Marketing Management Concepts - WGU ASC1 || 100%
Errorless Solutions.
Marketing Mix Four Ps correct answers Product, Price, Promotion, Place
Modern Marketing Management Four Ps correct answers People, Processes, Programs,
Performance
Marketing Mix - Product correct answers Product variety, quality, design, features, brand
name, packaging, sizes, services, warranties, returns
Marketing Mix - Price correct answers List price, discounts, allowances, payment period,
credit terms
Marketing Mix - Promotion correct answers Sales promotion, advertising, sales force, public
relations, direct marketing
Marketing Mix - Place correct answers Channels, coverage, assortments, locations, inventory,
transport
Marketing Management correct answers 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 correct answers goods, services, events,
experiences, persons, places, properties, organizations, information, and ideas
Marketer correct answers someone who seeks a response—attention, a purchase, a vote, a
donation—from another party
Customer Value Triad (qsp) correct answers Quality, Service, Price
Production Concept correct answers Consumers prefer products that are widely available and
inexpensive.
Product Concept correct answers consumers favor products offering the most quality,
performance, or innovative features.
Selling concept correct answers consumers and businesses, if left alone, wont buy enough of
the organization's products.
Marketing Concept correct answers 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 correct answers Acknowledges that everything matters in marketing—and
that a broad, integrated perspective is often necessary.
,Relationship marketing correct answers 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 correct answers customers, employees,
marketing partners (channels, suppliers, distributors, dealers, agencies), and members of the
financial community (shareholders, investors, analysts).
Internal marketing correct answers The task of hiring, training, and motivating able
employees who want to sere customers well.
The Value Chain 5 Primary Activities correct answers 1. Inbound logistics
2. Operations
3. Outbound logistics
4. Marketing
5. Service
The Value Chain 4 Support Activities correct answers 1. Procurement
2. Technology Development
3. Human Resources
4. Firm infrastructure
Three S's - Hardware of success correct answers Strategy, Structure, Systems
Four S's - Software of success correct answers Style, Skills, Staff, Shared Values
Marketing Information System MIS correct answers consists of people, equipment,
procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate
information to marketing decision makers.
Marketing Intelligence System correct answers 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 correct answers Demographic, economic, social-
cultural, natural, technological, political-legal
Market research correct answers 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 correct answers Observation, Focus Groups,
Surveys, Behavioral data, Experiments
marketing decision support system (MDSS) correct answers 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: correct answers Durability, tangibility, use
Nondurable goods correct answers tangible goods normally consumed in one or a few uses.
, Durable goods correct answers Tangible goods that normally survive many uses
Services correct answers Intangible, inseparable, variable, and perishable products that
normally require more quality control, supplier credibility, and adaptability.
Staples correct answers Convenience goods consumers purchase on a regular basis
Impulse goods correct answers Purchased without any planning or search effort
Emergency correct answers Purchased when needs are urgent
Homogeneous shopping goods correct answers Similar in quality but different enough in
price to justify shopping comparisons.
Heterogeneous shopping goods correct answers Differ in product features and services that
may be more important than price.
Unsought goods correct answers Goods the consumer does not know about or normally think
of buying. Reqiure advertising and personal-selling support
Performance quality correct answers the level at which the product's primary characteristics
operate.
conformance quality correct answers the degree to which all produced units are identical and
meet promised specifications
main service differentiators correct answers ordering ease, delivery, installation, customer
training, customer consulting, and maintenance and repair
Three phases of Design Thinking correct answers Observation, Ideation, Implementation
product system correct answers a group of diverse but related items that function in a
comparable manner
Pure tangible good correct answers A tangible good such as soap, toothpaste, or salt with no
accompanying services.
Tangible good with accompanying services correct answers A tangible good, like a car,
computer, or cell phone, accompanied by one or more services. Typically, the more
technologically advanced the product, the greater the need for high-quality supporting
services.
Hybrid correct answers An offering, like a restaurant meal, of equal parts goods and services.
Major service with accompanying minor goods and services correct answers A major service,
like air travel, with additional services or supporting goods such as snacks and drinks.
Pure service correct answers Primarily an intangible service, such as babysitting,
psychotherapy, or massage.
Errorless Solutions.
Marketing Mix Four Ps correct answers Product, Price, Promotion, Place
Modern Marketing Management Four Ps correct answers People, Processes, Programs,
Performance
Marketing Mix - Product correct answers Product variety, quality, design, features, brand
name, packaging, sizes, services, warranties, returns
Marketing Mix - Price correct answers List price, discounts, allowances, payment period,
credit terms
Marketing Mix - Promotion correct answers Sales promotion, advertising, sales force, public
relations, direct marketing
Marketing Mix - Place correct answers Channels, coverage, assortments, locations, inventory,
transport
Marketing Management correct answers 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 correct answers goods, services, events,
experiences, persons, places, properties, organizations, information, and ideas
Marketer correct answers someone who seeks a response—attention, a purchase, a vote, a
donation—from another party
Customer Value Triad (qsp) correct answers Quality, Service, Price
Production Concept correct answers Consumers prefer products that are widely available and
inexpensive.
Product Concept correct answers consumers favor products offering the most quality,
performance, or innovative features.
Selling concept correct answers consumers and businesses, if left alone, wont buy enough of
the organization's products.
Marketing Concept correct answers 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 correct answers Acknowledges that everything matters in marketing—and
that a broad, integrated perspective is often necessary.
,Relationship marketing correct answers 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 correct answers customers, employees,
marketing partners (channels, suppliers, distributors, dealers, agencies), and members of the
financial community (shareholders, investors, analysts).
Internal marketing correct answers The task of hiring, training, and motivating able
employees who want to sere customers well.
The Value Chain 5 Primary Activities correct answers 1. Inbound logistics
2. Operations
3. Outbound logistics
4. Marketing
5. Service
The Value Chain 4 Support Activities correct answers 1. Procurement
2. Technology Development
3. Human Resources
4. Firm infrastructure
Three S's - Hardware of success correct answers Strategy, Structure, Systems
Four S's - Software of success correct answers Style, Skills, Staff, Shared Values
Marketing Information System MIS correct answers consists of people, equipment,
procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate
information to marketing decision makers.
Marketing Intelligence System correct answers 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 correct answers Demographic, economic, social-
cultural, natural, technological, political-legal
Market research correct answers 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 correct answers Observation, Focus Groups,
Surveys, Behavioral data, Experiments
marketing decision support system (MDSS) correct answers 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: correct answers Durability, tangibility, use
Nondurable goods correct answers tangible goods normally consumed in one or a few uses.
, Durable goods correct answers Tangible goods that normally survive many uses
Services correct answers Intangible, inseparable, variable, and perishable products that
normally require more quality control, supplier credibility, and adaptability.
Staples correct answers Convenience goods consumers purchase on a regular basis
Impulse goods correct answers Purchased without any planning or search effort
Emergency correct answers Purchased when needs are urgent
Homogeneous shopping goods correct answers Similar in quality but different enough in
price to justify shopping comparisons.
Heterogeneous shopping goods correct answers Differ in product features and services that
may be more important than price.
Unsought goods correct answers Goods the consumer does not know about or normally think
of buying. Reqiure advertising and personal-selling support
Performance quality correct answers the level at which the product's primary characteristics
operate.
conformance quality correct answers the degree to which all produced units are identical and
meet promised specifications
main service differentiators correct answers ordering ease, delivery, installation, customer
training, customer consulting, and maintenance and repair
Three phases of Design Thinking correct answers Observation, Ideation, Implementation
product system correct answers a group of diverse but related items that function in a
comparable manner
Pure tangible good correct answers A tangible good such as soap, toothpaste, or salt with no
accompanying services.
Tangible good with accompanying services correct answers A tangible good, like a car,
computer, or cell phone, accompanied by one or more services. Typically, the more
technologically advanced the product, the greater the need for high-quality supporting
services.
Hybrid correct answers An offering, like a restaurant meal, of equal parts goods and services.
Major service with accompanying minor goods and services correct answers A major service,
like air travel, with additional services or supporting goods such as snacks and drinks.
Pure service correct answers Primarily an intangible service, such as babysitting,
psychotherapy, or massage.
