Deck 15: Finalizing a Marketing Plan

Question 1

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

A) Logic
B) Motive
C) Marketing
D) Desire

Answer 1

Marketing

Question 2

Different extended marketing mixes leads to different marketing

A) goals.
B) mixes.
C) logic.
D) tactics.

Answer 2

tactics.

Question 3

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

A) offers
B) linkages
C) opportunities
D) tactics

Answer 3

linkages

Question 4

Marketing's job is to create a viable marketing ________, decide how to implement it, and then evaluate and control the plan tools and tactics, adjusting as needed to improve success.

A) tactic
B) path
C) opportunities
D) plan

Question 5

While comprehensive planning makes it more likely marketing will be successful, ___________ sometimes arise that affect the plan in unexpected ways.

A) problems
B) questions
C) adjustments
D) modifications

Question 6

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

A) managers
B) employees
C) owners
D) customers

Question 7

Employees often respond negatively when given responsibility without ____________ such as given a specific task with no budget to accomplish the task.

A) direction
B) goals
C) authority
D) asking

Question 8

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

A) Timeline
B) Responsibilities
C) Adjustments
D) Budgeting

Question 9

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

A) modifications.
B) adjustments.
C) forecasts.
D) flexibility.

Question 10

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

A) implementation.
B) modifications.
C) outcomes.
D) costs.

Question 11

Managers must also consider the _________ to implementation and control when making the three major decisions regarding monitoring and control.

A) mechanisms
B) barriers
C) timeline
D) elements

Question 12

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

A) reaction
B) steering
C) informal
D) formal

Question 13

All of the following are steps in the marketing process EXCEPT

A) marketing planning.
B) implementation.
C) evaluation and control.
D) adjustments and modification.

Question 14

Yeti has done a tremendous job at marketing. Yeti started off by making coolers and eventually added things like tumblers, soft-side coolers, and bottle openers to their product line. Beyond their superior quality, Yeti products are also known for being very expensive. Given this information, what is the greatest potential risk the Yeti brand faces?

A) Customers will eventually tire of the of the high prices.
B) Supplies for their high-quality coolers may become scarce.
C) Yeti will find it difficult to reach most demographics with their limited product line.
D) Yeti could run into problems caused by straying from their core competency.

Question 15

Adam is the marketing manager for the dirt bikes division of Honda. Adam estimated that his divisional marketing budget for the year will be $2,000,000. He presents his budget to John, the divisional CFO. John reviews and tells Adam he needs to use zero-based budgeting. Considering John's direction, what is the most appropriate analysis for Adam? Consider each answer independently.

A) Adam breaks down each expense, between commercials, trade shows, and online-advertising. The total of all of these ends up being $2,000,000 which should generate $2,000,000 in revenue.
B) Adam benchmarks his budget against his biggest competitor, Kawasaki. Kawasaki sells more dirt bikes than Honda and spends around $1,800,000 a year on the division's marketing efforts. To outsell Kawasaki, Adam believes Honda will need a greater marketing investment.
C) Adam knows that for every $10,000 dirt bike sold, Honda makes around $2,000. Adam performs an analysis and concludes that spending $2,000,000 on commercials and event advertisements should sell a little over 2,000 dirt bikes
D) Adam reviewed dirt bike sales for the last 5 years and noted that marketing was around 10% of sales. Management expects to sell $20,000,000 worth of dirt bikes this year. The $2,000,000 maintains a consistent marketing expense to sales ratio.

Question 16

The Chief Marketing Officer of Yeti is performing an analysis. During her review, she determines that, while customers are willing to pay higher prices for Yeti products, they believe they're difficult to find in most stores, and require more driving relative to substitute products. She also discovers that part of the appeal of Yeti products is that customers feel as though they're a part of something bigger than themselves by owning a Yeti product. Which best describes the Chief Marketing Officer's efforts?

A) She had performed a marketing audit of the Positioning and Place-Convenience Marketing Areas.
B) She had performed a marketing audit of the Promotion-Communication and Place-Convenience Marketing Areas
C) She had performed a continuous monitoring activity by reviewing the marketing dashboard.
D) She had performed a point-time monitoring activity by reviewing the marketing dashboard.

Question 17

Which of the following is NOT one of the four main considerations for marketing contingency planning?

A) What elements are most critical to the plan.
B) What are the potential problems or roadblocks.
C) Which elements are most difficult to implement.
D) What elements affect the customer base.

Question 18

Which of the following BEST describes the end goal of the extended marketing mix?

A) Generating sales
B) Reaching the target market that the company would otherwise not be able to reach
C) Creating brand awareness within the target market that ultimately leads to brand loyalty
D) Developing key linkages that appeal to the target market and creating a competitive advantage

Question 19

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

A) An American sports car manufacturer places an American flag at the end of their television commercials. Customer receives the pride of patriotism and pride of purchasing an American-made muscle car
B) A watch company emphasizes low product cost in their commercials. Customer receives prestige.
C) An American sports car manufacturer places an American flag in the embroidery of their car seats. Customer receives the pride of patriotism and pride of purchasing an American-made muscle car
D) A watch company typically prices their watches above market. Customer receives a good value.

Question 20

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

A) An American sports car manufacturer places an American flag at the end of their television commercials. Customer receives the pride of patriotism and pride of purchasing an American-made muscle car.
B) A watch company shows wealthy people in their commercials. Customer receives good value.
C) An American sports car manufacturer places an American flag in the embroidery of their car seats. Customer receives the pride of patriotism and pride of purchasing an American-made muscle car.
D) A watch company typically prices their watches above market. Customer receives a good value.

Question 21

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

A) An American sports car manufacturer places an American flag at the end of their television commercials. Customer receives the pride of patriotism and pride of purchasing an American-made muscle car.
B) A watch company shows wealthy people in their commercials. Customer receives prestige.
C) An American sports car manufacturer places an American flag in the embroidery of their car seats. Customer receives the pride of patriotism and pride of purchasing an American-made muscle car.
D) A watch company typically prices their watches below market but offers a warranty. Customer receives a good value.

Question 22

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

A) A cooler company portrays user of their coolers going on outdoor adventures in their commercials. Customer receives the feeling of being rugged and adventurous.
B) A watch company shows wealthy people in their commercials. Customer receives prestige.
C) A car company uses clean designs and gold trim inside their vehicles. Customer receives the feeling of being modern and fancy.
D) A watch company typically prices their watches below market but offers a warranty. Customer receives a good value.

Question 23

Which of the following BEST describes an accurate marketing mix core linkage for participation and connections?

A) A cooler company portrays user of their coolers going on outdoor adventures in their commercials. Customer receives the feeling of being rugged and adventurous.
B) A watch company shows wealthy people in their commercials. Customer receives prestige.
C) A football cleat maker sends reps to high school football games to get feedback from the players on the cleat functionality. The players (customer) gets the feeling of having ownership in the cleat's design.
D) A jean's maker shows celebrities in their commercials. Customers get the feeling of being famous for owning the jeans.

Question 24

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

A) A cooler company portrays user of their coolers going on outdoor adventures in their commercials. Customer receives the feeling of being rugged and adventurous.
B) A watch company typically prices their watches below market but offers a warranty. Customer receives a good value.
C) A football cleat maker sends reps to high school football games to get feedback from the players on the cleat functionality. The players (customer) gets the feeling of having ownership in the cleat's design.
D) Domino's offers delivery to hotspots. Customer receives the benefit of ordering to locations that are conducive to their lifestyle.

Question 25

Which of the following BEST describes an accurate marketing mix core linkage for place and convenience?

A) A cooler company portrays user of their coolers going on outdoor adventures in their commercials. Customer receives the feeling of being rugged and adventurous.
B) Domino's offers delivery to hotspots. Customer receives the benefit of ordering to locations that are conducive to their lifestyle.
C) A football cleat maker sends reps to high school football games to get feedback from the players on the cleat functionality. The players (customer) gets the feeling of having ownership in the cleat's design.
D) An American sports car manufacturer places an American flag in the embroidery of their car seats. Customer receives the pride of patriotism and pride of purchasing an American-made muscle car.

Question 26

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

A) A cooler company portrays user of their coolers going on outdoor adventures in their commercials. Customer receives the feeling of being rugged and adventurous.
B) Domino's offers delivery to hotspots. Customer receives the benefit of ordering to locations that are conducive to their lifestyle.
C) A football cleat maker sends reps to high school football games to get feedback from the players on the cleat functionality. The players (customer) gets the feeling of having ownership in the cleat's design.
D) A cooler company colors their coolers going in camouflage. Customer receives the feeling of being rugged and adventurous.

Question 27

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

A) A cooler company portrays user of their coolers going on outdoor adventures in their commercials. Customer receives the feeling of being rugged and adventurous.
B) Target offers clothes with modern designs at lower costs than most clothing designers. Customer receives the feeling of being stylish and prestigious.
C) A cooler company colors their coolers going in camouflage. Customer receives the feeling of being rugged and adventurous.
D) Target offers clothes with modern designs at lower costs than most clothing designers. Customer receives good value and the feeling of being stylish.

Question 28

Which of the following BEST describes an accurate marketing mix core linkage for place and convenience?

A) An electric car maker installs charge stations at every gas station in the country. Customer receives the good feeling of helping the environment while also being able to use the product without any hassle to recharge.
B) Target offers clothes with modern designs at lower costs than most clothing designers. Customer receives the feeling of being stylish and prestigious.
C) A cooler company colors their coolers going in camouflage. Customer receives the feeling of being rugged and adventurous.
D) Target offers clothes with modern designs at lower costs than most clothing designers. Customer receives good value and the feeling of being stylish.

Question 29

Which of the following BEST describes an example of marketing plan implementation?

A) A marketing manager develops a target market.
B) A marketing manager asks a lower level manager to estimate total marketing costs for the coming year.
C) A marketing manager performs quantitative research on a potential target market
D) A marketing manager assesses the best way to price a product for the target market

Question 30

Which of the following BEST describes an example of marketing plan implementation?

A) A marketing manager develops a linkage between promotion and communication.
B) A marketing manager performs quantitative research on a potential target market.
C) A marketing manager alerts her assistant that he has until the end of the quarter to assess the plan's outcomes.
D) A marketing manager assesses the best way to price a product for the target market.

Question 31

Which element of marketing plan implementation has the problem of specificity?

A) Responsibilities
B) Budgets
C) Control
D) Timelines

Question 32

Which element of marketing plan implementation has the problem of justification?

A) Responsibilities
B) Budgets
C) Control
D) Timelines

Question 33

Which of the following is a key consideration when implementing a marketing plan?

A) Link responsibility with authority.
B) Determine the appropriate marketing mix core linkage.
C) Review the balanced scorecard.
D) Perform a marketing audit.

Question 34

Which of the following is helpful in overcoming difficulties in marketing plan implementation?

A) Removing flexibility in timelines so employees deliver when the company needs them to.
B) Assigning tasks to departments instead of individuals so more resources address the needed task as opposed to one individual.
C) Creating flexible budgets.
D) Maximizing the target market size so the plan has more flexibility.

Question 35

Which of the following statements on timelines is incorrect?

A) Timelines for marketing outcomes can be both specific and flexible, depending on the outcome.
B) The timeline to lower prices for non-seasonal items can be flexible.
C) Timelines for marketing outcomes should involve short-term milestones to reach the long-term goal.
D) It is ideal to address timeline deviations at the end of the year, so it can be done in a comprehensive manner

Question 36

All of the following are major questions that managers ask regarding monitoring and control EXCEPT

A) "Will the monitoring and control approach be more proactive or reactive?"
B) "How long will the process take to be completed successfully?"
C) "What type of control mechanisms will be used?"
D) "How will you know if the plan is working as it should?"

Question 37

What is an advantage of zero-based budgeting?

A) It's based on previous budget rules, which makes it easier to create.
B) It doesn't require justification of each dollar spent, which makes it more flexible than most budgets.
C) The accounting department leads the process, making it less strenuous on the marketing department.
D) It forces new consideration of marketing tools and tactics to be used in the period, making it more relevant for decisions making.

Question 38

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?

A) Steering control system
B) Reaction control system
C) Formal controls
D) Informal controls

Question 39

Managers at Target set daily goals of how many "red cards" need to be opened each hour, what type of control system is being used?

A) Steering control system
B) Reaction control system
C) Formal control system
D) Informal control system

Question 40

All of the following are informal controls EXCEPT

A) self-control.
B) social control.
C) process control.
D) cultural control.

Question 41

Aldi grocery store prides itself on lower prices because they employ less people to do the job. Aldi employs are known as hard working to deliver the same service as larger grocery chains, what type of control is being used?

A) Steering control system
B) Reaction control system
C) Formal controls
D) Informal controls

Question 42

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?

A) Steering control system
B) Reaction control system
C) Formal control system
D) Informal control system

Question 43

Outback Steakhouse comparing their quality and price to Texas Roadhouse is what type of evaluation method?

A) Benchmarking
B) Best practices
C) Formal Controls
D) Informal Controls

Question 44

Online shopping cites adopting the idea of free shipping on orders over a certain dollar threshold from, (one of the original companies to introduce it), Wayfair.com is known as

A) benchmarking.
B) best practices.
C) formal controls.
D) informal controls.

Question 45

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

A) Using benchmarking
B) Using point-in-time evaluation
C) Using a marketing audit
D) Using best practices

Question 46

Who is not a potential barrier when implementing a marketing plan?

A) Employees
B) Functional groups within the company
C) Customers
D) Marketing department

Question 47

A company has a marketing department that has created a marketing plan but there isn't buy in from the employees nor the customers, what type of barrier is this company facing?

A) Bureaucracy
B) Internal politics
C) Lack of marketing philosophy
D) Inward-focused marketing department

Question 48

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

A) Bureaucracy
B) Internal politics
C) Lack of marketing philosophy
D) Inward-focused marketing department

Question 49

How many essential questions are there to have an effective contingency plan?

A) 3
B) 2
C) 4
D) 1

Question 50

Something in which the company specializes or has an expertise is a(n)

A) core competence.
B) contingency plan.
C) marketing plan.
D) strategy mix.

Question 51

What are the two difficulties of budgeting?

A) Justification and specificity
B) Expenditures and responsibilities
C) Costs and tasks
D) Specificity and accuracy

Question 52

A control system that involves preset evaluation standards is a(n)

A) reaction control system.
B) steering control system.
C) informal control system.
D) formal control system.

Question 53

A control system that is ongoing continuous monitoring approach is a(n)

A) reaction control system.
B) steering control system.
C) informal control system.
D) formal control system.

Question 54

Which of the following is one of the two commonly used point-in-time evaluation methods?

A) Marketing research
B) Marketing control
C) Marketing evaluation
D) Third-party marketing

Question 55

All of the following are best practices that companies can adopt from other companies or other business units/departments EXCEPT

A) shared processes.
B) shared knowledge.
C) shared services.
D) shared expertise.

Question 56

An assessment of how a marketing tool or tactic is performing at a given moment is a(n)

A) point-in-time evaluation.
B) marketing audit.
C) continuing monitoring audit.
D) marketing dashboard.

Question 57

A continuous monitoring tool to link strategy, activities and performance in a graphic way that allows managers to quickly asses current performance on financial and nonfinancial measure is a(n)

A) balanced scorecards.
B) marketing dashboard.
C) continuous monitoring.
D) internal monitoring.

Question 58

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.

Question 59

Describe two common barriers to implementation and how managers can overcome these.

Question 60

What are marketing dashboards and what do they provide insight into? Provide an example.

Question 61

It has been stated that a difficulty with budgeting is the problem of specificity. Explain why this is a problem. Do you agree or disagree?

Question 62

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.

Question 63

Explain what formal controls are and provide an example.

Question 64

What is continuous monitoring and what does it allow marketing managers to do? Provide an example.

Question 65

Effective marking plans do not require marketing managers to develop an effective marketing mix strategy.

Question 66

Some timelines are can be flexible.

Question 67

One of the most important aspects of any evaluation plan is to assign personnel specific tasks and responsibilities to make sure all activities have someone to complete the activity.