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CPSM > Domain 2 - Marketing Planning (18%) > Flashcards

Domain 2 - Marketing Planning (18%) Flashcards

1
Q

What are the 3 basic ways to categorize research?

A
  1. Action driving vs action confirming
  2. Primary vs secondary
  3. Qualitative vs quantitative
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2
Q

What is the difference between action-driving and action-confirming research?

A
  • Action-driving research is performed w/o a hypothesis and before and action is taken
    • Mnemonic device: DRIVE BEFORE
  • Action-confirming research is performed after action has been taken and a hypothesis has developed
    • Mnemonic device: CONFIRM AFTER
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3
Q

What is the difference between primary and secondary research?

A
  • Primary research is conducted by your firm and creates original material
  • Secondary research has already been collected by outside groups
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4
Q

What is the difference between qualitative and quantitative research?

A

Quantitative research is numerically based and measured objectively.

Qualitative research is mainly verbal and descriptive and is subjective.

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5
Q

What are the 3 kinds of plans that will be formed after your data research efforts?

A
  1. Strategic plan
  2. Marketing plan
  3. BD plan
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6
Q

What is the difference between contemporary data and historical data?

A

Contemporary data is data still relevant enough to be considered current

Historical data is research done in the past that may inform why something exists in the form it does today

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7
Q

What are the 2 principle models used to identify market forces?

A
  1. Porter’s Five Forces
  2. EPISTLE
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8
Q

What are Porter’s Five Forces?

A

It breaks down market forces into the following categories:

  1. Bargaining power of buyers (how many alternative firms does a client have to choose from within the market?)
  2. Bargaining power of suppliers (who supplies you w/ your resources? are they the only company around who can supply you with what you need?)
  3. Threat of new competitors (how easy is it to enter or leave a market?)
  4. Threat of substitute products or services (how easily is your product replaced/substituted?)
  5. Rivalry between competitors
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9
Q

What is the EPISTLE model?

A

A widely used method of analyzing the core forces that might affect your firm

  • Economic
  • Political
  • International
  • Sociocultural
  • Technological
  • Legal
  • Environmental
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10
Q

What are the 2 steps in organizing qualitative data?

A
  1. Organize the data into appropriate categories
  2. Look for patterns and correlations
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11
Q

What are the 2 steps in analyzing quantitative data?

A
  1. Add up the number of yeses, nos, and numerical values for the questions you asked
  2. Calculate the mean/average for each question
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12
Q

What is Forecasting and what does it help you do?

A

The ability to predict a future event or condition based on study and analysis.

It gives decision makers with the info they need to make the best possible decisions.

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13
Q

What are the 2 types of forecasts a company should make?

A
  1. Strategic market forecasts
  2. Business (general) forecasts
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14
Q

What is a Strategic Market Forecast?

How long do they run?

How often are they updated?

How long is the document?

A

A forecast that operates over the long term. It defines what a firm wants to be and where it wants to go.

They run between 3-5 years

It’s updated every year

1-10 pages

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15
Q

What is a business (general) forecast? And how long do they run?

A

Short-term forecasts used for time-sensitive decisions.

3-12 months

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16
Q

What is correlation?

A

A statistical relationship between 2 variables

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17
Q

What is causation?

A

A predictive relationship between 2 variables, where 1 causes the other.

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18
Q

What is the relationship between analysis and interpretation of data?

A
  • Analysis is the dissection of data with an objective and historical view AKA looking at the facts
    • “What did the person say?”
  • Interpretation of data is more forward-looking looking AKA identifying patterns and trends
    • “What does it mean for us?”
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19
Q

What does a SWOT Analysis do?

A

It provides a method for your firm to review the internal and external elements that have a direct influence on your success.

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20
Q

What are the 4 ways you can identify your company’s SWOT?

A
  1. Self-analysis - ask your staff what they think are the firms Strengths & Weaknesses
  2. Collaboration - collab with a team of marketing/BD people to develop a consensus
  3. 3rd Party Assessment - have an outsider talk to your clients
  4. External Research & Feedback - conduct primary research by asking your clients for feedback
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21
Q

What are 3 alternative models to the SWOT analysis? And do they examine internal or external forces?

A
  1. SOAR (Strengths, Opportunities, Aspirations, Results) - this method concentrates on improving what a firm is already doing well and is focused mainly on marketing related materials (INTERNAL)
  2. Porter’s Five Forces (EXTERNAL)
  3. EPISTLE (EXTERNAL)
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22
Q

What is Marketing Cost Data?

A

Data that tells you how companies in a particular industry spend their marketing budget.

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23
Q

What 8 factors should you consider when analyzing marketing cost data?

A
  1. Accuracy
  2. Sufficiency
  3. Appropriateness
  4. Number & type of variables (are they relevant to the task)
  5. Identity (are the other firms in the data batch similar to yours?)
  6. Quality of data
  7. Quality of source
  8. Geography
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24
Q

What is an Echelon and how does it relate to marketing cost data?

A

What ‘tier’ you want your firm do be a part of. Mimic the echelon level that you strive to be in.

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25
Q

What is Scenario Thinking?

A

A tool used to look at potential operational models or different situational models in order to envision different paths and outcomes of the firm.

AKA a full range of possibilities, good AND bad

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26
Q

What are the 5 steps in creating a strategic plan?

A
  1. Internal & external research and analysis
  2. Collective decision making
  3. Organizational engineering and communication
  4. Implementation
  5. Evaluation/results
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27
Q

What is a financial statement?

A

A document that provides an overview of how money is moving through a company. Generally includes a balance sheet and profit/loss and revenue/expensive statement.

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28
Q

What is a GAAP approach?

A

“Generally accepted accounting principle”

It’s an approach to accounting that outlines the procedure and format for preparing accounting info, like financial statements

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29
Q

What is a Vision Statement?

A

An expression of what your firm aspires to become

  • uses superlatives like “best” “leading” “largest”
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30
Q

What is a Mission Statement?

A

A statement that describes the direction in which your firm is headed.

Describes how you plan to change your practice

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31
Q

What is the biggest difference between a vision statement and a mission statement?

A

A mission statement is much more directed than a vision statement

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32
Q

What is the difference between a Generalist and a Specialist firm?

A

A generalist firm pursues work in a number of different markets

A specialist firm pursues work in one or just a few markets

33
Q

What is the difference between a client-driven and market-driven firm?

A

Client driven firms focus on a limited number of existing clients

Market driven firms focus on growing by getting into one or more markets

34
Q

What are the 4 factors used when defining your market?

A
  1. Service
  2. Client industry
  3. Facility type
  4. Geography
35
Q

What is positioning?

A

The process of clearly defining your firm relative to your competition in a specific market.

36
Q

What is the ideal number of people in a group for team collaboration?

A

No more than 8 people

37
Q

What are the 4 types of analyses you must do when coming up with a marketing plan? What’s an example of each?

A
  1. Internal analysis (e.g. employee survey)
  2. External analysis (e.g. client satisfaction survey)
  3. Competitor’s analysis
  4. Market analysis
38
Q

What is the SMART acronym when developing marketing goals?

A

Specific (the goal itself is specific)

Measurable (“make a 10% profit”)

Attainable (reasonable and achievable)

Relevant (does it align with your other goals)

Time-bound (give it a deadline)

39
Q

What is a Key Performance Indicator (KPI)?

A

Used to evaluate the progress you make in your marketing goals

They are quantitative, reportable measurements - METRICS

40
Q

What is a facilitator?

A

The person responsible for guiding a group as they identify their objectives and make plans for achieving them. They are neutral.

41
Q

What is the first step in facilitating a planning session?

A

Define exactly what you want to accomplish

Why? Everyone needs to know what they’re working toward in this meeting. What’s the point of the meeting?

42
Q

What is FUDR with respects to a meeting?

A

Feel

Understand

Do

Remember

“At the end of the meeting, what do you want to FUDR?”

43
Q

What is an Interest Based Relationship Approach?

A

A method for dealing w/ conflict: it focuses on the issue and determines what actions need to be done to resolve it.

44
Q

What is a Myers-Briggs Type Indicator?

A

A behavioral assessment tool that assesses a person’s preferred style of interacting, including how they perceive the world and what influences their decision making

45
Q

What is a DISC assessment?

A

A behavioral assessment tool that gives insight into how a person might react in certain environments.

Decisive

Interactive

Stabilizing

Cautious

46
Q

What are the 4 forces that drive/influence a market?

A
  1. Economics
  2. Demographics
  3. Technology
  4. Public policy
47
Q

What is a Unique Value Proposition? How long is it?

A

A short statement that lets clients know your area of expertise and what they’ll get when they hire you over another firm.

WHAT SETS YOU APART?

48
Q

What holds the most weight when establishing your unique value proposition?

A

What your client thinks your unique value is

49
Q

What is differentiation?

A

The ways in which a product, service, or firm is different from its competitors

50
Q

What is a Marketing Plan and what kind of data is used to create one?

A

Serves as a map to define a firm’s market prospects and key market characteristics and define how marketing money and efforts should be spent internally & externally.

Basically: a written document that outlines specific marketing goals for a specific period of time and what the plan is to meet those goals

Type of data used: global data, data collected on specific markets

51
Q

What is a marketing plan with respects to a strategic plan?

A

A marketing plan is a 1 year increment of the strategic plan (which is a 3-5 year plan)

It is a plan for how it will win enough work to enable it to accomplish the strategic plan

52
Q

What are the 7 parts of a marketing plan?

A
  1. Audit
  2. Outlook
  3. Goals & objectives
  4. Strategies
  5. Tools & resources
  6. Budget
  7. Implementation
53
Q

What is a Strategic Plan and what kind of data is used to create one?

A

Allows a firm to think strategically and act operationally through a visionary, conceptual, and directional document developed in a multi-step process covering vision, mission, objectives, values, strategies, goals, and programs.

Basically: the firm’s 3-5 year plan for how the business is going to grow over the long term

Type of data used: global data

54
Q

What is a BD plan?

A

The written document showcasing goals and techniques to get new clients, penetrating new markets, and gaining greater market share in an existing market

55
Q

What is the difference between a marketing plan and a BD plan?

A

You can write a marketing plan without a specific client or project in mind, whereas a BD plan is created only once you’ve decided what client you want to work with.

56
Q

What is an Action Plan and what is it also known as?

A

Results-focused plan on a particular client or project

AKA a capture or pursuit plan

57
Q

What is the Projection Method for budgeting? Why is it flawed?

A

Relies on using prior year costs for developing next year’s budget (you’re projecting based on last year)

AKA Comparison Method

It’s flawed because it’s just math and doesn’t take into other factors (like marketing goals and marketing conditions)

58
Q

How do you calculate using the Projection Method?

A

Calculate this year’s total spending then divide that by the month (if it’s currently September divide by 9), then x 12 months

59
Q

What is the Percentage Method for budgeting? What is the typical percentage? Why is it flawed?

A

It sets a certain percentage aside of the firm’s total revenues for marketing.

Typical percentage = 5-15%

AKA Top Down Method

Flawed because it doesn’t consider market conditions or the marketing program of the firm.

60
Q

What is a Goal-Based budgeting method? Is it flawed?

A

Based on revenue goals and marketing plan, it allocates costs to each item in your marketing plan.

It’s not flawed; it’s the most accurate method

AKA BOTTOM UP METHOD (remember: “cheers, bottoms up, it’s the best one!”)

61
Q

Where does the majority of your marketing budget go? What percentage is it?

A

Labor costs

Two-third of the budget (70-80%)

62
Q

What % of marketing labor costs go to:

Principles

Marketing/BD staff

Technical staff

A

Principles - 50%

Marketing/BD staff - one third (25-35%)

Technical staff - the remainder

63
Q

How do you budget for labor costs?

A

Take a percentage of an individual’s available time, if they have a key role in marketing

64
Q

How do you calculate an employee’s “available time”?

A

(Total annual work hours) - (PTO days) - (holidays)

65
Q

What is a DPE rate with respects to labor costs? How is it calculated?

A

Direct personnel expense (as opposed to raw labor rates)

DPE = raw labor rate + HR benefits and taxes

66
Q

What % of your overall marketing budget will be allocated to personnel costs?

A
67
Q

What percentage of revenue do existing clients provide?

A

80%

68
Q

What is the first step/strategy in a critical relationship-building effort? Why?

A

Cold calling because when the project does come around, a prospect will already know you.

69
Q

Why is networking advantageous?

A

Networking helps you find a “warm” lead fast

Networking provides you intel

70
Q

Why are Customer Relationship Management systems (CRMs) helpful in implementing a marketing plan?

A
  • increases communication within the company
  • builds a collaborative environment
  • increases ownership & accountability
71
Q

What is a ROI?

A

Return on Investment

ROI = (total revenue) - (total expenses)

To get the ROI % divide the above by (total expenses) x 100

72
Q

What is the difference between a measurement and benchmarking?

A

Measurement only concerns 1 variable

Benchmarking looks at that 1 variable and compares it to another

73
Q

What is the difference between a driver and an indicator?

A

A driver is an action that directly determines success (e.g. number of new contracts signed)

  • focuses on the end result

An indicator is an action/achievement that indicate that you’re on the right track (e.g., number of calls made)

  • means to a desired end
74
Q

What are the 4 categories that cost components fall into?

A
  1. Labor (the most $$)
  2. Direct internal expense (internal, non-labor costs)
  3. External expense (3rd party vendors that we use e.g. Rhino PR)
  4. Opportunity cost ($ lost from a missed opportunity; the result of choosing one alternative instead of the other)
75
Q

What 3 things do you take into account when making a value-based decision?

A
  1. Monetary value
  2. Contextual meaning for the construction industry
  3. Client’s definition
76
Q

What is a variance and what is variance reporting?

A

A measure of the distance between a certain number and the mean (average) (basically, how much it strays from the average)

Variance reporting just highlights variances in a report

77
Q

How often should you revise a marketing plan?

A

3-5 years

78
Q

What is a 12-month rolling budget?

A

A flexible budget that can change on the spot because it takes into account changes in the environment (the new way of doing things)

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