Chapter 16 Flashcards
Who is typically responsible for the final creation and approval of a business unit’s marketing plan?
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A marketing specialist
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A team of marketing specialists
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The Chief Marketing Officer (CMO)
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A marketing analyst
The Chief Marketing Officer (CMO)
Which of the following should a marketing plan do?
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Identify customers’ needs and wants
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Focus primarily on the company’s profits
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Only address advertising strategies
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Ignore market research to maintain innovation
Identify customers’ needs and wants
For whom is the marketing plan primarily written?
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Customers
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Executives
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Sales force
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Advertising agency
Executives
Which section of a marketing plan should provide all the information company executives need to make a decision without reading the rest of the plan?
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The Business Challenge
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The Market
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Executive Summary
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The Budget
Executive Summary
Which of the following should be included in the “business challenge” section of a marketing plan?
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Detailed competitor analysis
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A brief description of the offering
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A complete budget breakdown
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Customer testimonials
A brief description of the offering
What analysis includes strengths, weaknesses, opportunities, and threats?
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SWOT
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PEST
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RATER
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BCG
SWOT
What does PEST analysis include?
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Product, Economy, Social, Technological
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Political, Ethical, Social, Technological
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Political, Economic, Social/Cultural, Technological
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Price, Economical, Social, Technological
Political, Economic, Social/Cultural, Technological
.
In which section of the marketing plan would you create a compelling argument as to what you intend to do and why others should invest in the strategy?
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The Market
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The Offering
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The Value Proposition and Strategy
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The Budget
The Value Proposition and Strategy
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What should the communication plan specify?
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Only the advertising strategies
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Only the event strategies
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Only the sponsorship strategies
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How ongoing customer communications will be conducted
How ongoing customer communications will be conducted
0.
Which element of the marketing mix is the easiest to change and copy?
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Place
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Product
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Promotion
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Price
Price
What should a complete budget section cover?
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All the resources needed for a successful launch
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Only the money needed to launch the new offering
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Only the sales forecasts
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Only the costs for advertising
All the resources needed for a successful launch
2.
What should the conclusion of a marketing plan do?
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Introduce new ideas.
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Focus solely on the budget.
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Repeat the highlights of the plan.
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Outline potential risks.
Repeat the highlights of the plan.
What is an estimate of how much a company will actually sell?
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Market potential
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Sales forecast
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Budget projection
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Executive summary
Sales forecast
What is the maximum total revenue a company hopes to generate from a product or the number of units of it the company can hope to sell?
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Market potential
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Sales potential
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Penetration pricing
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Skimming pricing
Sales potential
What does the grocery chain HEB use Waco, Texas for?
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A distribution center.
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A test site for new products.
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A location for their corporate headquarters.
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A site for competitor analysis.
A test site for new products.
What can improve the accuracy of forecasts?
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Using only one forecasting method
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Ignoring previous sales data
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Using multiple methods and considering various scenarios
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Relying solely on expert opinions
Using multiple methods and considering various scenarios
What is the relationship between two variables where one variable is a direct consequence of the other?
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Correlation
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Causality
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Control
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Fidelity
Causality
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What is the ability to manipulate variables, such as how a marketing plan is implemented?
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Statistical control
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Managerial control
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Causality
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Fidelity
Managerial control
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What is mathematically removing the influence of a variable on an outcome so as to isolate the cause of a problem?
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Managerial control
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Causality
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Fidelity
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Statistical control
Statistical control
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What is the degree to which a plan is implemented as intended?
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Control
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Causality
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Fidelity
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Validity
Fidelity
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Which of the following is an examination or snapshot of the state of a company’s marketing strategies as they are actually implemented?
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Marketing Audit
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Fidelity
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Executive Summary
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Marketing Plan
Marketing Audit
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According to the marketing consulting company Copernicus, what should a marketing audit assess?
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Only the performance of advertising programs
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Only customer satisfaction scores
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Whether the marketing plan achieved its stated financial goals
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Key factors that impacted the business for good or for bad during the past year, customer satisfaction scores, and whether the marketing program was marketed internally
Key factors that impacted the business for good or for bad during the past year, customer satisfaction scores, and whether the marketing program was marketed internally
1.
A marketing team at Rockwell International is tasked with creating a marketing plan for its military avionics division. Which of the following statements best describes the team’s responsibilities?
a) The team should create a marketing plan that aligns with all of Rockwell International’s business areas.
b) The team should create a marketing plan specific to the military avionics division, separate from other divisions.
c) The team should focus on telecommunications, as it is a more profitable industry than military avionics.
d) The team should create a general marketing plan applicable to both military avionics and telecommunications divisions.
b) The team should create a marketing plan specific to the military avionics division, separate from other divisions
2.
Progresso Soups is developing a marketing plan. They identify three potential customer segments: office workers, retired couples, and busy young families. According to the sources, which of the following steps should Progresso take next?
a) Develop a single marketing strategy that appeals to all three segments equally.
b) Prioritise the segments based on importance and tailor marketing strategies to each segment’s specific needs.
c) Discard the segments and focus on mass marketing to reach a broader audience.
d) Select only one segment to focus on to maximise marketing efficiency.
b) Prioritise the segments based on importance and tailor marketing strategies to each segment’s specific needs
3.
A company is launching a new product and needs to persuade executives and stakeholders to invest in the marketing plan. Which section of the marketing plan should primarily address this concern?
a) The “Customers” section, detailing the target market.
b) The “Business Climate” section, outlining the external environment.
c) The “Business Challenge” section, explaining the value proposition and why the investment is needed.
d) The “Budget” section, providing a detailed breakdown of costs.
c) The “Business Challenge” section, explaining the value proposition and why the investment is needed
A marketing executive observes a drop in sales and suspects it is due to a competitor’s lower pricing. However, they are unsure if this is the only factor. What should the executive do to determine the actual cause of the sales decline?
a) Immediately lower their product’s price to match the competitor.
b) Disregard the competitor’s pricing and focus on improving product quality.
c) Research potential causes, such as seasonal factors or changes in customer preferences, and verify if lower prices led to the sales decline.
d) Implement a new advertising campaign to boost sales regardless of the cause of the decline.
c) Research potential causes, such as seasonal factors or changes in customer preferences, and verify if lower prices led to the sales decline
5.
A company implements a marketing plan, but the results are not as expected. Which of the following factors should be evaluated to understand why the plan did not achieve its goals?
a) Only the financial performance of the marketing plan.
b) Only whether the plan was implemented as intended (fidelity).
c) Whether the plan met customer needs, the defensibility of the competitive advantage, and the performance of marketing programs.
d) Only the satisfaction levels of distributors and retailers.
c) Whether the plan met customer needs, the defensibility of the competitive advantage, and the performance of marketing programs.
HEB, a grocery chain, uses Waco, Texas, as a test market and has a loyalty program to collect customer data. When HEB wants to test market a new product, they do it in Waco, where individual customer data can be combined with sales data. What does testing in Waco tell HEB?
a) Testing in Waco shows HEB who is likely to buy competitor’s products
b) Testing in Waco shows HEB who is unlikely to buy the product and at what price
c) Testing in Waco tells HEB who is likely to buy the product regardless of price
d) Testing in Waco tells HEB who is likely to buy the product and at what price, information that makes extrapolating to their larger market more accurate
d) Testing in Waco tells HEB who is likely to buy the product and at what price, information that makes extrapolating to their larger market more accurate
A marketing plan includes scenario planning. What is the purpose of scenario planning in a marketing plan?
a) To create a single, definitive forecast of future sales
b) To consider multiple possibilities if conditions change and detail what should happen under those scenarios
c) To focus solely on the most likely outcome and ignore other possibilities
d) To avoid making any predictions about the future
b) To consider multiple possibilities if conditions change and detail what should happen under those scenarios
.
What should a complete budget section cover in the marketing plan?
a) Just the money needed to launch the new offering
b) Only the costs associated with maintaining inventory
c) Only the projections and allowances for products that will be returned
d) All the resources, such as new personnel, new equipment, new locations, and so forth, for the launch to be a success
d) All the resources, such as new personnel, new equipment, new locations, and so forth, for the launch to be a success
Konica Minolta places a heavy emphasis on improving the accuracy of its sales force composites. What is the primary reason for this emphasis?
a) To encourage salespeople to be more optimistic in their sales estimates.
b) To reduce the amount of time customers have to wait for product deliveries.
c) To avoid the high costs associated with both underestimated and overestimated forecasts.
d) To ensure that management is aware of new products and promotions before the general public.
c) To avoid the high costs associated with both underestimated and overestimated forecasts
A small retail chain is creating a SWOT analysis. Which of the following approaches would contribute to a better SWOT analysis?
a) Focusing only on the chain’s regional operating area to identify strengths and weaknesses.
b) Ignoring long-term trends to concentrate on immediate challenges and opportunities.
c) Being dishonest about the company’s weaknesses to present a more positive outlook.
d) Looking beyond its regional operating area in order to understand larger trends that may impact the stores.
d) Looking beyond its regional operating area in order to understand larger trends that may impact the stores
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A company is launching a new offering and wants to ensure that customers receive the support they need to fully utilize the product’s value. What aspect of the offering should the company focus on?
a) Minimising the total cost of ownership for the customer.
b) Maximising the number of features included in the product.
c) Providing comprehensive presales and postsales support, including training and communication channels.
d) Focusing solely on the technical aspects of the product.
c) Providing comprehensive presales and postsales support, including training and communication channels
Which of the following statements best describes the role of a marketing analyst in the creation and implementation of a marketing plan?
a) Marketing analysts are temporary members of the marketing team who are only involved in specific projects.
b) Marketing analysts are permanent members of the CMO’s staff, constantly updating marketing information.
c) Marketing analysts are primarily responsible for approving the final marketing plan.
d) Marketing analysts are only involved in the implementation phase of the marketing plan.
b) Marketing analysts are permanent members of the CMO’s staff, constantly updating marketing information
Which of the following is the most important part of a marketing plan?
a) budget
b) distribution
c) business climate
d) understanding causality
d) understanding causality
A marketing team at a small business has decided that the sampling method is to ask every tenth customer that walks through the door to participate in a survey regarding the business’s customer service. What kind of sampling is being used?
a) probability sampling
b) non-probability sampling
c) reliability sampling
d) fidelity sampling
b) non-probability sampling
A business introduces a new product, but demand is underestimated and some customers turn to a competitor because they are able to deliver faster. Which forecasting method is most likely to blame?
a) channel surveys
b) customer surveys
c) time series data
d) sales force composite
d) sales force composite
