Exam 15: Finalizing a Marketing Plan

Explain what formal controls are and provide an example.

Budgets can also include minimum and maximum expenditure ranges to allow some spending

How could Target evaluate why red card sales were up during a particular hour as opposed to another?

Which of the following BEST describes an accurate marketing mix core linkage for promotion and communication?

One option for measuring marketing effectiveness is to use point-in-time evaluations. Explain point-in-time evaluations and discuss about how marketers use them.

Macy's department store cannot exceed a dollar threshold on Black Friday advertising to ensure a return on their investment. What type of control is being used?

Which of the following statements on timelines is incorrect?

Which of the following BEST describes an accurate marketing mix core linkage for product and customer benefits?

After finalizing a budget and timeline, the manager must decide how to monitor and control

If a sales manager at Best Buy implements a promotion because the quarterly sales are not where they need to be to reach the annual goal, what type of control system is he/she using?

Generally speaking, _____________ assign tasks to someone in the organization with relative expertise.

A _________ control system is probably still more common and involves pre-set evaluation points and standards.

When a company focuses on a marketing plan that will help internally instead of their customers externally, which barrier is the company facing?

For a specific brand and target market, certain __________ will be more appropriate and offer better opportunities than others.

What is an advantage of zero-based budgeting?

Which of the following BEST describes an accurate marketing mix core linkage for promotion and communication?

_______________ involves getting customers to go out of their way to purchase or do something.

What are the two difficulties of budgeting?

What is perhaps one of the more difficult decisions to make regarding marketing expenditures?

You're the Chief Marketing Officer of Thin-it, a new company that specializes in making extra thin wallets. So far, your company has not established distribution with retail stores and limited online sales. In fact, most sales come from sales made at trade shows and similar events. It's budgeting season at Thin-it and you've been asked by the Chief Financial Officer to create a zero-based budget using the following information: •Trade shows result in sales of 100 wallets per show. •Wallets sell for $10 and cost $2 to make. •Attending trade shows cost around $300 per show. •Thin-it can attend four trade shows per month. •Being admitted to trade shows requires pitching your product to trade show administrators. These "pitches" and the materials used for them require funds from the marketing budget. Create the marketing budget and write what you would say to the Chief Financial Officer when you present your budget.