Deck 36: Note : Budgets,forecasts,and Objectives

Question 1

Profit objectives,sales objectives,and customer objectives are the three types of marketing objectives that should stem from business unit objectives.

Answer 1

True

Question 2

Which sales forecasting method is most appropriate for industrial products?

A) market tests
B) expert opinions
C) customer surveys
D) time-series analyses

Answer 2

C

Question 3

Which sales forecasting method would be the LEAST expensive option for a firm?

A) market tests
B) expert opinions
C) customer surveys
D) sales force estimates

Answer 3

D

Question 4

Both target costing and the percentage of sales method fail to consider the causal relationship between target sales and the marketing budget.

Question 5

Forecasting,budgeting,setting objectives,and developing the marketing mix are sequential activities that require effective planning by managers.

Question 6

Which of the following is a disadvantage of using market tests to forecast sales?

A) Sophisticated statistical skills are necessary.
B) A firm's strategy is revealed to its competitors.
C) Experts are difficult to locate, motivate, and train.
D) Resulting data is inherently biased and inconsistent.

Question 7

In marketing,a(n)________ is a specific,desired result tied to a specific time frame.

A) goal
B) mission
C) objective
D) investment

Question 8

The Net Marketing Contribution framework would most likely be used by a marketer to ________.

A) identify ways to increase profits
B) estimate shifts in market share
C) increase economies of scale
D) calculate marketing costs

Question 9

A staircase analysis would be most likely used by a marketer to ________.

A) calculate market share
B) modify the marketing mix
C) estimate future sales volume
D) develop communication tools

Question 10

The purpose of a market forecast is to estimate future ________.

A) sales in an industry
B) budget constraints
C) sales of a product
D) market share

Question 11

Which complex budgeting method requires a breakdown of all specific marketing expenses?

A) extrapolation
B) target costing
C) percentage of sales
D) bottom-up budgeting

Question 12

Which method of determining a marketing budget relies primarily on the previous year's budget?

A) extrapolation
B) target costing
C) percentage of profits
D) bottom-up budgeting

Question 13

In a brief essay,explain the relationship between forecasting,budgeting,objective setting,and planning the marketing mix.

Question 14

Which of the following is a semi-fixed marketing cost?

A) marketing research
B) public relations
C) promotions
D) discounts