Question 1

Cisco has a different idea about ROMI.Managers there feel that instead of measuring response, it may be better to measure ____________.

Accepted Answer

Cisco's managers feel that measuring the progression of the contact throughout the buying cycle would be a better way to measure ROMI than just measuring response. This approach would give a more complete picture of the effectiveness of marketing efforts and how they contribute to the overall sales process. Options B, C, D and E are not in line with Cisco's approach to measuring ROMI.

Question 2

One of the problems with ROMI is that it is often focuses on __________ rather than looking at the effects or changes in brand equity.

Accepted Answer

ROMI (Return on Marketing Investment) often focuses on short-term decision making and measuring the financial impact of marketing efforts in terms of immediate sales or revenue. However, this approach may overlook the long-term effects on brand equity, customer loyalty, and other intangible benefits that may not be immediately measurable but can provide significant value to the company over time.

Question 3

Margin on Sales is the difference between ____________.

Accepted Answer

Margin on Sales is the difference between selling price and cost. It represents the amount of profit earned per unit of sales. Option A and D are not correct as they do not take into account the cost of goods sold. Option B is not correct as it does not account for the difference between revenue and cost. Option E is not correct as one option (Option C) is correct.

Question 4

Market share can defined in terms of either _____________.

Accepted Answer

Market share can be defined in terms of units or revenue. Units refer to the number of units sold in a market compared to the total number of units sold by all competitors. Revenue refers to the total revenue earned from sales in a market, compared to the total revenue earned by all competitors in that market. Utilities and profits are not commonly used to define market share.

Question 5

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

Accepted Answer

Brand Penetration is the measure of the percentage of the target market population who have purchased a specific brand. It is calculated by dividing the number of customers who have purchased a brand by the total population.

Question 6

There is a danger in the use of dashboards that the company becomes to focused on tactical measures that may overshadow ____________.

Accepted Answer

The use of dashboards should not lead to a purely tactical focus, but instead, organizations should keep in mind the strategic importance of the measures being tracked. Measures of tenacity, immediacy, and locus of control may also be important, but they are not the main concern when using dashboards.

Question 7

While many firms "talk the talk" about marketing as an investment, this may be a problem as many firms treat marketing as ___________ in the company's accounting system.

Accepted Answer

Many firms treat marketing as an expense item rather than an investment in their accounting system, which can lead to a short-term focus on reducing costs rather than long-term investments in marketing efforts that could benefit the company in the future.

Question 8

There are times that marketers forgets that marketing is not just a department and they fail to market the dashboard to __________.

Accepted Answer

Key stakeholders include shareholders, investors, and higher-level executives who need to see the performance metrics of the company. They need to have visibility to the dashboard to ensure that the company is on track to meet its goals and objectives. It is crucial to market the dashboard to them to gain support and buy-in. While customers, suppliers, accounting, and finance may also benefit from the dashboard, they are not the primary audience.

Question 9

Marketers often have to make a strategic decision with respect to seeking sales growth for a brand.In addition to acquiring existing users to a brand, one may have to _________.

Accepted Answer

The answer of Marketers often have to make a strategic...

Question 10

A dashboard should establish the links between marketing spending and ___________.

Accepted Answer

A dashboard should establish the links between marketing spending and profits to measure the effectiveness of marketing efforts and help make informed decisions about future spending.

Question 11

When your boss, Fernando, says that you have to have a ROMI of 5.0, he is describing the __________ for the marketing investment.

Accepted Answer

Fernando is describing the hurdle rate, which is the minimum rate of return that must be achieved on the marketing investment in order for it to be considered acceptable. The other options (risk factor, suitability factor, and total rate) are not specific financial terms related to evaluating the performance of a marketing investment.

Question 12

If a low risk marketing program has a return on marketing investment (ROMI)of 4.0, this means that any marketing program must generate at a minimum $4.00 in revenue for every _____ in marketing expenditure.

Accepted Answer

ROMI is calculated as revenue generated from marketing program divided by the cost of the marketing program. Therefore, if ROMI is 4.0, it means that for every $1 spent on marketing, the program generates $4 in revenue. Hence, the answer is A) $1.00.

Question 13

In some cases a marketing dashboard can overly rely on _________.

Accepted Answer

The answer of In some cases a marketing dashboard can...

Question 14

The dashboard for Apple Computers should be able to provide a read of ____________.

Accepted Answer

The dashboard for Apple Computers should ideally provide a read on how the assets have been growing and how they are likely to progress, including but not limited to financial assets, intellectual property, and human capital. The other options mentioned in the question are not directly relevant to what a dashboard for Apple Computers would track.

Question 15

A dashboard creates transparency in marketing's goals, operations, and performance-this in turn ________.

Accepted Answer

A dashboard provides visibility into marketing's activities and outcomes, which improves accountability and trustworthiness. This helps to justify marketing's budget and improve relationships with other departments, rather than causing animosity. While it may lead to increased recognition for marketing's successes, it is unlikely to make them the hero of the company.

Question 16

CLV or Customer Lifetime Value is an important number in that it represents ___________.

Accepted Answer

Customer Lifetime Value (CLV) helps determine the maximum amount a company should spend on acquiring a new customer, as it represents the total revenue a business can reasonably expect from a single customer account throughout the business relationship.

Question 17

Cannibalization is the concept that describes __________.

Accepted Answer

Cannibalization refers to the loss in sales or revenue of existing products due to the introduction of a new product by the same company. It occurs when the new product competes with the existing product for customer purchases.

Question 18

The dashboard provides insight into the execution of critical business processes required to deliver on the _______________.

Accepted Answer

The dashboard is used to provide insight into the execution of critical business processes required to deliver on the desired customer value propositions. Option B, C, and D are not relevant to the statement.

Question 19

Unit Market Share (%)= Unit Sales (#)divided by ___________.

Accepted Answer

Unit market share is calculated by dividing the number of units sold by the total number of units sold in the market. Therefore, the correct option is C, Estimated total market unit sales. Options A, B, and D do not accurately reflect the calculation of unit market share.

Question 20

In the end, marketing management is both a science and an art.The artistic side understands that sometimes the difference between an average new-product introduction and a world-class one rests largely on ______________.

Accepted Answer

All of the above options are important in making a new-product introduction successful. Creativity is needed to develop unique and appealing marketing strategies, insight into the market is needed to understand consumers' needs and preferences, and timing is critical to ensure that the product reaches its target market when demand is high. Effective marketing management requires both scientific analysis and artistic creativity.

Quiz 19: The Marketing Dashboard: Metrics for Measuring Marketing Performance