Marketing Planning & Budgeting Flashcards
7 cards from real CMA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Marketing Planning & Budgeting flashcards as text
The objective-and-task budgeting method requires marketers to first:
Answer: Define specific marketing objectives and then estimate the costs of tasks needed to achieve them
The objective-and-task method starts by defining clear objectives, then identifies the tasks required to meet them, and finally sums the costs of those tasks to arrive at the budget.
What is the competitive parity budgeting approach?
Answer: Setting the marketing budget to match or benchmark against competitors' spending levels
Competitive parity budgeting sets spending levels based on what rivals spend, under the assumption that matching their investment maintains market share.
In marketing planning, what does the acronym SMART stand for when applied to objective-setting?
Answer: Specific, Measurable, Achievable, Relevant, Time-bound
SMART objectives are Specific, Measurable, Achievable, Relevant, and Time-bound, ensuring goals are clear and trackable.
Which term describes the ratio of a brand's advertising spend to total category advertising spend, used to gauge marketing weight relative to competitors?
Answer: Share of voice (SOV)
Share of voice (SOV) measures a brand's advertising spend as a percentage of total category spending, indicating its relative presence in the market.
A marketing audit differs from a routine performance review primarily because it:
Answer: Provides a comprehensive, systematic examination of the entire marketing environment, objectives, and strategies
A marketing audit is a broad, systematic evaluation of all marketing activities, environment, objectives, and strategies—not just financial results or a single channel.
In a marketing budget, what is the primary purpose of a contingency reserve?
Answer: To cover unexpected opportunities or crises that arise during the plan period
A contingency reserve provides financial flexibility to respond to unforeseen market opportunities, competitive threats, or crises without disrupting the core marketing plan.
Which phase of the marketing planning process involves translating strategy into specific programs, responsibilities, budgets, and timelines?
Answer: Implementation planning
Implementation planning converts strategic choices into actionable programs by assigning tasks, setting deadlines, allocating budgets, and designating responsible parties.