MNGT 4800 EXAM 1 Questions And Answers 100% Accurate Graded A+.

value creation definition - correct answer the justification of a company to provide a unique set of solutions (products or services) to a defined group of customer segment(s) Purpose of value creation - correct answer -gives an intended message to customer that the firm wants to make a connection with them -main purpose for you to exist -strategy is to identify why these customers you've targeted are willing to switch providers to take a leap of fait to try, rent, buy, or use your solutions -the key is to understand what the benefit of this product or service equates to in its value to me, the customer -allows all interested parties (inside and outside the firm) to understand that your value is only attributed to you and how you achieve this connection to the customer segments importance of connectivity - correct answer -should spell out objectives, goals, steps to achieve this connection -signals to the customer via the price point that your value desire will be met by the firm's solution -makes shopping for solutions much easier for the customer and provides feedback to the firm VALUE - correct answer can mean different things to different people regarding the same product or services (ex. cars, selection of schools, houses, etc.) -ex: starbucks vs. gas station coffee -key is to understand how my benefit through the product/service satisfies your value PRICE POINTS - correct answer CAN BE A DIRECT SIGNAL THAT THE VALUE NEED CAN BE MET Every strategic plan should address: - correct answer 1. Unique 2. Discernable 3.Sustainable 4. Competitive Unique - correct answer what we offer must be different from any other offering, or why is it necessary/needed? Discernable - correct answer whatever we provide in terms of this uniqueness must be understood by the targeted customer. If the firm knows it can do X, but the customer doesn't know, understand, or experience this, value will be lost Sustainable - correct answer Our advantage must be long term and defensible vs. counter products by our customers Competitive - correct answer the product/service must reside in a competitive space that allows customers to find it, trial it, and buy it. There must be an ELEMENT OF CONTEXT that allows the consumer to understand the what, how, why, what of the purchasing decision. Answer the question why is this solution better than what is already there Strategic plan must answer - correct answer 1. Who are you? 2. Where are you today? 3. Where do you want to go (near & long term)? 4. Why do you want to go there? 5. When should you make a move (concept of timing)? 6. who will help you get where you want to go (channels, vendors, partners)? 7. Who will you compete with in your journey to get to your new place and once you get there? 8. How will you measure your success in your plan? 9. How can you stay and defend your new destination? the answers to those questions: - correct answer -will define and drive all the firm's activities, positions, maneuvers, and job functions -your reason to exist as a provider of solutions will be in these answers and will create a bond with customers that will be difficult to break by competitors definition of plan - correct answer will provide the details of the journey; maximize key decision making purpose of the plan - correct answer to give guidance, tools, information & resources to maximize key decision-making on critical issues Who should take the lead within the organization to do planning? - correct answer -CEO/Key staff will take lead -all job positions must be tied to this plan and every job has to be coordinated and connected with essential activities -creation of cooperative functional groups (accounting, marketing, etc.) is a key foundational aspect of the plan; gives each group the ability, the means and authority to work cross functionally to build momentum and success What are the benefits of strategic planning to the firm? - correct answer -to create a long-term, proprietary (unique to you) story that can be easily understood, articulated and actioned by the firm's employees and associated partners -to determine who is needed, for how long, at what costs, where and what is required to perform the various tasks that make up a successful strategic plan -allows you to move purposefully and smoothly in pursuit of your goals -provides a competitive edge -maximizes revenues, profits, and earns customer loyalty -assigns responsibility, authority, and accountability to each job position in the organization, and each job and its activities are focused on the tasks at hand to achieve your objectives