MKTG 6822 MIDTERM QUESTIONS AND VERIFIED
ANSWERS
outside in approach - Answers - What we do for the
market?
Perspective of market
Put customer first
Relentless deliver of
value to customers
Inside out approach - Answers - What can the market
do for us?
Sell solutions of
products and services
Mental Models and Strategic approaches - Answers - 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.
, Market Insight - Answers - Invest in market intelligence from customers. Sense and act
on market insight across the organization. Find PATTERNS and identify
OPPORTUNITIES. Data is NOT knowledge or insight.
Inspire organization. Develop or improve strategies.
Customer Value imperatives - Answers - 1. Be a customer value leader.
2. Innovate new value for customers.
3. Capitalize on the customer as an asset.
4. Capitalize on the brand as an asset.
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 = (1 perceived risk) x
(perceived benefits perceived life cycle costs)
Customer Value Imperative - Answers - Imperative 1:
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.
Customer value leader - Answers - 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
ANSWERS
outside in approach - Answers - What we do for the
market?
Perspective of market
Put customer first
Relentless deliver of
value to customers
Inside out approach - Answers - What can the market
do for us?
Sell solutions of
products and services
Mental Models and Strategic approaches - Answers - 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.
, Market Insight - Answers - Invest in market intelligence from customers. Sense and act
on market insight across the organization. Find PATTERNS and identify
OPPORTUNITIES. Data is NOT knowledge or insight.
Inspire organization. Develop or improve strategies.
Customer Value imperatives - Answers - 1. Be a customer value leader.
2. Innovate new value for customers.
3. Capitalize on the customer as an asset.
4. Capitalize on the brand as an asset.
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 = (1 perceived risk) x
(perceived benefits perceived life cycle costs)
Customer Value Imperative - Answers - Imperative 1:
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.
Customer value leader - Answers - 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
