MKTG 6822 Midterm EXAM WITH CORRECT ANSWERS

MKTG 6822 Midterm EXAM WITH \| \| \| \| \|




CORRECT ANSWERS \|




What we do for the
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market?


Perspective of market \| \|




Put customer first
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Relentless deliver of \| \|




value to customers - CORRECT ANSWERS ✔✔outside in approach
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What can the market
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do for us?
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Sell solutions of
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products and services - CORRECT ANSWERS ✔✔Inside out
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approach


Outside In - \| \| \|




All decisions start with the market and opportunities for
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advantage.
Profits are gained through a superior value.
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,Customer knowledge is valuable \| \| \|




Know more than competition
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No sacred cows
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Customers buy the expectation on benefits \| \| \| \| \|




Superior quality is defined by customer
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Best ideas come from customers
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Customer loyalty is key \| \| \|




Inside out- \|




Sell to whoever will buy.
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Profits are gained through cost cutting.
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Customer data are a control mechanism. \| \| \| \| \|




If competitors do it, it must be good.
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Protect cash flow stream. \| \| \|




Customers buy performance features. \| \| \|




Quality is conformance to internal standards.
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Customers dont know what they want. \| \| \| \| \|




Expand customer base no matter what. - CORRECT ANSWERS
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✔✔Mental Models and Strategic approaches \| \| \| \|




Invest in market intelligence from customers. Sense and act on
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market insight across the organization. Find PATTERNS and
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identify OPPORTUNITIES. Data is NOT knowledge or insight.
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, Inspire organization. Develop or improve strategies. - CORRECT
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ANSWERS ✔✔Market Insight \| \|




1. Be a customer value leader.
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2. Innovate new value for customers.
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3. Capitalize on the customer as an asset.
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4. Capitalize on the brand as an asset. - CORRECT ANSWERS
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✔✔Customer Value imperatives \| \|




Trade-off between the benefits that customers perceive they are
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receiving from a product/service and the perceived cost of
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obtaining these benefits. \| \|




Customer Value = (1 perceived risk) x
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(perceived benefits perceived life cycle costs) - CORRECT
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ANSWERS ✔✔Customer Value \| \|




Imperative 1: \|




Be a customer value leader.
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Imperative 2: \|




Innovate new value for customers.
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Imperative 3: \|