D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
Sustainability
balancing business needs and social needs over the long term and doing the right
thing.
Triple Bottom Line
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
an individualized marketing method that utilizes customer information to build long-
term, personalized, and profitable relationships with each customer
relationship orientation
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
a company objective based on the premise that the firm should measure itself
primarily according to whether it meets its customers' needs
differentiation orientation
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
business focuses on the market; responds to customer's needs & wants
Product Orientation
business focues on the product; develops goods based on what it's good at doing
marketing ethics
societal & professional standard of right & fair practices that are expected of
marketing managers in their oversight of strategy formulation, implementation, and
control
,D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
Form Utility
created by marketing when raw materials are transformed into a final product to meet
a market need
Time Utility
created by marketing when a product available when needed or desired
Ownership Utility
created by marketing when a product is exchanged with customer
place utility
created by marketing when product is available at a convenient location
value proposition
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
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
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
1. marketing plan must be connected to firm's business plan
2. situational analysis - SWOT
,D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
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
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)
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
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
Low growth/high position
key source of internal cash generation for the firm
BCG Matrix: Dogs
low growth/low position
potential high cash users & prime candidates for liquidation
BCG Matrix: ?/Problem Child
high growth/low position
high cash needs that, if nurtured properly, can convert into stars
GE Business Screen
, D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
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
lower cost
broad target
cost-focus strategy
lower cost
narrow target
differentiation strategy
differentiated
broad target
focused differentiation strategy
differentiated
narrow target
Prospector (Miles and Snow)
firm exhibits continual innovation by finding & exploiting new product & market
opportunities
Analyzer (Miles and Snow)
Firm heavily relies on analysis and imitation of the successes of other organizations,
especially prospectors.
Defender (Miles and Snow)
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)
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
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
Sustainability
balancing business needs and social needs over the long term and doing the right
thing.
Triple Bottom Line
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
an individualized marketing method that utilizes customer information to build long-
term, personalized, and profitable relationships with each customer
relationship orientation
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
a company objective based on the premise that the firm should measure itself
primarily according to whether it meets its customers' needs
differentiation orientation
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
business focuses on the market; responds to customer's needs & wants
Product Orientation
business focues on the product; develops goods based on what it's good at doing
marketing ethics
societal & professional standard of right & fair practices that are expected of
marketing managers in their oversight of strategy formulation, implementation, and
control
,D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
Form Utility
created by marketing when raw materials are transformed into a final product to meet
a market need
Time Utility
created by marketing when a product available when needed or desired
Ownership Utility
created by marketing when a product is exchanged with customer
place utility
created by marketing when product is available at a convenient location
value proposition
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
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
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
1. marketing plan must be connected to firm's business plan
2. situational analysis - SWOT
,D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
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
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)
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
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
Low growth/high position
key source of internal cash generation for the firm
BCG Matrix: Dogs
low growth/low position
potential high cash users & prime candidates for liquidation
BCG Matrix: ?/Problem Child
high growth/low position
high cash needs that, if nurtured properly, can convert into stars
GE Business Screen
, D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
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
lower cost
broad target
cost-focus strategy
lower cost
narrow target
differentiation strategy
differentiated
broad target
focused differentiation strategy
differentiated
narrow target
Prospector (Miles and Snow)
firm exhibits continual innovation by finding & exploiting new product & market
opportunities
Analyzer (Miles and Snow)
Firm heavily relies on analysis and imitation of the successes of other organizations,
especially prospectors.
Defender (Miles and Snow)
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)
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
