_______ means performing different activities from rivals’ or performing similar
activities in different ways.
a. Crafting market strategy
b. Operational effectiveness
c. Strategic positioning
d. Strategy
________ is based upon the assumption that resources can be expanded to benefit both
parties. The process entails identifying shared interests and goals and freely exchanging
information.
a. standardization
b. procurement
c. integrative negotiation
d. involvement consulting
________ pays attention to individual accounts, is based on the supplier firm’s mission
and strategic intent, and takes competencies and capabilities into consideration.
a. Customer selection
b. Order selection
c. Target selection
d. Market selection
To be sure that resellers _______, they are turning to techniques popularized by the
quality movement. Central States Industrial Supply devised standard procedures for
performing the firm’s services and a quality management system.
a. train and coach
b. provide superior service
c. innovate
d. enhance brand equity of supplier
The _______ entails all aspects of a customer firm’s encounter with a supplier firm.
Ideally, the TCE should be a positive, seamless, and memorable interaction that
matches the customer firm’s purchasing requirements and preferences.
a. total customer experience (TCE)
b. business channel management
c. fulfillment management
d. value-added management
With _______, the sales representative becomes a long-term, trusted, and value-adding
resource for a customer firm by gaining an in-depth understanding of its operations and
by contributing analytical expertise to resolve pressing problems.
a. adaptive selling
b. transactional selling
c. consultative selling
d. enterprise selling
Among the five essential customer requirements that encompass _______ are the
breadth and depth of products and services in a supplier’s market offering, the
availability of those products and services at supplier warehouses and/or showrooms,
timing and reliability of delivery, installation, and payment terms and conditions.
a. total customer experience (TCE)
b. business channel management
c. immediacy of fulfillment
d. value-added management
An organization with a ________ maintains arm’s-length relationships with vendors and
is primarily focused on reducing the total spending.
a. supply management orientation
b. procurement orientation
c. value orientation
d. buying orientation
Suppliers offer resellers a ________ to encourage them to pay for goods immediately.
a. allowance
b. payment discount
c. quantity or volume discount
d. trade or functional discount
Information & design assistance intranet and asset management are systems of a(n)
_______.
a. brand
b. minimally augmented product
c. core product
d. augmented product
_______ captures the value of a brand and refers to how customers regard a brand
relative to offerings of other competing suppliers (or an offering of an unnamed
supplier), based on those customers’ knowledge from experience with and learning
about the brand.
a. brand equity
b. branding strategy
c. brand hierarchy
d. brand loyalty
Under _______ the firms legally agree to have a third party settle the disagreement and
the decision is final and legally binding.
a. cooperation
b. mediation
c. arbitration
d. coordination
A _______ is an organized approach for seeking, gathering, analyzing, and interpreting
competitor data, and for disseminating the resulting information to guide decisions.
a. competitor analysis system
b. competitor intelligence system
c. sales potential forecast
d. market definition system
_______ is (are) the process of understanding, creating, and delivering value to targeted
business markets and customers.
a. Business market management
b. Business market
c. Business marketing
d. Customer value in business markets
A _______ is the set of tools and processes a firm uses to identify, attract, and retain
customers and to leverage its relationships with customers.
a. customer relationship management (CRM) system
b. customer database
c. market database
d. prospecting plan
To improve the _______ from prospecting, suppliers must gain the commitment and
support of the sales force. To do so, business market managers must create programs
and systems for the sales force that deliver four critical elements: knowledge,
motivation, experience, and sales support
a. qualify
b. yield
c. data mining
d. prospect
_______, on the other hand, are customer initiated business contacts with the supplier
firm.
a. Leads
b. Inquiries
c. Prospects
d. Prospecting
When comparing one product offering to the next-best-alternative the supplier may
invite the customers to participate in the customer value research. The supplier’s team
members relate the list of value elements and which elements they regard as points of
parity and points of difference. _______ are value elements about which the customer
disagrees with the team’s evaluations.
a. points of parity
b. points of difference
c. value word equations
d. points of contentions
The _______ is simply the fundamental, functional performance a generic product
provides that solves a customer’s basic problem.
a. core product
b. minimally augmented product
c. augmented product
d. potential product
Resellers _______ as technology evolves. A reseller may be able to put those new
developments to use for customer firms in the form of new support services.
a. train and coach
b. provide superior service
c. innovate
d. enhance brand equity of supplier
_________ captures the perceived continuity or growth in the relationship between two
firms. It entails a desire to develop a stable relationship, and a willingness to make
short-term sacrifices to maintain the relationship.
a. Law of perpetual change
b. Opportunism
c. Alignment
d. Commitment
According to the text _______ means performing differentactivities from rivals’ or
performing similar activities in different ways.
a. core competencies
b. distinctive capabilities
c. strategic positioning
d. business strategy
A _______ is the supplier firm’s repository for all relevant information about past and
present customers. For each customer, it should contain transaction prices and profits
from past orders, costs to serve, an estimate of the supplier’s share of the customer’s
business, a forecast of potential sales, important customer firm characteristics, the
names of buying team members and their roles in purchase decisions, previous account
call reports, product or service applications, and relevant buying practices, policies, and
patterns. (p. 338; Use of IT)
a. customer relationship management (CRM) system
b. customer database
c. market database
d. prospecting plan
In a field research survey, participants are given a description of a market offering,
typically the present industry standard, that serves as a(n) benchmarkoffering. They
then are asked how much more their firm would be willing to pay for selected additions
(or increases) in attributes or features to this offering.
a. benchmark
b. internal engineering assessment
c. focus group value
d. compositional
The firm’s _______ concerns getting the most out of available resources.
a. technology strategy
b. market strategy
c. learning
d. efficiency
_______ (is)are resource(s) that are complementary building blocks of a
value-generating strategy that provides competitive advantage.
a. Core competencies
b. Capabilities
c. Strategic positioning
d. Strategy
________ is the process of developing new core products or services, augmenting them
to construct market offerings, and bringing them to market.
a. New offering realization
b. Market-oriented development
c. Aggregate project planning
d. Incentive to change
In _______, based upon knowledge of their own costs, supplier managers add some
percentage onto those costs to arrive at the market offering price.
a. cost-plus pricing
b. competition-based pricing
c. value-based pricing
d. skimming pricing
A form of electronic transaction formats that facilitate delivery of added value is the
_______ in which one firm posts an offering and other parties submit bids.
a. community
b. catalog
c. electronic auction
d. exchange
The substantive facets of market sensing do NOT include _______.
a. defining the market
b. monitoring competition
c. knowledge gathering
d. assessing customer value
Supplier firms can reduce the cost-to-serve customers for an entire marketing channel
by maintaining and providing _______ in the form of inventory control, logistics, and
customer service systems for other channel partners.
a. training and coaching
b. sales and marketing programs
c. operational and technical support
d. pricing support
Get an equitable return on the value delivered is a goal of _______.
a. importance ratings
b. customer value management
c. value assessment methods
d. competitor intelligence systems
The _______ goes beyond the augmented product to encompass any imaginable
product change or service, program, or system a supplier might create to add value or
reduce cost in ways that set itself apart from others.
a. brand
b. minimally augmented product
c. core product
d. potential product
After a working relationship with a customer firm is established, business market
managers pursue growth and continuity. Explain these concepts.
Explain customer value management and the two basic goals of customer value
management.
Explain the service recovery system.
Explain the three key capabilities of mass-customization.
What products and/or services might be added to the Precision 2000 to convert it from a
product to a solution?
Discuss the problem of conflict within marketing channels.
When formulating flexible market offerings for each market segment, business market
managers can choose from three strategic alternatives for each service element. Identify
the three strategic alternatives.
Explain positioning and the three main components of the positioning statement.
Briefly explain a business network.
Explain how the sales person may use implication and requirement-payoff questions.
What is the value-in-use price of the Zeus Precision 2000 relative to the GLM 7Z84?
(Note: To simplify your calculations for this exam, please disregard the “time value of
money”.)
Explain the relationship between Jones and Sasser’s ultimate measure of ‘customer
loyalty’ and the ‘supplier’s share of customer’s business’.
Identify and describe the differences among the three value propositions discussed in
the text.
To improve the yield from prospecting, what four critical elements must the manager’s
program include?
Describe the two levels of value management: strategic and tactical.
What are the four guiding principles of business market management?
Identify the five guidelines for business markets that apply to brand-building initiatives
which are discussed in the text.
Explain how to choose what language to use in doing business across borders and
issues with using an interpreter.