Question 1

Which of the following is typically used in small firms to direct marketing activities,set expectations,and budget resources?

Accepted Answer

A marketing plan is typically used in small firms to direct marketing activities, set expectations, and budget resources. It outlines strategies, tactics, and goals for marketing efforts.

Question 2

Most marketing plans establish the size and needs of target segments but not the details of the marketing mix.

Accepted Answer

Most marketing plans establish not only the size and needs of target segments but also the details of the marketing mix, including product, price, promotion, and distribution. These elements are crucial to achieving marketing objectives and reaching the target market effectively.

Question 3

Which of the following would LEAST likely be used to forecast future sales of a product?

Accepted Answer

Market interval scales are typically used for measuring attitudes or opinions rather than directly forecasting future sales.

Question 4

When a firm decides to measure its marketing plan,the firm is necessarily also committing to which of the following?

Accepted Answer

Measuring a marketing plan involves assessing how marketing activities align with and achieve specific marketing objectives.

Question 5

Reichheld's research indicates that loyal customers and fickle customers are equally profitable for firms.

Accepted Answer

Reichheld's research suggests that loyal customers are more profitable over time as they tend to buy more, require less marketing and operational support, and often refer new customers, unlike fickle customers who may contribute less to a firm's profitability due to higher acquisition and maintenance costs.

Question 6

The primary purpose for using an impact/likelihood matrix is to .

Accepted Answer

An impact/likelihood matrix is a tool used in risk management to evaluate and prioritize risks based on their potential impact and the likelihood of their occurrence.

Question 7

Regression analysis is primarily used by marketers to _.

Accepted Answer

Regression analysis is primarily used to develop sales forecasts by analyzing the relationship between variables, such as sales and marketing efforts.

Question 8

When developing the budget for a marketing plan,what are the four primary inputs to consider? Briefly discuss the importance of each element.

Accepted Answer

The answer of When developing the budget for a marketing...

Question 9

A staircase analysis helps marketers with sales forecasts by .

Accepted Answer

Separating the components that affect sales is the purpose of a staircase analysis.

Question 10

As a marketer,what factors should you monitor to determine the effectiveness of a strategic marketing plan and the marketing mix? How could you benefit from using a CRM system?

Accepted Answer

The answer of As a marketer,what factors should you monitor...

Question 11

Sales objectives relate to market share,while financial objectives involve margins and returns.

Accepted Answer

Sales objectives are typically focused on increasing market share, while financial objectives are concerned with profitability and financial returns.

Question 12

Since marketing plans are primarily persuasive documents used to gain financial resources,any uncertainties or risks associated with the marketing strategy are omitted.

Accepted Answer

Any uncertainties or risks associated with the marketing strategy should be included in the marketing plan to create a realistic and transparent view of the potential outcomes and help stakeholders make informed decisions.

Question 13

Which of the following is NOT a budgeting factor?

Accepted Answer

Promotion is a marketing activity, not a budgeting factor. Budgeting factors typically include time frame, allocations, and objectives.

Question 14

It is standard practice that marketing budget allocations be based on a percentage of past sales and profits.

Accepted Answer

While past sales and profits may be considered when deciding overall budget, it is not standard practice to base allocations solely on a percentage of past sales and profits. Marketing budget allocations also depend on the goals and strategies of the company, as well as the competitive landscape and market conditions.

Question 15

According to the text,what should immediately follow the executive summary of a marketing plan?

Accepted Answer

The situation assessment typically follows the executive summary in a marketing plan to provide context and analysis of the current market conditions.

Question 16

Which of the following is LEAST likely to help a firm manage marketing accountability?

Accepted Answer

Interval scales are measurement tools and do not directly contribute to managing marketing accountability, unlike CRM software, planning, and forecasting, which are more directly involved in tracking and managing marketing performance.

Question 17

An impact/likelihood matrix helps a marketer manage risk and develop a contingency plan.

Accepted Answer

An impact/likelihood matrix helps a marketer assess the probability and impact of potential risks and plan accordingly.

Question 18

Which term refers to different events and changes that could affect the marketing strategy both externally and internally?

Accepted Answer

"Possible futures" refers to different scenarios or events that could impact a marketing strategy, considering both external and internal factors.

Question 19

How can staircase analysis improve the accuracy of sales forecasting?

Accepted Answer

The answer of How can staircase analysis improve the accuracy...

Question 20

is the managerial decision process that matches the organization's resources and capabilities to its market opportunities for long- term growth.

Accepted Answer

Strategic planning is the managerial decision process that matches the organization's resources and capabilities to its market opportunities for long-term growth.

Quiz 6: Planning,assessment and Adjustment