SMPS CPSM COMPREHENSIVE QUESTIONS AND
ANSWERS SET A+
✔✔Confidence Interval - ✔✔Statistical term that defines a range of values within which
the population parameter of interest is likely to be included. (In other words, if the
experiment were repeated multiple times, the results would match the results from the
population x% of the time.)
✔✔Z Value - ✔✔Value on a normal bell curve associated with a confidence interval. (A
statistical measure that compares the test results to a normal population)
✔✔Variance - ✔✔A measure of the distance between a certain number and the mean.
✔✔Client Satisfaction Survey - ✔✔Research tool that gauges client perceptions of your
firm's capabilities, staff, level of service, and success at meeting expectations.
✔✔Perception Survey - ✔✔Research tool that focuses on the perception of the firm by
clients, potential clients, and/or the larger community.
✔✔Market Intelligence Survey - ✔✔Survey conducted with clients, potential clients,
and/or industry thought leaders to solicit their opinions on current issues and future
trends within a particular market segment or geographic area.
✔✔Benchmarking - ✔✔A measurement activity that compares one aspect of a thing to
the same aspect in a different thing.
✔✔Benchmarking Survey - ✔✔Survey tool to create basis for comparison (most often
used to compare one firm to another)
✔✔Internal Survey - ✔✔Survey that focuses on perceptions of those within the
company.
,✔✔Focus Group - ✔✔In-person gatherings convened to gauge the participants'
opinions on a specific topic.
✔✔Closed Question - ✔✔Form of question that limits possible answers by providing a
list that the respondent must choose from.
✔✔Bias - ✔✔Prejudice shown towards or against something based on subjective
perceptions of experiences or opinions.
✔✔Disruptive Innovation - ✔✔Innovation that helps to create a new market or value
network, which eventually - and sometimes rapidly - upsets and existing market or
product/service line.
✔✔Wild Card - ✔✔Low-probability, high-impact events that are so momentous and
occur so quickly that individuals, firms and society are not able to respond effectively.
✔✔Impact Index - ✔✔Index that serves as the final measuring tool to determine which
scenarios the firm will develop further and which will be shelved or abandoned.
✔✔Iterative Rolling Forecast - ✔✔Style of forecasting that is continually updated so the
budget can take into account changes in the environment and allows for a more flexible
response.
✔✔Marketing Information System - ✔✔System that uses information from a firm's
database to produce standardized reports on a regular basis.
✔✔Decision Support System - ✔✔Software that enables managers to access database
information dynamically to produce customized reports on an as-needed basis.
✔✔Data System - ✔✔Part of the Decision Support System that includes all hardware
and software required to coordinate and store internal and external data.
✔✔Model System - ✔✔Data modelling software within the Decision Support System
that allows users to manipulate and visualize information extracted from the database.
✔✔Data Triangulation - ✔✔Verifying a piece of data by comparing and contrasting
multiple sources to ensure accuracy.
✔✔Tabulation - ✔✔Process of arranging data in a table using some sort of classification
✔✔Double Tabulation - ✔✔Data is tabulated according to two characteristics at a time
✔✔Cross Tabulation - ✔✔Data is tabulated according to multiple characteristics.
, ✔✔Average - ✔✔Sum of a set of numbers, divided by the amount of numbers in that
set.
✔✔Median - ✔✔The number in the middle, in a set of data that has been arranged in an
order of magnitude.
✔✔Coding - ✔✔Process of combining the data into meaningful categories and then
marking the categories with a code label so they can be easily compared and analyzed.
✔✔Theme - ✔✔Topics that organize groups of repeating ideas into larger groups, tied
together by a related idea.
✔✔Correlation - ✔✔A statistical relationship between two variables.
✔✔Causation - ✔✔A predictive relationship between two variables, where one causes
another.
✔✔Comparison Charts - ✔✔Charts used to compare relationships between distinct
points of data and to demonstrate patterns.
✔✔Contribution Charts - ✔✔Charts that demonstrate whole-to-part analysis
✔✔Distribution Charts - ✔✔Charts used to provide a perspective on data with all data
points displayed across a set scale.
✔✔Trending Charts - ✔✔Types of chart that reveal patterns of change.
✔✔Infographic - ✔✔Presentation of data using visual cues to convey information more
clearly and readily than is possible using facts alone.
✔✔Development
Growth
Maturity
Decline - ✔✔Levitt's Four Phases of Life Expectancy of Products and Services include
✔✔Growth - ✔✔The phase of Levitt's Four Phases of Life Expectancy that features
rapid growth and many opportunities.
✔✔First - ✔✔Defining the problem and narrowing the research objective is the
___________ step in performing research.
✔✔20-50 - ✔✔Ideally, a firm will have 2-3 core specialties comprising ____________%
of sales
ANSWERS SET A+
✔✔Confidence Interval - ✔✔Statistical term that defines a range of values within which
the population parameter of interest is likely to be included. (In other words, if the
experiment were repeated multiple times, the results would match the results from the
population x% of the time.)
✔✔Z Value - ✔✔Value on a normal bell curve associated with a confidence interval. (A
statistical measure that compares the test results to a normal population)
✔✔Variance - ✔✔A measure of the distance between a certain number and the mean.
✔✔Client Satisfaction Survey - ✔✔Research tool that gauges client perceptions of your
firm's capabilities, staff, level of service, and success at meeting expectations.
✔✔Perception Survey - ✔✔Research tool that focuses on the perception of the firm by
clients, potential clients, and/or the larger community.
✔✔Market Intelligence Survey - ✔✔Survey conducted with clients, potential clients,
and/or industry thought leaders to solicit their opinions on current issues and future
trends within a particular market segment or geographic area.
✔✔Benchmarking - ✔✔A measurement activity that compares one aspect of a thing to
the same aspect in a different thing.
✔✔Benchmarking Survey - ✔✔Survey tool to create basis for comparison (most often
used to compare one firm to another)
✔✔Internal Survey - ✔✔Survey that focuses on perceptions of those within the
company.
,✔✔Focus Group - ✔✔In-person gatherings convened to gauge the participants'
opinions on a specific topic.
✔✔Closed Question - ✔✔Form of question that limits possible answers by providing a
list that the respondent must choose from.
✔✔Bias - ✔✔Prejudice shown towards or against something based on subjective
perceptions of experiences or opinions.
✔✔Disruptive Innovation - ✔✔Innovation that helps to create a new market or value
network, which eventually - and sometimes rapidly - upsets and existing market or
product/service line.
✔✔Wild Card - ✔✔Low-probability, high-impact events that are so momentous and
occur so quickly that individuals, firms and society are not able to respond effectively.
✔✔Impact Index - ✔✔Index that serves as the final measuring tool to determine which
scenarios the firm will develop further and which will be shelved or abandoned.
✔✔Iterative Rolling Forecast - ✔✔Style of forecasting that is continually updated so the
budget can take into account changes in the environment and allows for a more flexible
response.
✔✔Marketing Information System - ✔✔System that uses information from a firm's
database to produce standardized reports on a regular basis.
✔✔Decision Support System - ✔✔Software that enables managers to access database
information dynamically to produce customized reports on an as-needed basis.
✔✔Data System - ✔✔Part of the Decision Support System that includes all hardware
and software required to coordinate and store internal and external data.
✔✔Model System - ✔✔Data modelling software within the Decision Support System
that allows users to manipulate and visualize information extracted from the database.
✔✔Data Triangulation - ✔✔Verifying a piece of data by comparing and contrasting
multiple sources to ensure accuracy.
✔✔Tabulation - ✔✔Process of arranging data in a table using some sort of classification
✔✔Double Tabulation - ✔✔Data is tabulated according to two characteristics at a time
✔✔Cross Tabulation - ✔✔Data is tabulated according to multiple characteristics.
, ✔✔Average - ✔✔Sum of a set of numbers, divided by the amount of numbers in that
set.
✔✔Median - ✔✔The number in the middle, in a set of data that has been arranged in an
order of magnitude.
✔✔Coding - ✔✔Process of combining the data into meaningful categories and then
marking the categories with a code label so they can be easily compared and analyzed.
✔✔Theme - ✔✔Topics that organize groups of repeating ideas into larger groups, tied
together by a related idea.
✔✔Correlation - ✔✔A statistical relationship between two variables.
✔✔Causation - ✔✔A predictive relationship between two variables, where one causes
another.
✔✔Comparison Charts - ✔✔Charts used to compare relationships between distinct
points of data and to demonstrate patterns.
✔✔Contribution Charts - ✔✔Charts that demonstrate whole-to-part analysis
✔✔Distribution Charts - ✔✔Charts used to provide a perspective on data with all data
points displayed across a set scale.
✔✔Trending Charts - ✔✔Types of chart that reveal patterns of change.
✔✔Infographic - ✔✔Presentation of data using visual cues to convey information more
clearly and readily than is possible using facts alone.
✔✔Development
Growth
Maturity
Decline - ✔✔Levitt's Four Phases of Life Expectancy of Products and Services include
✔✔Growth - ✔✔The phase of Levitt's Four Phases of Life Expectancy that features
rapid growth and many opportunities.
✔✔First - ✔✔Defining the problem and narrowing the research objective is the
___________ step in performing research.
✔✔20-50 - ✔✔Ideally, a firm will have 2-3 core specialties comprising ____________%
of sales
