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Question
The value of a product can only be assessed relative to the next best alternative product.Answer
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Related questions
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Congratulations! You"ve just been promoted to business market manager at your firm. You would like to adopt the BuyGrid Framework as a more orderly process for acquiring goods. Your boss would like to know more about the framework. Explain the BuyGrid Framework to her.
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Discuss and give two examples of developments in buying.
Q:
Companies that subscribe to the ________ evaluate suppliers largely in terms of realized price, quality and availability.
a. supply management orientation
b. procurement orientation
c. value orientation
d. buying orientation
Q:
The mission of the ________ is collectively to analyze and focus a value stream so that it does everything involved in supplying a good or service in a way that provides maximum value to the customer.
a. buying center
b. lean enterprise
c. buying group
d. supply manager
Q:
________ 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
Q:
To qualify a lead or inquiry, the supplier contacts the potential customer via direct mail, fax, e-mail, or telephone and asks a series of preliminary questions to confirm that the firm has significant sales and profit opportunity
Q:
Prospecting is often called the art of creating, extracting, and delivering customer value and communicating the value created in a timely manner.
Q:
As a consultant, the salesperson asks a series of focused SPIN questions during calls. Through these questions, the rep helps the customer manager uncover _______ questions, which seek to pinpoint the customer firm's difficulties and dissatisfactions.
a. implied
b. explicit
c. situation
d. problem
Q:
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
Q:
_______ is (are) leads and inquiries that the supplier firm has qualified as having significant sales and profit potential.
a. Leads
b. Inquiries
c. Prospects
d. Prospecting
Q:
With the workload approach, business market managers estimate the total efforts that sales personnel must undertake to serve the entire marketplace.
Q:
The exclusive distribution intensity strategy is where a supplier authorizes many resellers per trade area.
Q:
The efficient, low-cost transactional experience provides inexpensive, convenient, self-service exchange relationships with minimal value-added service, often through Internet Web sites or other direct marketing media.
Q:
A business-to-business (B2B) _______ is an electronic forum where multiple buyers and sellers can make bids or accept offers for a variety of products and services. Buyers and sellers can accept any price offered at any time and either party can withdraw or revise a bid.
a. community
b. catalog
c. electronic auction
d. exchange
Q:
A form of electronic transaction formats that facilitate delivery of added value is the _______ which is a hosted, though unmoderated, cyber forum where users exchange information about a particular product or service, technology, or industry.
a. community
b. catalog
c. electronic auction
d. exchange
Q:
The goal of _______ captures the total expenditures required to deliver the intended total customer experience to targeted segments and customers. Perhaps the principal reason that supplier firms turn to indirect channels is the desire to dramatically reduce distribution costs.
a. market access
b. value-added
c. cost-to-serve
d. total customer experience
Q:
The goal of _____ refers to the extent to which business channels enable a supplier firm to reach, develop, and serve targeted segments and customer firms. Ideally, supplier firms seek channels that provide coverage and exposure to as many profitable customers as possible.
a. market access
b. value-added
c. cost-to-serve
d. total customer experience
Q:
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
Q:
A volume discount is a pricing tactic that is an invoice reduction used to encourage prospective customers to try an offering that is new to them. The offering's actual price is listed on the invoice, then reduced by the incentive to change, with the notation "initial use discount."
Q:
The key objective in managing individual development projects, _______, is how well the product meets the requirements and preferences that target customers have specified development speed.
a. development speed
b. product cost
c. product performance
d. development program expense
Q:
The difference between value of the product and price of the product represents the _______. In business markets, the value provided will likely exceed the price or else the customer will be indifferent.
a. cost-plus pricing
b. competition-based pricing
c. value-based pricing
d. customer incentive to purchase
Q:
'Services cannot be saved or stored for later use' describes the _______ characteristic of services.
a. intangibility
b. inseparability of production and consumption
c. perishability
d. heterogeneity
Q:
The _______ adds to the core product the least amount or number of services, programs, or systems that customers consider absolutely essential for doing business with any supplier.
a. brand
b. minimally augmented product
c. augmented product
d. potential product
Q:
Explain positioning and the three main components of the positioning statement.
Q:
Explain the three tests discussed in the text that can be applied to identify core competencies.
Q:
Implementation considerations should inform and guide the generation of market strategy. It is in answering the question, "How will we do it?" that the business develops action plans, designs sales and marketing programs, takes stock of its implementation skills, and prepares for learning and adapting
Q:
Allocation skills refer to a manager's expertise in budgeting time, people, and money.
Q:
_______ is a means of summarizing the branding strategy by displaying the number and nature of common and distinctive brand elements across the firm's products, revealing the explicit ordering of brand elements.
a. brand equity
b. branding strategy
c. brand hierarchy
d. brand loyalty
Q:
_______ for a firm identifies which brand elements a firm chooses to apply across the various products it sells." In business markets, the most significant aspect of branding strategy is deciding on the brand hierarchy to pursue.
a. brand equity
b. branding strategy
c. brand hierarchy
d. brand loyalty
Q:
_______ 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