Deck 2: Market Sensing: Generating and Using Knowledge About the Market
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Deck 2: Market Sensing: Generating and Using Knowledge About the Market
1
To deliver superior value to targeted market segments and customer firms is a goal of _________________________.
A)importance ratings
B)customer value management
C)value assessment methods
D)competitor intelligence systems
A)importance ratings
B)customer value management
C)value assessment methods
D)competitor intelligence systems
B
2
_______ is the process of generating knowledge about the market that individuals in the business use to inform and guide their decision making.
A)Market sensing
B)Market research
C)Information utilization
D)Information acquisition
A)Market sensing
B)Market research
C)Information utilization
D)Information acquisition
A
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.
A)benchmark
B)internal engineering assessment
C)focus group value
D)compositional
A)benchmark
B)internal engineering assessment
C)focus group value
D)compositional
A
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.
A)internal engineering assessment
B)field value-in-use assessment
C)indirect survey questions
D)focus group value assessment
A)internal engineering assessment
B)field value-in-use assessment
C)indirect survey questions
D)focus group value assessment
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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.
A)internal engineering assessment
B)field value-in-use assessment
C)indirect survey questions
D)focus group value assessment
A)internal engineering assessment
B)field value-in-use assessment
C)indirect survey questions
D)focus group value assessment
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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.
A)internal engineering assessment
B)field value-in-use assessment
C)indirect survey questions
D)focus group value assessment
A)internal engineering assessment
B)field value-in-use assessment
C)indirect survey questions
D)focus group value assessment
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7
_______ is NOT a criterion for judging the validity of a segmentation scheme.
A)Measurable
B)Profitable
C)Actionable
D)Applicable
A)Measurable
B)Profitable
C)Actionable
D)Applicable
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8
Get an equitable return on the value delivered is a goal of _______.
A)importance ratings
B)customer value management
C)value assessment methods
D)competitor intelligence systems
A)importance ratings
B)customer value management
C)value assessment methods
D)competitor intelligence systems
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9
The substantive facets of market sensing do NOT include _______.
A)defining the market
B)monitoring competition
C)knowledge gathering
D)assessing customer value
A)defining the market
B)monitoring competition
C)knowledge gathering
D)assessing customer value
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10
A _______ is an organized approach for seeking,gathering,analyzing,and interpreting competitor data,and for disseminating the resulting information to guide decisions.
A)competitor analysis system
B)competitor intelligence system
C)sales potential forecast
D)market definition system
A)competitor analysis system
B)competitor intelligence system
C)sales potential forecast
D)market definition system
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11
To exceed rather than simply meet customer requirements and preferences is to create customer_______.
A)loyalty
B)delight
C)disinterest
D)value analysis
A)loyalty
B)delight
C)disinterest
D)value analysis
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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.
A)points of parity
B)points of difference
C)value word equations
D)points of contentions
A)points of parity
B)points of difference
C)value word equations
D)points of contentions
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13
When comparing one product offering to the next-best-alternative,value elements where there are apparent differences are termed _______.
A)points of parity
B)points of difference
C)value word equations
D)points of contention
A)points of parity
B)points of difference
C)value word equations
D)points of contention
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14
The measure of customer ______ is share of purchases in the category.
A)loyalty
B)delight
C)disinterest
D)value analysis
A)loyalty
B)delight
C)disinterest
D)value analysis
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15
_____ is NOT a diagnostic component of Porter's framework for competitor analysis.
A)Market sensing
B)Future goals
C)Current strategy
D)Capabilities
A)Market sensing
B)Future goals
C)Current strategy
D)Capabilities
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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.
A)internal engineering assessment
B)field value-in-use assessment
C)indirect survey questions
D)focus group value assessment
A)internal engineering assessment
B)field value-in-use assessment
C)indirect survey questions
D)focus group value assessment
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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.
A)customer value models
B)competitive intelligence models
C)market segmentation models
D)best practices models
A)customer value models
B)competitive intelligence models
C)market segmentation models
D)best practices models
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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 _______.
A)points of parity
B)points of difference
C)value word equations
D)points of contention
A)points of parity
B)points of difference
C)value word equations
D)points of contention
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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.
A)points of parity
B)points of difference
C)value word equations
D)points of contentions
A)points of parity
B)points of difference
C)value word equations
D)points of contentions
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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.
A)Value assessment
B)Benchmarking
C)Monitoring competition
D)Sales forecasting
A)Value assessment
B)Benchmarking
C)Monitoring competition
D)Sales forecasting
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21
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.
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22
The substantive facets of market sensing include defining the market,monitoring competition,assessing customer value,and gaining customer feedback.
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23
The Net Promoter Score (NPS)is derived from the answers to a willingness-to-recommend question.
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24
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.
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25
Value assessment is the work process of obtaining the exact worth in qualitative benefits of some past market offering.
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26
Two shortcomings of customer satisfaction measurement programs - they do not survey noncustomers and they don't provide a market assessment for supplier firms - can be remedied by a customer _______.
A)loyalty survey
B)delight test
C)point of difference analysis
D)customer value analysis
A)loyalty survey
B)delight test
C)point of difference analysis
D)customer value analysis
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