Question 1

The forward-looking marketing metrics signal aspects of the marketing plan that
may be failing.

Accepted Answer

Forward-looking marketing metrics provide early warnings of potential marketing failures and help marketers make proactive adjustments to their strategies.

Question 2

A share-penetration strategy in an existing market generally takes more time to succeed than
a strategy to enter a new,undeveloped market.

Accepted Answer

A share-penetration strategy in an existing market often involves taking market share from competitors, which can be challenging but typically involves leveraging existing market structures, customer awareness, and distribution channels. Entering a new, undeveloped market, however, often requires establishing these elements from scratch, which can take more time and resources.

Question 3

Marketing plans should not be aggressively communicated either internally or externally to protect competitive position.

Accepted Answer

Marketing plans should be communicated internally to ensure alignment and externally to engage customers, although sensitive details should be protected to maintain competitive advantage.

Question 4

Without backward-looking metrics,the business has only an internal measure of performance.

Accepted Answer

Backward-looking metrics provide a means of measuring past performance, which can be useful in setting future goals and evaluating progress toward those goals. Without these metrics, the business may only have internal measures of performance, such as employee satisfaction or production efficiency, which may not reflect overall success or growth.

Question 5

Variance analysis allows the company to isolate the components of marketing performance to understand better how each component contributes to the actual net marketing contribution.

Accepted Answer

Variance analysis is a method used to identify and understand the reasons for differences between planned and actual performance. By breaking down the marketing performance into different components, the company can identify the areas where they are performing well and those that need improvement, helping them to make informed decisions about future marketing strategies.

Question 6

The degree to which a marketing strategy is successful will be detected first by ________.
A)gains or losses in revenue
B)market metrics that track customer satisfaction,retention and perceptions of value
C)the financial performance measure of cash flow
D)shareholder value
E)net profit

Accepted Answer

Market metrics that track customer satisfaction, retention, and perceptions of value are often the first indicators of the success of a marketing strategy, as they directly reflect the impact of marketing efforts on the target audience before financial outcomes become apparent.

Question 7

Poor customer retention has a powerful impact on financial performance only if a business is losing market share.

Accepted Answer

Poor customer retention negatively impacts financial performance regardless of market share status because it increases customer acquisition costs and reduces the lifetime value of customers, affecting profitability.

Question 8

Using an ownership team keeps the implementation process on track even when some members of the team are away for extended periods because of business trips,training programs,illness,or vacations.

Accepted Answer

By having an ownership team, responsibilities and tasks can be distributed among members of the team, ensuring that progress is still being made on the implementation process, even if some members are temporarily unavailable.

Question 9

Customer awareness,interest,product trial,and customer satisfaction and dissatisfaction,along with perceptions of relative product quality,service quality,and customer value,all serve as forward-looking marketing metrics.

Accepted Answer

These metrics help companies to gauge their current market position and make decisions to improve their future prospects.

Question 10

Forward-looking marketing metrics are particularly important because they correspond more closely to internal financial-performance metrics.

Accepted Answer

Forward-looking marketing metrics are important because they help predict future performance and customer behavior, not because they correspond to internal financial-performance metrics, which often focus on past or current performance.

Question 11

One of the most common reasons a marketing plan fails is because of a lack of ownership.

Accepted Answer

When no one takes complete ownership of a marketing plan, there can be confusion and lack of accountability, leading to failure.

Question 12

What are the two broad categories of market metrics?
A)process metrics and product metrics
B)forward-looking metrics and backward-looking metrics
C)marketing profitability metrics and customer metrics
D)customer metrics and competitiveness metrics
E)revenue metrics and cost metrics

Accepted Answer

Forward-looking metrics predict future performance, while backward-looking metrics analyze past performance.

Question 13

The whole purpose of backward-looking marketing metrics is to track customer perceptions and attitudes that precede changes in customer behavior and financial performance.

Accepted Answer

Backward-looking marketing metrics primarily focus on analyzing past performance and outcomes, such as sales data, market share, and profitability, rather than tracking customer perceptions and attitudes.

Question 14

To get started,a company should adopt marketing metrics that are intuitive and complex.

Accepted Answer

A company should adopt marketing metrics that are intuitive and easy to understand, not complex. Complexity can lead to confusion and make it difficult for stakeholders to make informed decisions based on the metrics.

Question 15

Successful implementation of a marketing plan is directly related to the structure of a business's marketing effort.

Accepted Answer

The structure of a business's marketing effort, including the allocation of resources and roles/responsibilities, plays a significant role in the successful implementation of a marketing plan. A well-designed structure helps ensure that all aspects of the plan are executed effectively and efficiently.

Question 16

A market-based business with a strong competitor orientation across job functions has a lower level of market sensitivity.

Accepted Answer

A market-based business with a strong competitor orientation across job functions has a higher level of market sensitivity, as they are constantly aware of and adapting to the actions of their competitors in the marketplace.

Question 17

The whole purpose of ________ market metrics is to track customer perceptions and attitudes that precede changes in customer behavior and a business's financial performance.
A)financial
B)static
C)competitiveness
D)forward-looking
E)backward-looking

Accepted Answer

Forward-looking market metrics are designed to track customer perceptions and attitudes that can indicate changes in customers' behavior and a company's financial performance. These metrics help businesses anticipate market trends and adjust their strategies accordingly, rather than simply reacting to changes after they've happened. Financial metrics, on the other hand, focus on a company's financial performance and do not necessarily provide insight into customer perceptions and attitudes. Static metrics refer to fixed measurements that do not change over time, while competitiveness metrics focus on a company's position relative to its competitors. Backward-looking metrics may provide insight into past performance, but may not be as helpful in predicting future trends. Therefore, the best choice is D) forward-looking.

Question 18

Forward-looking marketing metrics are particularly important because ________.
A)they focus on the past performance of a company
B)they are leading indicators of a business's future performance
C)they include both customer metrics and competitiveness metrics
D)they allow a business to measure the revenue per customer
E)they are more advanced product-market metrics for companies that are dealing with pricing issues

Accepted Answer

Forward-looking marketing metrics are important because they are leading indicators of a business's future performance, allowing businesses to make strategic decisions based on future trends rather than simply reacting to past events.

Question 19

Which of the following statements is true about market metrics?
A)They involve using uniform benchmarks across all industries.
B)They provide qualitative data,and not quantitative data.
C)They always express the measurements as pie charts.
D)They measure market conditions and a business's performance in that market.
E)They are more advanced product-market metrics for companies that are dealing with pricing issues.

Accepted Answer

Market metrics are used to measure market conditions and a business's performance in that market. They can include quantitative data such as market share, sales growth, and customer satisfaction ratings. Market metrics are specific to individual industries and businesses and cannot be based on uniform benchmarks. They can be presented in various formats, including charts, graphs, and tables, but are not always expressed as pie charts. Market metrics are not necessarily more advanced product-market metrics and can be used by businesses of all sizes and in all stages of growth.

Question 20

Marketing metrics are too important to be simply an add-on to the marketing or product
manager's responsibilities.

Accepted Answer

Marketing metrics are crucial for measuring the success of marketing efforts and guiding future strategies. Therefore, they should be an integral part of the responsibilities of marketing and product managers, rather than just an add-on.

Quiz 15: Marketing Metrics,performance,and Strategy Implementation

The forward-looking marketing metrics signal aspects of the marketing plan that may be failing.

A share-penetration strategy in an existing market generally takes more time to succeed than a strategy to enter a new,undeveloped market.

Marketing plans should not be aggressively communicated either internally or externally to protect competitive position.

Without backward-looking metrics,the business has only an internal measure of performance.

Variance analysis allows the company to isolate the components of marketing performance to understand better how each component contributes to the actual net marketing contribution.

The degree to which a marketing strategy is successful will be detected first by ________.

Poor customer retention has a powerful impact on financial performance only if a business is losing market share.

Using an ownership team keeps the implementation process on track even when some members of the team are away for extended periods because of business trips,training programs,illness,or vacations.

Customer awareness,interest,product trial,and customer satisfaction and dissatisfaction,along with perceptions of relative product quality,service quality,and customer value,all serve as forward-looking marketing metrics.

Forward-looking marketing metrics are particularly important because they correspond more closely to internal financial-performance metrics.

One of the most common reasons a marketing plan fails is because of a lack of ownership.

What are the two broad categories of market metrics?

The whole purpose of backward-looking marketing metrics is to track customer perceptions and attitudes that precede changes in customer behavior and financial performance.

To get started,a company should adopt marketing metrics that are intuitive and complex.

Successful implementation of a marketing plan is directly related to the structure of a business's marketing effort.

A market-based business with a strong competitor orientation across job functions has a lower level of market sensitivity.

The whole purpose of ________ market metrics is to track customer perceptions and attitudes that precede changes in customer behavior and a business's financial performance.

Forward-looking marketing metrics are particularly important because ________.

Which of the following statements is true about market metrics?

Marketing metrics are too important to be simply an add-on to the marketing or product manager's responsibilities.