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 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 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 Model- Support Activities 1. Firm's Infrastructure (accounting, finance, management) 2. Human Resources Management 3. Product & Technology Development (R&D) 4. Procurement Porter's Value Chain Model- Primary Activities 1. Inbound logistics (inputs) 2. Operations (manufacturing and testing) 3. Outbound logistics (storage and distribution) 4. Marketing and sales 5. After-sales service Marketing Planning 1. marketing plan must be connected to firm's business plan 2. situational analysis - SWOT 3. Perform any needed market research 4. Establish marketing goals & objectives 5. Develop marketing strategies