Businesses often select marketing metrics that will help them compare current market share with which factor?
Market potential
Inventory turnover
Brand recognition
Transaction size
In which situation should a business lower its sales forecast for the coming year?
Population will increase by 5%.
Major competitor will leave the market.
Prices of raw materials will remain steady.
Inflation rate is expected to rise 2%.
Which is an example of an external change that could affect sales forecast of a business?
A new sales rep has been hired to develop the territory of the business in Texas.
The population of a town increases when a new hospital opens in the community.
The company plans to modify its approach to mailing catalogs to customers.
A company plans to raise prices on its products.
What do businesses often take into consideration when forecasting sales for marketing plans?
The market share of competitors
Quotas for salespeople
Location of regional territories
The profit goals of a company
The marketing objectives that a business develops for its marketing plan should lead to which situation?
An increase in sales
An increase in prices
A decrease in costs
A decrease in taxes
One reason why businesses select marketing metrics is to use them as which function?
Measurement tool
Operating strategy
Promotional activity
Selling procedure
By setting marketing objectives, businesses are specifying which information?
What they want to achieve.
How they intend to make a profit.
What price they plan to charge.
How they intend to advertise.
When do businesses usually set its marketing budget?
Before segmenting customers
Before analyzing markets
After identifying standards
After determining objectives
Forecasting sales for market plans is important because the forecast is used as which component?
Type of research
Standard of measurement
Method of communication
Compilation of data
Which individual would a business be most likely ask for a prediction of sales for next year?
Financial planner
Inventory specialist
Accounting clerk
Experienced salesperson
Which is an example of an effective marketing objective that a business might set?
Identify new local vendors
Hire additional salespeople
Decrease the level of spending
Increase profit by 6% next year
What does a business need to consider when developing a marketing budget?
Costs of performing marketing activities
Forecasts of future sales figures
Value of spending money on advertising
Expense associated with offering credit
The marketing metrics that businesses select should relate directly to which part of the marketing plan?
Demographics
Organization
Objectives
Environment
Which is the primary reason for establishing a marketing budget that helps a business?
To reduce tax liability
To monitor fixed assets
To manage depreciation
To control spending
Why is it important for businesses to include specific time frames when setting marketing goals and objectives?
Allows the business to identify the market
Helps the business predict the future
Guides the business in hiring more staff
Keeps the business focused on the goal
When a business allocates a certain amount of money in relation to the amount of goods and services that it sold the previous year, it is setting its marketing budget by which information?
The percentage of sales method
The review of industry standards
The consideration of activities of competitors
The bids for various marketing activities
The MSV Company developed a sales forecast by considering the opinions of industry experts. This is an example of which sales forecasting method?
Industrial
Conditional
Qualitative
Quantitative
