Questions and Answers
By definition, marketing plans should be short and specific.
False
The first step in traditional top-down planning is to determine specific marketing objectives.
False
Corporate objectives are stated in terms of profit or return on investment.
True
The two types of marketing objectives are positioning and segmentation.
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Every product in the market assumes some position based on consumer perception.
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One of the benefits of bottom-up marketing is that it allows advertisers to use multiple action programs.
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Transactional marketing is simpler than relationship marketing.
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Value is defined as the ratio of price to total benefits provided.
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With integrated marketing communications, advertisers are able to cultivate identical relationships with its various stakeholders.
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The newspaper that writes the story about the grand opening of a new Applebee's restaurant is a stakeholder for that restaurant.
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The company contacts customers from time to time with suggestions about improved product use or helpful new products. This sentence defines the basic transactional level relationship between the company and its stakeholders.
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Endcap promotions are messages communicated by a product, its packaging, price, or distribution elements.
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The principal benefit of IMC is cost efficiency.
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To influence customers' perceptions, marketers must understand that every corporate activity has a message component.
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The advertising plan is a natural outgrowth of the marketing plan.
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A database of customer behavior containing information on customer demographics, psychographics, purchase data, and attitudes can be used as the basis for planning future marketing and communications activities.
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A creative strategy is a written statement that serves as the creative team's guide for writing and producing an ad.
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The two sub-strategies of advertising strategy are the segmentation strategy and the message strategy.
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In consumer goods marketing, increases in market share are closely related to increases in marketing budgets.
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Small firms with limited capital typically budget using the all-available-funds method.
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The objective/task method of setting budgets is also known as the budget buildup method.
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The three steps involved in the objective/task method are defining objectives, determining strategy, and estimating cost.
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Study Notes
Marketing Plans
- Marketing plans should not be strictly short and specific.
Planning Processes
- Traditional top-down planning does not start with determining specific marketing objectives.
Corporate Objectives
- Corporate objectives focus on profit or return on investment.
Marketing Objectives
- Positioning and segmentation are not the only types of marketing objectives.
Consumer Perception
- Every product occupies a position in the market based on consumer perception.
Bottom-Up Marketing
- Bottom-up marketing does not specifically allow for multiple action programs.
Marketing Types
- Transactional marketing is generally simpler compared to relationship marketing.
Value Definition
- Value cannot be simply defined as the ratio of price to total benefits.
Integrated Marketing Communications (IMC)
- IMC helps advertisers manage consistent relationships with various stakeholders.
Stakeholders
- A newspaper reporting on an Applebee's grand opening is considered a stakeholder for that restaurant.
Transactional Relationships
- The description provided does not define a basic transactional relationship between the company and stakeholders.
Endcap Promotions
- Endcap promotions are not merely messages communicated by product elements.
IMC Benefits
- Cost efficiency is not the principal benefit of integrated marketing communications.
Corporate Messaging
- Understanding of corporate activities is crucial, as each has an inherent message component.
Advertising Plans
- The advertising plan is a direct continuation or result of the marketing plan.
Customer Behavior Database
- A database containing customer demographics, psychographics, purchase data, and attitudes aids in future marketing strategizing.
Creative Strategy
- A creative strategy is a formal written guideline for ad production and writing.
Advertising Strategy
- Segmenting strategy and message strategy do not encompass the two sub-strategies of advertising.
Market Share and Budgets
- In consumer goods marketing, there is a correlation between market share growth and marketing budget increases.
Budgeting Methods
- Small firms often use the all-available-funds method to budget.
Objective/Task Budgeting
- The objective/task method of budgeting is also referred to as the budget buildup method.
Objective/Task Method Steps
- The objective/task method consists of defining objectives, determining strategy, and estimating costs.
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Description
Explore key concepts in marketing, including planning processes, corporate objectives, and consumer perception. This quiz delves into various marketing strategies, such as transactional versus relationship marketing, and the importance of integrated marketing communications. Test your knowledge on the foundational elements that shape effective marketing practices.
