Chapter 15 - Marketing Plan Finalization Strategies

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Questions and Answers

What is core competence in a company?

A specialized expertise or skill of the company (correct)

An informal control mechanism

A method for comparing marketing strategies

A financial strategy used for budgeting

Which control system involves continuously monitoring actions as they unfold?

Zero-Based Budgeting

Reaction Control System

Point-In-Time Evaluations

Steering Control System (correct)

What does zero-based budgeting require when planning the budget?

Starting from a zero base and justifying every dollar spent (correct)

Using estimated costs from previous periods

Justifying past expenditures based on metrics

Setting a budget based on historical averages

Which term describes the practice of assessing performance by comparing with other companies or products?

Benchmarking Signup and view all the answers

What are best practices in marketing?

Ideal marketing methods derived through benchmarking Signup and view all the answers

What is the primary focus of internal marketing?

Marketing initiatives targeting employees within the company Signup and view all the answers

Which evaluation method assesses how a marketing tactic is performing at a specific moment?

Point-In-Time Evaluations Signup and view all the answers

What is the purpose of a balanced scorecard in marketing?

To quickly assess performance using both financial and non-financial measures Signup and view all the answers

What is the primary objective of contingency planning in a company?

Determine the most likely potential problem areas Signup and view all the answers

Which of the following is NOT a part of finalizing the implementation of a marketing plan?

Create a detailed analysis of competitors Signup and view all the answers

Which budgeting method requires justification for each spending item based on marketing goals?

Zero-based budgeting Signup and view all the answers

What type of control system involves ongoing monitoring and proactive adjustments?

Steering control system Signup and view all the answers

What are formal controls primarily based on?

Guidelines tied to management policies Signup and view all the answers

What is the main purpose of benchmarking in marketing?

To compare performance against peers Signup and view all the answers

Point-in-time evaluations primarily focus on assessing what?

Current performance of marketing tactics Signup and view all the answers

Which of these statements about continuous monitoring is true?

It allows for the early detection of marketing issues. Signup and view all the answers

What characteristic should an effective marketing dashboard possess?

Ease of understanding and relevant metrics Signup and view all the answers

Which category is NOT part of the balanced scorecard framework?

Operational efficiency Signup and view all the answers

Which decision should a manager make when considering monitoring and control?

Choose between proactive or reactive approaches Signup and view all the answers

What is a primary challenge regarding budgets in marketing plans?

Changing cost estimates Signup and view all the answers

Which marketing evaluation approach provides a comprehensive assessment at a given time?

Marketing audits Signup and view all the answers

What must managers link to ensure effective assignment of responsibilities?

Authority to tasks Signup and view all the answers

What is the main purpose of scorecards in a company?

To monitor strategic goals for high-level managers. Signup and view all the answers

What is a common reason for using cross-functional teams in strategy decisions?

To reduce potential conflicts between different departments. Signup and view all the answers

Which of the following is seen as a barrier to marketing implementation when a company is too inward-focused?

A marketing department focused on company goals rather than customer needs. Signup and view all the answers

What is a potential impact of bureaucracy on marketing implementation in large companies?

Inefficient decision-making processes. Signup and view all the answers

Which budgeting challenge is most related to marketing expenditures?

Lack of specificity and justification for costs. Signup and view all the answers

What type of evaluation is defined as an assessment of how a marketing tactic is performing at a specific moment?

Point-in-time evaluation. Signup and view all the answers

Which mechanism is essential for determining whether a marketing plan is effective?

Establishing control mechanisms and monitoring. Signup and view all the answers

Which of the following is NOT considered a barrier to successful marketing plan implementation?

Clear marketing philosophy. Signup and view all the answers

What is a potential benefit of continuous monitoring in marketing?

Early identification of effective tactics. Signup and view all the answers

Which of the following is a key responsibility when finalizing a marketing plan?

Providing completion timelines for activities. Signup and view all the answers

What approach should managers consider when deciding on monitoring and control of a marketing plan?

Both proactive and reactive approaches. Signup and view all the answers

What is internal marketing commonly used for within a company?

To convince employees to cooperate with assigned tasks. Signup and view all the answers

How can lack of a marketing philosophy affect a company’s marketing plan implementation?

There may be less will and interest in marketing. Signup and view all the answers

Study Notes

Finalizing the Marketing Plan

Tactics: Translate marketing mix strategy into specific tactics. This includes selecting features, place options, pricing, promotion, and participation options. Contingency planning is crucial.
- Contingency Planning: Identify critical elements, difficult implementations, potential problems, and solutions for each. This proactive approach minimizes negative impacts.
Implementation: Assign tasks, budgets (consider zero-based budgeting, justifying each dollar), and timelines.
- Responsibilities: Assign responsibility and authority for tasks to the appropriate person or team.
- Budgets: Create flexible budgets encompassing short-term and long-term forecasts, acknowledging potential cost fluctuations.
- Timelines: Establish deadlines for activities and outcomes, acknowledging potential flexibility when needed.
Evaluation & Control: Proactive vs. Reactive control systems, choosing formal vs. informal controls. Crucial to assess plan effectiveness.
- Control Approaches: Reaction control systems (preset evaluation points) and steering control systems (continuous monitoring).
- Types of Controls: Formal controls (management-defined rules, policies) and informal controls (influences on employee behavior).
- Evaluation Methodologies: Point-in-time evaluations (assessing performance at a specific moment) via marketing research and audits (e.g., for sales declines, customer satisfaction issues).
- Continuous Monitoring: Real-time tracking of metrics via dashboards for tactical performance and balanced scorecards for strategic progress (financial, customer, internal processes, learning/growth).
Barriers to Implementation & Control: Potential problems include:
- Incentives: Ensure motivation and cooperation.
- Functional Divisions: Potential conflicts across departments. Encourage cross-functional teams for strategies.
- Internal Politics: Power struggles.
- Inward-Focused Marketing: Company-centric focus, rather than customer-centric.
- Lack of Marketing Philosophy: Marketing seen as a department, instead of a holistic approach.
- Bureaucracy: Large companies' complex structures and processes can impede implementation.

Core Concepts

Core Competence: Company's specialized area of expertise.
Zero-Based Budgeting: Justification of each marketing dollar spent based on goals.
Benchmarking: Comparing performance to others to identify best practices.
Best Practices: Proven successful processes, knowledge, and expertise.
Internal Marketing: Marketing efforts directed toward employees within the company.

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Test your knowledge on finalizing a marketing plan, including tactics, implementation responsibilities, budgeting, and evaluation strategies. Understand the importance of contingency planning and how to assign tasks effectively for successful marketing operations.