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MKTG 6822 Midterm – ECU EXAM QUESTIONS WITH ANSWERS, Exams of Marketing

University of Central Florida (UCF)Marketing

MKTG 6822 Midterm – ECU EXAM QUESTIONS WITH ANSWERS

Typology: Exams

2024/2025

Available from 07/12/2025

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MKTG \|6822 \|Midterm \|– \|ECU \|EXAM \|
QUESTIONS \|WITH \|ANSWERS
Customer \|value \|imperatives \|- \|CORRECT \|ANSWERS \|✔✔1. \|Be \|a \|
customer \|value \|leader. \|
2. \|Innovate \|new \|value \|for \|customers. \|
3. \|Capitalize \|on \|the \|customer \|as \|an \|asset. \|
4. \|Capitalize \|on \|the \|brand \|as \|an \|asset.
Inside-out \|strategy \|- \|CORRECT \|ANSWERS \|✔✔develop \|strategies \|to \|
sell \|solutions \|of \|products \|and \|services \|to \|customers.
Market \|insight \|- \|CORRECT \|ANSWERS \|✔✔investment \|in \|market \|
intelligence \|from \|customers.
Marketing \|Strategy \|- \|CORRECT \|ANSWERS \|✔✔a \|plan \|of \|action \|to \|
effectively \|plan, \|allocate \|and \|coordinate \|marketing \|resources \|and \|
activities \|to \|accomplish \|the \|firm's \|objectives \|within \|a \|specific \|
market.
Outside-In \|Strategy \|- \|CORRECT \|ANSWERS \|✔✔develop \|strategies \|
with \|a \|perspective \|of \|market \|through \|relentless \|delivery \|of \|value \|
to \|customers.
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MKTG | 6822 |Midterm |– |ECU |EXAM |

QUESTIONS |WITH |ANSWERS

Customer |value |imperatives |- |CORRECT |ANSWERS |✔✔1. |Be |a | customer |value |leader. |

  1. |Innovate |new |value |for |customers. |
  2. |Capitalize |on |the |customer |as |an |asset. |
  3. |Capitalize |on |the |brand |as |an |asset. Inside-out |strategy |- |CORRECT |ANSWERS |✔✔develop |strategies |to | sell |solutions |of |products |and |services |to |customers. Market |insight |- |CORRECT |ANSWERS |✔✔investment |in |market | intelligence |from |customers. Marketing |Strategy |- |CORRECT |ANSWERS |✔✔a |plan |of |action |to | effectively |plan, |allocate |and |coordinate |marketing |resources |and | activities |to |accomplish |the |firm's |objectives |within |a |specific | market. Outside-In |Strategy |- |CORRECT |ANSWERS |✔✔develop |strategies | with |a |perspective |of |market |through |relentless |delivery |of |value | to |customers.

Customer |Asset |Manager |- |CORRECT |ANSWERS |✔✔companies |that | consistently |turn |customer |value |into |valuable |customers. Customer |Value |- |CORRECT |ANSWERS |✔✔trade-off |between |the | benefits |that |customers |perceive |they |are |receiving |from |a | product/service |and |the |perceived |cost |of |obtaining |these |benefits. Customer |Value |Innovator |- |CORRECT |ANSWERS |✔✔companies |that | drive |growth |by |innovating |new |value |for |current |customers |and | attracting |new |customers. Performance |value |buyers |- |CORRECT |ANSWERS |✔✔product |that | meets |demanding |requirements |for |quality, |fashion |and/or | functionality. Price |value |buyers |- |CORRECT |ANSWERS |✔✔best |price |for |adequate | level |of |performance |or |service. Relational |value |buyers |- |CORRECT |ANSWERS |✔✔premium |on |total | solutions |that |meet |needs |beyond |product |attributes, |including | service, |financing, |technical |assistance, |etc.

Value |position |- |CORRECT |ANSWERS |✔✔company's |ability |to |help | its |customers |solve |a |problem |that |they |cannot |afford |to |ignore, | better |than |any |other |option |available |to |them. Business |model |- |CORRECT |ANSWERS |✔✔complex |and |abstract | representation |of |the |business |to |achieve |profitability |fulfillment |of | value |proposition. Business |objectives |- |CORRECT |ANSWERS |✔✔a |result |that |a | company |aims |to |achieve |and |guides |the |customer |value | proposition |and |business |model Competitive |profile |- |CORRECT |ANSWERS |✔✔how |a |company | considers |itself |against |its |competition. Customer |relationship |management |(CRM) |- |CORRECT |ANSWERS | ✔✔system |to |manage |an |organization's |relationships |and | interactions |with |customers |and |potential |customers. Customer |value |proposition |- |CORRECT |ANSWERS |✔✔the |tangible | and |intangible |benefits |that |the |target |customers |will |receive |from | the |product |or |service. Offering |- |CORRECT |ANSWERS |✔✔the |core |product |or |service |or | the |augments |solution.

Target |customer |segment |- |CORRECT |ANSWERS |✔✔customers | whose |needs |and |desires |most |closely |match |company's |product | or |service |offerings. Value-capture |system |- |CORRECT |ANSWERS |✔✔how |a |business | creates |profit |from |its |transactions. Value-creating |system |- |CORRECT |ANSWERS |✔✔all |the |activities | that |the |firm |links |together |to |create |and |deliver |customer |value, | including |basic |inputs |to |create |products/services |through |the | channels |to |sell, |service |and |distribute |the |offering. Adjacency |- |CORRECT |ANSWERS |✔✔achieve |a |better |balance |of |risk | and |reward |by |striking |into |new |territory |while |drawing |on |the | business' |resources |and |market |knowledge. Big |I |innovation |- |CORRECT |ANSWERS |✔✔exploration |of |new | market |spaces Blue |ocean |strategy |- |CORRECT |ANSWERS |✔✔create |innovation |in | uncontested |markets |by |making |competition |irrelevant.

Customer |value |innovation |- |CORRECT |ANSWERS |✔✔the |process |by | which |customers |choose |to |adopt |innovative |ideas. Growth |objectives |- |CORRECT |ANSWERS |✔✔guides |decision |making | related |to |the |expansion |of |the |business. Growth |strategy |- |CORRECT |ANSWERS |✔✔the |method |a |company | uses |to |expands |its |business. Innovation |Metrics |- |CORRECT |ANSWERS |✔✔possible |metrics | include |innovation |inputs, |innovation |process |measures, |and | innovation |performance |outcomes. Opportunity |portfolio |- |CORRECT |ANSWERS |✔✔the |potential | availability |of |the |growth |initiatives. Real-Win-Worth-It |(R-W-W) |- |CORRECT |ANSWERS |✔✔approach |to | screen |growth |initiatives |which |promise |superior |returns |within |a | reasonable |level |of |risk.