WGU D077 Concepts in Marketing, Sales, and Customer Contact Questions & Answers Correct 100% Stuvia

TIna worked with a packaging company, Company X, to create a new method for processing mixed paper waste into recyclable product for resale. Another packaging company, Company Y, a competitor of Company X, has also approached and offered to help Ana develop recyclable product for resale. Ana knows that helping Company Y will automatically reveal the newly learned techniques to its competitor, Company X. Which ethical dilemma does this raise for this owner? - Answer Nondisclosure What is the main function of marketing? - Answer Bringing value to customers Which set of connections is created by marketers to generate value? - Answer Between customers and products Business cycle phases - Answer expansion, peak, contraction, and trough The director plans to post the menu for the day by 5:00 each morning. This information will include the nutrition facts associated with breakfast, lunch, and dinner, and describe the standards used in the meal preparation. Which activity is the community center using to create value through its menu marketing? - Answer Creating awareness of fresh meals The community center is the first in the city to offer freshly prepared meals in partnership with the food warehouse. Which stage of the product life cycle do the meals represent to the community? - Answer Introduction The director plans to design and implement a marketing campaign. Which example describes the director's primary goal for the marketing campaign? - Answer Promoting awareness of its food offerings What is one example of an uncontrollable element of the community center's marketing environment? - Answer Citizen participation in meals The director researches the reason for the community's food insecurity and learns that companies closed during the recent recession and left individuals without jobs. This unemployment has created significant food insecurity among those who remain without stable incomes. Which element of the PEST analysis is the community center responding to by creating its meal program? - Answer Economic needs of community citizens Which ethical consideration in marketing is illustrated by the community center's meal program? - Answer Offering food to everyone During a meeting, a marketing department describes the sales goals for the year, the target markets selected, and the actions the department will undertake to reach these goals. Which portion of the marketing planning process was discussed during this meeting? - Answer Marketing strategy SWOT Analysis - Answer examines the internal (controllable) and external (uncontrollable) factors that impact the organization and its strategies. SWOT internal factors - Answer strengths and weaknesses, controllable. ex: financial resources, technical resources, human resources, product lines. SWOT external factors - Answer opportunities and threats, uncontrollable. ex: tech innovations, competition, economy, government policies, legal judgements, social trends. two benefits of SWOT analysis - Answer it encourages realistic planning, and it improves an organization's ability to forecast future events. The BCG matrix considers two different aspects of a business unit or product: - Answer What is the current market share? and What is the market's growth potential? BCG matrix four quadrants - Answer dog, cash cow, question mark, star BCG Dog - Answer low growth potential and a small, mature market. divest or harvest, no new funds. BCG Cash Cow - Answer has high market share and is in a slow-growing industry. It is bringing in more money than is being invested in it, but it does not have much growth potential. The profits can be used to fund high-growth investments, but itself warrants low investment. BCG Question Mark - Answer has low market share currently, but is in a growing industry. it is consuming financing and creating a low rate of return for now, but its direction is unclear. has the potential to become either a star or a dog, so close monitoring is needed to determine its growth potential. BCG Star - Answer has high market share in a fast-growing industry. poised to bring a strong return on the funds invested. It also has the potential to become a cash cow at the end of the product life cycle, which can fund future investments. Porter's Five Forces - Answer threat of entry, threat of substitute, supplier power, buyer power, and competitive rivalry Strategies - Answer what an organization is going to do to achieve its objectives. tactics - Answer the actions a company implements to affect the controllable elements of the strategy The chief marketing officer (CMO) has been tasked with developing a comprehensive marketing plan for communications with suppliers, investors, customers, and communities. The CMO asks an individual to make sure that business communications have a unified message and that they exhibit sensitivity to the cultural practices of the locations where the business operates. Which step of the marketing planning process is illustrated by this request? - Answer Developing marketing strategy An electric car manufacturer partner who operates outside of the United States demands a 20% price reduction in rechargeable batteries because of competition with a U.S. car manufacturer. Management at Sure Start Batteries was surprised by the competitive issues. Which marketing planning tool could have provided insight to better anticipate the effects of increased competition? - Answer Porter's five forces model Now that Charlie has worked out his pricing with the European electric car manufacturer, he realizes he needs to gain a better understanding of his current market share and current products in the major electric car markets. That information will be needed so Charlie can determine whether Sure Start should begin considering new markets. Which marketing planning tool will give Charlie this knowledge? - Answer BCG matrix The chief financial officer (CFO) asks marketing managers to buy advertising in all trade magazines in their respective geographic areas for one year. Which type of planning is the CFO asking managers to conduct? - Answer Tactical marketing with controllable elements The chief financial officer (CFO) asks the marketing managers to generate, collectively, an additional $250,000 in sales annually. What type of planning is the CFO asking managers to conduct? - Answer Strategic marketing with uncontrollable elements Primary research - Answer data collection that is tailored to the specific challenge or problem you are trying to address and can be qualitative or quantitative Secondary research - Answer already existing data that may be relevant to your study A marketing manager wants to better understand customer wants and needs in a product. The marketing department sends out an open ended question survey with a 10% off coupon to current customers to ask about their product preferences. Which kind of research is this survey? - Answer Qualitative Which data set is considered secondary research? -Customer focus group -Customer online product review -Customer opinion survey -Customer list - Answer Customer list A marketing manager plans to expand a current marketing campaign to reach a well-documented market segment that the company does not currently attract. Which data source should the manager use to meet this goal? - Answer Syndicated market research Syndicated market research - Answer secondary data collected by a marketing research company and purchased by multiple organizations Which ethical practice should be used to enrich the information obtained from focus groups? - Answer Create clear questions What is the first question David should address when designing this market study? - Answer How many customers use grocery shopping services? David is reviewing the results of interviews that were conducted to determine what customers would expect from grocery delivery services. Unfortunately, David realizes that the customers were never asked how much they would be willing to pay for the service, which is also important to the business plan. Which limitation of primary research is David experiencing? - Answer Tailored questions to one focus area To boost quarterly sales, a shoe store plans to run a sale for three days. Which pricing strategy is this shoe store using? - Answer Promotional A company uses unified and constant communication to reach its customers, including print media, retail signage, an e-commerce website, and social media. What type of communication is this company using? - Answer Omnichannel A company develops a new, high end product which has no direct competition that is popular with customers. The company seeks to temporarily set the price of the product high to gain as much profit as possible. What is this name of this pricing strategy? - Answer Skimming A company makes customized office chairs that are sold only through its website. What type of distribution channel is the company using? - Answer Direct When preparing a marketing plan, a manager is considering factors such as changing incomes, unemployment levels, inflation, and recession. Which element of the marketing environment is the focus of this manager? - Answer Economic A manager is seeking to use the BCG matrix to design strategies for the company's products. The manager knows the market shares for the products. What other information about the company's products does this manager need to know to use this technique? - Answer The market growth potential A company operates in an industry where the customers are highly price sensitive, and the industry supply far exceeds the demand for the company's products. Which one of Porter's five forces is being illustrated by this company's situation? - Answer Bargaining power of buyers Which component of the market planning process addresses the actions associated with a marketing strategy? - Answer Tactical planning Which attribute represents qualitative research? - Answer Exploring ideas, perceptions, and behaviors in depth Strategic Opportunity Matrix - Answer market penetration, product development, market development, diversification