Question 1

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

Accepted Answer

Measuring each action plan allows for tracking progress and effectiveness, ensuring that the marketing plan can be adjusted and improved over time.

Question 2

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

Accepted Answer

Implementation elements in a marketing plan are called action plans. None of the other options accurately describe the concept of implementation elements.

Question 3

__________ 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

Accepted Answer

CPM (cost per thousand) is a common metric used in advertising that measures the cost of reaching 1,000 people or households with a particular advertising message. It allows for direct comparison of different advertising opportunities and media based on the cost to reach a similar audience size. CPM can also be used to evaluate the costs of advertising campaigns by estimating the cost to achieve a desired level of reach or frequency.

Question 4

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

Accepted Answer

The Apollo project found that people exposed to advertising for several months bought 5 to 8 percent more of the advertised products than before the ads were run.

Question 5

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

Accepted Answer

The Delphi technique uses an iterative approach with repeated measurement to control for direct confrontation, unlike other methods. It does not necessarily control for executive emotion or use consumers in a panel to discuss their planned purchases. While suppliers, buyers, users, and deciders may be part of the process, this is not a distinct difference from other methods.

Question 6

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

Accepted Answer

Time-series analysis is the forecasting method that relies on historical data to develop a prediction of the future. This method uses mathematical models to identify patterns and trends in the data, which can be used to make predictions about future trends. Choice A ("Time and money analysis") and choice C ("Task and objective technique") are not commonly used forecasting methods. Choice B ("Trend by objective analysis") is not a recognized forecasting method but rather a term that describes a decision-making process.

Question 7

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

Accepted Answer

All of the choices presented (A, B, C, and D) are effective ways to prevent budget overages and increase accountability. Having a master budget helps to keep the plan in line with financial limitations. Tracking the budget throughout the implementation process allows for any potential issues to be addressed promptly. Reporting variances from the budget on a systematic basis allows for transparency and helps identify any areas that may need attention. Noting budget overages and communicating these with accountable people helps to prevent future discrepancies. Therefore, choosing all of the above options is the best choice.

Question 8

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

Accepted Answer

The decline in sales percentage suggests that the trade and end-user consumers do not find the deals offered by Lo Quo attractive. Other options (A, B, C, and E) cannot be inferred from the given information.

Question 9

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

Accepted Answer

Exponential smoothing weights the most recent observations heaviest in generating the forecast.

Question 10

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

Accepted Answer

The market test (or test market) is specifically designed to gauge consumer acceptance of a new product and measure market potential. This method involves launching a new product in a specific geographical area to test the market before nationwide launch. Therefore, option B is the best choice for the blank in the given statement.

Question 11

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

Accepted Answer

Share of Voice quantifies the presence that a specific product or brand enjoys. It refers to the amount of media or advertising exposure a brand has in comparison to its competitors in a particular category or market.

Question 12

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

Accepted Answer

In the Moving Average technique, a simple average for the last 2 or 4 years is used to determine the forecast. This helps in smoothing out any irregularities or fluctuations in the data and provides a more accurate forecast.

Question 13

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

Accepted Answer

Sales force effectiveness considers various metrics such as the number of calls made, potential accounts, and active accounts to evaluate how well the sales team is performing in relation to sales objectives.

Question 14

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

Accepted Answer

Assigning specific individuals to each action plan ensures accountability and increases the likelihood of the plan being executed. A committee review or outsourcing may not address the root cause of inaction, and simply having a list of actions does not establish ownership or accountability.

Question 15

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

Accepted Answer

Both Gantt charts and PERT charts are used to visualize the timing and completion of action plans, making choice A the best option. While B may be partially true, time management studies are not the primary purpose of these charts. C and D are both incorrect as Gantt and PERT charts are not intended to measure time to such a precise degree, and while they may aid in cost savings, that is not their main objective. E is incorrect as it includes options that are not applicable.

Question 16

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

Accepted Answer

The smoothing constant determines the weight given to the most recent values in the forecast, thus affecting the responsiveness and stability of the forecast. Choosing the right value for the smoothing constant depends on the characteristics of the data and the desired level of smoothing. A small constant will give more weight to recent observations, resulting in a more sensitive forecast, while a large constant will give more weight to past observations, resulting in a smoother forecast.

Question 17

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

Accepted Answer

The method described in the scenario is known as the sales force composite method. This method involves gathering sales forecasts from each member of the sales team and then combining them to create an overall sales forecast for the company. The other options listed are not commonly used methods for creating sales forecasts.

Question 18

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

Accepted Answer

The method described is known as user expectations, as it involves directly asking customers about their anticipated needs. Sales force composite involves gathering input from a company's sales team, while the jury of executive opinion and Delphi technique involve input from internal stakeholders.

Question 19

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

Accepted Answer

The decomposition method aims to separate a time series into four distinct components: trend, cyclical, seasonal, and random factors. This allows for a more accurate analysis of the underlying patterns and behavior of the time series. The other options listed are not generally considered components of a time series.

Question 20

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

Accepted Answer

The answer of Click-through rates are a commonly used metric.Although...

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

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

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

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

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 ____________.

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 _____________.

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

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 ____________.

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 ___________.

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

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

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

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

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.

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

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

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 ____________.

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 _________.

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

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