Domain 1: Marketing Research

Question 0

What are they 4 phases in the life expectancy of products and services?

Answer 0

Development, Growth, Maturity, Decline

Question 1

The purpose of this is to determine what work is out there and whether the market you are in will continue to provide work.

Answer 1

Market Research

Question 2

What is Primary Research?

Answer 2

Original research designed by you or for you

Question 3

What is Secondary Research

Answer 3

Research conducted by third parties, such as publications, associations, etc.

Question 4

Where should Primary research begin?

Answer 4

In House - start with your lead or proposal list

Question 5

The best market research efforts are _____________

Answer 5

A combination of primary and secondary research

Question 6

What is Quantitative Research?

Answer 6

Research of measurable properties and their relationships

Question 7

What is Qualitative Research?

Answer 7

Aimed at gathering an in-depth understanding of behavior and the reasons behind it.

Question 8

One of the major differences between qualitative and quantitive research is ____________

Answer 8

The role of the researcher

Question 9

An excellent source of information about our clients is __________

Answer 9

The Professional Associations that they belong to

Question 10

This metric is limiting and ineffective for measuring marketing effectiveness

Answer 10

Jobs Won

Question 11

While a valid metric, ______ has limitations.

Answer 11

Overall ROI

Question 12

What is a hit rate?

Answer 12

The number of jobs won to the number of jobs pursued

Question 13

What is the formula for calculating marketing ROI?

Answer 13

Total Revenue - Total Marketing Expenses = Total ROI

Question 14

What is the best way to assess your marketing efforts?

Answer 14

Use a variety of factors and multiple metrics to determine where dollars are being spent.

Question 15

What are the main elements that have to be evaluated and monitored to evaluate your marketing effort?

Answer 15

Lead / Prospecting Effort, Communication / PR Effort, Firm Identity, Proposals, Presentations, Client Satisfaction

Question 16

The real starting point (aspect) of your marketing effort is ___________

Answer 16

Identity

Question 17

The most important marketing activity / metric is what?

Answer 17

Client satisfaction

Question 18

What is marketing research?

Answer 18

Scientific discovery methods applied to marketing decision making, generally comprised of market, competitor, and client research.

Question 19

What are some examples of Primary and Secondary Research?

Answer 19

Primary: Proposal Reviews, Roundtable Meetings, Client Surveys, Lawyer, Banker

Secondary: McGraw Hill, Consulting Firms, Economists, ABC, Government Portals

Question 20

What words are used in Boolean Strings?

Answer 20

And, Or, Near

Question 21

What is a SWOT analysis?

Answer 21

Provides a method to systematically review internal (strengths, weaknesses) and external (opportunities, threats) elements that have a direct influence on company success

Question 22

What type of support does a CRM provide?

Answer 22

Coordinating front office marketing, customer service, tracking leads, analyzing client data, interaction with customers.

Question 23

Main challenge noted by Senior Marketing Professionals?

Answer 23

Quantifying and measuring the value of marketing programs

Question 24

What factors should go into determining a growth goal?

Answer 24

Net new business, one-time project replacement, average useful life of clients (potential lost clients)

Question 25

What three areas of measurement should be added into growth plan?

Answer 25

Micro measurement of ongoing marketing ROI, Macros tracking of marketing and sales results vs growth goals, overall analysis of marketing ROI (year end)

Question 26

Three examples of measurable marketing activities

Answer 26

Direct marketing, referral programs, Public relations

Question 27

Measures of measurement for Direct Marketing?

Answer 27

of leads generated, # of proposals generated from leads, ROI

Question 28

Methods of measurement of Referral Programs

Answer 28

of referrals given vs. # of referrals received, # of proposals generated as % of referrals received, ROI

Question 29

Methods of measurement of Public Relations?

Answer 29

of articles placed as % of articles pitched, # of press release pick-ups as a % of submitted, ROI

Question 30

Define marketing

Answer 30

Process of positioning firm to ask for business or be asked for help

Question 31

Define sales

Answer 31

Process of listening, defining needs, dealing with objections, asking for business, closing the sale - usually face to face

Question 32

Who is the Lead Originator of the Pipeline Report?

Answer 32

Person who bring a new lead to the firm (through any means)

Question 33

What is a Working Lead in the Pipeline Report?

Answer 33

Person who will lead the follow up activity for each opportunity

Question 34

In order to have a good chance of meeting growth goals, how much should be in the Pipeline Report?

Answer 34

The equivalent of annual growth on an ongoing basis

Question 35

Describe a Client Satisfaction / Feedback Survey

Answer 35

Used to gauge clients' perception - often contains elements of perception and market intelligence surveys - should be a vital element of a firm's marketing program

Question 36

Describe Perception Surveys

Answer 36

Done before developing a brand or during a change in leadership to measure the current perception of the firm

Question 37

Describe a Market Intelligence / Thought Leader Survey

Answer 37

SME interview - can be recycled frequently

Question 38

Describe a Benchmarking Survey

Answer 38

Form the basis to compare your firm t

Question 39

Describe a Benchmarking Survey

Answer 39

To compare your firm to competitors and peers, such as marketing best practices or structure

Question 40

Describe Internal Surveys

Answer 40

Respondents are within the firm - provides any type of questions

Question 41

Describe Focus Groups

Answer 41

Internal or external - in-person gatherings to gauge opinions