(I cannot specify arpwatch as package in bugzilla, and since its in the same source rpm as tcpdump, I filed it here) arpwatch advertises in its description that it comes with arpsnmp. The source in the SRPM comes with arpsnmp. In the arpwatch binary RPM arpsnmp is missing. Also, the scripts to use arpsnmp (arpfetch, bihourly) are not in the RPM. The easier fix might be just remove the arpsnmp announcement from the package description, since its only rarely used (though I happen to have usage for it)
Fixed (by including arpsnmp) in tcpdump-3.4-11.A Thanks for the report.