Question 1

The most important non-financial metric is customer satisfaction which can only be measured one way, by asking customers one simple question: how likely are you to recommend us to a friend or a colleague?

Accepted Answer

Customer satisfaction can be measured in multiple ways beyond the Net Promoter Score (NPS) question, including customer surveys with various questions, customer reviews, feedback forms, social media monitoring, and direct customer feedback through different channels.

Question 2

Explain the importance of sales analysis.

Accepted Answer

The answer of Explain the importance of sales analysis....

Question 3

Write a short note on designing marketing metrics.

Accepted Answer

The answer of Write a short note on designing marketing...

Question 4

The six steps of the contingency planning process are designed to handle the probability of what if scenarios that can affect the company's desired overall strategic objectives or those of individual business units.

Accepted Answer

The six steps of the contingency planning process are indeed designed to handle the probability of what if scenarios that can affect the company's desired overall strategic objectives or those of individual business units.

Question 5

One way for top level executives to gain better knowledge of the customer experience is to personally visit key accounts or intermediaries to learn firsthand how to serve them better.

Accepted Answer

This statement suggests that top level executives can gain better knowledge of the customer experience by personally visiting key accounts or intermediaries.

Question 6

Regarding performance, a current trend is to use benchmarking which means the performance of a company's individual business units are measured and compared against each other.

Accepted Answer

Benchmarking typically involves comparing a company's performance, processes, or products against industry standards or leading competitors, not just against its own business units.

Question 7

The most important performance measure is profit.However, there are good and bad profits.

Accepted Answer

Good profits are those earned through ethical and sustainable business practices that benefit both the company and society as a whole, while bad profits are those earned through exploitative or unethical practices that harm stakeholders.

Question 8

Discuss global marketing control relative to domestic marketing control.

Accepted Answer

The answer of Discuss global marketing control relative to domestic...

Question 9

When benchmarking, it is critical that a firm compares itself with another firm in the same industry.

Accepted Answer

The comparison does not have to be with businesses in the same industry. For example, Xerox benchmarked its order filling/shipping performance against L. L. Bean (a US mail-order retailer catering to the outdoor set), which has a well-deserved reputation for fulfilling orders both quickly and accurately.

Question 10

When auditing the objectives and strategy aspects of an organisation, typical questions to be answered include: how logical are the company's objectives, given the more significant opportunities/threats and its relative resources?

Accepted Answer

Auditing the objectives and strategy aspects of an organization involves evaluating how well the company's objectives align with its external opportunities and threats, as well as its internal resources, to ensure they are logical and achievable.

Question 11

When designing strategic monitoring systems there are two key variable types that must be monitored: those concerned with external forces and those concerned with the effects of certain actions taken by the firm to implement the strategy.

Accepted Answer

This statement is true. It is important to monitor both external variables and the effects of actions taken by the firm in order to assess the effectiveness of a strategic plan.

Question 12

North America's biggest general merchandise retailer Walmart, was founded by Sam Walton who not only initiated a cost leadership market strategy but also captured the information needed to control the company's operations.

Accepted Answer

This statement is true. Sam Walton is credited with creating Walmart's cost leadership strategy and also implementing a data-driven approach to managing the company's operations.

Question 13

The only people in the business who need 'dashboard' design systems to measure marketing performance at the product-market and line-item levels are executive management.

Accepted Answer

While executive management may be the primary users of dashboard design systems, other members of the marketing team and department may also need them to measure marketing performance and make data-driven decisions.

Quiz 13: Measuring and Delivering Marketing Performance