period) x100 = market share (%) - 14Market Growth:(change in market share between two years / share of one year) x 100 = market growth (%)
(Y1 - Y2 / Y1) x100 = Market growth (%) - 15Sales Growth:(change in sales between two years/sales of year 1) x 100 = Sales growth (%)
(Y1 - Y2 / Y1) x100 = sales growth (%)
Information
- Description
- Marketing, marketing model, technology affecting marketing, ethical marketing, competitiveness, market positioning, marketing objectives, market share, market growth, sales growth
- Created by
- Ashleigh-Jade Jones
- Views
- 48
- Rating