Marketing Objectives

• What is the broad objective of a marketing department?

  Increase sales
• What does sales volume refer to?

  The amount of units sold
• How is sales value different from sales volume?

  Sales value looks at monetary value
• What does sales growth typically measure?

  The percentage increase over a period
• If a business wants to increase its sales value by 20% year on year, what is it aiming for?

  Sales growth
• What is a potential objective for a marketing department regarding market share?


  Increase market share from 30% to 35%
• Why might a marketing department want to stimulate market growth?

  To increase overall sales
• What does brand loyalty imply about price elasticity of demand?

  It becomes more inelastic
• How does increased brand loyalty affect pricing strategy?

  Higher prices can be charged
• What are the two types of influences on marketing objectives?

  Internal and external influences
• What internal factor can influence marketing objectives?

  Mission statement
• How can the finance department impact marketing objectives?

  Through resource constraints
• What might happen if the operations department faces production issues?

  Shift focus to brand loyalty
• How can HR influence marketing objectives?

  By providing skilled labor
• What external factor might necessitate more marketing efforts?

  Increased competition
• How do economic conditions affect marketing objectives?

  They can change focus on sales growth
• If consumer incomes are rising, what marketing strategy might be pursued?

  Push for brand loyalty
• What effect do lower interest rates have on consumer behavior?

  Encourage more consumer spending
• What demographic changes might influence marketing objectives?

  Shifts in population characteristics
• How can ethical changes impact marketing objectives?

  They can alter consumer expectations
• What are the key marketing objectives for a marketing department?

  • Increase sales
  • Increase sales volume
  • Increase sales value
  • Achieve sales growth
  • Increase market share
  • Stimulate market growth
  • Create brand loyalty
• What are the internal influences on marketing objectives?

  • Mission statement
  • Corporate objectives
  • Resource constraints from finance
  • Production issues from operations
  • Skilled labor availability from HR
• What are the external influences on marketing objectives?

  • Competition levels
  • Economic conditions (boom or recession)
  • Consumer incomes
  • Interest rates
  • Demographic changes
  • Ethical considerations