Question 1

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

Accepted Answer

A variety of uncontrollable external forces can impact the results of even the best-crafted marketing plan, sometimes very rapidly. To cope with this eventuality, controls must be in place from the outset of the planning process that specify the timing, procedure, and persons responsible for systematically monitoring the progress toward the goals and metrics established in the marketing plan.

Question 2

A marketing audit may be needed in any of the following situations except when ____________.

Accepted Answer

A routine audit is not a situation that would necessitate a marketing audit.

Question 3

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.

Accepted Answer

In practice, most marketing plan budgets are created and maintained through the use of Excel spreadsheets that provide formulaic capabilities to perform scenario analysis on a variety of contingencies and see the impact on the budget.

Question 4

A marketing manager may wish to initiate a marketing audit when _________.

Accepted Answer

All of these options are valid reasons for a marketing manager to initiate a marketing audit. A major rebranding initiative may require a reassessment of the current marketing strategy, while evidence of poor performance metrics highlights the need for improvement. A new creative agency or a recent change in top management may also call for an audit to ensure alignment with the organization's goals and objectives.

Question 5

A marketing audit should include assessments about ______________.

Accepted Answer

A marketing audit should include assessments about all aspects of the marketing environment, including customers, suppliers, employees, and competition. This helps to provide a comprehensive understanding of the current marketing situation and identify opportunities for improvement.

Question 6

____________ requires the establishment of different planning options depending on the expected case,best case,or worst case.

Accepted Answer

A convenient way to prepare for the possibility that controls will reveal significant deviations from the plan is through contingency planning, also called scenario planning. Contingency planning requires the establishment of different planning options depending on the expected case, best case, or worst case.

Question 7

__________ systematically review the current state of marketing within an organization including how things are done,by whom,with what controls,and with what level of success.

Accepted Answer

A marketing audit systematically reviews the current state of marketing within an organization including how things are done, by whom, with what controls, and with what level of success.

Question 8

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

Accepted Answer

The objective-and-task method takes an investment approach in that marketing goals and objectives are set for the upcoming year and then budget dollars are secured to support the achievement of those goals and objectives. This approach is also sometimes referred to as zero-based budgeting, because the marketing manager essentially starts the process with a blank slate and builds the budget based on the level of investment required.

Question 9

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

Accepted Answer