WGU D174 EXAM STUDY GUIDE
Disintermediation - Answers - Is the elimination of intermediaries in the supply chain.
Also referred to as cutting out the middlemen.
channel of distribution - Answers - consists of interdependent entities that are aligned
for the purpose of transferring possession of a product from producer to consumer or
business user
Intermediaries - Answers - Formerly called middlemen, play a role in the exchange
process between producer and consumer
Merchant intermediaries - Answers - Take title to the product
Agent intermediaries - Answers - Do not take title to the product.
Middleman - Answers - Independent business entity that links producers and end
users consumers or organizational buyers
Merchant middleman - Answers - Middleman that buys goods outright taking title to
them
Agent - Answers - Business entity that negotiates purchases sales or both but does
not take title to the goods involved
Manufaturers' agent - Answers - Agent that usually operates on an extended contract
often sells within an exclusive territory handles noncompeting but related lines of goods
and has limited authority to price and create terms of sale
Distributor - Answers - Wholesale middlemen found especially when selective or
exclusive distribution is common and strong promotional support is needed sometimes
used synonymously for a wholesaler
Jobber - Answers - Middleman that buys from manufacturers and sells to retailers. Is
sometimes called rack jobber to connote the service of stocking racks or shelves with
merchandise
Facilitating agent - Answers - Entity that assist in the performance of distribution tasks
other than buying selling and transferring title example trucking warehouse importers
Retailer - Answers - Entity primarily engaged in selling to end user consumers
Outsourcing- (3PL (Third Party Logistics) - Answers - a service firm that negotiates
and coordinates all logistics services. Is attractive for many firms whose own
competencies do not include these elements.
,Reintermediation - Answers - Is the addition of intermediaries to the distribution
channel.
value network - Answers - An overarching system of formal and informal relationships
within which the firm participates to procure, transform, and enhance, and ultimately
supply its offerings in final form within a market space.
Distribution channel intermediary - Answers - Agents
Wholesalers
Distributors
Retailers
Internet
Channel intermediaries add value in 3 primary ways - Answers - Physical Product
Distribution - breaking bulk sorting transporting and storing
Transactions and communication - buying selling or marketing
Facilitation of Functions - financing and market research
Outsourcing - Answers - Allow an organization to focus on what they know best
without needing to also focus on distribution
Corporate Social Responsibility (CSR) - Answers - Refers to a firm's behaviors and
strategies that are undertaken in order to have a positive impact on the world
Global Experience Learning Curve - Answers - An understanding of marketing beyond
home markets develops over time as a company gets more international business
4 Stages of Global Experience Learning Curve - Answers - No direct foreign marketing
Foreign marketing
International marketing
Global marketing
Foreign Marketing - Answers - Occurs when a firm develops local distribution and
service representation outside its home market, either through local intermediaries or its
own marketing and sales force.
Foreign Marketing - Answers - involves developing local distribution and service
representation in a foreign market in one of two ways.
- identify local intermediaries in appropriate international markets and create formal
relationship.
- establish its own direct sales force in major markets thereby expanding the company's
market reach
International marketing - Answers - Implies firms marketing outside their home market
that also manufacture outside that market.
,-aligns the company's assets and resources with global markets but in vast majority of
companies management still takes a domestic first approach.
Global Marketing - Answers - Company realizes that all world markets are in reality a
single market with many different segments.
-when a company generate more than half its revenue in international markets.
Example: McDonald's Apple Nike
- first step into global market is to evaluate the market opportunities.
Marketing Management - Answers - Is a core activity in an organization that is focused
on the firm's long term performance.
Marketing Misconceptions - Answers - Marketing is all about advertising
Marketing is all about selling
Marketing is all fluff and so substance
Marketing is inherently unethical and harmful to society
Only marketers market
Marketing is just another cost center in a firm
Marketing is all about advertising - Answers - Advertising is just one way that
marketing is communicated to potential customers. Advertising is highly visible to the
general public so many people naturally think of advertising when they think of
marketing. Good advertising makes a bad product fail faster.
Marketing is all about selling - Answers - Personal selling is simply another method of
marketing communication. Marketers have to decide on a mix of marketing
communication approaches that might also include public relations
Marketing is all fluff and no substance - Answers - Inherently fun and glitzy. Hiring
Kevin Durant as a celebrity spokesperson had to be a real thrill for everybody at Nike.
Involve sophisticated research detailed analysis careful decision making and thoughtful
development of strategies and plans. Marketing represents a major investment and
firms are naturally reluctant to invest major resources without reasonable level of
assurance of a satisfactory payback.
Marketing is inherently unethical and harmful to society. - Answers - Marketing is no
more inherently unethical than other business areas. The extreme corporate financial
misdeeds that led to the Great Recession of the late 2000s show that to be true.
However, when some element of marketing proves to be unethical (or even illegal), it
tends to be very visible to the general public. Untrue advertising claims, arm-twisting
sales tactics, and nonenvironmentally friendly product packaging are a few very visible
examples of marketing not behaving at its best.
Only marketers market. - Answers - Everybody does marketing. Everybody has a
stake in the success of marketing. Regardless of your position in a firm or job title,
learning how to do great marketing is a key professional asset. People with strong
, marketing skills achieve greater success—both on the job and off. If you've never
thought of yourself in the context of being a "personal brand" that needs to be effectively
communicated, just consider how useful such an approach could be in job seeking or
positioning yourself for a promotion.
Marketing is just another cost center in a firm - Answers - The mind-set that marketing
is a cost, rather than an investment, is deadly in a firm because costs are inherently to
be reduced or avoided. When management doesn't view marketing as earning its
keep—that is, marketing being able to pay back its investment over the long term—it
becomes very easy for firms to suboptimize their success in the long run by avoiding
investment in brand and product development in favor of cutting costs. This is the
classic argument that successful firms must simultaneously monitor costs to ensure
short-term financial performance while also investing in marketing to ensure long-term
competitive strength.
Marketing's stakeholders - Answers - include any person or entity inside or outside a
firm with whom marketing interacts, impacts, and is impacted by. For example, internal
stakeholders—those inside a firm—include other organizational units that marketing
interacts with in the course of business.
societal marketing - Answers - At the broadest conceptual level, members of society at
large can be viewed as stakeholders for marketing. (components of which may be
referred to as "purpose-driven marketing" or "pro-social marketing") is growing rapidly in
influence on many firms' overall marketing strategies. Societal marketing with sincerity
and conviction has the potential to appeal to consumers on a very emotional level and
further drive customer loyalty. This integration of "doing well by doing good" moves
firms and their marketing beyond simple "push a brand" messaging and instead
engages consumers in a much more meaningful and long-lasting way
sustainability - Answers - which refers to business practices that meet humanity's
needs without harming future generations.11 Sustainability practices have helped
socially responsible organizations incorporate doing well by doing good into their
overarching business models so that both the success of the firm and the success of
society at large are sustained over the long term.
For any exchange to take place, the following five conditions must be present -
Answers - There must be at least two parties.
Each party has something that might be of value to the other party.
Each party is capable of communication and delivery.
Each party is free to accept or reject the exchange offer.
Each party believes it is appropriate or desirable to deal with the other party.
value - Answers - ratio of the bundle of benefits a customer receives from an offering
compared to the costs incurred by the customer in acquiring that bundle of benefits.
Disintermediation - Answers - Is the elimination of intermediaries in the supply chain.
Also referred to as cutting out the middlemen.
channel of distribution - Answers - consists of interdependent entities that are aligned
for the purpose of transferring possession of a product from producer to consumer or
business user
Intermediaries - Answers - Formerly called middlemen, play a role in the exchange
process between producer and consumer
Merchant intermediaries - Answers - Take title to the product
Agent intermediaries - Answers - Do not take title to the product.
Middleman - Answers - Independent business entity that links producers and end
users consumers or organizational buyers
Merchant middleman - Answers - Middleman that buys goods outright taking title to
them
Agent - Answers - Business entity that negotiates purchases sales or both but does
not take title to the goods involved
Manufaturers' agent - Answers - Agent that usually operates on an extended contract
often sells within an exclusive territory handles noncompeting but related lines of goods
and has limited authority to price and create terms of sale
Distributor - Answers - Wholesale middlemen found especially when selective or
exclusive distribution is common and strong promotional support is needed sometimes
used synonymously for a wholesaler
Jobber - Answers - Middleman that buys from manufacturers and sells to retailers. Is
sometimes called rack jobber to connote the service of stocking racks or shelves with
merchandise
Facilitating agent - Answers - Entity that assist in the performance of distribution tasks
other than buying selling and transferring title example trucking warehouse importers
Retailer - Answers - Entity primarily engaged in selling to end user consumers
Outsourcing- (3PL (Third Party Logistics) - Answers - a service firm that negotiates
and coordinates all logistics services. Is attractive for many firms whose own
competencies do not include these elements.
,Reintermediation - Answers - Is the addition of intermediaries to the distribution
channel.
value network - Answers - An overarching system of formal and informal relationships
within which the firm participates to procure, transform, and enhance, and ultimately
supply its offerings in final form within a market space.
Distribution channel intermediary - Answers - Agents
Wholesalers
Distributors
Retailers
Internet
Channel intermediaries add value in 3 primary ways - Answers - Physical Product
Distribution - breaking bulk sorting transporting and storing
Transactions and communication - buying selling or marketing
Facilitation of Functions - financing and market research
Outsourcing - Answers - Allow an organization to focus on what they know best
without needing to also focus on distribution
Corporate Social Responsibility (CSR) - Answers - Refers to a firm's behaviors and
strategies that are undertaken in order to have a positive impact on the world
Global Experience Learning Curve - Answers - An understanding of marketing beyond
home markets develops over time as a company gets more international business
4 Stages of Global Experience Learning Curve - Answers - No direct foreign marketing
Foreign marketing
International marketing
Global marketing
Foreign Marketing - Answers - Occurs when a firm develops local distribution and
service representation outside its home market, either through local intermediaries or its
own marketing and sales force.
Foreign Marketing - Answers - involves developing local distribution and service
representation in a foreign market in one of two ways.
- identify local intermediaries in appropriate international markets and create formal
relationship.
- establish its own direct sales force in major markets thereby expanding the company's
market reach
International marketing - Answers - Implies firms marketing outside their home market
that also manufacture outside that market.
,-aligns the company's assets and resources with global markets but in vast majority of
companies management still takes a domestic first approach.
Global Marketing - Answers - Company realizes that all world markets are in reality a
single market with many different segments.
-when a company generate more than half its revenue in international markets.
Example: McDonald's Apple Nike
- first step into global market is to evaluate the market opportunities.
Marketing Management - Answers - Is a core activity in an organization that is focused
on the firm's long term performance.
Marketing Misconceptions - Answers - Marketing is all about advertising
Marketing is all about selling
Marketing is all fluff and so substance
Marketing is inherently unethical and harmful to society
Only marketers market
Marketing is just another cost center in a firm
Marketing is all about advertising - Answers - Advertising is just one way that
marketing is communicated to potential customers. Advertising is highly visible to the
general public so many people naturally think of advertising when they think of
marketing. Good advertising makes a bad product fail faster.
Marketing is all about selling - Answers - Personal selling is simply another method of
marketing communication. Marketers have to decide on a mix of marketing
communication approaches that might also include public relations
Marketing is all fluff and no substance - Answers - Inherently fun and glitzy. Hiring
Kevin Durant as a celebrity spokesperson had to be a real thrill for everybody at Nike.
Involve sophisticated research detailed analysis careful decision making and thoughtful
development of strategies and plans. Marketing represents a major investment and
firms are naturally reluctant to invest major resources without reasonable level of
assurance of a satisfactory payback.
Marketing is inherently unethical and harmful to society. - Answers - Marketing is no
more inherently unethical than other business areas. The extreme corporate financial
misdeeds that led to the Great Recession of the late 2000s show that to be true.
However, when some element of marketing proves to be unethical (or even illegal), it
tends to be very visible to the general public. Untrue advertising claims, arm-twisting
sales tactics, and nonenvironmentally friendly product packaging are a few very visible
examples of marketing not behaving at its best.
Only marketers market. - Answers - Everybody does marketing. Everybody has a
stake in the success of marketing. Regardless of your position in a firm or job title,
learning how to do great marketing is a key professional asset. People with strong
, marketing skills achieve greater success—both on the job and off. If you've never
thought of yourself in the context of being a "personal brand" that needs to be effectively
communicated, just consider how useful such an approach could be in job seeking or
positioning yourself for a promotion.
Marketing is just another cost center in a firm - Answers - The mind-set that marketing
is a cost, rather than an investment, is deadly in a firm because costs are inherently to
be reduced or avoided. When management doesn't view marketing as earning its
keep—that is, marketing being able to pay back its investment over the long term—it
becomes very easy for firms to suboptimize their success in the long run by avoiding
investment in brand and product development in favor of cutting costs. This is the
classic argument that successful firms must simultaneously monitor costs to ensure
short-term financial performance while also investing in marketing to ensure long-term
competitive strength.
Marketing's stakeholders - Answers - include any person or entity inside or outside a
firm with whom marketing interacts, impacts, and is impacted by. For example, internal
stakeholders—those inside a firm—include other organizational units that marketing
interacts with in the course of business.
societal marketing - Answers - At the broadest conceptual level, members of society at
large can be viewed as stakeholders for marketing. (components of which may be
referred to as "purpose-driven marketing" or "pro-social marketing") is growing rapidly in
influence on many firms' overall marketing strategies. Societal marketing with sincerity
and conviction has the potential to appeal to consumers on a very emotional level and
further drive customer loyalty. This integration of "doing well by doing good" moves
firms and their marketing beyond simple "push a brand" messaging and instead
engages consumers in a much more meaningful and long-lasting way
sustainability - Answers - which refers to business practices that meet humanity's
needs without harming future generations.11 Sustainability practices have helped
socially responsible organizations incorporate doing well by doing good into their
overarching business models so that both the success of the firm and the success of
society at large are sustained over the long term.
For any exchange to take place, the following five conditions must be present -
Answers - There must be at least two parties.
Each party has something that might be of value to the other party.
Each party is capable of communication and delivery.
Each party is free to accept or reject the exchange offer.
Each party believes it is appropriate or desirable to deal with the other party.
value - Answers - ratio of the bundle of benefits a customer receives from an offering
compared to the costs incurred by the customer in acquiring that bundle of benefits.
