Domain 3: Client & Business Development

Question 1

10-K Report

Answer 1

An annual report public companies file with the U.S. Securities and Exchange Commission (SEC) detailing its financial performance, outlook, and risk factors.

Question 2

Alliance

Answer 2

A formal arrangement between two or more AEC firms to provide services, usually a pre-determined market sector or client base, offering advantages of a large, multidisciplinary firm with the added value of specialized service firms with the extensive portfolios in a particular building type.

Question 3

Association

Answer 3

Informal agreement/arrangements between AEC firms and/or contractor and construction management firms to provide AEC services, usually one for specific project or client.

Question 4

Business Development

Answer 4

Gathering and compilation of client and pursuit knowledge in advance of a request for proposals through direct interaction with the client; activities that you or your firm perform to win projects with a client or prospect including calls, visits, correspondence, emails, entertainment, referrals, trade shows, and the like.

Question 5

Capture Plan

Answer 5

Action plans specifically focused on winning over and securing work from a particular client.

Question 6

Client Manager

Answer 6

Individual assigned to clients with whom the firm expects to have an extended working relationship; responsible for nurturing and maintaining that particular relationship.

Question 7

Client Relationship Management (CRM) System

Answer 7

A strategic framework for information management.

Question 8

Client Satisfaction Survey

Answer 8

Used to gauge clients’ feelings about a firm’s capabilities, staff, level of service, and success at meeting clients’ expectations. Often includes elements of perception and market intelligence surveys.

Question 9

Closed-ended Question

Answer 9

A form of question that limits the possible answers by providing a list of answers that the respondent must choose from.

Question 10

Cold Contacts

Answer 10

Phone calls made to prospects with whom the caller has no prior relationship, connection point, or bridging relationship.

Question 11

Competitive Analysis

Answer 11

In-depth description of the position that a firm holds against its competitors.

Question 12

Competitor Analysis

Answer 12

In-depth description of the competitor’s background, finances, products, markets, facilities, personnel, and strategies.

Question 13

Content Marketing

Answer 13

Creating and distributing through strategic channels (social media, direct push emails, and mail campaigns) valuable, relevant and consistent content to attract and retain clients.

Question 14

Cross Selling

Answer 14

Extending the service set your firm currently offers to existing clients.

Question 15

Data, information, and Knowledge (DIK) Continuum

Answer 15

A series of steps that describes how wisdom is acquired through the collection and analysis of data.

Question 16

Design-build

Answer 16

A form of project delivery whereby one entity performs both architectural/engineering and construction under one single contract. Under this arrangement, the design-builder warrants to the contracting agency that it will produce design documents that are complete and error-free (the design-builder takes the risk).

Question 17

Differentiation

Answer 17

The ways in which a product, service, or firm is different from its competitors.

Question 18

Financial Statements

Answer 18

Documents that provide an overview of how money is moving through a company; generally includes a balance sheet and a profit/loss statement or revenue/expense statement.

Question 19

Go/No-Go Decision

Answer 19

Thought process or checklist to analyze whether or not it’s worth expending manpower and financial resources to pursue a particular project. Some are more formal than others.

Question 20

Goals

Answer 20

Measurable targets that help a firm plan how to move forward in the direction they want.

Question 21

Identity Map

Answer 21

A tool used to explore how your firm compares with your competitors.

Question 22

Integration Sequence

Answer 22

Includes all the entities that contribute to the success of a firm’s projects either upstream or downstream (i.e. vertical contributions), as well as those that complement the firm’s services at a particular stage of development (horizontal contributions).

Question 23

Joint Venture

Answer 23

An association of persons or firms with common interests who agree to engage in and carry out a single specific business venture for joint profit; they agree to combine their money, skill, or knowledge for a particular project, but not on a continuing or permanent basis.

Question 24

Key Performance Indicators (KPIs)

Answer 24

Quantitative, reportable measurements that can be used to determine how close a person or firm is to achieving an objective.

Question 25

Market Sector

Answer 25

Businesses that have common attributes and economic influences and are in the same or related business activity, product, or service.

Question 26

Net Promoter Score

Answer 26

A simple measure of client satisfaction and loyalty developed by Fred Reichheld that asks the participants to answer “how likely are you to refer firm A to your peers?” Using a 10-point scale.

Question 27

Open-ended question

Answer 27

A form of question where the respondent is able to answer in any way they see fit.

Question 28

Pareto Principle

Answer 28

A principle that states 80% of your work will come from 20% of your prospects.

Question 29

Perception Survey

Answer 29

Survey focused on the perception of a firm by clients, potential clients, and/or a larger community; often done before developing a new brand, launching a major marketing campaign, or in response to changes in a firm.

Question 30

Return on Investment (ROI)

Answer 30

Refers to the ratio between the investment gains compared to its costs. Used to evaluate the efficiency of an investment or effort and compare it to other options.

Question 31

Sales Process

Answer 31

Everything that happens during the development of a sale, from the identification of a new lead to closing (or losing) the work. May also be called sales or pursuit cycle.

Question 32

Seller-doer

Answer 32

Technical profession - generally a principal - responsible for making the sale and doing the work.

Question 33

Social Selling

Answer 33

The process of using social media channels to position yourself as an expert.

Question 34

Sole Source

Answer 34

A no-bid contract with a client that means your firm won’t have to compete with others to win that client’s projects.

Question 35

Strategic Partner

Answer 35

Firms with whom another firm agrees to work for a specified amount of time and to the mutual benefit of both parties.

Question 36

Supply Chain

Answer 36

Includes all of the entities that provide a firm or the firm’s clients with the goods or services necessary for the successful completion of the project.

Question 37

Thought Leader

Answer 37

A person or firm who has established themselves as the authority on a topic.

Question 38

Warm Contacts

Answer 38

Phone calls made to prospects with whom the caller has some degree of familiarity.

Question 39

Zipper Relationship

Answer 39

The pairing up of multiple relationships between firms so no one contact is the sole connection; individuals leave companies and development of zipper relationships helps preserve relationship longevity.