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WGU D174 Marketing Management Questions and Answers
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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...

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  • March 28, 2024
  • 26
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • wgu d174 marketing management questions and answer

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WGU D174 Marketing Management
Questions and Answers Graded A
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

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

3. Perform any needed market research

4. Establish marketing goals & objectives

5. Develop marketing strategies

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