WGU D174 MARKETING MANAGEMENT
COMPREHENSIVE TEST PAPER WITH
COMPLETE SOLUTIONS
◉ joint venture
Answer: a type of strategic alliance that involves an agreement
between two or more companies to share a business project
◉ direct foreign investment
Answer: the most risky global entry strategy that involves active
ownership of a foreign company or of overseas manufacturing or
marketing facilities
◉ CRM (Customer Relationship Management)
Answer: A business philosophy and set of strategies, programs,
and systems that focus on identifying and building loyalty among
the firm's most valued customers
◉ 4 Elements of CRM
Answer: 1. Knowledge discovery: The process of finding new
information or insights that were previously unknown. It involves
exploring and uncovering facts, data, or ideas that can help us
learn and understand something new.
,2. Market planning: The act of creating a strategy or plan to
promote and sell a product or service in a specific market.
3. Customer interaction: The engagement or communication
between a company and its customers
4. Analysis and refinement: The process of examining and
evaluating information or data to gain insights and make
improvements.
◉ 6 C's of Channel Strategy in Global Markets
Answer: Cost, capital, control, coverage, character, and continuity
◉ 3 Basic Product Adaptation Options
Answer: Direct product extension - No changes in product
Product adaptation - Adapt product to local needs and legal
requirements. (Example: A beverage company creates a non-
alcoholic version of their product to cater to a market where
alcohol consumption is prohibited.)
Product Invention - Invent a whole new product specifically for a
foreign market (Example: In response to the unique tastes and
preferences of Indian consumers, McDonald's has created a
special menu called "McFlavors of the World" exclusively for the
Indian market.)
, ◉ What are the 4 steps in the marketing research process?
Answer: 1. Defining the problem and research objectives
2. Developing the research plan for collecting information
3. Implementing the research plan - collecting and analyzing the
data
4. Interpreting and reporting the findings
◉ Content Filtering
Answer: This method analyzes a customer's preferences and
determines which products or services to suggest based on how
similar they are to the ones the customer has liked before or is
currently interested in.
◉ collaborative filtering
Answer: a process that automatically groups people with similar
buying intentions, preferences, and behaviors and predicts future
purchases
◉ Difference between content and collaborative filtering
Answer: Content (items/products) filtering recommends items
based on the characteristics of what you have liked before, while
collaborative (people) filtering recommends items based on the
preferences and behaviors of people with similar tastes to yours.
◉ Customer attribution
COMPREHENSIVE TEST PAPER WITH
COMPLETE SOLUTIONS
◉ joint venture
Answer: a type of strategic alliance that involves an agreement
between two or more companies to share a business project
◉ direct foreign investment
Answer: the most risky global entry strategy that involves active
ownership of a foreign company or of overseas manufacturing or
marketing facilities
◉ CRM (Customer Relationship Management)
Answer: A business philosophy and set of strategies, programs,
and systems that focus on identifying and building loyalty among
the firm's most valued customers
◉ 4 Elements of CRM
Answer: 1. Knowledge discovery: The process of finding new
information or insights that were previously unknown. It involves
exploring and uncovering facts, data, or ideas that can help us
learn and understand something new.
,2. Market planning: The act of creating a strategy or plan to
promote and sell a product or service in a specific market.
3. Customer interaction: The engagement or communication
between a company and its customers
4. Analysis and refinement: The process of examining and
evaluating information or data to gain insights and make
improvements.
◉ 6 C's of Channel Strategy in Global Markets
Answer: Cost, capital, control, coverage, character, and continuity
◉ 3 Basic Product Adaptation Options
Answer: Direct product extension - No changes in product
Product adaptation - Adapt product to local needs and legal
requirements. (Example: A beverage company creates a non-
alcoholic version of their product to cater to a market where
alcohol consumption is prohibited.)
Product Invention - Invent a whole new product specifically for a
foreign market (Example: In response to the unique tastes and
preferences of Indian consumers, McDonald's has created a
special menu called "McFlavors of the World" exclusively for the
Indian market.)
, ◉ What are the 4 steps in the marketing research process?
Answer: 1. Defining the problem and research objectives
2. Developing the research plan for collecting information
3. Implementing the research plan - collecting and analyzing the
data
4. Interpreting and reporting the findings
◉ Content Filtering
Answer: This method analyzes a customer's preferences and
determines which products or services to suggest based on how
similar they are to the ones the customer has liked before or is
currently interested in.
◉ collaborative filtering
Answer: a process that automatically groups people with similar
buying intentions, preferences, and behaviors and predicts future
purchases
◉ Difference between content and collaborative filtering
Answer: Content (items/products) filtering recommends items
based on the characteristics of what you have liked before, while
collaborative (people) filtering recommends items based on the
preferences and behaviors of people with similar tastes to yours.
◉ Customer attribution
