MKTG 6822 EXAM 1 QUESTIONS AND VERIFIED
ANSWERS
Customer Value Imperative -1 - Answers - Be a customer value leader
Customer Value Imperative -2 - Answers - Innovate new value for customers
Customer Value Imperative -3 - Answers - Capitalize on the customer as an asset
Customer Value Imperative -4 - Answers - Capitalize on the brand as an asset
Outside In Strategy - Answers - Develop strategies with a perspective of market through
relentless delivery of value to customers
Inside Out Strategy - Answers - Develop strategies to sell solutions of products and
services to customers
Market Insight - Answers - Investment in market intelligence from customers
Marketing Strategy - 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
Customer Asset Managers - Answers - Companies that consistently turn customer
value in value customers
Customer Value - 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 Innovators - Answers - Companies that drive growth by innovating new
value for current customers and attracting new customers
Performance Value Buyers - Answers - Product that meets demanding requirements for
quantity, fashion, and/or functionality
Price Value Buyers - Answers - Best price for adequate level of performance or service
Relational Value Buyers - Answers - Premium on total solutions that meed need beyond
product attributes, including service, financing, technical assistance, etc.
Consideration Set - Answers - The subset of brands that consumers evaluate when
making a purchase decision
ANSWERS
Customer Value Imperative -1 - Answers - Be a customer value leader
Customer Value Imperative -2 - Answers - Innovate new value for customers
Customer Value Imperative -3 - Answers - Capitalize on the customer as an asset
Customer Value Imperative -4 - Answers - Capitalize on the brand as an asset
Outside In Strategy - Answers - Develop strategies with a perspective of market through
relentless delivery of value to customers
Inside Out Strategy - Answers - Develop strategies to sell solutions of products and
services to customers
Market Insight - Answers - Investment in market intelligence from customers
Marketing Strategy - 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
Customer Asset Managers - Answers - Companies that consistently turn customer
value in value customers
Customer Value - 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 Innovators - Answers - Companies that drive growth by innovating new
value for current customers and attracting new customers
Performance Value Buyers - Answers - Product that meets demanding requirements for
quantity, fashion, and/or functionality
Price Value Buyers - Answers - Best price for adequate level of performance or service
Relational Value Buyers - Answers - Premium on total solutions that meed need beyond
product attributes, including service, financing, technical assistance, etc.
Consideration Set - Answers - The subset of brands that consumers evaluate when
making a purchase decision
