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

Question 1

When the management team say that they need to get the biggest bang for the buck, they mean _______.

A) Marketing should get the most dollars allocated to it
B) Every dollar should be allocated to the programs that have the best returns irrespective of where they fall
C) Marketing need not worry about ROI
D) All advertising programs need to be very eye catching
E) All of the above

Answer 1

B

Question 2

One of the most important measures for on-line measurement is click through rate in that it measures the final sale in the process.

Answer 2

False

Question 3

Theclaim that the "Art of Marketing" cannot be measured is a cop-out.

Answer 3

True

Question 4

A well-rounded dashboard tracks the skills and competencies of the marketing team against a clear set of proficiency goals.

Question 5

One of the most important measurement issues is the measurement related to supply chain.The variables measured have to do with stock outs, service levels due to on-time deliveries, and inventory turns.

Question 6

One of the benefits of a marketing dashboard is that it fosters an organization that can be called _____________.

A) An informational organization
B) A learning organization
C) A quantitative behavioral organization
D) Learn by doing organization
E) None of the above

Question 7

Two primary goals of any dashboard are ______________.

A) Diagnostic oversight and intuitive insight
B) Diagnostic ability and intuitive market focus
C) Diagnostic insight and predictive foresight
D) Diagnostics and future goals
E) None of the above

Question 8

When someone says "competition is coming from all directions and that there are several low cost producers out there ready to take your customers", he or she is referring to the concept __________.

A) The world is close together
B) The world is a sphere
C) The world is round
D) The world is flat
E) All of the above

Question 9

The concept that marketing information should be presented in a format that is easy to use, in real time and consisting of crucial information is _________.

A) The marketing accelerator
B) The marketing matrix
C) The marketing dashboard
D) The marketing planning equation
E) The marketing cockpit

Question 10

About the only thing you know for certain about your first version of a marketing dashboard is that it will likely look the same in a year or two.

Question 11

the total group response or median will move successively toward the "correct" or "true" answer.

Question 12

A wide range of organizational functions will have a stake in making a marketing plan successful.Even if the functions are outsourced then someone internally still must take responsibility for the outsourced aspect of the action plan.

Question 13

One of the metrics thought to be important in marketing measurement is __________.

A) Data on actual versus forecasted sales
B) Data on actual sales versus sales from on-line sources
C) Data on information metrics versus communication metrics
D) Data on actual versus formulation sales
E) None of the above

Question 14

For a particular product, there is one market share rather than several market share numbers.

Question 15

The Jury of Executive Opinion method of forecasting asks key executives of client firms what their intention is for the coming year with respect to purchasing.It tries to get them to specify exact amounts so that they can be added up to make the forecast.

Question 16

ROMI is the metric du jour for many firms' bottom line.

Question 17

To compete in today's market, firms must focus on marketing planning so that managers and executives have the core information about progress toward relevant goals and metrics at their fingertips ____________.

A) A least each week
B) At least each month
C) At least once a month
D) At all times
E) At decision making times

Question 18

Exponential smoothing is a type of moving average that, instead of weighting all observations equally in generating the forecast, weights the most recent observations heaviest.

Question 19

The dashboard must push beyond portrayal of what is happening to explain why it is happening, providing insight into consumer diagnostics of dogmatism and enticement.

Question 20

Everyone calculates ROMI the same so when one corporate executive talks about the concept other people know what his or her measurement is.

Question 21

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

A) The progression of the contact throughout the buying cycle
B) The response to specific coupons and direct techniques
C) The response to mass media without looking at new media
D) The response to new media while ignoring mass media
E) None of the above

Question 22

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

A) Long term decision perspective
B) Short term decision perspective
C) Relationship marketing
D) Incremental authorization
E) None of the above

Question 23

Margin on Sales is the difference between ____________.

A) Selling price and unit sales
B) Unit sales and profit per unit
C) Selling price and cost
D) Unit margin and unit sales
E) None of the above

Question 24

Market share can defined in terms of either _____________.

A) Utilities and profits
B) Revenue and profits
C) Units or profits
D) Units or revenue
E) None of the above

Question 25

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

A) Brand Awareness
B) Brand Peculiarity
C) Brand Prowess
D) Brand Penetration
E) Total Brand Accumulation

Question 26

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

A) Measures of immediacy
B) Measures of tenacity
C) Measures of locus of control
D) Measures of strategic importance
E) All of the above

Question 27

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.

A) A variable
B) A total investment
C) An expense item
D) A lost cause
E) None of the above

Question 28

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

A) Customers
B) Suppliers
C) Key stakeholders
D) The accounting group
E) The finance area

Question 29

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 _________.

A) Attract light users to the category
B) Attempt to get defectors to come back to the category
C) Expand the total population of category users
D) Expand the elementary level of market orientation
E) None of the above

Question 30

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

A) The stock price
B) The number of employees
C) The number of customers who write complaints during any period of time
D) Profits
E) None of the above

Question 31

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

A) Risk factor
B) Suitability factor
C) Total rate
D) Hurdle rate
E) All of the above

Question 32

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.

A) $1.00
B) $10
C) $100
D) $1,000
E) None of the above

Question 33

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

A) Inside-out measurement
B) Outside-in measurement
C) Total measurement
D) Partial measurement-leading to partial solutions
E) All of the above

Question 34

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

A) The computer division's relationship to the iPhone group
B) CEO Jobs efficiency in marketing
C) How future new products will be accepted or rejected by the consumer market
D) How the assets have been growing and how they are likely to progress
E) None of the above

Question 35

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

A) Leads to smaller marketing budgets
B) Leads to animosity among departments
C) Elevates marketing's perceived accountability and trust by others
D) Makes marketing look like the hero in the company
E) None of the above

Question 36

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

A) What a customer spends in a year
B) An upper limit on spending to acquire a new customer
C) The importance of government contracts that have less risk
D) The loss one could expect from a new competitor
E) The discount rate of a given customer

Question 37

Cannibalization is the concept that describes __________.

A) The loss that occurs from a new product introduction on existing products
B) When revenue is lost to a competitor
C) The loss of unit sales to a new advertising campaign of a competitor
D) The loss that occurs from a brand maturing
E) None of the above

Question 38

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

A) Desired customer value propositions
B) Elements of tactical numerology
C) Desirable elements of diagnostic mathematics
D) Suitable service message
E) All of the above

Question 39

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

A) Estimated total market revenue
B) Estimated total market profit
C) Estimated total market unit sales
D) Estimated market penetration
E) None of the above

Question 40

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 ______________.

A) Creativity
B) Insight into the market
C) Hitting the market at just the right time
D) All of the above
E) None of the above

Question 41

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

A) Goals are quantified with real numbers
B) Each and every action plan be measured in some way
C) Goals should be simple and to the point
D) Goals be realistic
E) None of the above

Question 42

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

A) Vertical tactics
B) Action by design
C) Plans by scorecard
D) Action plans
E) All of the above

Question 43

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

A) CPR-cost per repetition
B) CPM-cost per thousand
C) CPQ-cost per quantity bought
D) CPS-cost per solicitation
E) None of the above

Question 44

The Apollo project, a joint venture of Nielsen and Arbitron, found that people exposed for several months of advertising for mid to large brands responded by ____________.

A) Buying 5 to 8 percent less of the advertised brands than before the ads were run
B) Buying the same amount as before being exposed to the advertising messages
C) Buying 5 to 8 percent more of the advertised products than before the ads were run
D) Buying more of the non-advertised brands than before the ads were run
E) None of the above

Question 45

The Delphi technique tries to use expert opinion to forecast market demand but it is distinctly different than other methods in as much as it _____________.

A) Tries to control for executive emotion
B) Uses an iterative approach with repeated measurement to control for direct confrontation
C) Uses consumers in a panel to discuss their planned purchases
D) Tries to make suppliers, buyers, users and deciders as part of the process
E) None of the above

Question 46

The forecasting method that relies on the analysis of historical data to develop a prediction of the future is _________.

A) Time and money analysis
B) Trend by objective analysis
C) Task and objective technique
D) Time-series analysis
E) None of the above

Question 47

Sam Marino, an accountant in the organization, says that marketing is always over budget and not accountable.One way Sam suggests not to have this difficulty is by ____________.

A) Having a master budget for a plan
B) Tracking the budget throughout the implementation process
C) Reporting variances from the budget on a systematic basis
D) Noting budget overages and communicate these with accountable people
E) All of the above

Question 48

Lo Quo is a Chinese manufacturer of consumer goods.To get better penetration in the market it has given pass through promotions to the trade.It found that there was a decline in the percentage of sales due to the sales deals.This could mean ___________.

A) The deals are too good to be true
B) It has a bad basic value offering
C) It has too low a price
D) It has a deal that the trade and end-user consumers do not find attractive
E) All of the above

Question 49

Exponential smoothing is a type of moving average that, instead of weighting all observations equally in generating the forecast, weights the most recent observations __________.

A) Lightest
B) Multiplied by the frequency factor
C) Heaviest
D) Asymptotically
E) None of the above

Question 50

Many firms think that ___________ is the final gauge of consumer acceptance of a new product and ultimate measure of market potential.

A) The market analytic method
B) The market test (or test market)
C) The go-to-market strategic method
D) The post hoc market method
E) None of the above

Question 51

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

A) Advertising
B) Promotion
C) Presence
D) Knowledge
E) None of the above

Question 52

One technique of forecasting is called the Moving Average.In this method rather than using last years sales as the forecast, ___________.

A) A simple average for the last 2 or 4 years is used
B) A smoothing technique is used to determine the forecast
C) A decomposition of the industry is used to average the sales
D) An average is calculated using the mid-point of the sales trend and then is computed by multiplying it by a beta coefficient to get the next year's forecast
E) None of the above

Question 53

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.

A) Number of calls made
B) Number of potential accounts
C) Number of active accounts
D) All of the above
E) None of the above

Question 54

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 __________.

A) Have a committee review the plan
B) Have human resources outsource the plan
C) Have a person in the organization assigned specifically to each action plan with the idea that they own the action plan.
D) Have a list of the actions printed for everyone's desk
E) None of the above

Question 55

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

A) Visualize the timing and completion of action plans
B) Do time management studies of various activities
C) Time things to the second to know when they are to be done
D) Eliminate overages to maximize cost savings
E) All of the above

Question 56

One key decision affecting the use of exponential smoothing is the choice of the ___________.

A) Smoothing constant
B) Beta coefficient
C) Coefficient normal
D) High value customers
E) None of the above

Question 57

Electra Electrical Motors has sales people all over the U.S.They ask 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 ____________.

A) Sales economy method
B) Make easy sales method
C) Composite commercial method
D) Sales force composite method
E) All of the above

Question 58

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

A) Sales force composite
B) Jury of executive opinion
C) User expectations
D) Delphi technique
E) None of the above

Question 59

The decomposition method attempts to isolate four separate portions of a time series, which are __________.

A) The trend, the numbers, the fashions and randomness
B) The trend, cyclical, seasonal, and random factors
C) The trend, the effect, the season, and random factors
D) The trend, the forecast, the smoothing, the decomposition
E) None of the above

Question 60

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

A) If a customer is interested in the product
B) That a customer is on the path toward a final sale
C) Who is the clicker
D) What a click means
E) None of the above

Question 61

The budgeting method is constraining because it relies on gross revenue is known as the ______________ method.

A) Per unit
B) Objective-and-task
C) Percent-of-sales
D) Comparative-parity
E) All-you-can-afford

Question 62

Analytical factors include all except ____________.

A) Stability of the data series
B) The time horizon
C) The degree of structure imposed on the process
D) The manager's experience
E) Seasonality of information

Question 63

The budgeting method that relies upon figuring out whatever is left over is known as the ______________ method.

A) Zero-based
B) Objective-and-task
C) Percent-of-sales
D) Comparative-parity
E) All-you-can-afford

Question 64

Most marketing plan budgets are created and maintained by the use of ______________ that provide formulaic capabilities to perform scenario analysis on a variety of contingencies and see the impact on the budget.

A) Custom software
B) CRM software
C) Excel spreadsheets
D) Any of the above
E) None of the above

Question 65

The emphasis in regression analysis is not to isolate all factors that affect sales but simply to identify those that have _________ on sales and then to estimate the magnitude of the impact.

A) The least dramatic impact
B) The average impact
C) The most dramatic impact
D) Predictor impact
E) None of the above

Question 66

Effective controls should involve _________________.

A) The minimum amount of information needed to give a reliable picture
B) As much information as possible so as to plan for any eventuality
C) Having a five-year forecast
D) Short term predictions only
E) Laying out punishment for under-performers

Question 67

_______________ is the optimal budgeting method.

A) Per unit
B) Objective-and-task
C) Percent-of-sales
D) Comparative-parity
E) All-you-can-afford

Question 68

________ must be in place from the outset of the planning process that specify the timing, procedure, and people who will monitor the progress towards the firm's marketing goals and objectives.

A) Monitors
B) Controls
C) Cross-functional teams
D) Management
E) Fail safes

Question 69

Ultimately, the marketing manager must rely upon _________ in making the forecasting decision.

A) A consultant's decision
B) Al the models proposed by all participants
C) His or her own judgment after reviewing multiple input sources
D) All of the above
E) None of the above

Question 70

_____________ budgeting is based on the budget requirements of individual action plans.

A) Objective-and-task
B) Per unit
C) Percent-of-sales
D) Comparative-parity
E) All-you-can-afford

Question 71

When action plan budgets are aggregated into an overall marketing budget, you can assume the budgeting method used is ________________.

A) Per unit
B) Percent-of-sales
C) Comparative-parity
D) All-you-can-afford
E) Objective-and-task

Question 72

The budgeting method that relies upon figuring out what competitors spend on marketing is known as the ______________ method.

A) Zero-based
B) Objective-and-task
C) Percent-of-sales
D) Comparative-parity
E) All-you-can-afford

Question 73

____________ is the process by which significant deviations to the marketing plans are anticipated.

A) Scenario planning
B) Forecasting
C) Alterations
D) Contingency planning
E) A and D

Question 74

Marketing plan controls involve _______________.

A) The marketing and sales departments
B) The marketing, sales, and customer service departments
C) The accounting and IT departments
D) The entire organization
E) The marketing and production departments

Question 75

Situational factors include all except ____________.

A) Marketplace volatility
B) The time horizon
C) Information accessibility
D) Number of people required to accomplish the forecasting
E) Expertise of the forecaster

Question 76

The ______________ method is not a valid method for preparing an overall marketing budget.

A) Objective-and-task
B) Whatever the boss allows
C) Percent-of-sales
D) Comparative-parity
E) All-you-can-afford

Question 77

Managers may try several methods of forecasting that deliver different predictions.This leads to __________________.

A) Uncertainty of which methods to use and how accurate are they likely to be
B) The choice to use as many models as possible
C) The view that subjective methods are just as good
D) A, B, and C
E) A and C

Question 78

You are responsible for contingency planning for your company's marketing plan.You should create _______________ options.

A) Several
B) No
C) Expected case, best case, and worst case
D) Best of all
E) Worst of all

Question 79

Setting exceedingly high goals and objectives will result in _____________.

A) Higher performance by the organization
B) 'Fudged' reports
C) Outright lies
D) Hiring of more personnel
E) B and possibly C

Question 80

Most of the time _________________.

A) Subjective methods of forecasting are best.
B) Quantitative methods of forecasting are best.
C) No single method of forecasting is best under all conditions
D) Multiple methods of forecasting should be used to cover all your bets
E) None of the above