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MKTG 6822 Midterm EXAM WITH CORRECT ANSWERS
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What |we |do |for |the market? Perspective |of |market Put |customer |first Relentless |deliver |of value |to |customers |- |CORRECT |ANSWERS |✔✔outside |in |approach What |can |the |market do |for |us? Sell |solutions |of products |and |services |- |CORRECT |ANSWERS |✔✔Inside |out |approach Outside |In |- | All |decisions |start |with |the |market |and |opportunities |for |advantage.
Profits |are |gained |through |a |superior |value. Customer |knowledge |is |valuable Know |more |than |competition No |sacred |cows Customers |buy |the |expectation |on |benefits Superior |quality |is |defined |by |customer Best |ideas |come |from |customers Customer |loyalty |is |key Inside |out- Sell |to |whoever |will |buy. Profits |are |gained |through |cost |cutting. Customer |data |are |a |control |mechanism. If |competitors |do |it, |it |must |be |good. Protect |cash |flow |stream. Customers |buy |performance |features. Quality |is |conformance |to |internal |standards. Customers |dont |know |what |they |want. Expand |customer |base |no |matter |what. |- |CORRECT |ANSWERS | ✔✔Mental |Models |and |Strategic |approaches
Be |a |customer |value |leader. Imperative |2: Innovate |new |value |for |customers. Imperative |3: Capitalize |on |the |customer |as |an |asset. Imperative |4: Capitalize |on |the |brand |as |an |asset. |- |CORRECT |ANSWERS | ✔✔Customer |Value |Imperative Companies |that |outperform |their |rivals by |delivering |superior |value |to |a |distinct segment |of |the |market. Best |product Best |price
Best |service Distinct |Customer |Types: |Performance, |Price, |and |Relational |- | CORRECT |ANSWERS |✔✔Customer |value |leader Companies |that |drive |growth |by |innovating new |value |for |current |customers |and |attracting new |customers. Push |to |innovate Utilize |market |insight Require |full |spectrum |of |innovation |New |markets |Product |features |Pricing |models
Build |brand |as |long |term |investment Protect |brand |against |competition Optimize |value |of |brand |- |CORRECT |ANSWERS |✔✔Brand |as |an |asset Imperative | 1 |- |Customer |Value |Leader |> | 2 |- |Innovate |New |value, | 3 |- |Customer |Asset, | 4 |- |Brand |Asset |> | 1 |- | Customer |Value |Leader Y |axis |- |Time |- |CORRECT |ANSWERS |✔✔Imperatives |operate |as |a | system Companies |that |outperform |their |rivals by |delivering |superior |value |to |a |distinct segment |of |the |market. Best |product Best |price
Best |service WHY? Defines |strategic |direction |of |business. Shapes |the |investments |that |the |firm must |make |and |capabilities |that |it |needs to |develop. Is |the |prerequisite |and |foundation |for |the three |other |imperatives. |- |CORRECT |ANSWERS |✔✔Customer |Value | Leadership Company's |ability |to |help |its |customers |solve |a |problem |that |they | cannot |afford |to |ignore, |better |than |any |other |option |available |to | them. |- |CORRECT |ANSWERS |✔✔value |position Performance |value Price |value
Bundles |of |complementary |products? Repair |service? Knowledgeable |sales |staff? Financing |or |warranty? |- |CORRECT |ANSWERS |✔✔Relational |Value Customers |focus |on |a |subset |of |offerings. Customers |weight |the |value |vectors. Customers |assess |offering |performance. |- |CORRECT |ANSWERS | ✔✔How |Do |Customer |choose |value? the |acceptable |amount |of |value |- |CORRECT |ANSWERS |✔✔Parity Introduction |-> |More |Performance |value Maturity |-> |More |service |value |- |CORRECT |ANSWERS |✔✔Evolving | customer |value |positions
What |is |our |primary |business |objective? What |is |our |customer |value |proposition? What |is |our |business |model |for |delivering and |monetizing |customer |value? |- |CORRECT |ANSWERS | ✔✔Customer |value |strategy What |does |a |company |want |to |achieve? Actionable Specific Measurable Time |bound Guides |the |customer |value |proposition and |business |model |- |CORRECT |ANSWERS |✔✔Business |Objectives What |are |the |tangible |and |intangible |benefits
Complex |and |abstract |representation |of |the |business Questions |to |consider: What |business |activities |are |necessary |to |create |the value |that |has |been |promised |to |its |customers? Value |creating |system How |does |the |business |make |money |while |creating value |for |its |customers? Value |capture |system |- |CORRECT |ANSWERS |✔✔Business |Model 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. Which |activities |performed?
What |order |will |the |activities |occur? Who |performs |the |activities? |- |CORRECT |ANSWERS |✔✔Value | Creating |System How |a |business creates |profit |from its |transactions. Payment Fixed |and |variable costs Cash |flow |- |CORRECT |ANSWERS |✔✔Value |- |Capture |System Performance |value |leadership Price |value |leadership Relational |value |leadership |- |CORRECT |ANSWERS |✔✔ 3 |Types |of | Value |Propositions
Not |enough |customers |for genuine |solutions |and |service Customers |make |seek |different support |and |solutions How |to |sustain? Segregate |customers |better Rethink |processes |for |delivering relational |value |- |CORRECT |ANSWERS |✔✔Sustain |Relational |Value | Leadership The |process |by |which |customers |choose |to adopt |innovative |ideas. Drive |adoption Sustain |customer |engagement |- |CORRECT |ANSWERS |✔✔Customer | Value |Innovation
Make Grow |organically |from |within Identify |new |opportunities Build |capabilities |internally Can |take |longer |but |can |result |in |risk |adjusted |profits Buy Acquire |into |new |markets Gain |immediate |market |share Both Guide |with |an |outside |in |guiding |logic |- |CORRECT |ANSWERS | ✔✔Growth |Options "small |i |" |Innovation
"Blue |ocean" (uncontested |open |- |CORRECT |ANSWERS |✔✔Small |I |vs |Big |I Customers
Value |Capture |System -Innovations |in |how |the |company |gets |paid |for the |value |it |creates -Untapped |revenue |sources -Novel |pricing |schemes -Novel |pricing |schemes -Partnership |approach |- |CORRECT |ANSWERS |✔✔Innovate |with |the | business |model inspiration, |vision, |growth, |idea, |process, |development, |creativity |- | CORRECT |ANSWERS |✔✔ 5 |steps |to |manage |value |innovation The |gap |between |growth objectives |and |current strategies Outside |in |finance |system % |of |revenue |and |earnings from |growth |in |market
