What are control charts? Write a note on the important aspects of the chart
What will be an ideal response?
Control charts are graphical tools to monitor and control important marketing metrics. The charts form a graphical
record of performance over time and can signal if corrective actions are required. Control charts can be used with
many different types of marketing related variables, such as sales by product/service, sales by distribution channel,
sales leads, customer satisfaction, and many others. For example, a control chart can be used to plot marketing
expenses as a function of sales to determine if a company is overspending to achieve its goals. The important
components of such a control chart are:
Target Value - This is the targeted marketing expense/sales rate. The target value might change over time.
Tolerance Band - Many organizations aim to control marketing spending within a tolerance band centered about
the target value.
Upper Control Limit - The upper control limit represents the maximum spending limit. Spending in excess of the
upper control limit could get the marketing department in trouble with the company's finance department.
Lower Control Limit - The lower control limit represents the minimum spending limit. Underspending could be
just as bad as overspending, because the company risks the loss of market
momentum by not spending enough to maintain its presence in the market.
Budget Creep - While a one-time schedule excess is usually forgivable (such as an unusual large expense), budget
creep is not. Budget creep is particularly sinister because it has a tendency to edge up over time. Budget creep can
result in excessive spending over multiple months and once started, is difficult to correct.
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Which of the following is an industrial product categorized under supplies and services?
A) coal B) wheat C) lumber D) elevator E) generator
Where are most sweatshops located?
a. Eastern Europe and East and South Asia b. Asia and Central and South America c. Asia and Africa d. Africa and South America
How could you use marketing ideas to market yourself to potential employers after you graduate?
What will be an ideal response?
Summing Up Social Responsibility (Scenario)Max Proffit, director of research and development for National Products Company, that is into producing hiking gears has learned that a new material has been developed in his department that appears to make the ropes and slings more durable. He has discussed this development with his two assistants, Susie Merriweather and Moe Gaines, and Rush Onward, vice president of product development. Susie has stated her opposition to the use of the new material because its durability has not yet been tested and has not been certified by the company's third-party testing laboratory. Moe argues that the initial tests that their R&D department completed indicate minimal problems with durability. Rush states that in several meetings he has recently attended,
the company president had repeatedly emphasized the need to increase earnings per share. Rush tells Max that a decision has to be made within the week about the new material's use by the Company.Moe Gaines's support of using the new uncertified material is an indication that he ________. A. has a weak ego strength B. supports social screening C. is in favor of green management D. is following the company's code of ethics