Question 1

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

Accepted Answer

The concept of delivering superior value to targeted market segments and customer firms is the key goal of customer value management. Customer value management focuses on creating and delivering value to customers in a way that leads to long-term profitable customer relationships. Options A, C, and D do not specifically relate to this goal.

Question 2

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

Accepted Answer

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

Question 3

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.

Accepted Answer

The technique described in the question is known as a benchmarking study. Participants are given a description of a market offering that serves as a benchmark, and they are then asked how much they would be willing to pay for additional features or attributes. This allows a company to determine the value of enhancements to their products or services relative to the existing market standard.

Question 4

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.

Accepted Answer

The description of the method matches with the focus group value assessment method, where knowledgeable individuals from customer firms or industry consultants/pundits share their perceptions and reactions towards a market offering. This approach generates qualitative data and estimates of value.

Question 5

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.

Accepted Answer

The description provided fits the definition of internal engineering assessment, as it involves conducting laboratory tests to estimate the value of a product, and requires knowledge of the customer's usage system. Field value-in-use assessment involves observing the product being used in the field by customers, indirect survey questions involve asking customers about their perceptions of the product's value, and focus group value assessment involves gathering a group of customers to discuss and evaluate the product.

Question 6

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.

Accepted Answer

The field value-in-use assessment involves suppliers or their consultants conducting interviews and gathering data at customer firms to provide a comprehensive listing of benefits and costs associated with their market offering compared to other alternatives. Internal engineering assessment is focused on analyzing the technical aspects of the offering, while indirect survey questions and focus group value assessments are not as comprehensive as the field value-in-use assessment.

Question 7

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

Accepted Answer

The validity of a segmentation scheme is typically judged based on whether it is measurable, actionable, and profitable. "Applicable" is not a standard criterion used in this context.

Question 8

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

Accepted Answer

"Equitable return on the value delivered" is a concept related to customer value management, which is about creating and delivering value to customers and capturing value in return. Importance ratings may be a part of customer value management, but they do not specifically address the idea of equitable return. Value assessment methods and competitor intelligence systems may be related to customer value management, but they do not directly relate to the goal of achieving equitable return on value.

Question 9

The substantive facets of market sensing do NOT include _______.

Accepted Answer

Knowledge gathering is a broad concept that encompasses various activities related to understanding and acquiring information in general, not specifically tailored to the nuanced and strategic process of market sensing, which focuses on understanding market dynamics, customer needs, and competitive positioning.

Question 10

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

Accepted Answer

A competitor intelligence system is an organized approach for gathering and analyzing competitor data to guide decisions. Option A and D are not specific to competitor analysis, and option C refers to forecasting sales potential rather than analyzing competitors.

Question 11

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

Accepted Answer

When a brand exceeds customer requirements and preferences, it goes beyond meeting their expectations and creates an emotional connection that fosters customer delight. This leads to higher customer satisfaction, loyalty, and positive word-of-mouth marketing. Choice A is partially correct but does not capture the emotional aspect of exceeding expectations. Choice C is incorrect as exceeding customer expectations would not result in disinterest. Choice D is not relevant to the question.

Question 12

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.

Accepted Answer

The question is asking for a way to express how to assess differences in functionality and performance between offerings and convert those differences into monetary worth. Value word equations are a possible method to achieve this. They use simple mathematical operators to quantify the relative value of features or attributes and their impact on price or cost. Points of parity are similarities between products or brands, points of difference are distinguishing features, and points of contentions are areas of disagreement or conflict. While these concepts may be relevant to the overall analysis, they do not provide a direct answer to the specific question asked.

Question 13

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

Accepted Answer

Points of difference are value elements where there are apparent differences between one product offering and the next-best-alternative. This term is often used in marketing to emphasize unique features or advantages of a particular product or brand. Points of parity, on the other hand, refer to similarities or baseline expectations that consumers have for a particular product category. Value word equations and points of contention are not commonly used terms in this context.

Question 14

The measure of customer ______ is share of purchases in the category.

Accepted Answer

Customer loyalty refers to the degree to which a customer consistently purchases from one brand or company. Share of purchases in a category is a key measure of customer loyalty, as it shows how much of a customer's spending within a certain product category is directed towards a specific brand or company. Options B and C are not relevant to this definition, and option D refers to a different type of analysis altogether.

Question 15

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

Accepted Answer

Market sensing is not a component of Porter's framework for competitor analysis, which typically includes future goals, current strategy, capabilities, and assumptions.

Question 16

The value assessment method,_____,enables a supplier firm to fill critical gaps in its knowledge of the customer firm's usage system as it relates to the supplier's market offering.Note that a critical assumption of this method is that the customer has an accurate perception of the effects of the studied changes upon its usage system.

Accepted Answer

The answer of The value assessment method,_____,enables a supplier firm...

Question 17

_______ 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.

Accepted Answer

Customer value models are specifically designed to estimate the worth of a market offering to targeted customers concerning the next-best alternative. Such models are based on data that provide insights into customer preferences, behaviors and the value placed on different product features. By capturing customer needs and preferences, businesses can then create an offering that best satisfies these needs, leading to customer satisfaction and loyalty while driving sales and profits. Thus, choice A is the most appropriate option.

Question 18

When comparing one product offering to the next-best-alternative,value elements where there are no apparent differences between the two offerings are termed _______.

Accepted Answer

Points of parity refer to the value elements that are similar between two products, making them comparable to each other. These are important to identify as they help consumers make decisions between different offerings. Points of difference, on the other hand, refer to the unique characteristics of a product that set it apart from its competitors. Value word equations and points of contention are not commonly used terms in marketing.

Question 19

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.

Accepted Answer

Points of contentions are value elements that customers disagree with the supplier's team evaluations. These value elements may become a source of disagreement between the supplier and the customer, and it is important for the supplier to identify and address them in order to ensure customer satisfaction.

Question 20

_______ 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.

Accepted Answer

Value assessment is the process of determining the monetary worth of a present or proposed market offering or its elements. Benchmarking is the process of comparing one's processes or products to that of the competitors. Monitoring competition involves keeping a watch on the strategies and actions of the competitors to gain an edge in the market. Sales forecasting is the process of predicting future sales of a product or service.

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