Question 1

Identify an important difference between strategic planning and market planning.

Accepted Answer

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Question 2

You are a sales manager and you are responsible for tracking a wide range of metrics related to your firm.Explain in which part of the marketing planning process these metrics would be determined and why they are important.

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The answer of You are a sales manager and you...

Question 3

Briefly describe the purpose and components of an action plan.

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Question 4

Typically,each element of an action plan is linked to a budget item.

Accepted Answer

Each element of an action plan involves some kind of expense or resource allocation, which is generally reflected in a corresponding budget item. Therefore, the two are closely tied together.

Question 5

How are marketing objectives different from corporate objectives?

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Question 6

Operational plans focus on the long-term execution of the marketing plan performed by top-level management.

Accepted Answer

Operational plans focus on the short-term execution of the marketing plan by middle and lower-level management, while strategic plans focus on the long-term execution of the marketing plan by top-level management.

Question 7

A sales manager at ABC Services Inc.was required to track important marketing metrics each quarter.Give two examples of the marketing metrics this sales manager might report.

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The answer of A sales manager at ABC Services Inc.was...

Question 8

The distribution strategy is the place component of the marketing mix.

Accepted Answer

The distribution strategy is a component of the marketing mix and represents how the product or service is delivered to the customer.

Question 9

Briefly discuss how marketers measure return on marketing investment.Explain why this figure may not be sufficient to judge marketing's effectiveness.

Accepted Answer

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Question 10

Why is it important to consider marketing as an investment rather than as an expense?

Accepted Answer

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Quiz 3: Strategic Market Planning