Business Market Management
Q1. (a) How can one ensure that value is delivered?
Ans: With following activities, one can ensure that the value is delivered….continued in main answer sheet.
Q1. (b) How can one strengthen reseller reformation?
Q2. (a) What do you mean by A General Realization process model?
Ans: General Realization process model:
Initial Meeting with Potential Customer
The initial meeting with a potential customer will be scheduled after a brief telephone conversation with a Keystone Ideas contact engineer. A customer should come to the meeting prepared to discuss the product concept, what has been accomplished to date, end use environment, possible loading conditions, etc. ….continued in main answer sheet.
Q2. (b) Explain the resource-based view of the firm creating market strategy?
Ans: The changes occurred in technology, economy and social and cultural structures have changed the extent of competition. Nowadays, competition reflects the search for new markets rather than having a larger portion in the current markets. The enterprises, which perform activities in an environment full of uncertainty, have to foresee the opportunities and threats; furthermore, they have to be able to use the opportunities and get rid of the threats. Resource-based view reflects the importance of the enterprises self-resources in granting sustainable competitive advantage for themselves. Market-oriented strategies must be adopted in order to be able to apply source-based approach. Pioneer basic abilities of enterprises are developed parallel to the market and the relationship between enterprises and clients…..continued in main answer sheet.
Q3. (a) Define market segmentation & explain the progressive and conventional bases of Segmentation.
Ans: The process of splitting customers, or potential customers, in a market into different groups, or segments, within which customers share a similar level of interest in the same or comparable set of needs satisfied by a distinct marketing proposition……continued in main answer sheet.
Q3. (b) Is it essential that business market managers recognize which prospective Customer firm is having a buying orientation?
Q4. (a) How can business market managers sustain customer through connected Relationship?
Ans: Market managers build customer relationship through a planned program
Customer Relationship
Customer relationships are at the heart of every business: how the people who keep your company afloat are treated. …..continued in main answer sheet.
Q4. (b) Explain the way of fulfilling supplier commitments to deliver value.
Ans: Suppliers are committed to deliver value by following these steps:
Fairness: Suppliers act fairly during the competitive process and they strive to ensure that customers verbs to obtain all business benefits.
Honesty and Openness: Suppliers are honest and open just about their aims, objectives and goals. Suppliers fully understand the need for public sector procurement leisure that should be conducted with integrity. …..continued in main answer sheet.
Q5. (a) Explain how manager use CRM to evaluate customer relationship?
Answer: Customer relationship management’s (CRM) prime concern is to consolidate and develop strong interpersonal relationship with the customers in order to capture a wider market share and in order to ensure repeat purchases by the consumers. An effective customer relationship management system ensures that all customers are satisfied and that their queries and after sales issues are resolved as an easy and convenient operation in order to earn their loyalty. It eventually reflects in and contributes to the company’s brand equity which signifies as an important asset in the corporate world. …..continued in main answer sheet.
Q5. (b) What is value in business markets?
Answer: To measure value in practice, it is crucial to have a shared understanding of exactly what value is in business markets. Before we go into any detail about building value models, we need to provide a brief explanation of what we mean by value. Value in business markets is the worth in monetary terms of the technical, economic, service, and social benefits a customer company receives in exchange for the price it pays for a market offering. We will elaborate on some aspects of this definition……continued in main answer sheet.
Q5. (c): State the importance of gaining customer feedback.
Answer: Receiving customer feedback enables a company to correct any issues or concerns customers may have with the company’s products and its services. When customers provide feedback, a company is able to save money, time and improve relationships with customers…….continued in main answer sheet.
