WGU D174 MARKETING MANAGEMENT
Microeconomics - Answers - The study of individual economic activity (firm, household,
or prices)
Macroeconomics - Answers - The study of economic activity in terms of broad
measures of output and input (GDP, Inflation)
Market Information System (MIS) - Answers - A continuing process of identifying,
collecting, analyzing, accumulating, and dispensing critical information to marketing
decision makers
Marketing Intelligence - Answers - Collecting, analyzing, and storing data from the
macro environment on a continuous basis
4 product issues facing international marketers - Answers - 1. Quality
2. Fitting the product to the culture
3. Brand strategy
4. Country of origin effect
4 forces that drive higher costs and price escalation in global markets - Answers - 1.
Product export costs
2. Tariffs, Import fees, Taxes
3. Exchange rate fluctuations
4. Middlemen & Transportation Costs
External factors affecting marketing decisions - Answers - Economic conditions
Natural world
Competition
Political/Legal
Technology Transformations
Demographics
Dimensions of Service Quality - Answers - Tangibles, Reliability, Responsiveness,
Assurance, Empathy
SERVQUAL - Answers - a multiple-item scale used to measure service quality across
dimensions of tangibles, reliability, responsiveness, assurance, and empathy
Value Pricing - Answers - Pricing strategy that sets the price of a product or service
according to its perceived or estimated value to the customer
Competitor-Based Pricing - Answers - A pricing strategy in which a firm decides to set
prices at some market average price in context with prices of competitors
,Stability Pricing - Answers - A pricing strategy in which a firm attempts to find a neutral
set point for price that is neither low enough to raise the ire of competition nor high
enough to put the value proposition at risk with customers
Bait and Switch - Answers - A store advertises bargains that do not really exist to lure
customers in, in hopes that they will buy more expensive merchandise.
Prestige Pricing - Answers - Setting a rather high price to suggest high quality or high
status
Everday Low Prices (EDLP) - Answers - Consistently low prices with no intention of
raising them or offering discounts in the future
High/Low Pricing - Answers - A pricing strategy that relies on the promotion of sales,
during which prices are temporarily reduced to encourage purchases
Cost Leadership Strategy (Competitive Strategy Matrix) - Answers - Lower Cost, Broad
Target
EX: Aldi
Service Profit Chain - Answers - 1. Internal service quality
2. Employee Satisfaction
3. Employee Retention and Productivity
4. External Service Value
5. Customer Satisfaction
6. Customer Loyalty
7. Revenue Growth and Profitability
Search Attributes - Answers - Aspects of an offering that are physically observable
before consumption
Experience Attributes - Answers - Aspects of an offering that can be evaluated only
during or after consumption. EX: Haircut
Credence Attributes - Answers - Aspects of an offering for which customers cannot
make a reasonable evaluation, even after use
Gap Analysis - Answers - A marketing research method that measures the difference
between a customer's expectation of a service quality and what actually occurred
Cost Reduction - Answers - Actions taken by a business aimed at reducing total costs,
or lowering average unit costs
Stages of Consumer Adoption Process - Answers - 1. Awareness
2. Interest
, 3. Evaluation
4. Trial
5. Adoption
Product Life Cycle - Answers - Introduction, Growth, Maturity, Decline
Convenience Goods - Answers - Inexpensive items that consumers purchase regularly
without much thought
Shopping Goods - Answers - Items purchased after comparing prices and features.
Specialty Goods - Answers - Expensive, rarely purchased physical goods
Unsought Goods - Answers - Products that consumers don't want to buy or don't seek
out
Tangibility - Answers - The degree of perceivable, physical essence of a product
Durability - Answers - Ability of an item to last a long time
Nondurable Products - Answers - Usually consumed in a few uses and in general, cost
less than durable products
Durable Products - Answers - These products are made to last a long time and be
maintained and repaired or able to replace certain parts of it
Content Filtering - Answers - An analytic method that identifies which products or
services to recommend based on a determination of how similar a product or service
seems to be to those that the customer has demonstrated a preference for in the past,
or is currently considering
Collaborative Filtering - Answers - Predicts a customer's preferences for products or
services based on the observed preferences of customers who are perceived to be
similar
Descriptive Analytics - Answers - Techniques that describe past performance and
history (What Happened?)
Diagnostic Analytics - Answers - Information that attempts to determine causal
relationships, answers the question (Why did it happen?)
Predictive Analytics - Answers - Extracts information from data and uses it to predict
future trends and identify behavioral patterns (What is likely to happen?)
Prescriptive Analytics - Answers - Techniques that create models indicating the best
decision to make or course of action to take (What should be done)
Microeconomics - Answers - The study of individual economic activity (firm, household,
or prices)
Macroeconomics - Answers - The study of economic activity in terms of broad
measures of output and input (GDP, Inflation)
Market Information System (MIS) - Answers - A continuing process of identifying,
collecting, analyzing, accumulating, and dispensing critical information to marketing
decision makers
Marketing Intelligence - Answers - Collecting, analyzing, and storing data from the
macro environment on a continuous basis
4 product issues facing international marketers - Answers - 1. Quality
2. Fitting the product to the culture
3. Brand strategy
4. Country of origin effect
4 forces that drive higher costs and price escalation in global markets - Answers - 1.
Product export costs
2. Tariffs, Import fees, Taxes
3. Exchange rate fluctuations
4. Middlemen & Transportation Costs
External factors affecting marketing decisions - Answers - Economic conditions
Natural world
Competition
Political/Legal
Technology Transformations
Demographics
Dimensions of Service Quality - Answers - Tangibles, Reliability, Responsiveness,
Assurance, Empathy
SERVQUAL - Answers - a multiple-item scale used to measure service quality across
dimensions of tangibles, reliability, responsiveness, assurance, and empathy
Value Pricing - Answers - Pricing strategy that sets the price of a product or service
according to its perceived or estimated value to the customer
Competitor-Based Pricing - Answers - A pricing strategy in which a firm decides to set
prices at some market average price in context with prices of competitors
,Stability Pricing - Answers - A pricing strategy in which a firm attempts to find a neutral
set point for price that is neither low enough to raise the ire of competition nor high
enough to put the value proposition at risk with customers
Bait and Switch - Answers - A store advertises bargains that do not really exist to lure
customers in, in hopes that they will buy more expensive merchandise.
Prestige Pricing - Answers - Setting a rather high price to suggest high quality or high
status
Everday Low Prices (EDLP) - Answers - Consistently low prices with no intention of
raising them or offering discounts in the future
High/Low Pricing - Answers - A pricing strategy that relies on the promotion of sales,
during which prices are temporarily reduced to encourage purchases
Cost Leadership Strategy (Competitive Strategy Matrix) - Answers - Lower Cost, Broad
Target
EX: Aldi
Service Profit Chain - Answers - 1. Internal service quality
2. Employee Satisfaction
3. Employee Retention and Productivity
4. External Service Value
5. Customer Satisfaction
6. Customer Loyalty
7. Revenue Growth and Profitability
Search Attributes - Answers - Aspects of an offering that are physically observable
before consumption
Experience Attributes - Answers - Aspects of an offering that can be evaluated only
during or after consumption. EX: Haircut
Credence Attributes - Answers - Aspects of an offering for which customers cannot
make a reasonable evaluation, even after use
Gap Analysis - Answers - A marketing research method that measures the difference
between a customer's expectation of a service quality and what actually occurred
Cost Reduction - Answers - Actions taken by a business aimed at reducing total costs,
or lowering average unit costs
Stages of Consumer Adoption Process - Answers - 1. Awareness
2. Interest
, 3. Evaluation
4. Trial
5. Adoption
Product Life Cycle - Answers - Introduction, Growth, Maturity, Decline
Convenience Goods - Answers - Inexpensive items that consumers purchase regularly
without much thought
Shopping Goods - Answers - Items purchased after comparing prices and features.
Specialty Goods - Answers - Expensive, rarely purchased physical goods
Unsought Goods - Answers - Products that consumers don't want to buy or don't seek
out
Tangibility - Answers - The degree of perceivable, physical essence of a product
Durability - Answers - Ability of an item to last a long time
Nondurable Products - Answers - Usually consumed in a few uses and in general, cost
less than durable products
Durable Products - Answers - These products are made to last a long time and be
maintained and repaired or able to replace certain parts of it
Content Filtering - Answers - An analytic method that identifies which products or
services to recommend based on a determination of how similar a product or service
seems to be to those that the customer has demonstrated a preference for in the past,
or is currently considering
Collaborative Filtering - Answers - Predicts a customer's preferences for products or
services based on the observed preferences of customers who are perceived to be
similar
Descriptive Analytics - Answers - Techniques that describe past performance and
history (What Happened?)
Diagnostic Analytics - Answers - Information that attempts to determine causal
relationships, answers the question (Why did it happen?)
Predictive Analytics - Answers - Extracts information from data and uses it to predict
future trends and identify behavioral patterns (What is likely to happen?)
Prescriptive Analytics - Answers - Techniques that create models indicating the best
decision to make or course of action to take (What should be done)
