Marketing Management - D174 WGU Questions and Answers Latest Update

Marketing Management - D174 WGU Questions and Answers Latest Update marketing - Answers mutual exchange between buyer and seller place promo price product people physical evidence process - Answers 7 P's of the extended marketing mix strategic marketing tactical marketing - Answers what does Big M and little m refer to form utlility - Answers utility created when raw materials are transformed into a final product to meet a market need time utility - Answers utility created by marketing when product is available when needed or desired ownership utility - Answers utility created by marketing when product is exchanged with customer place utility - Answers utility created by marketing when product is available at a convenient location value proposition - Answers communicates the bundle of benefits that a firm promises to deliver to its customers change drivers - Answers identified shifts in the market value chain - Answers set of activities that an org carries out to create value for its customers inbound logistics operations outbound logistics marketing and sales services - Answers primary activities of value chain firm infrastructure HR management tech development procurement - Answers support activities of value chain strategic (M) - Answers long term firm level commitment to investing in marketing for the purpose of enhancing organizational performance tactical (m) - Answers conducted at the functional or operation level, and identifies specific programs and tactics that align with the big M prospector - Answers miles and snow strat type; searching for marketing opportunities analyzer - Answers miles and snow strat type; operating in 2 types of domains (one that is stable and predictable, and one that is promising and innovative where the firm follows competitors closely) defender - Answers miles and snow strat type; narrowly focusing on improving operational efficiency, not making major adjustments to structure and processes reactor - Answers miles and snow strat type; perceiving change but unable to respond effectively until forced by environmental factors marketing planning steps - Answers business plan mission, vision, goals situational analysis market research marketing goals and objectives marketing strategies implementation plans contingency planning specific, measurable, attainable, relevant, time-bound - Answers SMART goals global experience learning curve - Answers understanding how to market beyond the local market and developing experience over time international marketing - Answers when companies decide to sell, distribute, and manufacture within global markets; can be done through outsourcing and offshoring or direct investments foreign marketing - Answers happens when companies develop a more formal global strategy and follow existing customers into foreign markets global marketing - Answers management philosophy and corporate plan that treats the world as a whole market where companies generate significant revenue, usually more than half, from international markets per capita income (lower than developed markets) infrastructure (weaker; harder for orgs to get products to consumers) demographics (emerging markets tend to be younger- lack brand loyalty) speed of change (grow faster and must stay informed of changes) bureaucracy (rely on local partners or public affairs offices)