Marketing Metrics and Analytics Exam 1 Clemson (with all accurate answers)

Mission correct answers the organization's purpose for being - determines the company's direction and future - provides a template for decision making - everyone in company on the same page - facilitates change - shapes strategy: long term plans for using resources - facilitates evaluation Objective correct answers specific goals to achieve through a strategy - created quarterly or annually Strategy correct answers long term plans for using resources - must coincide with the mission Metric correct answers quantitative measures of objects, progress toward objectives, or intermediate steps needed to achieve objectives they must: - support the mission - be appropriate in the context of organizational values - allow the strategy to be implemented and assessed Values correct answers specify desirable behaviors and actions by the organization and its employees Metric requirements correct answers - help companies make better decisions and assess past performance - supported by senior management and employees - should measure results and processes leading to those results Business environment correct answers all internal and external factors that affect how a company operates or performs Overconfidence effect correct answers a belief that we know more than we do, becomes a problem when we have to make important decisions Competitive parity correct answers keeping up with the competition Competitive advantage correct answers doing something better than the competition latent constructs correct answers an abstract, unobservable property that cannot be measured directly