Marketing Plan CH3 Quiz 1

Customer lifetime value...

• is not a reasonable goal since consumers aren't loyal.

• is the value of the new customer.

• is the main motivation behind a value proposition.

• is the desired outcome of direct response marketing.

How do you measure the financial success of a marketing campaign?

• Did the campaign increase sales.

• Did the campaign increase traffic.

• Did the campaign increase your target market?

• Did the campaign make you more money than it cost you?

Target market on the marketing plan refers to ___________ on the business model canvas.

• Segment

• Channel

• Key Resources

• Value Proposition

Why is it important to measure your marketing campaign's effectiveness?

• If you don't, your competitor will!

• So you know when to close your business.

• What gets measured, gets managed.

• So you know if your product/service is meeting a real marketplace need.

Getting your name "out there" is an effective marketing strategy.

• True

• False

Which answer correctly calculates basic customer acquisition costs?

(CAQ used below for customer acquisition cost for faster reading)

(acquisition: to acquire; to receive new)

• marketing cost + cost of product or service = CAQ

• marketing cost divided by responses = CAQ

• marketing cost divided by number of buyers = CAQ

• marketing cost + cost of product multiplied by number of buyers = CAQ

Social media...

• is a channel.

• is the most popular strategy in marketing right now.

• is a great place for high pressure selling.

• is great for marketing anything because everyone is on it!

"Message" on the marketing plan communicates your...

• target market and message

• value proposition and channel

• segment and cost

• value proposition and desired relationship

Targeting a niche (specialized segment) makes marketing cheaper.

• True

• False

A sucessful marketing campaign MUST get these 3 things right:

• customer, product and message

• market, message and customer

• market, message and media

• product, market and customer