Exam (elaborations)
SMPS CPSM Exam with complete solutions 2024_2025
- Course
- Institution
SMPS CPSM Exam with complete solutions 2024_2025
[Show more]
Content preview
SMPS CPSM Exam with completesolutions 2024/2025
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
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 tuition. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now