When a Marketing Plan Fails, What Should a Marketer Do

question 162

Essay

When a marketing plan fails, what should a marketer do in terms of looking for the source of the problem?

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Definitions:

Sunk Cost

A past expense that has already been incurred and cannot be recovered, which should not influence ongoing or future decisions.

Kahneman and Tversky

Psychologists known for their work on the psychology of judgment and decision-making, as well as behavioral economics.

Image Theory

A theory in decision-making research which suggests individuals make decisions based on their internal values (principles), plans (projects), and beliefs about potential outcomes (prospects).

Frontal Lobe

The front part of the brain associated with decision making, problem solving, control of purposeful behaviors, consciousness, and emotions.