Question 1

Which of the following is a part of the second stage of reverse innovation?

Accepted Answer

A) probing for new insights 
B) verifying the size of the opportunities 
C) determining new product benefits that address unmet customer needs 
D) building a value proposition around the competitive advantages of the product 
E) "inventing to order" with continuous customer involvement and feedback 
A) probing for new insights 
B) verifying the size of the opportunities 
C) determining new product benefits that address unmet customer needs 
D) building a value proposition around the competitive advantages of the product 
E) "inventing to order" with continuous customer involvement and feedback C

Question 2

The relative performance metric can be created by ________.

Accepted Answer

A) dividing the performance rating of a product by the average performance rating of all products in the market 
B) dividing the overall rating of a product's performance by the rating of the top-performing brand 
C) dividing the overall rating of a product's performance by its price 
D) dividing the overall rating of a product's performance by the average price for products in that product category 
E) dividing the overall rating of a product's performance by the cost of manufacturing the product 
A) dividing the performance rating of a product by the average performance rating of all products in the market 
B) dividing the overall rating of a product's performance by the rating of the top-performing brand 
C) dividing the overall rating of a product's performance by its price 
D) dividing the overall rating of a product's performance by the average price for products in that product category 
E) dividing the overall rating of a product's performance by the cost of manufacturing the product A

Question 3

Crowdsourcing differs from mass collaboration in that crowdsourcing initiatives ________.

Accepted Answer

A) use collaborative web sites and wikis 
B) yield results very slowly 
C) facilitate an information-sharing environment 
D) have a specific purpose or problem to solve 
E) are open-source projects 
A) use collaborative web sites and wikis 
B) yield results very slowly 
C) facilitate an information-sharing environment 
D) have a specific purpose or problem to solve 
E) are open-source projects D

Question 4

Calculate the perceived customer value if the relative performance of the product is 100 and its relative cost of purchase is 75.

Accepted Answer

A) 25 
B) 75 
C) 100 
D) 125 
E) 175 
A) 25 
B) 75 
C) 100 
D) 125 
E) 175

Question 5

Maher and Russell Inc.is a firm that manufactures home alarm systems Maher and Russell Inc.has an overall perceived performance score of 85.This indicates that Maher and Russell home alarm systems ________.

Accepted Answer

A) have a relative advantage of 85% due to the brand reputation 
B) have a relative market share of 15% 
C) have a relative cost of purchase index of 85 
D) are 15 percent behind the competition 
E) are 85% above the average relative performance 
A) have a relative advantage of 85% due to the brand reputation 
B) have a relative market share of 15% 
C) have a relative cost of purchase index of 85 
D) are 15 percent behind the competition 
E) are 85% above the average relative performance

Question 6

The purchase price of commercial food grinders has a relative importance of 30.Your food grinder has a purchase price rating of 6,and three of your competitors have a rating of 4,3,and 5.What is your relative advantage with regards to the purchase price of your product?

Accepted Answer

A) 30 
B) 180 
C) 20 
D) 60 
E) 6 
A) 30 
B) 180 
C) 20 
D) 60 
E) 6

Question 7

A recent Consumer Reports study analyzed flat-screen TVs and found that the average performance rating for all TVs tested was 80 with an average price of $340.Clarence flat-screen TV has a perceived customer value of 30,and relative performance of 112.What is the relative cost of purchase for a Clarence flat-screen TV?

Accepted Answer

A) 11.34 
B) 340 
C) 33.6 
D) 82 
E) 120 
A) 11.34 
B) 340 
C) 33.6 
D) 82 
E) 120

Question 8

The main difference between crowdsourcing and mass collaboration is the level of multidirectional interaction.

Accepted Answer

A) True 
 B)False

Question 9

Your consumer printer has the following relative advantages for the four purchase components of the product.What is your relative cost of purchase index?

Accepted Answer

A) 6.5 
B) 126 
C) 74 
D) 13.5 
E) 54 
A) 6.5 
B) 126 
C) 74 
D) 13.5 
E) 54

Question 10

Perceived customer value is determined by ________.

Accepted Answer

A) subtracting relative cost of purchase from relative performance 
B) adding performance to enhancement value 
C) dividing product performance by average performance 
D) dividing product performance by the number of customers 
E) comparing the price-performance matrix entries 
A) subtracting relative cost of purchase from relative performance 
B) adding performance to enhancement value 
C) dividing product performance by average performance 
D) dividing product performance by the number of customers 
E) comparing the price-performance matrix entries

Question 11

Which of the following is a form of the emphatic design?

Accepted Answer

A) creating a database of customers' demographic details 
B) filming customer product use 
C) conducting an online survey of customers' preferences 
D) using social media to interact with customers 
E) creating a database of customers' buying habits 
A) creating a database of customers' demographic details 
B) filming customer product use 
C) conducting an online survey of customers' preferences 
D) using social media to interact with customers 
E) creating a database of customers' buying habits

Question 12

A recent Consumer Reports study analyzed toasters and found that the average performance rating for all toasters tested was 70 with an average price of $33.Coffers is a brand of toaster that sells for $32 and received an overall performance rating of 84.What is Coffers's relative performance against other toasters tested?

Accepted Answer

A) 4 
B) 38 
C) 83.5 
D) 98.5 
E) 120 
A) 4 
B) 38 
C) 83.5 
D) 98.5 
E) 120

Question 13

Customers can create a set of preference curve,by examining how customers make trade-offs when choosing among various combinations of price and benefits,using ________.

Accepted Answer

A) conjoint analysis 
B) regression analysis 
C) an empathic design 
D) a focus group 
E) the relative performance index 
A) conjoint analysis 
B) regression analysis 
C) an empathic design 
D) a focus group 
E) the relative performance index

Question 14

A product that will eliminate or significantly reduce the usage costs that customers presently
incur offers a substantial economic value.

Accepted Answer

A) True 
 B)False

Question 15

If a company's product has an overall perceived performance score of 125,it means that ________.

Accepted Answer

A) the product has a product performance advantage of 125% 
B) the company is showing a 25% increase in sales in the annual report 
C) the relative cost of purchase index for the product is equal to 125 
D) the business is 25 percent ahead of its competition 
E) the company is showing a 25% increase in profits in the annual report 
A) the product has a product performance advantage of 125% 
B) the company is showing a 25% increase in sales in the annual report 
C) the relative cost of purchase index for the product is equal to 125 
D) the business is 25 percent ahead of its competition 
E) the company is showing a 25% increase in profits in the annual report

Question 16

Companies seeking discontinuous innovations need more than incremental product improvements that come from lead user analysis.

Accepted Answer

A) True 
 B)False

Question 17

MINI-CASE
The table given below shows four aspects of product performance that customers seek in commercial scanners.The product performance ratings are shown for PrintWorth Inc. ,an American firm that manufactures commercial scanners,and three of its competitors.
  
-Mini-Case Question.What is the overall relative advantage score of PrintWorth Inc.for image quality?

Accepted Answer

A) 0 
B) -40 
C) 26.66 
D) 13.34 
E) 6 
A) 0 
B) -40 
C) 26.66 
D) 13.34 
E) 6

Question 18

Studying the experience of lead users provides insights for improving a product by adding new features or modifying it in other ways.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is a potential problem that a customer can face at the order entry stage of the customer order cycle?

Accepted Answer

A) The order is in process but the customer is not aware of order status. 
B) The product is delivered late or damaged. 
C) The wrong product is delivered. 
D) The order is priced incorrectly. 
E) The product's user manual is inadequate. 
A) The order is in process but the customer is not aware of order status. 
B) The product is delivered late or damaged. 
C) The wrong product is delivered. 
D) The order is priced incorrectly. 
E) The product's user manual is inadequate.

Question 20

During the ________ stage of reverse innovation,a firm must communicate and deliver a value proposition that is built around the unique customer benefits of the product.

Accepted Answer

A) developing 
B) listening 
C) choosing 
D) launching 
E) identifying 
A) developing 
B) listening 
C) choosing 
D) launching 
E) identifying

Which of the following is a part of the second stage of reverse innovation?

The relative performance metric can be created by ________.

Crowdsourcing differs from mass collaboration in that crowdsourcing initiatives ________.

Calculate the perceived customer value if the relative performance of the product is 100 and its relative cost of purchase is 75.

Maher and Russell Inc.is a firm that manufactures home alarm systems Maher and Russell Inc.has an overall perceived performance score of 85.This indicates that Maher and Russell home alarm systems ________.

The purchase price of commercial food grinders has a relative importance of 30.Your food grinder has a purchase price rating of 6,and three of your competitors have a rating of 4,3,and 5.What is your relative advantage with regards to the purchase price of your product?

The main difference between crowdsourcing and mass collaboration is the level of multidirectional interaction.

Your consumer printer has the following relative advantages for the four purchase components of the product.What is your relative cost of purchase index?

Perceived customer value is determined by ________.

Which of the following is a form of the emphatic design?

Customers can create a set of preference curve,by examining how customers make trade-offs when choosing among various combinations of price and benefits,using ________.

A product that will eliminate or significantly reduce the usage costs that customers presently incur offers a substantial economic value.

If a company's product has an overall perceived performance score of 125,it means that ________.

Companies seeking discontinuous innovations need more than incremental product improvements that come from lead user analysis.

Studying the experience of lead users provides insights for improving a product by adding new features or modifying it in other ways.

Which of the following is a potential problem that a customer can face at the order entry stage of the customer order cycle?

During the ________ stage of reverse innovation,a firm must communicate and deliver a value proposition that is built around the unique customer benefits of the product.

Customer Focus, customer Performance, and Profit Impact

Marketing Metrics and Marketing Profitability

Market Potential, market Demand, and Market Share

Market Segmentation and Segmentation Strategies

Competitive Position and Sources of Advantage

Product Positioning, branding, and Product Line Strategies

Value-Based Pricing and Pricing Strategies

Marketing Channels and Channel Mapping

Marketing Communications, social Media, and Customer Response

Portfolio Analysis and Strategic Market Planning

Offensive Strategies

Defensive Strategies

Building a Marketing Plan

Marketing Metrics,performance,and Strategy Implementation

Market-Based Management and Financial Performance

Filters

Exam 4: The Customer Experience and Value Creation

Which of the following is a part of the second stage of reverse innovation?

The relative performance metric can be created by ________.

Crowdsourcing differs from mass collaboration in that crowdsourcing initiatives ________.

Calculate the perceived customer value if the relative performance of the product is 100 and its relative cost of purchase is 75.

Maher and Russell Inc.is a firm that manufactures home alarm systems Maher and Russell Inc.has an overall perceived performance score of 85.This indicates that Maher and Russell home alarm systems ________.

The purchase price of commercial food grinders has a relative importance of 30.Your food grinder has a purchase price rating of 6,and three of your competitors have a rating of 4,3,and 5.What is your relative advantage with regards to the purchase price of your product?

The main difference between crowdsourcing and mass collaboration is the level of multidirectional interaction.

Your consumer printer has the following relative advantages for the four purchase components of the product.What is your relative cost of purchase index?

Perceived customer value is determined by ________.

Which of the following is a form of the emphatic design?

Customers can create a set of preference curve,by examining how customers make trade-offs when choosing among various combinations of price and benefits,using ________.

A product that will eliminate or significantly reduce the usage costs that customers presently incur offers a substantial economic value.

If a company's product has an overall perceived performance score of 125,it means that ________.

Companies seeking discontinuous innovations need more than incremental product improvements that come from lead user analysis.

Studying the experience of lead users provides insights for improving a product by adding new features or modifying it in other ways.

Which of the following is a potential problem that a customer can face at the order entry stage of the customer order cycle?

During the ________ stage of reverse innovation,a firm must communicate and deliver a value proposition that is built around the unique customer benefits of the product.

Customer Focus, customer Performance, and Profit Impact

Marketing Metrics and Marketing Profitability

Market Potential, market Demand, and Market Share

Market Segmentation and Segmentation Strategies

Competitive Position and Sources of Advantage

Product Positioning, branding, and Product Line Strategies

Value-Based Pricing and Pricing Strategies

Marketing Channels and Channel Mapping

Marketing Communications, social Media, and Customer Response

Portfolio Analysis and Strategic Market Planning

Offensive Strategies

Defensive Strategies

Building a Marketing Plan

Marketing Metrics,performance,and Strategy Implementation

Market-Based Management and Financial Performance

Filters