Deck 1: Business Market Management Guiding Principles

Question 1

The process that addresses all aspects of identifying customers,creating customer knowledge,building customer relationships and shaping their perceptions of the organization and its products is _______.

A)product development management
B)supply chain development
C)customer relationship management
D)business management

Answer 1

C

Question 2

The process of understanding customer requirements and preferences,anticipating how they will change,and then responsively constructing solutions to fulfill those requirements and preferences in a way that customers are willing to pay for is _______.

A)product development management
B)supply chain development
C)customer relationship management
D)business management

Answer 2

A

Question 3

_______ provide(s)a means of gaining an equitable return on the value delivered and of enhancing a supplier firm's present and future profitability.

A)Business market management
B)Business market
C)Business marketing
D)Customer value in business markets

Answer 3

A

Question 4

_______ is NOT a guiding principle of business market management.

A)Regard value as the cornerstone
B)Focus on business market processes
C)Business channel management
D)Stress doing business across borders

Question 5

_______ (is)are firms,institutions,or governments that acquire goods and services either for their own use,to incorporate into the products or services that they produce,or for resale along with other products and services to other firms,institutions,or governments.

A)Business market management
B)Business markets
C)Business marketing
D)Customer value in business markets

Question 6

A _______ by a team that assesses a market offering's attributes in terms of their functionality or performance,calculates the total costs associated with providing this specific functionality or performance,and attempts to identify lower-cost alternatives.

A)customer incentive to purchase
B)customer value management
C)value analysis
D)concept of value in the business markets

Question 7

_______ is a set of activities that takes one or more kinds of input and creates an output that is of value to the customer.

A)Business market management
B)Business process
C)Shareholder value
D)Customer value in business markets

Question 8

The fundamental value equation is _______.

A)(Price_f - Value_f)> (Price_a-Value_a)
B)(Value_{f -} Price_f)> (Price_a-Value_a)
C)(Value_{f -} Price_f)> (Value_a - Price_a)
D)(Value_{f -} Price_f)< (Price_a-Value_a)

Question 9

The process that incorporates acquisition of all physical and informational inputs,as well as the efficiency and effectiveness with which they are transformed into customer solutions is _______.

A)product development management
B)supply chain development
C)customer relationship management
D)business management

Question 10

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

A)product development management
B)supply chain development
C)customer relationship management
D)market sensing

Question 11

The comprehensive,practical approach for demonstrating and documenting the value of present and prospective market offerings is _______.

A)customer incentive to purchase
B)customer value management
C)estimate of value changes
D)concept of value in the business markets

Question 12

We _______ because of the predominant role that functionality or performance plays in business markets.

A)Regard value as the cornerstone
B)Focus on business market processes
C)Manage business channels
D)Stress doing business across borders

Question 13

The process of learning how companies rely on a network of suppliers to add value to their offerings,integrate purchasing activities with those functional areas and outside firms,and make purchase decisions is _______.

A)understanding firms as customers
B)supply chain development
C)customer relationship management
D)market sensing

Question 14

A business creates _______ when the economic returns generated from realizing its business strategy exceeds the cost of capital employed to realize it.

A)business process
B)customer value
C)marketing value
D)shareholder value

Question 15

The worth in monetary terms of the economic,technical,service,and social benefits a customer firm receives in exchange for the price it pays for a market offering is (a)_______.

A)business market management
B)business market
C)business marketing
D)customer value in business markets

Question 16

The difference between value and price is the_______

A)customer incentive to purchase
B)fundamental value equation
C)estimate of value changes
D)concept of value in the business markets

Question 17

_______ 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

Question 18

The process of studying how to exploit a firm's resources to achieve short-term and long-term marketplace success,deciding upon a course of action,and flexibly updating it as learning occurs during implementation is _______.

A)understanding firms as customers
B)crafting market strategy
C)customer relationship management
D)market sensing

Question 19

We can capture the essence of the concepts in our definition of value in a _______

A)customer value in business markets
B)fundamental value equation
C)estimate of value
D)estimate of value changes

Question 20

Estimates of a set of _______ such as sales growth rate,operating profit margin,working capital investment and cost of capital,are used to calculate the present value of forecasted cash flows and the residual value of the business after the forecast period.

A)value drivers
B)customer value
C)marketing value
D)shareholder value

Question 21

A collaborative relationship between two firms is a kind of strategic alliance,which is simply a commercial agreement between two (or more)parties to work together in some mutually defined ways.

Question 22

Reduction of trade barriers and tariffs makes the playing field for foreign suppliers to compete with domestic suppliers in their home-country markets far more difficult.

Question 23

Gaining new business,sustaining reseller partnerships,and managing customers are business market process for delivering value.

Question 24

The three core business processes essential to customer value creation are product development management,supply chain management,and customer relationship management.

Question 25

Business channel management is the process of putting products that create the greatest value of the targeted market segments.