Unit 3.1 Marketing Objectives Consolidation Notes PDF

**Part 1: What is marketing** +-----------------------------------+-----------------------------------+ | What is 'marketing'? | *Please remember that | | | **marketing** isn't | | | **adverti...

**Part 1: What is marketing** +-----------------------------------+-----------------------------------+ | What is 'marketing'? | *Please remember that | | | **marketing** isn't | | | **advertising!*** | | | | | | Marketing is identifying, | | | anticipating and satisfying | | | customers' needs profitably | +===================================+===================================+ | What are the different types of | 1. 2. 3. 4. 5. 6. | | markets? | | +-----------------------------------+-----------------------------------+ | What are the steps in the | Identifying customer needs | | marketing process? | | | | Anticipating future demands | | | | | | Developing strategies to meet | | | those needs | | | | | | Satisfying customers' needs | | | profitably​ | +-----------------------------------+-----------------------------------+ | What are the main 6 marketing | Objective Explanation | | objectives? | ------------------ ------------ | | | --------------------------------- | | | ---------------------------- | | | Sales growth Increase in | | | percentage change of sales over a | | | specific period. | | | Sales Volume Focus on the | | | number or quantity of units sold | | |. | | | Sales Value Target based | | | on total revenue generated from | | | sales (£). | | | Market Share Increase the | | | percentage of total market sales | | | captured by the business. | | | Brand Loyalty Build custom | | | er commitment and repeat purchase | | | s. | | | New Market Entry Entering new | | | markets to expand the customer b | | | ase. | +-----------------------------------+-----------------------------------+ | What is the difference between a | **Key term** **Explana | | corporate objective, a marketing | tion** | | objecive, marketing strategies & | --------------------- --------- | | tactics? | --------------------------------- | | | --------------------------------- | | | ------- | | | Corporate objective Overall b | | | usiness goals, such as increasing | | | profits or market share. | | | Marketing objective Specific | | | targets for the marketing departm | | | ent, e.g., achieving 10% market s | | | hare. | | | Marketing strategy Long-term | | | plan to achieve marketing object | | | ives, e.g., product differentiati | | | on. | | | Marketing tactic Short-ter | | | m actions taken to execute the st | | | rategy, e.g., social media campai | | | gns​ | +-----------------------------------+-----------------------------------+ | What is the market size in | Market size in volume refers to | | '**volume**'? | the total number of units sold in | | | a specific market. | +-----------------------------------+-----------------------------------+ | What is the market size in | Explanation: Market | | '**value**'? | size in value refers to the total | | | revenue generated by sales in th | | | e market (measured in £). | | | ----------------------- ------- | | | --------------------------------- | | | --------------------------------- | | | --------------------------- | | | How is it calculated? Market | | | Size = (Volume sold / Market shar | | | e) × 100 | +-----------------------------------+-----------------------------------+ | What is meant by '**market | Explanation: Market | | growth**'? | growth measures the increase in m | | | arket size over a period, indicat | | | ing future opportunities. | | | ----------------------- ------- | | | --------------------------------- | | | --------------------------------- | | | --------------------------- | | | How is it calculated? Market | | | Growth = ((New Market Size - Old | | | Market Size) / Old Market Size) × | | | 100​ | +-----------------------------------+-----------------------------------+ | What is meant by '**market | Explanation: Market | | share**'? | share is the percentage of total | | | market sales attributed to a spec | | | ific business. | | | ----------------------- ------- | | | --------------------------------- | | | --------------------------------- | | | ---------------- | | | How is it calculated? Market | | | Share = (Business Sales / Total M | | | arket Sales) × 100 | +-----------------------------------+-----------------------------------+ | Give 4 reasons why setting | 1. 2. 3. 4. | | marketing objectives may be | | | useful | | +-----------------------------------+-----------------------------------+