Question 1

The firm's annual marketing effort, such as advertising, personal selling, sales promotion, direct marketing, and public relations expenses is __________ in a sales response function graph.

Accepted Answer

The answer of The firm's annual marketing effort, such as...

Question 2

You have been told that a company increased its marketing effort from $2 million to $5 million, resulting in increased sales revenue from $12 million to $21 million. Calculate the company's ratio of incremental sales revenue to incremental marketing effort.

Accepted Answer

The answer of You have been told that a company...

Question 3

Which of the following information is used in the development of the marketing program, the third step of the planning phase of the strategic marketing process?

Accepted Answer

The answer of Which of the following information is used...

Question 4

Which of the following information is used in the development of the marketing program, the third step of the planning phase of the strategic marketing process?

Accepted Answer

The development of the marketing program may require: (1)marketing mix actions and (2)detailed plans to execute the marketing program.

Question 5

Which of the following pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process?

Accepted Answer

The answer of Which of the following pieces of information...

Question 6

The actions taken in a situation (SWOT) analysis or Step 1 of the planning phase include: (1) __________, (2) analyze competitors, (3) assess own company, and (4) research customers.

Accepted Answer

Identifying industry trends is a part of the SWOT analysis as it involves understanding external opportunities and threats, which are crucial for strategic planning.

Question 7

Which of the following pieces of information is used in market-product focus and goal setting, the second step of the planning phase of the strategic marketing process?

Accepted Answer

Market-product grids with targets are used to identify specific market segments and product opportunities for the company to focus on. This information is crucial for determining the company's market-product focus and setting goals for the next steps of the planning phase. The other options listed may be considered during the planning phase, but they are not directly related to market-product focus and goal setting.

Question 8

Which of the following pieces of information is used in market-product focus and goal setting, the second step of the planning phase of the strategic marketing process?

Accepted Answer

Perceptual maps and positioning statements are used in market-product focus and goal setting to evaluate the current market situation and determine the positioning of the product or brand in relation to competitors. Marketing return on investment, revenues associated with each point of market share, possible cannibalization effects on other products in the line, and trends for industry and competitors are used in other steps of the planning phase.

Question 9

When using share points to make marketing resource allocation decisions, marketing managers must estimate: (1) the market share for the product, (2) the revenues associated with each point of market share, (3) __________, and (4) possible cannibalization effects on other products in the line.

Accepted Answer

Marketing managers need to estimate the contribution to overhead and profit of each share point to understand the financial impact of gaining or losing market share.

Question 10

The essence of resource allocation is:

Accepted Answer

The essence of resource allocation is to put incremental resources where the incremental returns are greatest over the foreseeable future. This means that a company should focus on investing in areas that provide the greatest return on investment and align with the strategic goals of the organization to effectively allocate its resources.

Question 11

During the planning phase of the strategic marketing process, the marketing manager will

Accepted Answer

During the planning phase of the strategic marketing process, the marketing manager will set market and product goals. This involves defining the target market, understanding consumer needs and behavior, and determining how the product or service can meet those needs. The marketing manager will also establish objectives for sales, revenue, and market share.

Question 12

You have been told that a company increased its marketing effort from $3 million to $5 million, resulting in increased sales revenue from $10 million to $20 million. Calculate the company's ratio of incremental sales revenue to incremental marketing effort.

Accepted Answer

The ratio of incremental sales revenue to incremental marketing effort can be calculated by dividing the change in sales revenue by the change in marketing effort. In this case, the change in sales revenue is $20 million - $10 million = $10 million, and the change in marketing effort is $5 million - $3 million = $2 million. Therefore, the ratio of incremental sales revenue to incremental marketing effort is $10 million ÷ $2 million = 5:1.

Question 13

Share point refers to

Accepted Answer

Share point refers to the percentage points of market share used as a common basis of comparison in an analysis to allocate marketing resources effectively for different product lines within the same firm.

Question 14

As the annual marketing effort increases in a sales response function graph, so does the resulting annual sales revenue, which is

Accepted Answer

Sales revenue is the dependent variable in this scenario, meaning that it is affected by changes in the independent variable (marketing effort). Therefore, it would be plotted on the vertical (Y) axis, while marketing effort would be plotted on the horizontal (X) axis.

Question 15

Which of the following pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process?

Accepted Answer

The SWOT analysis may require the following information: (1)trends for industry and competitors and (2)projected future sales,expenses,and profits.

Question 16

New Balance has no celebrity endorsers and does minimal advertising, yet the athletic shoe brand has about 10 percent of the sales in the athletic footwear market. The marketing team at New Balance estimates that to increase sales to 11 percent of the market will require an increase of $25 million in marketing effort and will result in an increase of its footwear sales of an additional $15 million. This 1 percent incremental increase from 10 to 11 percent is referred to as

Accepted Answer

A share point is the result of an analysis that uses percentage points of market share as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm.The 10 percent and 11 percent figures used in the example are market shares of New Balance in the athletic footwear market,and the difference is referred to as a share point.

Question 17

Which of the following pieces of information is used in market-product focus and goal setting, the second step of the planning phase of the strategic marketing process?

Accepted Answer

Market potential studies are used in market-product focus and goal setting. They provide information on the size and potential of a market, which helps in determining the goals and focus for a company's marketing efforts. The other options may be used in other steps of the strategic marketing process, but not specifically in market-product focus and goal setting.

Question 18

Percentage points of market share used as the common basis of comparison in an analysis to allocate marketing resources effectively for different product lines within the same firm are referred to as

Accepted Answer

The percentage points of market share used as the common basis of comparison are referred to as share points. This is the most common method used in the analysis to allocate marketing resources effectively for different product lines within the same firm. The other options, such as market shares and ratings, may also be used in the analysis, but they are not specifically referred to as the common basis of comparison. Marketing ROIs and S-curve points are not related to this concept.

Question 19

When using share points to make marketing resource allocation decisions, marketing managers must estimate: (1) the market share for the product, (2) __________, (3) the contribution to overhead and profit (or gross margin) of each share point, and (4) possible cannibalization effects on other products in the line.

Accepted Answer

The missing item in the list is the revenues associated with each point of market share. Marketing managers need to estimate the revenue generated by each share point to determine the optimal allocation of marketing resources. The other options listed (total production costs, number of market segments, stage of the product in its product life cycle, and total financial resources available for a sustained marketing effort) are also important factors in marketing resource allocation, but they are not directly related to estimating share point revenue.

Question 20

When using share points to make marketing resource allocation decisions, marketing managers must estimate: (1) __________, (2) the revenues associated with each point of market, (3) the contribution to overhead and profit (or gross margin) of each share point, and (4) possible cannibalization effects on other products in the line.

Accepted Answer

Marketing managers need to estimate the market share for the product to understand how many share points they can potentially gain or lose, which is crucial for making informed marketing resource allocation decisions.

Quiz 22: Pulling It All Together: the Strategic Marketing Process

The firm's annual marketing effort, such as advertising, personal selling, sales promotion, direct marketing, and public relations expenses is __________ in a sales response function graph.

You have been told that a company increased its marketing effort from $2 million to $5 million, resulting in increased sales revenue from $12 million to $21 million. Calculate the company's ratio of incremental sales revenue to incremental marketing effort.

Which of the following information is used in the development of the marketing program, the third step of the planning phase of the strategic marketing process?

Which of the following information is used in the development of the marketing program, the third step of the planning phase of the strategic marketing process?

Which of the following pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process?

The actions taken in a situation (SWOT) analysis or Step 1 of the planning phase include: (1) __________, (2) analyze competitors, (3) assess own company, and (4) research customers.

Which of the following pieces of information is used in market-product focus and goal setting, the second step of the planning phase of the strategic marketing process?

Which of the following pieces of information is used in market-product focus and goal setting, the second step of the planning phase of the strategic marketing process?

When using share points to make marketing resource allocation decisions, marketing managers must estimate: (1) the market share for the product, (2) the revenues associated with each point of market share, (3) __________, and (4) possible cannibalization effects on other products in the line.

The essence of resource allocation is:

During the planning phase of the strategic marketing process, the marketing manager will

You have been told that a company increased its marketing effort from $3 million to $5 million, resulting in increased sales revenue from $10 million to $20 million. Calculate the company's ratio of incremental sales revenue to incremental marketing effort.

Share point refers to

As the annual marketing effort increases in a sales response function graph, so does the resulting annual sales revenue, which is

Which of the following pieces of information is used in a SWOT analysis, the first step of the planning phase of the strategic marketing process?

Which of the following pieces of information is used in market-product focus and goal setting, the second step of the planning phase of the strategic marketing process?

Percentage points of market share used as the common basis of comparison in an analysis to allocate marketing resources effectively for different product lines within the same firm are referred to as