WGU D174 MARKETING MANAGEMENT
Sustainability - Answers - balancing business needs and social needs over the long
term and doing the right thing.
Triple Bottom Line - Answers - 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 - Answers - an individualized marketing method that utilizes
customer information to build long-term, personalized, and profitable relationships with
each customer
relationship orientation - Answers - 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 - Answers - a company objective based on the premise that the
firm should measure itself primarily according to whether it meets its customers' needs
differentiation orientation - Answers - 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 - Answers - business focuses on the market; responds to
customer's needs & wants
Product Orientation - Answers - business focues on the product; develops goods
based on what it's good at doing
marketing ethics - Answers - societal & professional standard of right & fair practices
that are expected of marketing managers in their oversight of strategy formulation,
implementation, and control
Form Utility - Answers - created by marketing when raw materials are transformed into
a final product to meet a market need
Time Utility - Answers - created by marketing when a product available when needed
or desired
Ownership Utility - Answers - created by marketing when a product is exchanged with
customer
place utility - Answers - created by marketing when product is available at a
convenient location
,value proposition - Answers - 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 - Answers - 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 - Answers - 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 - Answers - 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
6. Develop implementation plans
7. Provide for contingency planning
market-driven strategic planning - Answers - The process at the corporate or strategic
business unit (SBU) level of a firm that acts to marshal the various resource and
functional areas toward a central purpose around the customer.
Strategic Business Unit (SBU) - Answers - a relatively autonomous division or
organizational unit of a large company that operates independently but within the
corporate umbrella, exercising control over most of the factors affecting its long-term
performance.
BCG Matrix: Stars - Answers - High growth/High Postition
-important to building the future of the business
-deserving any needed investment
-Will eventually become a cash cow
BCG Matrix: Cash Cows - Answers - Low growth/high position
key source of internal cash generation for the firm
BCG Matrix: Dogs - Answers - low growth/low position
potential high cash users & prime candidates for liquidation
, BCG Matrix: ?/Problem Child - Answers - high growth/low position
high cash needs that, if nurtured properly, can convert into stars
GE Business Screen - Answers - A method of evaluating businesses along two
dimensions: (1) industry attractiveness and (2) competitive position; in general, the
more attractive the industry and the more competitive the position, the more an
organization should invest in a business
cost leadership strategy - Answers - lower cost
broad target
cost-focus strategy - Answers - lower cost
narrow target
differentiation strategy - Answers - differentiated
broad target
focused differentiation strategy - Answers - differentiated
narrow target
Prospector (Miles and Snow) - Answers - firm exhibits continual innovation by finding &
exploiting new product & market opportunities
Analyzer (Miles and Snow) - Answers - Firm heavily relies on analysis and imitation of
the successes of other organizations, especially prospectors.
Defender (Miles and Snow) - Answers - firm searches for market stability & production
of only a limited product line directed at a narrow market segment, focusing on
protecting established turf
Reactor (Miles and Snow) - Answers - firm lacks any coherent strategic plan or
apparent means of effectively competing; they do well to merely survive in the
competitive marketplace
generic business strategy - Answers - overall strategic direction that includes growth,
stability, and retrenchment
competitive strategic options - Answers - use of a firm's core competencies or
strengths
SWOT analysis - Answers - strengths, weaknesses, opportunities, threats
core competencies - Answers - those functions that the organization can do
exceedingly well
Sustainability - Answers - balancing business needs and social needs over the long
term and doing the right thing.
Triple Bottom Line - Answers - 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 - Answers - an individualized marketing method that utilizes
customer information to build long-term, personalized, and profitable relationships with
each customer
relationship orientation - Answers - 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 - Answers - a company objective based on the premise that the
firm should measure itself primarily according to whether it meets its customers' needs
differentiation orientation - Answers - 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 - Answers - business focuses on the market; responds to
customer's needs & wants
Product Orientation - Answers - business focues on the product; develops goods
based on what it's good at doing
marketing ethics - Answers - societal & professional standard of right & fair practices
that are expected of marketing managers in their oversight of strategy formulation,
implementation, and control
Form Utility - Answers - created by marketing when raw materials are transformed into
a final product to meet a market need
Time Utility - Answers - created by marketing when a product available when needed
or desired
Ownership Utility - Answers - created by marketing when a product is exchanged with
customer
place utility - Answers - created by marketing when product is available at a
convenient location
,value proposition - Answers - 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 - Answers - 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 - Answers - 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 - Answers - 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
6. Develop implementation plans
7. Provide for contingency planning
market-driven strategic planning - Answers - The process at the corporate or strategic
business unit (SBU) level of a firm that acts to marshal the various resource and
functional areas toward a central purpose around the customer.
Strategic Business Unit (SBU) - Answers - a relatively autonomous division or
organizational unit of a large company that operates independently but within the
corporate umbrella, exercising control over most of the factors affecting its long-term
performance.
BCG Matrix: Stars - Answers - High growth/High Postition
-important to building the future of the business
-deserving any needed investment
-Will eventually become a cash cow
BCG Matrix: Cash Cows - Answers - Low growth/high position
key source of internal cash generation for the firm
BCG Matrix: Dogs - Answers - low growth/low position
potential high cash users & prime candidates for liquidation
, BCG Matrix: ?/Problem Child - Answers - high growth/low position
high cash needs that, if nurtured properly, can convert into stars
GE Business Screen - Answers - A method of evaluating businesses along two
dimensions: (1) industry attractiveness and (2) competitive position; in general, the
more attractive the industry and the more competitive the position, the more an
organization should invest in a business
cost leadership strategy - Answers - lower cost
broad target
cost-focus strategy - Answers - lower cost
narrow target
differentiation strategy - Answers - differentiated
broad target
focused differentiation strategy - Answers - differentiated
narrow target
Prospector (Miles and Snow) - Answers - firm exhibits continual innovation by finding &
exploiting new product & market opportunities
Analyzer (Miles and Snow) - Answers - Firm heavily relies on analysis and imitation of
the successes of other organizations, especially prospectors.
Defender (Miles and Snow) - Answers - firm searches for market stability & production
of only a limited product line directed at a narrow market segment, focusing on
protecting established turf
Reactor (Miles and Snow) - Answers - firm lacks any coherent strategic plan or
apparent means of effectively competing; they do well to merely survive in the
competitive marketplace
generic business strategy - Answers - overall strategic direction that includes growth,
stability, and retrenchment
competitive strategic options - Answers - use of a firm's core competencies or
strengths
SWOT analysis - Answers - strengths, weaknesses, opportunities, threats
core competencies - Answers - those functions that the organization can do
exceedingly well
