Marketing- Business

• what are the 5 marketing objectives?

  • sales volume/value
  • market size
  • market and sales growth
  • market share
  • brand loyalty
• sales growth formula


  change in sales over period of time/ exisiting sales x100
• market share formula


  sales of this product/ total market sales x100
• high market share suggests


  high sales

  high output

  high prominence in market
• brand loyalty allows for retaining customers
• market size


  no of sales in a market
• primary market research


  data collected first hand for a specific purpose
• secondary market research


  data that already exists and which has been collected for a different purpose
• sources of primary research


  focus groups

  postal/online/face to face surveys

  observation (cctv)

  test marketing

  interviews (tele)
• focus group


  qualititative data where group of people are asked about opinion and views on product or advertising
• primary market research benefits

  • designed for sepcific bsuiness needs
  • relevant
  • private
  • detailed insight
• primary market research drawbacks

  • expensive
  • time consuming
  • risk of bias
  • may not represent wider market
• secondary market research sources

  • google
  • government departments
  • trade associations
  • trade press/magazines
  • competitor websites
  • market research reports
• secondary market research benefits

  • cheap/free
  • good market insight
  • quick easy access
• secondary market research

  • quickly out of date
  • not tailored to specific needs
  • specialist reports are expensive
• quantitative data


  numbers and figure
• qualitative data


  opinions and attitudes
• index numbers


  to show percentage change in comparison to base year (100)

  usually for market size
• what are the 3 sampling types?

  random

  quota

  stratified
• random sampling


  randomly selected

  less chance of bias

  quick and easy

  may not represent target market
• quota sampling


  people selected based on specific characteristics

  more likely representative

  higher risk of bias
• stratified sampling


  divides target group into sections and samples member from each characteristic that should present in final sample

  represent whole market

  time consuming

  expensive
• correlation


  strength of relationship of two variables
• extrapolation


  method of forecasting sales by looking at past trends and continuing it for the future

  assumes conditions dont change