UPDATED ACTUAL Questions and
CORRECT Answers
How to craft a great objective - CORRECT ANSWER - make sure that it's measurable and
includes a clear timeframe. Once you've established your business goal — a broad, top-level goal
for your company - you will:
1. Identify your financial and strategic business objectives.
2. Translate your financial and strategic business objectives into marketing objectives.
3. Translate your marketing objectives into advertising-campaign objectives.
Financial objective - CORRECT ANSWER - A financial objective focuses on increasing
revenue, profit margin, or volume (for example, units sold). Often, larger companies will create a
subgoal for each of their lines of business.
Strategic objective - CORRECT ANSWER - Strategic objectives outline how you'll
achieve your financial objectives.
Marketing objective - CORRECT ANSWER - Marketing objectives support the business
objective. Some smaller companies may not have the scale to warrant this level of specificity.
Advertising campaign objective - CORRECT ANSWER - This refers to the goals for each
channel that are necessary for meeting your marketing objectives (for example, the goal of a
YouTube campaign).
Campaign metrics: These are the individual metrics you use to measure the success of your
media objectives.
Business purpose statement - CORRECT ANSWER - Begin by writing down the basics:
,1. Name of your business
2. Your product or service
3. Your consumers
4. Result or benefit you provide to your consumer
What are your short-term and long-term goals that best suit your company? How would you
answer these questions?
How does your company make money?
Where will growth likely come from?
Which competitors are doing well in the market and why?
Where do you want your business to be five years from now?
Two ways to increase your profits - CORRECT ANSWER - lower costs or increase
revenue.
Profit and revenue - CORRECT ANSWER - Increase profits
1. Increase financial gain; the difference between the amount earned and the amount spent in
buying, operating, or producing something
2. Lower your costs or increase your revenue
Increase revenue
1. Increase the amount the company earns (its incoming money)
2. Either increase your price or increase your volume
Volume and demand - CORRECT ANSWER - Increase volume
, Increase units sold, capacity, leads, or something relevant to your business
Increase demand
Increase consumers' readiness to pay a price for a product
Price - CORRECT ANSWER - Lower price
Lower the amount paid by the consumer to purchase products
Increase price
Increase the amount paid by the consumer to purchase products
Business strategies - CORRECT ANSWER - Margin, revenue, and volume represent the
ways most businesses think about their financials (although reducing costs is also very
important). Which one works best for you?
Improve margin or profit: This is great for companies looking to reduce costs and increase
revenue. There's usually a trade-off, though. For example, some investments to reduce costs may
not pay out for a few years, making the company less money in the short term, even though it'll
be very profitable in the long term. Typically, established companies or those with smaller profit
margins, like retail companies, prioritize this.
Grow revenue: Companies often grow their revenue by either increasing the total number of
sales at the same price or increasing the price — that is, revenue could go up, even if total sales
don't.