3.1 Marketing Objectives (AQA A Level Business): Flashcards
Exam code: 7132
1/170Still learning
Know0
Give one benefit of setting marketing objectives.
Was this flashcard helpful?
Cards in this collection (17)
Give one benefit of setting marketing objectives.
They give direction, allow measurement and learning, and help win budget and support.
Define sales volume.
Sales volume is the number of units sold by a business.
Define sales value (sales revenue).
Sales value (revenue) is the money earned from the sale of units.
What is the formula to calculate sales value?
Sales value = selling price × number of units sold.
What is the formula for sales growth?
Sales growth = ((new sales − old sales) ÷ old sales) × 100.
Sales rose from £844,965 to £874,066. What is the percentage sales growth?
((£874,066 − £844,965) ÷ £844,965) × 100 = 3.44%.
Define market size.
Market size is the total value or volume of sales of all businesses within a market.
Define market share.
Market share is the portion of a market controlled by a particular company, brand or product.
Oat milk sales grew from £155m (2020) to £275m (2024). What is the percentage market growth?
((£275m − £155m) ÷ £155m) × 100 = 77.42%.
Sales growth is the percentage rise in sales volume or value over .
Sales growth is the percentage rise in sales volume or value over time.
Define brand loyalty.
Brand loyalty is the share of customers who rebuy and recommend a business, brand or product.
Give one benefit of brand loyalty.
Reliable repeat sales, lower marketing costs, the ability to charge premium prices, and protection against competition.
Loyal customers are less price-sensitive, so a business can charge prices.
Loyal customers are less price-sensitive, so a business can charge premium prices.
Name three focuses a marketing objective might have.
Sales volume, sales value, sales growth, market growth, market share, or brand loyalty (any three).
True or False?
Sales value is the number of units sold.
False.
Sales value is the money earned; the number of units sold is sales volume.
True or False?
Loyal customers can reduce a business's marketing costs.
True.
When people already trust a brand, the firm spends less on advertising and gains word-of-mouth.
39,264 packs sold at £8.75 and 4,280 tonnes at £123.95. What is the sales value?
(39,264 × £8.75) + (4,280 × £123.95) = £343,560 + £530,506 = £874,066.
Sign up to unlock flashcards
or