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SMPS CPSM Exam Questions And Correct Answers
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SMPS CPSM Exam Questions AndCorrect Answers
Action Plan - Answer Defines the tasks that must be accomplished to implement each
strategy within the marketing plan and who will be responsible for accomplishing that
task.
Advertising agency - Answer Professional services agency to handle advertising,
selection is similar to AEC firm - people and technical qualifications.
Aimed at the Right Audience - Answer Advertising directed to those interested in and
needing your service
Alliance - Answer A long-term relationship between two parties for services on several
projects. Usually based on a unique service the seller can provide the client, linking the
two where the seller becomes almost an extension of the client. (EX: Design-Build
Relationship)
Alternate Dispute Resolution - Answer Alternative methods, besides litigation, to settle
project dispute - mediation or arbitration.
Alternate Dispute Resolution Mediation - Answer A procedure in which the parties
submit their disputes, including details of their positions to an independent, third party
mediator. The mediator then discusses the dispute with the parties, including the
mediator's view of the strengths and weaknesses of each party's position. The mediator
helps the parties attempt to reach a settlement of their dispute. If the dispute is not
settled, the next step is arbitration or litigation, depending on the terms of the contract.
Mediation is an example of non-binding dispute resolution
Alternate Dispute Resolution Arbitration - Answer In order to have a binding arbitration
agreement, the parties must, in writing, agree to submit any claims or dispute to
arbitration. Generally the parties agree to submit the arbitration to the AAA per the
Construction Industry Arbitration Rules.
Dictionary.com:
The hearing and determining of a dispute or the settling of differences between parties
by a person or persons chosen or agreed to by them.
Attention Getting - Answer Advertising must be: distinctive, repetitive, unique, words
and images must work together.
Audience - Answer To whom things are aimed. Qualify and target the audience.
,Benchmarking Studies - Answer A standard by which something can be measured or
judged. To measure according to specified standards in order to compare it with and
improve one's product.
Benchmarking - Answer Is a comparative measure. Establishes a standard and shows
progress or decline. To compare one's goods, services or processes with recognized
leaders in those areas.
Brand Positioning - Answer One sentence distinguishes and differentiates
Brand Equity - Answer Good will, value and volume margins
Brochure - Answer Firm marketing tool to present salient facts about the firm at a
glance. Cross selling tool explains who you are and what you do.
• Three Year shelf life
• Six months to plan and produce
Budget Goal-Based Method - Answer Also known as the bottom-up method, this method
assigns cost to each item in marketing plan. This method allows you to base your
budgeting on the year's business plan revenue goals and marketing plan
implementation tasks.
Budget Percentage Method - Answer Also known as the top-down method, this method
of budgeting allocates a certain percentage of the firm's total operating revenue to
marketing. The percentage usually falls between 5 - 15%.
Budget Projection Method - Answer Also known as the comparison method; relies on
using the prior year's costs to develop the upcoming year's budget. This process works
well if the company is stable but it doesn't allow consideration of year's marketing
planning goals or the changing conditions of the market.
Business Plan - Answer The business plan establishes the firm's near-term goals,
including gross revenues, net revenues and expenditures by category and profit
amounts and percentages. Marketing plan is part of the overall business plan.
Developed yearly. Should consist of Market Segment analysis.
Contract - Answer An exchange of promises between two or more parties that creates a
legal obligation between them. In its simplest form, it is an offer and an acceptance. Oral
and written. Used to appropriately allocate risk and avoid ambiguity.
Signature is not a required element
Commitment - Answer A key leadership quality, conveyed through personal action.
Charge Multiplier - Answer Ratio of charge (billable) rate to its payroll rate. Average for
industry is a 3.0 multiplier.
Client Newsletter - Answer Provides on-going client contact, pertinent issues not firm
, glorification
Client Analysis - Answer Finding out who the buyer is, what specific benefits they
need/want and what drives their projects.
Client Driven Approach - Answer The focus of this approach is the firm's clients, their
business, their processes and their bottom-line. Everything is structured to meet the
needs of that individual client. It's paramount to clearly understand the clients' goals
and objectives. These firms spend an enormous amount of money on one-on-one
marketing and are very selective of the clients they chase. They sell "relationships"
rather than price. Refer to matrix on page 32 of Marketing Handbook.
Client Maintenance - Answer Involves accelerating, enhancing and improving ongoing
client relationships so that you will benefit with more work opportunities from these
clients. Communication is an important link to the success of any client maintenance
program. Keeping in touch is paramount, as well as trust and integrity in the
relationship. Key concept: service more than sell.
Clipping Service - Answer An outside service hired to track all articles written on a
company. Key words and locations can be established. These articles written on a
company. Key words and locations can be established. These articles are tracked and
then copied and sent to the client usually on a monthly basis. These have somewhat
phased out for our industry, but are widely used for PR firms. Has been replaced with
sources as Reed Construction Data, The Rose Report, Onvia, RFP Depot, etc.
Cold Call - Answer The first contact with a potential new customer. No call should truly
be cold. It's important to do your research before-hand. Know the important questions:
What the client does, who the contact is, what needs they have, how your company can
fit it. This call is also made when you don't have a referral - you are the one trying to
make the initial connection on your own.
Competitive Analysis - Answer Is the ability to understand your competitors by:
• Knowing who your competitors are
• What their goals are, what they are striving to achieve
• What their key strategies are
• The products and service they offer
• How they rate their competitors including you
• What their financial strengths are
• What their capabilities are
• What types of research and development they do
• How adept they are at marketing
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