BSM 100 FINAL EXAM UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. direct competitors
Answer:
same product, geography, and customers
Question:
2. indirect competitors
Answer:
different demographics, present in some markets not all small
Question:
3. invisible competitors
Answer:
outside the industry, where it poses a credible threat
Question:
4. Blue Ocean Strategy
Answer:
the simultaneous pursuit of differentiation and low cost (or at least lower costs, quantum leap from current.
create new market space.
Question:
5. Red Ocean Strategy
Answer:
companies try to outperform rivals to grab bigger slices of existing demand
Question:
6. Key Success Factors (Start of Blue Ocean Strategy)
Answer:
Eliminate Reduce Raise Create
-important because it creates competitive edge, invisible competitors face biggest threats, objectives create
targets on achievable goals
Question:
7. marketing
Answer:
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large
-long term profitability by providing unmatched value
Question:
8. utility
, Answer:
customer satisfaction from meeting different needs of people
Question:
9. types of utility
Answer:
- form utility
- time utility
- place utility
- ownership utility
Question:
10. types of marketing
Answer:
- people marketing
- place marketing
- event marketing
- idea marketing
Question:
11. customer relationship management (CRM)
Answer:
acquire, retain and grow customer relationships by providing
Question:
12. marketing plan
Answer:
organizations may have a formal or informal plan that directs their efforts
Question:
13. Perception of value (CRM)
Answer:
- benefits>price
- customer perceives that your product can uniquely satisfy needs better than competitors
Question:
14. customer satisfaction
Answer:
- happy that you delivered promise of Value...dont under or overpromise
Question:
15. customer loyalty
Answer:
- repeat purchase
Question:
16. Marketing Strategy
AND CORRECT ANSWERS
Question:
1. direct competitors
Answer:
same product, geography, and customers
Question:
2. indirect competitors
Answer:
different demographics, present in some markets not all small
Question:
3. invisible competitors
Answer:
outside the industry, where it poses a credible threat
Question:
4. Blue Ocean Strategy
Answer:
the simultaneous pursuit of differentiation and low cost (or at least lower costs, quantum leap from current.
create new market space.
Question:
5. Red Ocean Strategy
Answer:
companies try to outperform rivals to grab bigger slices of existing demand
Question:
6. Key Success Factors (Start of Blue Ocean Strategy)
Answer:
Eliminate Reduce Raise Create
-important because it creates competitive edge, invisible competitors face biggest threats, objectives create
targets on achievable goals
Question:
7. marketing
Answer:
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large
-long term profitability by providing unmatched value
Question:
8. utility
, Answer:
customer satisfaction from meeting different needs of people
Question:
9. types of utility
Answer:
- form utility
- time utility
- place utility
- ownership utility
Question:
10. types of marketing
Answer:
- people marketing
- place marketing
- event marketing
- idea marketing
Question:
11. customer relationship management (CRM)
Answer:
acquire, retain and grow customer relationships by providing
Question:
12. marketing plan
Answer:
organizations may have a formal or informal plan that directs their efforts
Question:
13. Perception of value (CRM)
Answer:
- benefits>price
- customer perceives that your product can uniquely satisfy needs better than competitors
Question:
14. customer satisfaction
Answer:
- happy that you delivered promise of Value...dont under or overpromise
Question:
15. customer loyalty
Answer:
- repeat purchase
Question:
16. Marketing Strategy
