Setting Marketing Objectives

• What are the major departmental objectives known as?

  Functional objectives
• What are the different objectives the marketing department may have?

  • Sales Volume: Increasing the volume of goods sold
  • Sales Value: Increasing revenue from sales
  • Market Size: Increasing the size of the market
  • Market Share: Increasing market share to attract customers
  • Brand Loyalty: Retaining customers and ensuring repeat custom
• What does the sales volume objective involve?

  Increasing the volume of goods sold
• What does the sales value objective involve?

  Increasing the revenue generated through the sale of goods and services
• What does the market size objective aim to achieve?

  Increasing the size of the market to boost sales
• What is the goal of the market share objective?

  To increase market share and attract customers from competitors
• What does brand loyalty involve?

  Retaining customers and ensuring repeat custom
• How do sales volume and sales value objectives differ in focus?

  Sales volume focuses on the quantity sold, while sales value focuses on revenue generated
• If a company wants to increase its revenue, which marketing objective should it focus on?

  Sales value
• What marketing objective should a business prioritize to compete effectively against rivals?

  Market share
• Why is brand loyalty important for a marketing department?

  It helps in retaining customers and ensuring repeat business