Exam (elaborations)
SMPS CPSM Exam/ Practice Questions with 100% Verified Solutions/ Rated A+
- Course
- Institution
SMPS CPSM Exam/ Practice Questions with 100% Verified Solutions/ Rated A+
[Show more]
Content preview
1SMPS CPSM Exam/ Practice Questions with 100% Verified Solutions/
Rated A+
Audience - ANS - To whom things are aimed. Qualify and target the audience.
Marketing vs. Sales - ANS - Marketing is creating the perception or need for a service/product. Sales is
the continuation of the marketing effort into a closed deal.
Market Sector - ANS - Is a group of buyers / clients with common wants or needs.
Market Segment Analysis - ANS - The firm should annually evaluate each market segment for its
potential based on:
• Experience and performance record - the firm's stats: billings, profit, hit rate, repeat clients.
• Market Trends - projected volume, life cycles
• Client Analysis - how the firm compares in terms of experience, delivery, pricing, project size
• Networking / Affiliation Requirements - research other types of firms within the market not direct
competitors, or clients, e.g. architect would gather information on engineers, contractors, lenders,
consultants.
Media Kit - ANS - Publication info for advertiser that includes demographics, readership and other info
on the publication. Includes information on its audience and focus (media calendar)
Media Relations - ANS - Publicity, plan to work and manage media contacts, networking with media
Medium - ANS - Vehicle to reach / target an audience, print, broadcast, special event: broadcast versus
narrowcast
, 2
Management - ANS - Supervision, Organization, Administration
Motivation - ANS - Incentive, Inspiration, Drive, Enthusiasm, Impetus, Stimulus, Spur, Impulse, Driving
force. Self confidence to overcome setbacks to reach desired outcome
Benchmarking Studies - ANS - 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 - ANS - 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.
Action Plan - ANS - 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 - ANS - Professional services agency to handle advertising, selection is similar to AEC
firm - people and technical qualifications.
Aimed at the Right Audience - ANS - Advertising directed to those interested in and needing your service
Alliance - ANS - 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 - ANS - Alternative methods, besides litigation, to settle project dispute -
mediation or arbitration.
Alternate Dispute Resolution Mediation - ANS - 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
, 3
Alternate Dispute Resolution Arbitration - ANS - 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 - ANS - Advertising must be: distinctive, repetitive, unique, words and images must
work together.
Budget Goal-Based Method - ANS - 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 - ANS - 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 - ANS - 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 - ANS - 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 - ANS - 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ASSIGNMENT7. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now