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MARKETING MANAGEMENT CONCEPTS -
WGU ASC1 QUESTIONS WITH DETAILED
VERIFIED ANSWERS
Marketing Mix Four Ps Ans: Product, Price, Promotion, Place
Modern Marketing Management Four Ps Ans: People, Processes,
Programs, Performance
Marketing Mix - Product Ans: Product variety, quality, design, features,
brand name, packaging, sizes, services, warranties, returns
Marketing Mix - Price Ans: List price, discounts, allowances, payment
period, credit terms
Marketing Mix - Promotion Ans: Sales promotion, advertising, sales
force, public relations, direct marketing
Marketing Mix - Place Ans: Channels, coverage, assortments, locations,
inventory, transport
Marketing Management Ans: The art and science of choosing target
markets and getting, keeping, and growing customers through creating,
delivering, and communicating superior customer value.
10 main types of entities marketers market Ans: goods, services,
events, experiences, persons, places, properties, organizations,
information, and ideas
Marketer Ans: someone who seeks a response—attention, a purchase, a
vote, a donation—from another party
Customer Value Triad (qsp) Ans: Quality, Service, Price
Production Concept Ans: Consumers prefer products that are widely
available and inexpensive.
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Product Concept Ans: consumers favor products offering the most
quality, performance, or innovative features.
Selling concept Ans: consumers and businesses, if left alone, wont buy
enough of the organization's products.
Marketing Concept Ans: Customer-centered, sense-and-respond
philosophy. The job is to find not the right customers for your products,
but the right products for your customers.
Holistic Marketing Ans: Acknowledges that everything matters in
marketing—and that a broad, integrated perspective is often necessary.
Relationship marketing Ans: Aims to build mutually satisfying long-term
relationships with key constituents in order to earn and retain their
business
Four key constituents for relationship marketing Ans: customers,
employees, marketing partners (channels, suppliers, distributors, dealers,
agencies), and members of the financial community (shareholders,
investors, analysts).
Internal marketing Ans: The task of hiring, training, and motivating able
employees who want to sere customers well.
The Value Chain 5 Primary Activities Ans: 1. Inbound logistics
2. Operations
3. Outbound logistics
4. Marketing
5. Service
The Value Chain 4 Support Activities Ans: 1. Procurement
2. Technology Development
3. Human Resources
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4. Firm infrastructure
Three S's - Hardware of success Ans: Strategy, Structure, Systems
Four S's - Software of success Ans: Style, Skills, Staff, Shared Values
Marketing Information System MIS Ans: consists of people, equipment,
procedures to gather, sort, analyze, evaluate, and distribute needed,
timely, and accurate information to marketing decision makers.
Marketing Intelligence System Ans: A set of procedures and sources that
mangers use to obtain everyday information about developments in the
marketing environment. (supplies "happenings" data)
six major forces in the broad environment Ans: Demographic, economic,
social-cultural, natural, technological, political-legal
Market research Ans: Systematic design, collection, analysis and
reporting of data and findings relevant to a specific marketing situation
facing the company.
Five main ways marketers collect primary data Ans: Observation, Focus
Groups, Surveys, Behavioral data, Experiments
marketing decision support system (MDSS) Ans: a coordinated collection
of data, systems, tools, and techniques, with supporting software and
hardware, by which an organization gathers and interprets relevant
information from business and environment and turns it into a basis for
marketing action
Marketers classify products on the basis of: Ans: Durability, tangibility,
use
Nondurable goods Ans: tangible goods normally consumed in one or a
few uses.
Durable goods Ans: Tangible goods that normally survive many uses
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Services Ans: Intangible, inseparable, variable, and perishable products
that normally require more quality control, supplier credibility, and
adaptability.
Staples Ans: Convenience goods consumers purchase on a regular basis
Impulse goods Ans: Purchased without any planning or search effort
Emergency Ans: Purchased when needs are urgent
Homogeneous shopping goods Ans: Similar in quality but different
enough in price to justify shopping comparisons.
Heterogeneous shopping goods Ans: Differ in product features and
services that may be more important than price.
Unsought goods Ans: Goods the consumer does not know about or
normally think of buying. Reqiure advertising and personal-selling
support
Performance quality Ans: the level at which the product's primary
characteristics operate.
conformance quality Ans: the degree to which all produced units are
identical and meet promised specifications
main service differentiators Ans: ordering ease, delivery, installation,
customer training, customer consulting, and maintenance and repair
Three phases of Design Thinking Ans: Observation, Ideation,
Implementation
product system Ans: a group of diverse but related items that function
in a comparable manner
Pure tangible good Ans: A tangible good such as soap, toothpaste, or
salt with no accompanying services.
Tangible good with accompanying services Ans: A tangible good, like a
car, computer, or cell phone, accompanied by one or more services.
MARKETING MANAGEMENT CONCEPTS -
WGU ASC1 QUESTIONS WITH DETAILED
VERIFIED ANSWERS
Marketing Mix Four Ps Ans: Product, Price, Promotion, Place
Modern Marketing Management Four Ps Ans: People, Processes,
Programs, Performance
Marketing Mix - Product Ans: Product variety, quality, design, features,
brand name, packaging, sizes, services, warranties, returns
Marketing Mix - Price Ans: List price, discounts, allowances, payment
period, credit terms
Marketing Mix - Promotion Ans: Sales promotion, advertising, sales
force, public relations, direct marketing
Marketing Mix - Place Ans: Channels, coverage, assortments, locations,
inventory, transport
Marketing Management Ans: The art and science of choosing target
markets and getting, keeping, and growing customers through creating,
delivering, and communicating superior customer value.
10 main types of entities marketers market Ans: goods, services,
events, experiences, persons, places, properties, organizations,
information, and ideas
Marketer Ans: someone who seeks a response—attention, a purchase, a
vote, a donation—from another party
Customer Value Triad (qsp) Ans: Quality, Service, Price
Production Concept Ans: Consumers prefer products that are widely
available and inexpensive.
, Page | 2
Product Concept Ans: consumers favor products offering the most
quality, performance, or innovative features.
Selling concept Ans: consumers and businesses, if left alone, wont buy
enough of the organization's products.
Marketing Concept Ans: Customer-centered, sense-and-respond
philosophy. The job is to find not the right customers for your products,
but the right products for your customers.
Holistic Marketing Ans: Acknowledges that everything matters in
marketing—and that a broad, integrated perspective is often necessary.
Relationship marketing Ans: Aims to build mutually satisfying long-term
relationships with key constituents in order to earn and retain their
business
Four key constituents for relationship marketing Ans: customers,
employees, marketing partners (channels, suppliers, distributors, dealers,
agencies), and members of the financial community (shareholders,
investors, analysts).
Internal marketing Ans: The task of hiring, training, and motivating able
employees who want to sere customers well.
The Value Chain 5 Primary Activities Ans: 1. Inbound logistics
2. Operations
3. Outbound logistics
4. Marketing
5. Service
The Value Chain 4 Support Activities Ans: 1. Procurement
2. Technology Development
3. Human Resources
, Page | 3
4. Firm infrastructure
Three S's - Hardware of success Ans: Strategy, Structure, Systems
Four S's - Software of success Ans: Style, Skills, Staff, Shared Values
Marketing Information System MIS Ans: consists of people, equipment,
procedures to gather, sort, analyze, evaluate, and distribute needed,
timely, and accurate information to marketing decision makers.
Marketing Intelligence System Ans: A set of procedures and sources that
mangers use to obtain everyday information about developments in the
marketing environment. (supplies "happenings" data)
six major forces in the broad environment Ans: Demographic, economic,
social-cultural, natural, technological, political-legal
Market research Ans: Systematic design, collection, analysis and
reporting of data and findings relevant to a specific marketing situation
facing the company.
Five main ways marketers collect primary data Ans: Observation, Focus
Groups, Surveys, Behavioral data, Experiments
marketing decision support system (MDSS) Ans: a coordinated collection
of data, systems, tools, and techniques, with supporting software and
hardware, by which an organization gathers and interprets relevant
information from business and environment and turns it into a basis for
marketing action
Marketers classify products on the basis of: Ans: Durability, tangibility,
use
Nondurable goods Ans: tangible goods normally consumed in one or a
few uses.
Durable goods Ans: Tangible goods that normally survive many uses
, Page | 4
Services Ans: Intangible, inseparable, variable, and perishable products
that normally require more quality control, supplier credibility, and
adaptability.
Staples Ans: Convenience goods consumers purchase on a regular basis
Impulse goods Ans: Purchased without any planning or search effort
Emergency Ans: Purchased when needs are urgent
Homogeneous shopping goods Ans: Similar in quality but different
enough in price to justify shopping comparisons.
Heterogeneous shopping goods Ans: Differ in product features and
services that may be more important than price.
Unsought goods Ans: Goods the consumer does not know about or
normally think of buying. Reqiure advertising and personal-selling
support
Performance quality Ans: the level at which the product's primary
characteristics operate.
conformance quality Ans: the degree to which all produced units are
identical and meet promised specifications
main service differentiators Ans: ordering ease, delivery, installation,
customer training, customer consulting, and maintenance and repair
Three phases of Design Thinking Ans: Observation, Ideation,
Implementation
product system Ans: a group of diverse but related items that function
in a comparable manner
Pure tangible good Ans: A tangible good such as soap, toothpaste, or
salt with no accompanying services.
Tangible good with accompanying services Ans: A tangible good, like a
car, computer, or cell phone, accompanied by one or more services.
