BUAD 332 EXAM 1 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. critical questions managers ask
Answer:
- what is important to our customers?
- how do I know if we are delivering value to our customers?
- how do I judge if we are offering superior value relative to competitors?
Question:
2. customer value
Answer:
customer's perception of what they want to have happen in a specific use
situation, with the help of a product or service, in order to accomplish a desired
purpose or goal
Question:
3. importance =
Answer:
customer value
Question:
4. performance =
Answer:
customer satisfaction
Question:
5. 5 key aspects of customer value
Answer:
1. TRADEOFF of benefits and sacrifices
2. INTERACTION of both customer and product
3. RELATIVE to competitors, individuals, and situations
4. GOAL-DRIVEN by customer's desired attributes, desired outcomes, and end
goals
5. DYNAMIC in that it changes over time
Question:
6. tradeoff
Answer:
(Σ what I get) - (Σ what I give up) = X
, Question:
7. what makes customer's perceptions of value change?
Answer:
- the environment
- consumers: life changes
- changes from other companies
Question:
8. what does a customer-value-oriented firm look like?
Answer:
- "customer value culture"
- commitment to innovation
- organize everything we do as a company around delivering customer value
- continuous learning about customers
Question:
9. customer learning methods
Answer:
- customer interaction
- customer research
- 3rd party customer research
- secondary reports
- analyzing market trends
- analyzing customer complaints
- mining customer databases
Question:
10. competitive advantage
Answer:
1. identify the value
2. choose the value
3. provide the value
4. communicate the value
5. assess and deliver the value
Question:
11. goals of marketing activity
Answer:
1. attract new customers by promising superior value
2. keep and grow current customers by delivering customer satisfaction
AND CORRECT ANSWERS
Question:
1. critical questions managers ask
Answer:
- what is important to our customers?
- how do I know if we are delivering value to our customers?
- how do I judge if we are offering superior value relative to competitors?
Question:
2. customer value
Answer:
customer's perception of what they want to have happen in a specific use
situation, with the help of a product or service, in order to accomplish a desired
purpose or goal
Question:
3. importance =
Answer:
customer value
Question:
4. performance =
Answer:
customer satisfaction
Question:
5. 5 key aspects of customer value
Answer:
1. TRADEOFF of benefits and sacrifices
2. INTERACTION of both customer and product
3. RELATIVE to competitors, individuals, and situations
4. GOAL-DRIVEN by customer's desired attributes, desired outcomes, and end
goals
5. DYNAMIC in that it changes over time
Question:
6. tradeoff
Answer:
(Σ what I get) - (Σ what I give up) = X
, Question:
7. what makes customer's perceptions of value change?
Answer:
- the environment
- consumers: life changes
- changes from other companies
Question:
8. what does a customer-value-oriented firm look like?
Answer:
- "customer value culture"
- commitment to innovation
- organize everything we do as a company around delivering customer value
- continuous learning about customers
Question:
9. customer learning methods
Answer:
- customer interaction
- customer research
- 3rd party customer research
- secondary reports
- analyzing market trends
- analyzing customer complaints
- mining customer databases
Question:
10. competitive advantage
Answer:
1. identify the value
2. choose the value
3. provide the value
4. communicate the value
5. assess and deliver the value
Question:
11. goals of marketing activity
Answer:
1. attract new customers by promising superior value
2. keep and grow current customers by delivering customer satisfaction
