MKTG 6822 FINAL EXAM WITH \| \| \| \| \|
CORRECT ANSWERS \|
Two unique approaches to marketing strategy - CORRECT
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ANSWERS ✔✔outside in and inside out \| \| \| \| \|
Inside out approach - CORRECT ANSWERS ✔✔look inside
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company at issues that are important to the company. Sells
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solutions of products and services \| \| \| \|
Outside In Approach - CORRECT ANSWERS ✔✔Brands should be
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the result of the needs of the target market, not the result of
\| \| \| \| \| \| \| \| \| \| \| \| \|
what the company decides it wants to market
\| \| \| \| \| \| \|
Why is outside in important - CORRECT ANSWERS ✔✔Puts
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customers first and relentless delivery of value to customers
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Four Customer Value Imperatives - CORRECT ANSWERS ✔✔Be a
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customer value leader. \| \|
Innovate new value for customers. \| \| \| \|
Capitalize on the customer as an asset. \| \| \| \| \| \|
Capitalize on the brand as an asset. \| \| \| \| \| \|
Customer Value - CORRECT ANSWERS ✔✔Trade-off between the
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benefits that \|
, customers perceive they are receiving \| \| \| \|
from a product/service and the
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perceived cost of obtaining these \| \| \| \|
benefits.
Value Positioning - CORRECT ANSWERS ✔✔the unique value that
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a product or service provides to its customers and how it is
\| \| \| \| \| \| \| \| \| \| \| \|
better than and different from those of competitors
\| \| \| \| \| \| \|
Price Value - CORRECT ANSWERS ✔✔What the consumer
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receives for the money (not always lowest price)
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Performance Value - CORRECT ANSWERS ✔✔Customers look for \| \| \| \| \| \| \| \|
the latest features, functionality and quality
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Relational value - CORRECT ANSWERS ✔✔Premium on total
\| \| \| \| \| \| \| \|
solutions that meet needs \| \| \|
beyond product attributes, including service,
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financing, technical assistance, etc. \| \| \|
Value Creating - CORRECT ANSWERS ✔✔All the activities that
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the firm links together to create and deliver customer value,
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including basic inputs to create products/services through the
\| \| \| \| \| \| \| \|
channels to sell, service and distribute the offering.
\| \| \| \| \| \| \|
Value Capturing - CORRECT ANSWERS ✔✔The ways that a
\| \| \| \| \| \| \| \| \|
business creates profit from transactions\| \| \| \|
CORRECT ANSWERS \|
Two unique approaches to marketing strategy - CORRECT
\| \| \| \| \| \| \| \|
ANSWERS ✔✔outside in and inside out \| \| \| \| \|
Inside out approach - CORRECT ANSWERS ✔✔look inside
\| \| \| \| \| \| \| \|
company at issues that are important to the company. Sells
\| \| \| \| \| \| \| \| \| \|
solutions of products and services \| \| \| \|
Outside In Approach - CORRECT ANSWERS ✔✔Brands should be
\| \| \| \| \| \| \| \| \|
the result of the needs of the target market, not the result of
\| \| \| \| \| \| \| \| \| \| \| \| \|
what the company decides it wants to market
\| \| \| \| \| \| \|
Why is outside in important - CORRECT ANSWERS ✔✔Puts
\| \| \| \| \| \| \| \| \|
customers first and relentless delivery of value to customers
\| \| \| \| \| \| \| \|
Four Customer Value Imperatives - CORRECT ANSWERS ✔✔Be a
\| \| \| \| \| \| \| \| \|
customer value leader. \| \|
Innovate new value for customers. \| \| \| \|
Capitalize on the customer as an asset. \| \| \| \| \| \|
Capitalize on the brand as an asset. \| \| \| \| \| \|
Customer Value - CORRECT ANSWERS ✔✔Trade-off between the
\| \| \| \| \| \| \| \|
benefits that \|
, customers perceive they are receiving \| \| \| \|
from a product/service and the
\| \| \| \|
perceived cost of obtaining these \| \| \| \|
benefits.
Value Positioning - CORRECT ANSWERS ✔✔the unique value that
\| \| \| \| \| \| \| \| \|
a product or service provides to its customers and how it is
\| \| \| \| \| \| \| \| \| \| \| \|
better than and different from those of competitors
\| \| \| \| \| \| \|
Price Value - CORRECT ANSWERS ✔✔What the consumer
\| \| \| \| \| \| \| \|
receives for the money (not always lowest price)
\| \| \| \| \| \| \|
Performance Value - CORRECT ANSWERS ✔✔Customers look for \| \| \| \| \| \| \| \|
the latest features, functionality and quality
\| \| \| \| \|
Relational value - CORRECT ANSWERS ✔✔Premium on total
\| \| \| \| \| \| \| \|
solutions that meet needs \| \| \|
beyond product attributes, including service,
\| \| \| \|
financing, technical assistance, etc. \| \| \|
Value Creating - CORRECT ANSWERS ✔✔All the activities that
\| \| \| \| \| \| \| \| \|
the firm links together to create and deliver customer value,
\| \| \| \| \| \| \| \| \| \|
including basic inputs to create products/services through the
\| \| \| \| \| \| \| \|
channels to sell, service and distribute the offering.
\| \| \| \| \| \| \|
Value Capturing - CORRECT ANSWERS ✔✔The ways that a
\| \| \| \| \| \| \| \| \|
business creates profit from transactions\| \| \| \|
