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.
Signup and view all the answers
Every product in the market assumes some position based on consumer perception.
Signup and view all the answers
One of the benefits of bottom-up marketing is that it allows advertisers to use multiple action programs.
Signup and view all the answers
Transactional marketing is simpler than relationship marketing.
Signup and view all the answers
Value is defined as the ratio of price to total benefits provided.
Signup and view all the answers
With integrated marketing communications, advertisers are able to cultivate identical relationships with its various stakeholders.
Signup and view all the answers
The newspaper that writes the story about the grand opening of a new Applebee's restaurant is a stakeholder for that restaurant.
Signup and view all the answers
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.
Signup and view all the answers
Endcap promotions are messages communicated by a product, its packaging, price, or distribution elements.
Signup and view all the answers
The principal benefit of IMC is cost efficiency.
Signup and view all the answers
To influence customers' perceptions, marketers must understand that every corporate activity has a message component.
Signup and view all the answers
The advertising plan is a natural outgrowth of the marketing plan.
Signup and view all the answers
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.
Signup and view all the answers
A creative strategy is a written statement that serves as the creative team's guide for writing and producing an ad.
Signup and view all the answers
The two sub-strategies of advertising strategy are the segmentation strategy and the message strategy.
Signup and view all the answers
In consumer goods marketing, increases in market share are closely related to increases in marketing budgets.
Signup and view all the answers
Small firms with limited capital typically budget using the all-available-funds method.
Signup and view all the answers
The objective/task method of setting budgets is also known as the budget buildup method.
Signup and view all the answers
The three steps involved in the objective/task method are defining objectives, determining strategy, and estimating cost.
Signup and view all the answers
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
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.