Question 1

Action plans are often referred to as ________.

Accepted Answer

Action plans are often referred to as marketing programs, which are specific plans outlining the tactics and approaches to achieving marketing objectives.

Question 2

Columbia Sportswear makes nylon activewear.Its marketing manager set a goal to increase sales 12 percent over the next three years through the introduction of a new line of comfortable,lightweight clothing for people who fish.The marketing manager is engaged in ________.

Accepted Answer

The answer of Columbia Sportswear makes nylon activewear.Its marketing manager...

Question 3

Which of the following quantifies how an investment in marketing impacts the firm's success,financially and otherwise?

Accepted Answer

Return on marketing investment (ROMI) is a metric that quantifies the financial impact of a firm's marketing efforts. ROMI calculates the net return on marketing investment relative to the costs of that investment. By comparing the return on investment to the cost of the investment, firms can identify the most effective strategies and allocate resources accordingly.

Question 4

As a part of the ________ process,managers need to look carefully at why a company isn't meeting its objectives.

Accepted Answer

The process referred to in the question is control, which involves monitoring progress towards achieving objectives and taking corrective action if necessary.

Question 5

Orkin Pest Control Service knows homeowners skimp on maintenance such as pest control during recessions.It also knows that the more consumers know about bugs,the more likely they are to buy the company's services.So Orkin teamed with the Smithsonian Institution on the Insect Safari,a traveling exhibit designed to teach people about the critters.The Safari truck visited 108 cities during one year,leaving a wake of creeped-out insectophobes reaching for the phone numbers of the local Orkin franchise.Business increased in each city the Safari truck visited.Decisions on which cities to visit and what kinds of promotion to use in each city visited are both examples of ________ plans.

Accepted Answer

Operational plans are short-term and very specific plans that guide day-to-day activities. In this case, deciding which cities to visit and the types of promotion to use are operational decisions aimed at executing the broader strategy of educating the public and increasing demand for pest control services.

Question 6

A sales manager sets an objective for her team to increase the units sold by 5% for the quarter.This objective is most likely part of a detailed ________ plan that is created annually,semiannually,or quarterly.

Accepted Answer

The objective of increasing units sold is a specific, measurable, achievable goal that is typically a part of an operational plan. Operational plans are created at shorter intervals (annually, semiannually, or quarterly) and are focused on achieving specific goals related to day-to-day operations. Strategic plans are more long-term and focused on defining the overall direction and vision of the company. Functional plans are focused on achieving goals related to specific functions within the company (e.g. marketing, finance). Product development plans are focused on creating and launching new products. Human resources plans are focused on managing the organization's workforce.

Question 7

Making adjustments to the marketing plan is part of ________.

Accepted Answer

Implementation and control involves monitoring the marketing plan as it is being executed and making necessary adjustments to ensure its success. Therefore, making adjustments to the marketing plan is part of implementation and control. SWOT analysis and portfolio analysis are components of situation analysis, while return on marketing investment processes are focused on measuring the effectiveness of marketing efforts rather than making adjustments to the plan.

Question 8

Reach and frequency of advertising,timeliness and accuracy of competitive intelligence,and consumer word-of-mouth activity are all examples of ________.

Accepted Answer

Reach and frequency, timeliness and accuracy of competitive intelligence, and consumer word-of-mouth activity are all examples of marketing metrics, which are quantitative measures that assess marketing performance. ROMI (Return on Marketing Investment) is a specific marketing metric that calculates the financial return on marketing investments. Action plans and SBU (Strategic Business Unit) objectives are broader concepts that encompass marketing metrics but also include other strategic considerations. Situation analyses are assessments of the external and internal factors that impact a company's marketing strategy.

Question 9

The ROI of a campaign,the value of a prospect,and the response rates in direct marketing are all examples of ________.

Accepted Answer

The ROI of a campaign, the value of a prospect, and response rates are all examples of marketing metrics, which are quantitative measures used to evaluate the performance of marketing campaigns and strategies. Promotions, action plans, situation analysis, and corporate culture are not directly related to these specific metrics.

Question 10

Assignment of responsibilities,time lines,budgets,and measurement and control processes are documented in a(n)________.

Accepted Answer

The document that outlines the assignment of responsibilities, timelines, budgets, and measurement and control processes is called an action plan. It is a detailed plan that outlines the specific actions that will be taken to achieve the goals and objectives outlined in the strategic plan. The price strategy and promotion strategy are specific components of the marketing mix, while the strategic plan is a broader document that outlines the overall direction and goals of the organization.

Question 11

Which of the following is a tool that marketers often use to portray an action plan's time line?

Accepted Answer

A Gantt chart is a useful tool for marketers to visually display timelines for an action plan. It depicts the start and end dates for each task or activity, and the amount of time allocated to each. This allows for effective project management and helps ensure that tasks are completed on time.

Question 12

Kimball Gardens is a company that operates as two distinct businesses: one that sells lawn and garden products and one that markets booklets.Each business is called a ________.

Accepted Answer

The two businesses within Kimball Gardens are referred to as strategic business units (SBUs) because they operate as separate entities with their own distinct strategies and objectives. The other options listed do not accurately describe the relationship between the two businesses.

Question 13

Concrete measures of various aspects of marketing performance are called ________.

Accepted Answer

Concrete measures of various aspects of marketing performance are called marketing metrics.

Question 14

Marketing planning is followed by the ________,which details how the plan will be carried out,outlining the day-to-day execution.

Accepted Answer

The operational plan is the best choice because it outlines the specific actions and tasks necessary to implement the marketing plan. It includes details such as timelines, budgets, responsibilities, and performance metrics for each action item. The other options listed are all components or tools used in the marketing planning process, but do not specifically address the day-to-day execution of the plan.

Question 15

________ is the formal process of monitoring progress toward meeting marketing objectives.

Accepted Answer

Control is the formal process of monitoring progress toward meeting marketing objectives. It involves establishing performance standards, measuring actual performance, and taking corrective action when necessary. Corporate culture refers to the shared values, beliefs, behaviors, and symbols that shape the way people in an organization think and act. Implementation refers to the process of executing a marketing plan. Situation analysis and SWOT analysis are tools used in the planning process to assess the internal and external factors that affect a company's success.

Question 16

Which of the following is a common objection to relying exclusively on ROMI for measuring marketing success?

Accepted Answer

One common objection to relying exclusively on ROMI for measuring marketing success is that calculating ROMI requires knowing what would have happened if the marketing expenditures had never taken place. This can be difficult to determine and can lead to inaccurate measurements of marketing success.

Question 17

After marketing strategies are developed,the next step in marketing planning is ________.

Accepted Answer

Implementation is the next step after marketing strategies are developed as it involves putting those strategies into action through activities such as advertising, sales promotions, and distribution tactics. The other options listed are important components of marketing planning, but they typically occur before or during the development of marketing strategies.

Question 18

Many airlines now encourage customers to purchase online "ticketless" flight reservations by charging a fee to those who purchase tickets at ticket counters.This is an example of a ________ strategy.

Accepted Answer

This is an example of a distribution strategy because the airline is encouraging customers to use a particular distribution channel (online) by charging a fee for other channels (ticket counters).

Question 19

Columbia Sportswear has introduced a new line of comfortable,lightweight clothing for people who fish.An example of ________ is the decision to run a full-page ad in Field & Stream magazine in May to get potential customers to ask their sporting goods stores to carry the new products.

Accepted Answer

The answer of Columbia Sportswear has introduced a new line...

Question 20

________ generally cover a shorter time period than other plans,perhaps only one or two months,and include detailed directions for specific activities to be carried out.

Accepted Answer

Operational plans cover a shorter time period than strategic plans and include specific directions for carrying out activities. Time lines are visual tools used in planning, not a type of plan. Marketing plans and pricing strategies are types of strategic plans, which cover a longer time period than operational plans.

Quiz 2: Strategic Market Planning: Take the Big Picture