Marketing Objectives and Audit Overview
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Marketing Objectives and Audit Overview

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Questions and Answers

In a perfect competition market structure, which characteristic defines the product offered?

  • Differentiated products
  • High relevance of place
  • Undifferentiated products (correct)
  • Limited information availability

    • What is the primary focus of a monopoly with respect to market strategy?

  • Maximizing profits (correct)
  • Creating differentiated products
  • Optimizing marketing channels
  • Maximizing customer satisfaction

    • In which market structure is the concept of imperfect information prevalent?

  • Perfect competition
  • Perfect information market
  • Monopoly
  • Oligopoly (correct)

    • What changes in business orientation are highlighted in the evolution from traditional marketing?

    <p>From exchange to relationship</p> Signup and view all the answers

    Which aspect is emphasized as crucial for generating economic value in marketing?

    <p>Accumulating relational capital</p> Signup and view all the answers

    What is a fundamental aspect of marketing as defined by Philip Kotler?

    <p>It involves creating and exchanging value.</p> Signup and view all the answers

    Which of the following is NOT considered a core aspect of marketing?

    <p>Sales promotion tactics.</p> Signup and view all the answers

    Why might marketing be considered an evolving process?

    <p>It must adapt to changing consumer wants and demands.</p> Signup and view all the answers

    Which statement best describes the 'iceberg' analogy in marketing?

    <p>The visible part reflects the marketing results achieved by the company.</p> Signup and view all the answers

    In distinguishing what marketing IS, what is highlighted as a key element?

    <p>It is centered around meeting consumer needs and desires.</p> Signup and view all the answers

    What does the SMART criteria stand for when setting marketing objectives?

    <p>Specific, Measurable, Attainable, Realistic, Timely</p> Signup and view all the answers

    Which area does NOT relate to marketing costs in the classification of marketing objectives?

    <p>Profitability of sales</p> Signup and view all the answers

    In conducting a marketing audit, which aspect is primarily focused on areas under management's control?

    <p>Internal audit</p> Signup and view all the answers

    What is the primary aim of a marketing audit?

    <p>To identify strategic issues and opportunities</p> Signup and view all the answers

    Which of the following is a parameter to measure 'market share' in marketing objectives?

    <p>Units sold</p> Signup and view all the answers

    What aspect does the external audit primarily focus on?

    <p>Forces outside management's control</p> Signup and view all the answers

    Which component is NOT part of the marketing mix?

    <p>Competitive pricing</p> Signup and view all the answers

    What does a PESTEL analysis help to examine?

    <p>Uncontrollable external forces</p> Signup and view all the answers

    What is a key aspect of Volvo's brand association?

    <p>Trust and safety</p> Signup and view all the answers

    Which element does NOT belong to operational marketing?

    <p>Segmentation</p> Signup and view all the answers

    According to Michael Porter, what does strategy represent?

    <p>A position based on differentiating characteristics</p> Signup and view all the answers

    What is the first step in the strategic marketing process?

    <p>Segmentation</p> Signup and view all the answers

    What approach is emphasized in successful marketing?

    <p>Common sense and self-awareness</p> Signup and view all the answers

    What is NOT a component of the marketing mix?

    <p>Segmentation</p> Signup and view all the answers

    How does a competitive strategy help a business?

    <p>It provides a way to perform better than rivals</p> Signup and view all the answers

    Which of the following is NOT part of the three levels of marketing processes?

    <p>Digital marketing</p> Signup and view all the answers

    Which metric has the highest percentage of use among UK firms?

    <p>Profit/profitability</p> Signup and view all the answers

    What is the main focus of firms with a market orientation?

    <p>Customer retention</p> Signup and view all the answers

    Which of the following metrics ranked lowest in usage?

    <p>Distribution/availability</p> Signup and view all the answers

    What impact does marketing have on an organization?

    <p>It influences customer perceptions and market share.</p> Signup and view all the answers

    Which of the following roles is primarily responsible for managing product-related tasks?

    <p>Product manager</p> Signup and view all the answers

    What is the effect of adopting a market orientation early on?

    <p>Greater impact on profits than on sales</p> Signup and view all the answers

    Which of the following has the lowest percentage of firms recognizing its importance?

    <p>Customer dissatisfaction</p> Signup and view all the answers

    What do firms focusing on specific marketing tactics aim to influence?

    <p>Customer attitudes</p> Signup and view all the answers

    Study Notes

    Marketing Objectives

    • Marketing objectives should be SMART: Specific, Measurable, Attainable, Realistic, and Time-bound.
    • Profitability objectives can be measured by ROI, profitability of sales, and revenue.
    • Sales volume objectives can be measured by units sold and revenue.
    • Market share objectives can be measured by potential customers, customers served, potential market, and sales potential.
    • Marketing costs objectives can be measured by expenses for sales, communication, distribution, and research.

    Marketing Audit

    • Marketing audit is a systematic examination of a firm’s marketing environment, objectives, strategies, and activities.
    • Aims to identify key strategic issues, problem areas, and opportunities.
    • External audit focuses on forces outside the organization's control.
    • Internal audit focuses on areas within the organization's control.
    • The results of an audit may lead to a redefined strategy or business mission, and drive the direction of the marketing plan.

    Understanding Marketing

    • Marketing is not simply advertising, sales, or sales promotion.
    • Marketing is a "social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others."
    • Marketing is about understanding and responding to the customer and their evolving needs, wants, and demands.

    Marketing Strategy

    • Three levels of marketing processes:
      • Analytical marketing: analyzes the macroenvironment, microenvironment, internal environment, direct and extended competition, and market.
      • Strategic marketing (STP): focuses on segmentation, targeting, and positioning.
      • Operational marketing (Mix): focuses on product, price, place (distribution), and promotion (communication).

    Competitive Strategy

    • Competitive strategy explains how a company will do better than its rivals.
    • Michael Porter defines strategy as a "position based on differentiating characteristics, a vision that concerns the choices on which products or services are offered in which markets."
    • Strategy has a "circular" and "iterative" nature (strategic thinking and dynamism).

    Importance of Marketing

    • Marketing metrics are crucial for measuring success.
    • Metrics ranked in order of importance by Ambler, Kokkinaki, and Puntoni (2004):
      • Profit/profitability
      • Sales, value and/or volume
      • Gross margin
      • Awareness
      • Market share (value/volume)
      • Number of new products
      • Relative price
      • Customer dissatisfaction
      • Customer satisfaction
      • Distribution/availability
    • A market orientation has a positive effect on both short-term and long-term business performance.
    • Firms with a market orientation achieved sustained advantages and a more pronounced effect on profits than sales.
    • Marketing, when done well, can have a powerful impact on the success of an organization.

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    Description

    Explore the essential components of marketing objectives and audits in this quiz. Learn how to create SMART objectives and understand the importance of conducting thorough audits to identify strategic issues. Test your knowledge on profitability, sales volume, market share, and marketing costs.

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