WGU D174 - UNIT 2 QUESTIONS AND ANSWERS
Two key marketing concepts are - Answers - value and exchange
Value represents - Answers - all the benefits you get from a product
exchange is the - Answers - process of giving up something to gain something.
A common misconception of marketing is that it is a - Answers - cost center. It is seen
as an expense, not an investment.
One misconception is that marketing is all about - Answers - selling. Personal selling is
just another method of marketing communication, which is part of promotion in the
marketing mix.
Effectively targeting high-value sources of growth - Answers - This problem focuses on
the need for the customer-centric approach that today's digital marketplace provides
with the ability to have the right product at the right time to the right customer.
The role of marketing in the firm and the C-suite - Answers - This problem takes a
supply side focus on the processes and workflows of the marketing function and the role
and influence of the chief marketing officer (CMO).
The digital transformation of the modern corporation - Answers - This problem
addresses both supply and demand. It involves gathering data from the customer and
turning it into insights that can help the organization compete, engage, and track its
interactions with consumers and measure how well the marketing is performing.
Generating and using insight to shape marketing practices - Answers - This problem is
an addition to the previous one and relates to the role of marketing analytics within the
firm. It is about having access to information, being able to form insights into the
customer, and make decisions based on these insights.
Dealing with an omnichannel world - Answers - Organizations can communicate in
different ways with consumers. They need to find the right mix of customer interfaces to
coordinate across multiple communication channels. Some organizations use a
multichannel strategy. This means a consumer sources information from different
sources rather than an integrated source. Other organizations use an omnichannel
strategy that focuses on the consumer and links communication sources based on
customer needs. Thus, communication is convenient and seamless for the consumer
because they do not need to access information from multiple sources. For example,
Eva is a customer at a bank and has an account there for a small home-based business
and a personal checking account. Eva is very busy, and she prefers to use online
banking. An omnichannel strategy would allow her to interface with both her small
business and personal accounts through one online log-in.
, Competing in dynamic, global markets - Answers - Companies need to determine how
they will compete in global markets and what their competition will be globally,
regionally, and locally. Marketers need to assess the global marketplace and its
opportunities. This problem is integrated into all the other problems, as global markets
can be a high-value source of growth, change the organizational structure and roles,
and create challenges in gathering information for insights about the global consumer.
Balancing incremental and radical innovations - Answers - innovations are about more
than the product and can include technologies, business models, partnerships, and
customer experiences. The key with balancing innovation is operating in the present
and for the future. For example, Netflix had a DVD operation that it needed to support,
but it also looked at radical innovations in technology like moving to an on-demand and
streaming service to remain relevant in the in-home movie viewing marketplace
(Jaworski et al., 2016).
Sara bought a new designer purse for her birthday. She had never spent that much on a
purse, but she decided it was worth the money because it was elegant.
What describes Sara's perception of buying the purse? - Answers - Value
Correct! Sara perceived a product value that was positive based on her benefit-to-cost
ratio.
Marketing - Answers - an exchange process in which a consumer gives up something
of value (money, time, convenience) for something else that they want or need. The
core concepts of marketing are exchange and value.
While there are many misconceptions about marketing that come from its high visibility
and use of buzz words, marketing is more than just advertising or selling. It is about -
Answers - creating value for consumers, organizations, and society.
Marketing can be defined as a set of activities characterized by - Answers - creating,
communicating, delivering, and exchanging value with consumers or society; these
activities are considered the marketing mix or the 4Ps of product, promotion, place, and
price.
Many marketers acknowledge the importance of product features, production, and sales
while realizing that the broader focus described below will help them be most effective: -
Answers - Continuously collect information about customers' needs and competitors'
capabilities.
Share that information across departments.
Use the information to create a competitive advantage by increasing value for
customers.
The extended marketing mix consists of the 7Ps.
What are the three additional Ps that extend the traditional 4Ps? - Answers - People
Processes
Physical evidence
Two key marketing concepts are - Answers - value and exchange
Value represents - Answers - all the benefits you get from a product
exchange is the - Answers - process of giving up something to gain something.
A common misconception of marketing is that it is a - Answers - cost center. It is seen
as an expense, not an investment.
One misconception is that marketing is all about - Answers - selling. Personal selling is
just another method of marketing communication, which is part of promotion in the
marketing mix.
Effectively targeting high-value sources of growth - Answers - This problem focuses on
the need for the customer-centric approach that today's digital marketplace provides
with the ability to have the right product at the right time to the right customer.
The role of marketing in the firm and the C-suite - Answers - This problem takes a
supply side focus on the processes and workflows of the marketing function and the role
and influence of the chief marketing officer (CMO).
The digital transformation of the modern corporation - Answers - This problem
addresses both supply and demand. It involves gathering data from the customer and
turning it into insights that can help the organization compete, engage, and track its
interactions with consumers and measure how well the marketing is performing.
Generating and using insight to shape marketing practices - Answers - This problem is
an addition to the previous one and relates to the role of marketing analytics within the
firm. It is about having access to information, being able to form insights into the
customer, and make decisions based on these insights.
Dealing with an omnichannel world - Answers - Organizations can communicate in
different ways with consumers. They need to find the right mix of customer interfaces to
coordinate across multiple communication channels. Some organizations use a
multichannel strategy. This means a consumer sources information from different
sources rather than an integrated source. Other organizations use an omnichannel
strategy that focuses on the consumer and links communication sources based on
customer needs. Thus, communication is convenient and seamless for the consumer
because they do not need to access information from multiple sources. For example,
Eva is a customer at a bank and has an account there for a small home-based business
and a personal checking account. Eva is very busy, and she prefers to use online
banking. An omnichannel strategy would allow her to interface with both her small
business and personal accounts through one online log-in.
, Competing in dynamic, global markets - Answers - Companies need to determine how
they will compete in global markets and what their competition will be globally,
regionally, and locally. Marketers need to assess the global marketplace and its
opportunities. This problem is integrated into all the other problems, as global markets
can be a high-value source of growth, change the organizational structure and roles,
and create challenges in gathering information for insights about the global consumer.
Balancing incremental and radical innovations - Answers - innovations are about more
than the product and can include technologies, business models, partnerships, and
customer experiences. The key with balancing innovation is operating in the present
and for the future. For example, Netflix had a DVD operation that it needed to support,
but it also looked at radical innovations in technology like moving to an on-demand and
streaming service to remain relevant in the in-home movie viewing marketplace
(Jaworski et al., 2016).
Sara bought a new designer purse for her birthday. She had never spent that much on a
purse, but she decided it was worth the money because it was elegant.
What describes Sara's perception of buying the purse? - Answers - Value
Correct! Sara perceived a product value that was positive based on her benefit-to-cost
ratio.
Marketing - Answers - an exchange process in which a consumer gives up something
of value (money, time, convenience) for something else that they want or need. The
core concepts of marketing are exchange and value.
While there are many misconceptions about marketing that come from its high visibility
and use of buzz words, marketing is more than just advertising or selling. It is about -
Answers - creating value for consumers, organizations, and society.
Marketing can be defined as a set of activities characterized by - Answers - creating,
communicating, delivering, and exchanging value with consumers or society; these
activities are considered the marketing mix or the 4Ps of product, promotion, place, and
price.
Many marketers acknowledge the importance of product features, production, and sales
while realizing that the broader focus described below will help them be most effective: -
Answers - Continuously collect information about customers' needs and competitors'
capabilities.
Share that information across departments.
Use the information to create a competitive advantage by increasing value for
customers.
The extended marketing mix consists of the 7Ps.
What are the three additional Ps that extend the traditional 4Ps? - Answers - People
Processes
Physical evidence
