©THESTAR 2024/2025 ALL RIGHTS RESERVED 11:32AM. A+
MNGT 4800 EXAM 1 Questions With Correct
Answers 100% Verified.
Value creation definition - 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 - 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 - 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
1
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 11:32AM. A+
-makes shopping for solutions much easier for the customer and provides feedback to the firm
VALUE - 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 - Answer✔CAN BE A DIRECT SIGNAL THAT THE VALUE NEED CAN BE MET
Every strategic plan should address: - Answer✔1. Unique
2. Discernable
3.Sustainable
4. Competitive
Unique - Answer✔what we offer must be different from any other offering, or why is it
necessary/needed?
Discernable - 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 - Answer✔Our advantage must be long term and defensible vs. counter products by
our customers
Competitive - 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 - 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?
2
MNGT 4800 EXAM 1 Questions With Correct
Answers 100% Verified.
Value creation definition - 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 - 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 - 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
1
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 11:32AM. A+
-makes shopping for solutions much easier for the customer and provides feedback to the firm
VALUE - 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 - Answer✔CAN BE A DIRECT SIGNAL THAT THE VALUE NEED CAN BE MET
Every strategic plan should address: - Answer✔1. Unique
2. Discernable
3.Sustainable
4. Competitive
Unique - Answer✔what we offer must be different from any other offering, or why is it
necessary/needed?
Discernable - 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 - Answer✔Our advantage must be long term and defensible vs. counter products by
our customers
Competitive - 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 - 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?
2
