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SMPS CPSM EXAM QUESTIONS AND ANSWERS
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SMPS CPSM EXAM QUESTIONS AND ANSWERS
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SMPS CPSM EXAM QUESTIONS AND ANSWERSAction Plan - Answers-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 - Answers-Professional services agency to handle advertising,
selection is similar to AEC firm - people and technical qualifications.
Aimed at the Right Audience - Answers-Advertising directed to those interested in and
needing your service
Alliance - Answers-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 - Answers-Alternative methods, besides litigation, to settle
project dispute - mediation or arbitration.
Audience - Answers-To whom things are aimed. Qualify and target the audience.
Benchmarking Studies - Answers-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 - Answers-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 - Answers-One sentence distinguishes and differentiates
Brand Equity - Answers-Good will, value and volume margins
Brochure - Answers-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 - Answers-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 - Answers-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 - Answers-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 - Answers-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.
Alternate Dispute Resolution Mediation - Answers-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 - Answers-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 - Answers-Advertising must be: distinctive, repetitive, unique, words
and images must work together.
Contract - Answers-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 - Answers-A key leadership quality, conveyed through personal action.
Charge Multiplier - Answers-Ratio of charge (billable) rate to its payroll rate. Average for
industry is a 3.0 multiplier.
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