Examples of marketing objectives include increasing sales or market share. Another example is building brand loyalty to encourage customers to continue buying products. Marketing objectives allow the company to focus on the direction to be
Marketing Plan
Sales Forecasting: Meaning, Importance and Methods
What's it: Sales forecasting attempts to predict future sales for a specific period and with certain basic assumptions. It may be a sales value or sales volume. In contrast to sales volume, you need to assume price and volume to predict the
Target Market: Meaning, Importance, and How to Identify
What's it: A target market is a part of the qualified available market in which the company seeks to direct its marketing efforts. The available market includes individuals who desire to buy a product and have the ability to pay. Qualified means
Economic Forecast: Meaning, Why it Matters, Methods
What's it: An economic forecast is a prediction of future economic conditions. This is usually for key economic variables such as economic growth, inflation, interest rates, exchange rates. Why are economic forecasts important? First,
Market Segment: Meaning, Why It Matters, Criterias, Types
What's it: A market segment is parts of a market where consumers share a similar need or want. Individuals in one segment have similar characteristics, including in responding to the marketing mix. However, they are quite heterogeneous with
Market Research: Meaning, Why It Matters, Types, And Processes
What's it: Market research is an effort to collect and explore information about a market, including consumers' needs and wants. Researchers explore the size, characteristics, and potential of the market, which are essential before developing a new
Marketing Objectives: Examples, Importance, and How to Write With SMART
What's it: A marketing objective is something a company wants to achieve through its marketing activities. Therefore, they are a special target for the marketing department. They must be specific, measurable, achievable, relevant, and
Marketing Mix: Definition, Importance, Elements
What's it: The marketing mix is a set of elements for satisfying consumers profitably. In the conventional model, it consists of product, price, promotion, and place. Then, the experts added three other elements: people, process, and physical