WGU D174 - MARKETING MANAGEMENT QUESTIONS
AND CORRECT ANSWERS
4 purchase event characteristics that affect decision - Answers - physical surroundings,
social circumstance, time, state of mind
a great marketing dashboard is comprised of the following - Answers - -Company goals
translated into a set of marketing objectives.
-Measurement of financial impact of marketing programs.
-Tracking of how marketing assets such as the brand and customer relationships are
progressing.
-Execution of skills and competencies of the marketing team.
-Execution of other business processes necessary to deliver customer value.
-Continuous refinement of tools to increase access to and usability of customer insights.
-Insight on not only what is happening in the market but also why it is happening.
-A diagnostic for prediction, forecasting, and of course remediation.
-Ultimately, enhanced return on marketing investment (ROMI)
agent intermediaries - Answers - intermediaries who do not take title to the product
during the exchange process
AIDA model - Answers - model designed to illustrate the hierarchy of effects in the
context of customer response to marketing communications, attention, interest, desire,
action
allowances - Answers - remit monies to purchasers after the fact
an individual moves through 5 stages before adopting a product - Answers - awareness,
interest, evaluation, trial, adoption
assurance - Answers - knowledge and courtesy of employees
attribution - Answers - key factor in assessing the impact of the marketing mix, thought
of as determining how to give appropriate credit to different elements of the marketing
mix through the measurement of their effects
auction pricing - Answers - pricing tactic in which individuals competitively bid against
each other and the purchase goes to the highest bidder
average cost pricing - Answers - all costs / total number of units = average cost of single
unit
,awareness set - Answers - reduced set of possible alternatives a consumer considers
after eliminating available options based on gathered information and personal
preference
b2b - Answers - business to business
b2c - Answers - business to consumer
Baby Boomer Generation 1946-1964 - Answers - -Forever young
-Individualistic
-Conspicuous consumption—great acquirers of goods and services
-Idealistic: value- and cause-driven despite indulgences and hedonism
-The end justifies the means
behavioral data - Answers - information about when, what, and how often customers
purchase products and services as well as other customer "touches"
behavioral segmentation - Answers - dividing consumer groups based on similarities in
benefits sought or product usage patterns
benefit - Answers - advantageous outcome from the advantage found in a product
feature
big data - Answers - ever increasing quantity and complexity of data that is continuously
being produced by various technological sources
big M marketing - Answers - strategic marketing
Boston consulting group BCG growth share mix - Answers - popular approach for in firm
portfolio analysis that categorizes business units levels of contributions to the overall
firm based on two factors: market growth rate and competitive position
bounded rationality - Answers - concept that decision making is limited by the
information available, the decision makers cognitive limitations, and the finite amount of
time available to make a decision
brand positioning statements answer 3 questions - Answers - what differentiates your
brand, who is your audience and what do they think, what would someone be drawn to
your brand
business case analysis - Answers - overall evaluation of a product that usually assesses
the product probability of success
California Consumer Privacy Act (CCPA) - Answers - provides consumers with the right
to know what personal data are being collected about them and the option to say no to
the sale of the information
, capital goods - Answers - major purchases in support of significant business functions
captive pricing - Answers - pricing tactic of gaining a commitment from a customer to a
basic product of system that requires continual purchase to operate
cash discounts - Answers - percentage discount off invoice to elicit quicker payment by
customer
casual research - Answers - descriptive research designed to identify associations
between variable
causes of customer switching behavior - Answers - pricing, inconvenience, core service
failure, service encounter failures, response to service failure, competition, ethical
problems, involuntary switching
census - Answers - comprehensive record of each individual in the population of interest
channel of distributions - Answers - system of interdependent relationships among a set
of organizations that facilitates the exchange process
characteristics of service - Answers - intangibility, inseparability, variability, perishability
CLV - Answers - customer lifetime value= dollar value of purchases*gross profit
percent*number of purchases
coercive power - Answers - explicit or implicit threat that a channel captain will invoke
negative consequences on a channel member if it does not comply with the leaders
request or expectations
collaborative filtering - Answers - predicts a customers preferences for products or
services based on the observed preferences of customers who are perceived to be
familiar
competitive environment factors - Answers - Threat of new entrants
Rivalry among existing firms
Threat of substitute products
Bargaining power of buyers
Bargaining power of suppliers
complete set - Answers - very large set of possible alternatives a consumer consideres
during the initial search for information
concentrated target marketing - Answers - approach that involves targeting a large
portion of a small market
AND CORRECT ANSWERS
4 purchase event characteristics that affect decision - Answers - physical surroundings,
social circumstance, time, state of mind
a great marketing dashboard is comprised of the following - Answers - -Company goals
translated into a set of marketing objectives.
-Measurement of financial impact of marketing programs.
-Tracking of how marketing assets such as the brand and customer relationships are
progressing.
-Execution of skills and competencies of the marketing team.
-Execution of other business processes necessary to deliver customer value.
-Continuous refinement of tools to increase access to and usability of customer insights.
-Insight on not only what is happening in the market but also why it is happening.
-A diagnostic for prediction, forecasting, and of course remediation.
-Ultimately, enhanced return on marketing investment (ROMI)
agent intermediaries - Answers - intermediaries who do not take title to the product
during the exchange process
AIDA model - Answers - model designed to illustrate the hierarchy of effects in the
context of customer response to marketing communications, attention, interest, desire,
action
allowances - Answers - remit monies to purchasers after the fact
an individual moves through 5 stages before adopting a product - Answers - awareness,
interest, evaluation, trial, adoption
assurance - Answers - knowledge and courtesy of employees
attribution - Answers - key factor in assessing the impact of the marketing mix, thought
of as determining how to give appropriate credit to different elements of the marketing
mix through the measurement of their effects
auction pricing - Answers - pricing tactic in which individuals competitively bid against
each other and the purchase goes to the highest bidder
average cost pricing - Answers - all costs / total number of units = average cost of single
unit
,awareness set - Answers - reduced set of possible alternatives a consumer considers
after eliminating available options based on gathered information and personal
preference
b2b - Answers - business to business
b2c - Answers - business to consumer
Baby Boomer Generation 1946-1964 - Answers - -Forever young
-Individualistic
-Conspicuous consumption—great acquirers of goods and services
-Idealistic: value- and cause-driven despite indulgences and hedonism
-The end justifies the means
behavioral data - Answers - information about when, what, and how often customers
purchase products and services as well as other customer "touches"
behavioral segmentation - Answers - dividing consumer groups based on similarities in
benefits sought or product usage patterns
benefit - Answers - advantageous outcome from the advantage found in a product
feature
big data - Answers - ever increasing quantity and complexity of data that is continuously
being produced by various technological sources
big M marketing - Answers - strategic marketing
Boston consulting group BCG growth share mix - Answers - popular approach for in firm
portfolio analysis that categorizes business units levels of contributions to the overall
firm based on two factors: market growth rate and competitive position
bounded rationality - Answers - concept that decision making is limited by the
information available, the decision makers cognitive limitations, and the finite amount of
time available to make a decision
brand positioning statements answer 3 questions - Answers - what differentiates your
brand, who is your audience and what do they think, what would someone be drawn to
your brand
business case analysis - Answers - overall evaluation of a product that usually assesses
the product probability of success
California Consumer Privacy Act (CCPA) - Answers - provides consumers with the right
to know what personal data are being collected about them and the option to say no to
the sale of the information
, capital goods - Answers - major purchases in support of significant business functions
captive pricing - Answers - pricing tactic of gaining a commitment from a customer to a
basic product of system that requires continual purchase to operate
cash discounts - Answers - percentage discount off invoice to elicit quicker payment by
customer
casual research - Answers - descriptive research designed to identify associations
between variable
causes of customer switching behavior - Answers - pricing, inconvenience, core service
failure, service encounter failures, response to service failure, competition, ethical
problems, involuntary switching
census - Answers - comprehensive record of each individual in the population of interest
channel of distributions - Answers - system of interdependent relationships among a set
of organizations that facilitates the exchange process
characteristics of service - Answers - intangibility, inseparability, variability, perishability
CLV - Answers - customer lifetime value= dollar value of purchases*gross profit
percent*number of purchases
coercive power - Answers - explicit or implicit threat that a channel captain will invoke
negative consequences on a channel member if it does not comply with the leaders
request or expectations
collaborative filtering - Answers - predicts a customers preferences for products or
services based on the observed preferences of customers who are perceived to be
familiar
competitive environment factors - Answers - Threat of new entrants
Rivalry among existing firms
Threat of substitute products
Bargaining power of buyers
Bargaining power of suppliers
complete set - Answers - very large set of possible alternatives a consumer consideres
during the initial search for information
concentrated target marketing - Answers - approach that involves targeting a large
portion of a small market
