Solution Manual For The Marketing Plan Handbook, Fifth Edition, Marian Burk Wood – Test Bank

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Sample Questions Posted Below

 

 

 

 

 

Chapter 5 – Planning Direction, Objectives, and Marketing Support

 

  1. When a company decides to grow through diversification, what are the implications for the marketing planning process?

Sample answer: The company will have to plan for all the additional products it acquires through diversification. This means evaluating demand, customer needs, and competition for a larger number of products; scanning the internal and external environments and interpreting the results in the context of additional products; setting specific objectives for a larger group of products; and spreading the marketing budget and management attention over more products than in the past. At the same time, despite the complications, diversification also takes some of the pressure off individual products, so that if one doesn’t achieve its objectives, the company can look to other products to make up the shortfall.

 

  1. Are there any disadvantages to setting societal objectives when preparing a marketing plan?

Sample answer: One potential disadvantage is that a company will overemphasize societal objectives or put too many resources toward societal objectives compared with marketing and financial objectives. Other potential disadvantages: one or more societal objectives will conflict with financial or marketing objectives; societal objectives may prove difficult to quantify for measurement purposes.

 

  1. Why should marketers keep metrics in mind as they set objectives?

Sample answer: Metrics help marketers determine whether actual results are taking the company toward its objectives. If marketers have no way to measure progress toward the objective, they’ll have difficulty evaluating performance in achieving it. This is why the chapter emphasizes that objectives be specific, time-defined, and measurable. [Metrics are covered in detail in Chapter 10.]

 

  1. What kinds of questions should a company ask as it develops a plan for cause-related marketing? Suggest at least three specific issues or questions to be investigated during the planning process.

Sample answer: How well does the cause relate to the company’s mission or its brand image? What do customers think and feel about the causes being considered? How will the cause-related donation actually operate? Will the company make a donation for each product purchased or when customers enter a code on a website or social media site, for example? How can the company and the cause coordinate marketing to make the most of this strategy? [Students may offer other questions, as well.]

 

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