HFT4502 UPDATED PRACTICE EXAM QUESTIONS AND
SOLUTIONS GUARANTEE A+
✔✔interactive marketing - ✔✔marketing by a service firm tat recognizes perceived
service quality depends heavily on the quality of the buyer-seller interaction
✔✔internal marketing - ✔✔marketing by a service firm to train effectively and motivate
its customer-contact employees and all the supporting service people to work as a team
to provide customer satisfaction
✔✔organization image - ✔✔the way a person or group views an organization
✔✔physical evidence - ✔✔tangible cluse such as promotional material, employees of
the firm, and the physical environment of the firm. -used to make product more tangible
to customers
✔✔revenue management - ✔✔a pricing method using price as a means of matching
demand with capacity
✔✔service inseparability - ✔✔a major characteristic of services; they're produced and
consumed at the same time and cannot be separated from their providers, whether the
providers are people or machines
✔✔4 p's corresponding c's - ✔✔product - customer solution
price - customer cost
place - convenience
promotion - communication
✔✔what is the problem with the 4 p's - ✔✔it's product oriented view and not market
oriented
✔✔strategic management - ✔✔the purpose of strategy is to build and maintain
successful businesses in the face of a rapidly changing environment
✔✔sustainable competitive advantage - ✔✔do different and make sure no one can copy
you
✔✔4 relevant strategy inputs (that get us sustainable competitive advantage) - ✔✔1.
stakeholder
2. processes
3. resources
4. organization
, ✔✔3 characteristics of stakeholders *TEST Question* (sustainable competitive
advantage) - ✔✔1. actor (employees) is/can be affected by organizational activities
2. actor can withdraw/grant necessary resources (investors, customers, suppliers)
3. actor is valued by organizational culture
✔✔processes (sustainable competitive advantage) - ✔✔companies are organized by
department but different departments may have different objectives
-rely on inter-departmental cooperation
✔✔resources - ✔✔-what we need to carry out pricesses (ex: personnel, machines,
materials, info)
✔✔strategically-valuable resources - ✔✔*MUST BE ALL 4*
- valuable
-rare
-inimitable
-non-substitutable
✔✔valuable - ✔✔resources that improve efficiency or effectiveness in marketplace
✔✔rare - ✔✔resources that are uniquely held by a firm. other firms don't have them
✔✔inimitable - ✔✔not only must other firms not have your valuable resources, they
should not be able to get them
✔✔non-substitutable - ✔✔not only should they not be able to get them, they should not
be able to get other resources that duplicate the resource's outcome in the marketplace
✔✔organization (sustainable competitive advantage) - ✔✔-structure, policies, culture
-how you organize managers, organizational flow chart, all determines your success
✔✔4 levels of organization - ✔✔-corporate
-division
-business
-product
✔✔strategic planning - ✔✔the selection and organization of businesses/product lines in
a manner that keeps the company healthy despite unexpected events in marketing
environment
✔✔ansoff product-market expansion grid - ✔✔matrix developed by cell, plotting new
products and existing products with new products and existing products.
-provides strategic insights into growth opportunities
SOLUTIONS GUARANTEE A+
✔✔interactive marketing - ✔✔marketing by a service firm tat recognizes perceived
service quality depends heavily on the quality of the buyer-seller interaction
✔✔internal marketing - ✔✔marketing by a service firm to train effectively and motivate
its customer-contact employees and all the supporting service people to work as a team
to provide customer satisfaction
✔✔organization image - ✔✔the way a person or group views an organization
✔✔physical evidence - ✔✔tangible cluse such as promotional material, employees of
the firm, and the physical environment of the firm. -used to make product more tangible
to customers
✔✔revenue management - ✔✔a pricing method using price as a means of matching
demand with capacity
✔✔service inseparability - ✔✔a major characteristic of services; they're produced and
consumed at the same time and cannot be separated from their providers, whether the
providers are people or machines
✔✔4 p's corresponding c's - ✔✔product - customer solution
price - customer cost
place - convenience
promotion - communication
✔✔what is the problem with the 4 p's - ✔✔it's product oriented view and not market
oriented
✔✔strategic management - ✔✔the purpose of strategy is to build and maintain
successful businesses in the face of a rapidly changing environment
✔✔sustainable competitive advantage - ✔✔do different and make sure no one can copy
you
✔✔4 relevant strategy inputs (that get us sustainable competitive advantage) - ✔✔1.
stakeholder
2. processes
3. resources
4. organization
, ✔✔3 characteristics of stakeholders *TEST Question* (sustainable competitive
advantage) - ✔✔1. actor (employees) is/can be affected by organizational activities
2. actor can withdraw/grant necessary resources (investors, customers, suppliers)
3. actor is valued by organizational culture
✔✔processes (sustainable competitive advantage) - ✔✔companies are organized by
department but different departments may have different objectives
-rely on inter-departmental cooperation
✔✔resources - ✔✔-what we need to carry out pricesses (ex: personnel, machines,
materials, info)
✔✔strategically-valuable resources - ✔✔*MUST BE ALL 4*
- valuable
-rare
-inimitable
-non-substitutable
✔✔valuable - ✔✔resources that improve efficiency or effectiveness in marketplace
✔✔rare - ✔✔resources that are uniquely held by a firm. other firms don't have them
✔✔inimitable - ✔✔not only must other firms not have your valuable resources, they
should not be able to get them
✔✔non-substitutable - ✔✔not only should they not be able to get them, they should not
be able to get other resources that duplicate the resource's outcome in the marketplace
✔✔organization (sustainable competitive advantage) - ✔✔-structure, policies, culture
-how you organize managers, organizational flow chart, all determines your success
✔✔4 levels of organization - ✔✔-corporate
-division
-business
-product
✔✔strategic planning - ✔✔the selection and organization of businesses/product lines in
a manner that keeps the company healthy despite unexpected events in marketing
environment
✔✔ansoff product-market expansion grid - ✔✔matrix developed by cell, plotting new
products and existing products with new products and existing products.
-provides strategic insights into growth opportunities
