WGU C201 | BUSINESS ACUMEN |
CHAPTER 11 EXAM QUESTIONS WITH
COMPLETE SOLUTIONS
Marketing - ANSWERSOrganizational function and set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders.
How marketing creates utility - ANSWERSMarketing creates the "want satisfying power"
of goods and services by researching what will provide form utility, time, place, or
ownership utility.
Eras of marketing - ANSWERSMarketing has evolved from the production era, to the
sales era, followed by the marketing era, and the current stage, the relationship era.
Emergence of the marketing concept - ANSWERSCompany wide customer orientation
with the objective of achieving long-run success. The basic idea of the marketing
concept is that marketplace success begins with the customer. A firm should analyze
each customer's needs and then work backward to offer products that fulfill them.
Not-for-profit marketing - ANSWERSBoth public and private not-for-profit organizations
employ marketing strategies to reach audiences, secure funding, improve their images,
and accomplish their overall missions.
Nontraditional marketing - ANSWERSPerson, place, event, cause, and organization
marketing are examples of marketing efforts that go beyond traditional product-oriented
appeals.They are used primarily by the not-for-profit sector, but also have gained
increased use in private businesses.
Marketing strategy - ANSWERSA two-step process that begins with the study and
analysis of potential target markets. The second step is the creation of a marketing mix
to satisfy the chosen market.
Developing marketing mix for International markets - ANSWERSMarketing a good or
service in foreign markets, deciding whether to offer the same mix in every market-
standardization, or to develop a unique mix to fit each market- adaptation
Marketing research - ANSWERSThe process of collecting and evaluating information to
help marketers make effective decisions.
Obtaining marketing research data - ANSWERSInternal data such as financial records,
inventory level reports, and sales and profitability statements are useful
CHAPTER 11 EXAM QUESTIONS WITH
COMPLETE SOLUTIONS
Marketing - ANSWERSOrganizational function and set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders.
How marketing creates utility - ANSWERSMarketing creates the "want satisfying power"
of goods and services by researching what will provide form utility, time, place, or
ownership utility.
Eras of marketing - ANSWERSMarketing has evolved from the production era, to the
sales era, followed by the marketing era, and the current stage, the relationship era.
Emergence of the marketing concept - ANSWERSCompany wide customer orientation
with the objective of achieving long-run success. The basic idea of the marketing
concept is that marketplace success begins with the customer. A firm should analyze
each customer's needs and then work backward to offer products that fulfill them.
Not-for-profit marketing - ANSWERSBoth public and private not-for-profit organizations
employ marketing strategies to reach audiences, secure funding, improve their images,
and accomplish their overall missions.
Nontraditional marketing - ANSWERSPerson, place, event, cause, and organization
marketing are examples of marketing efforts that go beyond traditional product-oriented
appeals.They are used primarily by the not-for-profit sector, but also have gained
increased use in private businesses.
Marketing strategy - ANSWERSA two-step process that begins with the study and
analysis of potential target markets. The second step is the creation of a marketing mix
to satisfy the chosen market.
Developing marketing mix for International markets - ANSWERSMarketing a good or
service in foreign markets, deciding whether to offer the same mix in every market-
standardization, or to develop a unique mix to fit each market- adaptation
Marketing research - ANSWERSThe process of collecting and evaluating information to
help marketers make effective decisions.
Obtaining marketing research data - ANSWERSInternal data such as financial records,
inventory level reports, and sales and profitability statements are useful
