Setting Marketing Objectives (AQA A-Level Business): Flashcards
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Marketing objectives
Marketing objectives
Specific goals set for a business's marketing activities
Sales volume
Sales volume
Number of units sold (e.g., 10,000 chocolate bars)
Sales value
Sales value
Monetary worth of sales (e.g., £25,000)
Market share
Market share
Proportion of market's total sales earned by a company
Market share formula
Market share formula
(sales of firm ÷ total market sales) × 100
Brand loyalty
Brand loyalty
When consumers commit to a brand & make repeat purchases
SMART objectives meaning
SMART objectives meaning
Specific, Measurable, Achievable, Realistic, Time-based
Sales growth formula
Sales growth formula
(difference in sales ÷ earliest year) × 100
Growing sales vs. market share
Growing sales vs. market share
Sales growth ≠ market share increase (depends on market growth)
Market size
Market size
Total sales available in a particular market