Question 1

Rather than having only one goal or even several goals and objectives for a marketing plan,it is recommended that _____________.

Accepted Answer

Each action plan must address the timing for accomplishment of its associated tasks. You need to determine what you hope to accomplish by the action plan, what steps are involved, and the appropriate metrics by which the plan will be monitored.

Question 2

Margin on sales is the difference between ____________.

Accepted Answer

Margin on sales is the difference between selling price and cost. This difference is typically expressed either as a percentage of selling price or on a per-unit basis.

Question 3

In a marketing plan,every strategy must include implementation elements.These are called ___________.

Accepted Answer

In a marketing plan, every strategy must include an implementation element. Sometimes these are called action plans or programs.

Question 4

Customer lifetime value (CLV)is an important number in that it represents ___________.

Accepted Answer

Overall, CLV is an important concept in that it encourages firms to shift their focus from quarterly profits to the long-term health of their customer relationships. CLV is an important number because it represents an upper limit on spending to acquire new customers.

Question 5

Sales force effectiveness is a measure of market performance by a company that focuses on how well the sales force does with respect to __________ in relationship to sales.

Accepted Answer

Sales force effectiveness takes into consideration the number of calls made, number of potential accounts, and number of active accounts, as all of these factors influence the sales performance of a company. Therefore, option D is the correct answer.

Question 6

Sam Marino,an accountant in the organization,says that marketing is always overbudget and not accountable.Sam suggests that marketing can avoid this difficulty by ____________.

Accepted Answer

Each action plan must discuss timing, assign persons responsible for various aspects of implementation, and indicate the resources necessary to make the strategy happen. Budgets for the action plan must be developed based on the forecast. Then appropriate metrics must be identified for each, along with a control process, to assess along the way to what degree the action plan is on track and contributing to the marketing strategy and achievement of the stated marketing objectives.

Question 7

Subjective methods of forecasting do not include _______.

Accepted Answer

Market test is an objective method of forecasting where a product or service is introduced to a small segment of the target market to gather feedback and demand. Subjective methods involve human opinions, such as user expectations, sales force composite, Delphi technique, and jury of executive opinion.

Question 8

Leo Bogart was talking about strategic marketing planning and said,"We plan all the time but nothing ever gets done around here." One way to avoid getting into Leo's situation is to __________.

Accepted Answer

Assigning specific individuals to each action plan ensures accountability and ownership of the plan. This helps to ensure that the plan is implemented effectively, and progress can be tracked. Having a committee or a list of actions does not guarantee that the plan will be executed. Outsourcing the plan to human resources may also not be effective as it may not involve the relevant stakeholders.

Question 9

A Gantt or PERT chart is used in planning to _________.

Accepted Answer

Most marketing plans portray the timing of tasks in flowchart form so that it is easy to visualize when the pieces of the plan will come together. Marketers often use Gantt or PERT charts, popular in operations management, to portray a plan's timeline.

Question 10

Customers Who Have Purchased the Brand (#)divided by Total Population (#)equals ____________.

Accepted Answer

Customers Who Have Purchased the Brand (#) ÷ Total Population (#) = Brand Penetration.

Question 11

Share of voice quantifies the ___________ that a specific product or brand enjoys.

Accepted Answer

Share of voice quantifies the advertising "presence" that a specific product or brand enjoys. It is calculated by dividing the brand's advertising by total market advertising, and it is expressed as a percentage.

Question 12

Cannibalization is the concept that describes __________.

Accepted Answer

Cannibalization is the reduction in sales (units or dollars) of a firm's existing products due to the introduction of a new product. The cannibalization rate is generally calculated as the percentage of a new product's sales that represents a loss of sales (attributable to the introduction of the new entrant) by a specific existing product or products.

Question 13

Revenue Market Share (%)= Sales Revenue ($)divided by ___________.

Accepted Answer

Revenue Market Share (%) = Sales Revenue ($) ÷ Estimated Total Market Revenue ($).

Question 14

When New World Recycling does forecasting,it goes directly to customers and asks them what their anticipated needs are for the coming time period.This method is known as _________.

Accepted Answer

The user expectations method of forecasting is also known as the buyers' intentions method because it relies on answers from customers regarding their expected consumption or purchases of the product.

Question 15

Market Penetration (%)= Customers Who Have Purchased a Product in the Category (#)divided by ___________.

Accepted Answer

Market Penetration (%) = Customers Who Have Purchased a Product in the Category (#) ÷ Brand Penetration.

Question 16

Click-through rates are a commonly used metric.Although these are useful,they do not indicate _________.

Accepted Answer

Most Internet-based businesses use click-through metrics. Although these metrics are useful, they should not dominate all online marketing analysis. Unless a user clicks on a "Buy Now" button, click-through measure only one step along the path toward a final sale.

Question 17

__________ is useful in comparing the relative efficiency of different advertising opportunities or media and in evaluating the costs of campaigns.

Accepted Answer

Cost per thousand (CPM) is useful in comparing the relative efficiency of different advertising opportunities or media and in evaluating the costs of overall campaigns.

Question 18

Objective methods of forecasting do not include _______.

Accepted Answer

The answer of Objective methods of forecasting do not include...

Question 19

Outlets Where Brand or Product Is Listed but Unavailable (#)divided by Total Outlets Where Brand or Product Is Listed (#)equals ____________.

Accepted Answer

Outlets Where Brand or Product Is Listed but Unavailable (#) ÷ Total Outlets Where Brand or Product Is Listed (#) = Stock-outs (%).

Question 20

Electra Electrical Motors has salespeople all over the United States.The company asks each member of the sales team once a year to make a forecast of their expectations with respect to what they plan to sell.This is known as the ____________.

Accepted Answer

The method described is the Sales Force Composite Method, in which each member of the sales team predicts their own sales expectations.

Quiz 16: The Marketing Dashboard: Metrics for Measuring Marketing Performance