Exam 2: Market Sensing: Generating and Using Knowledge About the Market

Get an equitable return on the value delivered is a goal of _______.

In a field research survey,participants are given a description of a market offering,typically the present industry standard,that serves as a(n)benchmark offering.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.

With the value assessment method _______ supplier personnel (or their consultants)conduct interviews and often gather data at customer firm(s)to provide a comprehensive listing of benefit and cost elements associated with usage of the supplier's market offering compared with the incumbent or next-best-alternative offering.

To gain a more detailed understanding of how customer requirements and preferences vary,business market managers use more progressive bases of segmentation,such as application,customer capabilities and business priorities,usage situation,and customer profitability.

When comparing one product offering to the next-best-alternative,value elements where there are apparent differences are termed _______.

The Net Promoter Score (NPS)is derived from the answers to a willingness-to-recommend question.

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.

To deliver superior value to targeted market segments and customer firms is a goal of _________________________.

_______ is the work process of obtaining an estimate of the worth in monetary terms of some present or proposed market offering or elements of it.

A _______ is an organized approach for seeking,gathering,analyzing,and interpreting competitor data,and for disseminating the resulting information to guide decisions.

_______ is NOT a criterion for judging the validity of a segmentation scheme.

_____ is NOT a diagnostic component of Porter's framework for competitor analysis.

Customer feedback provides the supplier with a chance to remedy problems that occur and to retain a customer's business.It does NOT give the supplier an early warning of changing customer requirements and preferences.

_______ are data-driven estimates of what a present or prospective market offering is worth in monetary terms to targeted customers relative to the next-best alternative offering for those customers.

The value assessment method,_______,involves scientists or engineers within the supplier's own firm conducting laboratory tests on a product to provide an estimate of its value.Application of this method depends on detailed knowledge of the customer's usage system.

The value assessment method _______ is a qualitative approach to gaining a better understanding of the perceptions and reactions of participants.In doing so,the research analyst also generates estimates of value.The participants typically are knowledgeable individuals within customer firms that are targets for the studied market offering,although a supplier firm also may be interested in the reactions of industry consultants or pundits.

_______ is the process of generating knowledge about the market that individuals in the business use to inform and guide their decision making.

To exceed rather than simply meet customer requirements and preferences is to create customer_______.

A _______ express in words and simple mathematical operators (e.g.,+,÷)precisely how to assess the differences in functionality and performance between the studied offerings for a value element and how those differences are converted into worth in monetary terms.

Value assessment is the work process of obtaining the exact worth in qualitative benefits of some past market offering.