ch 16 (unit 3)

Question 1

the key is that a marketer researches and thinks through all the elements in the marketing plan, __ the market plan for each individual product.

circumventing
applying
ordering
customizing

Answer 1

customizing

Question 2

true or false: the marketing plan is grouped into sections

Answer 2

true

Question 3

this piece of the marketing plan answers the following questions: “who are we? why do we exist?”

product/service
brand identity
product/market objectives
positioning statement

Answer 3

brand identity

Question 4

when figuring out the ___ ___ part of the marketing plan, you ask these questions: “what is happening in the immediate environment? are there any key players that might affect future company strategy?”

customer response assessment plan
product/market objectives
situation analysis
target market

Answer 4

situation analysis

Question 5

positioning statement template: “for ___, product/service is (concise description). it is ideal for (best use or application) because (primary benefit or differentiation).

target market
brand awareness
quality control
situation analysis

Answer 5

target market

Question 6

list one of three categories for how marketing teams embrace analytics

no analytics process
“vanity” analytics process
real analytics process
all of these are categories for how marketing teams embrace analytics

Answer 6

all of these are categories for how marketing teams embrace analytics

Question 7

which class of metrics measures how well marketing got things done?

effectiveness metrics
efficiency metrics
selective metrics
activity metrics

Answer 7

efficiency metrics

Question 8

which marketing metric tpe shows the business impact of the marketing’s work?

operational
outcome
predictive
output

Answer 8

outcome

Question 9

which analytic process links marketing’s work to revenue?

no analytics process
“vanity” analytics process
real analytics process
none of these

Answer 9

real analytics process

Question 10

what are the seven elements of the marketing mix?

product, price place, promotion, process, people, physical evidence
product, price, place, pizzazz, process, persons, physical evidence
product, profit, place, promotion, production, people, physical evidence
product, price, place, progress, process, people, physical evidence

Answer 10

product, price place, promotion, process, people, physical evidence

Question 11

marketing plan

Answer 11

A comprehensive strategy covering the marketing management process for a product or service

Important Note about the Marketing Plan: Not all of the pieces are equally important for every product or service.

Question 12

process of analytics

Answer 12

The other important element that this chapter covers is the process of analytics. Once a marketer puts a plan into place, it is critical to track its progress to monitor success. This is the analytics process — collecting and using data to measure effectiveness and to help determine strategy.

Question 13

the marketing plan background

Answer 13

**Important Note about the Marketing Plan: Not all of the pieces are equally important for every product or service.

The Plan is Grouped into Sections
The top three rows of the marketing plan (in green) frame an analysis of the current situation. They form a strategic, overarching view of the marketing situations and answer questions such as, “Who are we, what is the situation like, and what do we hope to accomplish?”

Marketing Plan Pieces
The individual pieces of the marketing plan are discussed below, beginning with the top row. The text covers each of these concepts, so to review the details, refer to the corresponding chapters.

Question 14

the marketing plan! (on exam): row 1 - brand identity

Answer 14

Row 1: Brand Identity
At the very beginning of everything brands consider, brands should establish what / who they are and why they do what they do. Brand identity is at the core of everything a company does. Being clear on brand identity will help ensure that future tactical decisions line up with that identity. Everything in the latter portion of the marketing plan should align with the company’s identity.

Brand identity (Who are we? Why do we exist? Company mission and global objectives)
Questions to Ask
Who are we as a company — what is our purpose?
Why do we exist?
What are our company missions and goals?

Question 15

the marketing plan! (on exam): row 2 - target market, product/service, sitation analysis

Answer 15

In the second row, three items are grouped: the target market, the product / service, and the situation analysis. These may be developed in any order. For instance, one marketer may decide to develop the target market first and from that decide what is needed in the market.

TARGET MARKET
Describe the customer and his or her needs. From this analysis, you can also develop a buyer persona.

Target market Questions to Ask
Who is the ideal customer?
What are the characteristics of the target market?
What does the target market value in a product / service?
Are there any unmet needs in the market?

Product / Service Questions to Ask
What is the product?
How does it satisfy customer needs?
Does it fit with company identity?

Situation Analysis Questions to Ask
What is happening in the immediate environment?
What is happening in the external environment?
What are the potential opportunities for the company?
What are the possible threats that the company or product might face?

Question 16

the marketing plan! (on exam): row 3 - product/market objectives

Answer 16

In this part of the plan, create objectives for the product / service to be completed within a specific timeframe. These will serve as success measurements. Quite often, these are sales objectives, but sometimes they are other goals, such as training, brand awareness, or advertising goals.

Questions to ask
What do we hope to accomplish in the next (six months, year)?
What sales do we hope to reach in a certain period after product launch?
What brand awareness level do we hope to meet in the target market?
(If rebranding) What brand image changes do we hope to see?
What needs do we hope are met in the market?

Question 17

the marketing plan! (on exam): row 4 - positioning statement

Answer 17

The next step is to create a positioning statement based on the previously developed marketing plan content. Recall that the positioning statement expresses a product’s market position. It describes what makes a product stand out from its competitors and what gives it an edge in the market. The positioning statement is to guide internal strategy — it is not advertising copy. Although an ad campaign may use the information in the positioning statement, the statement’s purpose is to clarify to the home team what the product is meant for and how it excels.

POSITIONING STATEMENT TEMPLATE:
For (target audience), product/service is (concise description). It is ideal for (best use or application) because (primary benefit or differentiation).
The positioning statement is also the piece that ties together the top half and bottom half of the marketing plan. It is the point at which the plan moves from an overall, strategic analysis to a specific, tactical plan.

Question 18

the marketing plan! (on exam): row 5 - the marketing tools (Ps of marketing)

Answer 18

At this point, the marketer creates a tactical plan for the product or service. For instance, what changes or additions does the marketer want to make to the product or price? How should the company promote the product or service? This ties in all of the elements of the Ps of marketing. As always, some of these pieces will have more emphasis or development than others depending on the marketing plan. The list below overviews how the plan might include each of the Ps of marketing.

PRODUCT / SERVICE BUNDLE
Key benefit to target market
Core, expected, and add-on attributes
Labeling
Packaging
Quality control

PRICE
Cost-based, value-based, competitor-based pricing
Skimming or penetration pricing
Strategic pricing such as dynamic, flat-rate, a la carte, bundle, or prestige pricing
Relation of price to brand image and expectations the price creates

PLACE
Type of distribution: direct, indirect
Brick and mortar, online, omni-channel
Channel intermediary selection
Supply chain strategy

PROMOTION
Advertising messages to use, campaign slogans
Promotional mix elements: public relations, sales promotions
Advertising mediums: broadcast media, print, out-of-home, digital, social media
Plan for cutting through the promotional clutter

PEOPLE
Hiring of any needed staff
Training of employees

PROCESS
Identification of touchpoints in process
Development of service blueprint
Failsafe service process(es)

PHYSICAL EVIDENCE (include in marketing plans for services or relevant products)
Elements in the retail environment / servicescape that support the experience
Items in environment that support company branding: employee uniforms, signage, website design and layout, visual displays, lighting, sounds, smells

Question 19

the marketing plan! (on exam): row 6 - customer response assessment plan

Answer 19

Now that the previous part of the marketing plan has been put into place, how does the marketer know if it is successful? For this answer, the marketer develops a plan to gauge success and determine if changes are needed.
Part of the analysis will deal with the objectives that the marketer has set. The objectives may include measuring sales results. The last part of this chapter will deal with marketing analytics and how to track and measure data.

Question 20

marketing analytics and why analytics matter to marketing

Answer 20

In the analytics process, marketing collects and uses data to measure its own effectiveness and then takes actions based on the data to get better at what it does. To make the concept of analytics more practical, imagine that the CEO or company president comes into a marketing meeting and asks, “How much revenue is our advertising generating for the company?”

Why Analytics Matter to Marketing
In the years the authors of this book have spent teaching marketing, they’ve come to this conclusion: students like to know how they are doing in class. They want a grade. Particularly after a test, students are eager to know how they performed by learning how many points they scored on the exam.

MARKETING NEEDS DATA

Question 21

marketing needs certain kinds of data for these reasons:

Answer 21

1. TO KNOW HOW EFFECTIVE ITS EFFORTS ARE
   In the same way that students want to know their grades, marketers need to have measurements and data about the many things they do so they can know what’s working, and what’s not. Without the right measurements and data, marketers risk continuing to do things that aren’t working or quitting things that are working. Marketers should not have to guess about the effectiveness of their efforts. Instead, they should use data to know with as much certainty as possible.
2. TO IMPROVE MARKETING’S PERFORMANCE
   Marketers would like very much to show constant, steady improvement in the results they achieve. Without data to indicate how well marketing initiatives are performing, attempts to improve them amount to guesswork. With the right performance data, marketers can make informed decisions about how to change what they’re doing to get better at it.
3. TO BUILD MARKETING’S CREDIBILITY
   The marketing function is sometimes criticized for an inability to connect its efforts to revenue, and marketing teams that don’t rely on analytics often suffer from a reputation problem inside their own companies. They are criticized for spending lots of money without being able to show concrete results for that spending.

Question 22

marketing analytics and metics defined

Answer 22

Marketing analytics: a process for measuring and analyzing marketing data to better manage marketing performance and maximize the return on the investment that a company makes in marketing
Any discussion of marketing analytics introduces another term that also need defining:

Metric: a quantifiable measurement

Question 23

positioning statement

Answer 23

A guide to internal strategy
Ties together top and bottom halves of the marketing plan
Point at which the plan moves from a strategic analysis to a tactical plan

Question 24

the marketing tools

Answer 24

(7 - product, price, place, people, physical evidence, process, promotion)

In order to create an effective plan, marketers must decide how to use their marketing tools, or the 7 Ps, to address what they’ve found out in the earlier half of the marketing plan

Question 25

customer response assessment plan

Answer 25

Once a plan is completed, how does the marketer know if it is successful? The marketer develops a plan to gauge whether or not the plan is successful or if changes are needed.

Question 26

analytics process

Answer 26

The process of collecting and using data to measure its own effectiveness and then takes actions based on the data to get better at what it does.

Question 27

why does marketing need data (continued)?

Answer 27

To know how effective its efforts are To improve marketing’s performance To build marketing’s credibility

Question 28

benefits of analytics

Answer 28

Teams With an Analytics Process Are better focused on achieving their objectives Gain credibility within the organizations they serve Show constant improvement

Question 29

no analytics process (read all)

Answer 29

Almost 40% of marketing organizations in the VisionEdge study had no meaningful marketing analytics process. In these organizations, marketing leaders relied on their instincts to lead and make decisions. Judging the team’s success was completely subjective, often nothing more than a popularity contest. The teams themselves were very reactive, doing work or creating campaigns when asked to do so. For these reasons, the teams were very vulnerable to company politics. In such cases, if executives like the marketing leader and team, some job security exists. If not, job security is precarious. The team’s funding goes up or down with the company’s fortunes, and the function itself is viewed as an expense.

Question 30

"vanity" analysis process (read all)

Answer 30

Just about one-third of marketing organizations in the study had an analytics process that primarily used “vanity” metrics. Vanity metrics show how busy the marketing team is, but don’t indicate how marketing’s work impacts things that really matter, like revenue, profit, or customer satisfaction. These metrics report activity, but not necessarily results. Since these metrics report activity, they are operationally valuable because they can show how efficient the marketing team is at getting work accomplished. In fact, marketing teams that have this orientation are often quite efficient. However, while they’re good at getting things finished, their metrics don’t tell them if they are working on the right things.

Question 31

real analysis process (read all)

Answer 31

The marketing organizations that have a real marketing analytics process are in the minority. But their process links marketing’s work to revenue or some other measure that is strategically important to the company. Furthermore, the leaders of these marketing teams use the analytics to inform the decisions they make. When it comes to knowing how successful marketing is, there’s no guessing: the data makes that determination a matter of fact, not opinion.

Question 32

analytics process steps

Answer 32

1. Identify the right metrics 2. Track the metrics over time 3. Use the analytic data to improve 4. Repeat these steps on a regular basis identifying the right metrics: The marketing analytics process is of very limited value if the right metrics are not used as input. What are the right metrics? Selecting them is actually a fairly big challenge because data is hard to collect for many of the things marketing should measure. The right metrics are those that are true indicators of how marketing contributes to achieving the business objectives. Selecting the right metrics, then, first requires understanding what those objectives are.

Question 33

classes of metrics

Answer 33

1. EFFECTIVENESS METRICS These metrics measure important outcomes. How much revenue did marketing contribute? How many new customers were added? How much did customer satisfaction and loyalty increase? Each of these examples represent metrics that indicate whether marketing achieved a result that is important to the company. These metrics are the best indicators of marketing’s value and are usually the hardest to track. 2. EFFICIENCY METRICS These metrics measure how well marketing accomplishes tasks. How many ads, promotions, campaigns, brochures, events, or social media posts were completed? These metrics indicate how busy the marketing team is, but not what impact its work is having. They are typically the easiest metrics to track. - activity - output -operational - outcome - leading indicators - predictive The first three categories of metrics — activity, output and operational — are relatively easy to track. They are important metrics, but they don’t tell marketing or its stakeholders all that is necessary about marketing’s impact or how to improve it. But they do hint at it.

Question 34

marketing analytics

Answer 34

Marketing analytics concerns itself with identifying the right metrics, tracking them over time, analyzing them, and using the results of that analysis to improve what marketing does. (focus on this) Improve with analytics: - Compare results - Discover reason for results - Use insights to market - repeat the steps on a regular basis

Question 35

list the marketing plan in order

Answer 35

1. brand identity 2. target market, product/service, situation analysis 3. product/market objectives 4. positioning statement 5. marketing goals 6. customer response assesment plan BTP PMC