BUNDLED TOPICS KEY CONCEPTS AND
SAMPLE QUESTIONS
◉ Divides the business into small, tightly knit strategic business
units (SBUs), which focus on specific elements of the organizational
process. Answer: Modular structure
◉ The process or activities by which a company adds value to a
product, including production, marketing, and the provision of after-
sales service. Answer: Value chain
◉ A profit center that focuses on product offering and market
segment. Answer: Strategic business units (SBUs)
◉ Company assets, attributes, or abilities that are difficult to
duplicate or exceed and provide a superior or favorable long-term
position over competitors. Answer: Sustainable competitive
advantage
◉ Customer loyalty, location, distribution and information systems
(Getting products at a cheap price and selling them at a reasonable
price), unique merchandise, vendor relations, customer service, and
multiple source advantage (being widely recognized by your
,strengths). Answer: Factors that can help a business develop a
sustainable competitive advantage
◉ The use of data in an enterprise to facilitate decision-making.
Answer: Business intelligence (BI)
◉ Large, complex data sets that require non-traditional data
processing software to predict trends and forecasts. Answer: Big
data analytics
◉ A written code of ethics and standards. Ethics training to
executives, managers, and employees. Availability of advice on
ethical situations (advice lines or ethics offices). A system for
confidential reporting.. Answer: Four elements that make up ethical
behavior within an organization
◉ The careful coordination of all promotional activities—media
advertising, sales promotion, personal selling, and public relations,
as well as direct marketing, packaging, and other forms of
promotion—to produce a consistent, unified message that is
customer focused. Answer: Integrated marketing communications
(IMC)
◉ Identifying consumer needs and then producing the goods or
services that will satisfy those needs while making a profit for the
organization. Answer: Marketing concept
,◉ Advertising, sales promotion, and publicity, or creating new sales
channels or new products. Answer: Promotional techniques
◉ The combination of advertising, personal selling, sales promotion,
and public relations used to promote a product. Answer:
Promotional mix
◉ The model assumes consumers are passive and marketers are
active during most of the buying process.. Answer: The main
limitation of the AIDA model
◉ The AIDA model assumes that the customer experience ends at
the purchase while the six-step process considers the after-purchase
relationship with the customer.. Answer: What is the main difference
between the AIDA model of the buyer's journey and the six steps
model of the buying process?
◉ Focuses on short-term, often single, transactions.. Answer:
Transactional selling
◉ Focused on long-term relationship building to keep customers
satisfied and consequently convince them to return and make
multiple purchases.. Answer: Relationship selling
, ◉ Using social styles to customize a sales approach to the specific
customer. Answer: Adaptive selling
◉ A model that categorizes people according to personality traits
and how they interact with others. Answer: Social style matrix
◉ Focus on "how,"include facts, do not challenge their facts,
demonstrate results, mention guarantees and warranties, give them
time to decide, communicate the pros and cons, and provide history,
data, financial details. Low responsiveness and low assertiveness.
Answer: Analyticals
◉ Focus on "what," get to the point quickly, provide options, use
facts, focus on results, provide timelines, and make them feel in
control. Low responsiveness and high assertiveness. Answer:
Drivers
◉ Focus on "why," establish a personal relationship, demonstrate
personal commitment, and work as a team. High responsiveness and
low assertiveness. Answer: Amiables
◉ Focus on "who," take extra time to discuss everything, give them
recognition and approval, ask them how they feel about the product
or service, focus on the big picture, and use facts and figures to
demonstrate what is possible. High responsiveness and high
assertiveness. Answer: Expressives