WGU D174 Marketing Management
Questions and Answers Graded A
Sustainability
balancing business needs and social needs over the long term and doing the right thing.
Triple Bottom Line
recognition of the need for organizations to improve the state of people, the planet, and
profit simultaneously if they are to achieve sustainable, long-term growth
one-to-one marketing
an individualized marketing method that utilizes customer information to build long-term,
personalized, and profitable relationships with each customer
relationship orientation
driven by the realization that it is far more efficient and effective to invest in keeping and
cultivating profitable current customers instead of constantly having to invest in gaining new
customers that come with unknown ROI
customer orientation
a company objective based on the premise that the firm should measure itself primarily
according to whether it meets its customers’ needs
differentiation orientation<\/p>\n\n\n\n
What clearly distinguishes your products from those of competitors in the minds of customers.
-Communicating and delivering value in different ways to different customer groups
Market Orientation
business focuses on the market; responds to customer’s needs & wants
Product Orientation
business focues on the product; develops goods based on what it’s good at doing
marketing ethics
societal & professional standard of right & fair practices that are expected of marketing
managers in their oversight of strategy formulation, implementation, and control
Form Utility
created by marketing when raw materials are transformed into a final product to meet a market
need
Time Utility
created by marketing when a product available when needed or desired
Ownership Utility
created by marketing when a product is exchanged with customer
place utility
created by marketing when product is available at a convenient location
value proposition<\/p>\n\n\n\n
the whole bundle of benefits a company promises to deliver to the customer, not just the benefits
of the product itself.
Porter’s Value Chain ModelSupport Activities<\/p>\n\n\n\n
WGU D174 Marketing Management
Questions and Answers Already Passed
Miles and Snow’s Strategy Types \u2714\u27141. Prospector<\/p>\n\n\n\n
Reactor
(Miles & Snow) \u2714\u2714Firm lacks any coherent strategic plan or apparent means of effectively
competing; reactors do well to merely survive in the competitive markerplace.
Direct Product Extension \u2714\u2714Introduce a product produced in the company’s home market into
an international market with NO PRODUCT CHANGES.
**Think foreign marketing or No direct foreign marketing.
Product Adaptation \u2714\u2714Alter an existing product to fit local needs and legal requirements.
**Think International Marketing (and or Global as they are similar)
Product Invention \u2714\u2714Create a new product specifically for an international market. Sometimes
old products discontinued in one market can be reintroduced in a new market aka Backward
Invention.
What are the 6Cs of Channel Strategy? \u2714\u2714- cost<\/p>\n\n\n\n
Essentially, MIS is an “information bank” where data relevant to the company’s marketing efforts
are collected and stored until management needs to “withdraw”
What are the steps of the Market Research Process? \u2714\u27141. Define the research problem<\/p>\n\n\n\n
WGU D174 UNIT 3 Marketing
Management Questions and Answers
Rated A
What are examples of types of market research that are appropriate ways to select a target
market?
Choose two. \u2714\u2714Buyer behavior analysis
Needs assessment
Correct! Appropriate kinds of market research for the selection of a target market are
identification of segmentation, market segmentation study, needs assessment, determination of
purchase criteria, buyer behavior analysis, and market demand estimation. All these types of
market research help a company determine what the ideal target market is for its product or
service.
Market research \u2714\u2714the process that marketers use to conduct research and collection of data on
specific market questions.
Market information systems \u2714\u2714provide marketers the ability to collect and analyze large
amounts of information to make marketing decisions. It is a process of identifying, collecting,
and analyzing data and sharing that information with marketing leaders.<\/p>\n\n\n\n
What can a company learn from prospective and current customer inquiries? \u2714\u2714New product
ideas or features
Correct! Customer inquiries are internal information sources that marketers can analyze to
identify new product ideas or features based on what the customer needs.
Why should marketers use internal data information sources?
Choose two. \u2714\u2714To access readily available data
To identify problems from the data
Correct! Internal data can show threats to a business and opportunities almost instantaneously.
There is no lag, there are no studies to be ordered, and the data come directly from the target
audience.
One of the most common external forces is \u2714\u2714demographic information.
Market information systems are ongoing, evolving data and research processes. External and
internal forces impact market research and strategies such as \u2714\u2714organizational changes,
economic shifts, and customer value shifts. Those shifts offer different perspectives and
information to better sort and acquire specific, helpful data.<\/p>\n\n\n\n
Correlational research \u2714\u2714used when a researcher measures two variables and looks for
statistical relationships, or correlation, between the two.With the laptop launch, a correlational
research study may address the relationship between the price of the new laptop and sales.
Having this understanding could give the marketer additional insight when establishing an entry
price point and pricing strategy.
Regression analysis \u2714\u2714conducted when a study examines multiple variables, including a
dependent and one or more independent variables. For the laptop launch, an example of
regression analysis could be to study the effect of an advertising campaign on new laptop
purchases.
Crosstabulation research \u2714\u2714used to analyze the relationship between multiple variables. With
the new laptop launch, a crosstabulation study may compare laptop features such as screen size,
battery life, price, and size with consumer demographics such as age, income, or stage of life to
determine which laptop features match with a target market.
Different types of research are required to achieve results to formulate good marketing decisions.
\u2714\u2714Examples of research types include exploratory, descriptive, and causal.<\/p>\n\n\n\n
WGU D174 Marketing Preassessment
Questions and Answers Rated A
What uncontrollable marketing element provides user input as to how the company delivers upon
its value proposition? \u2714\u2714Consumer feedback
Which controllable marketing function should a company use to achieve its firm-level goals and
to satisfy the target customers’ needs and wants? \u2714\u2714Product
Which controllable element is included in the marketing mix? \u2714\u2714Product
A marketer introduces a tutorial video featuring the company’s new cosmetic line.
Which set of elements from the marketing mix is the marketer using? \u2714\u2714Product and promotion
A realtor representing luxury condominiums offers pre-construction discounts to clients.
Which part of the marketing mix does this approach represent? \u2714\u2714Price<\/p>\n\n\n\n
An online consignment store offers free gifts with purchases within the next 30 days using an
attractive and easy-to-use website.
Which part of the marketing mix is represented by the company’s website? \u2714\u2714Place and
promotion
An online consignment store offers gently used designer fashions and sends weekly text alerts to
customers of new arrivals and popular items.
Which element of a marketing mix is represented by this store’s text alerts? \u2714\u2714Promotion
A local computer manufacturer offers a high-end computer with new graphic design capabilities.
Which element of the marketing mix is represented by this offer? \u2714\u2714Product
A manager is researching an element of the marketing environment that the company cannot
control.
Which one of these elements is the manager considering? \u2714\u2714Demographic<\/p>\n\n\n\n
What is an example of a controllable element that influences marketing decisions?
\u2714\u2714Promotional campaigns
Which action reflects the use of ethical marketing? \u2714\u2714Supply chain transparency reporting
A small town has two coffee shops. The shop owners agree to raise their prices for espresso
drinks from $3 to $6 per cup because they are the only two shops in the market.
Which illegal pricing tactic is being used? \u2714\u2714Price fixing
A woman visits a baby store, planning to buy a crib for $100. The salesperson tells her that the
$100 crib is no longer available but a $250 crib can be purchased. The woman can see the $100
crib boxes on a shelf.
Which pricing tactic was the salesperson attempting to use? \u2714\u2714Bait and switch
An energy drink company is promoting the benefits of its caffeinated product without identifying
the risks of consuming the drink.<\/p>\n\n\n\n
WGU D174 Marketing Management Pre
Assessment Questions and Answers
Graded A
What marketing concepts work together to provide value and satisfaction from the company’s
perspective? \u2714\u2714Product, promotion, price
What shapes the role of marketing at the business-unit level and drives all other marketing
activities? \u2714\u2714Market definitions of the business
An unqualified political candidate moves through voting precincts from early morning to late
evening, meeting voters, shaking hands, and making speeches. Countless dollars are spent on
billboards, television and radio ads, and direct mail. The intent of the campaign was to hide the
candidate’s flaws from the public.
What is the marketplace orientation this scenario depicts? \u2714\u2714Selling concept
What attitude is reflective of a sales-oriented organization? \u2714\u2714Creative marketing will
overcome customer resistance to buying.<\/p>\n\n\n\n
How does the product component of the marketing mix correspond with the customers’ “four
Cs”? \u2714\u2714Customer solution
What is one of the four components a marketing information system? \u2714\u2714Computerized
marketing decision support system
Which of the following is true of the five-stage model of the buying decision process?
\u2714\u2714Consumers may skip or reverse some stages.
What is one of the four main influences on industrial buying behavior? \u2714\u2714Environmental
factors
What forces companies to a higher level of social responsibility in marketing? \u2714\u2714Government
legislation and legal practice
Why would a small entrepreneurial firm with limited resources avoid using differentiated
marketing? \u2714\u2714Differentiated marketing increases the cost of doing business.]<\/p>\n\n\n\n
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