D174 Marketing Management WGU
Sustainability - correct answer balancing business needs and social needs over
the long term and doing the right thing.
Triple Bottom Line - correct answer 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 - correct answer an individualized marketing method that
utilizes customer information to build long-term, personalized, and profitable
relationships with each customer
relationship orientation - correct answer 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 - correct answer a company objective based on the
premise that the firm should measure itself primarily according to whether it
meets its customers' needs
differentiation orientation - correct answer 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 - correct answer business focuses on the market; responds to
customer's needs & wants
Product Orientation - correct answer business focues on the product; develops
goods based on what it's good at doing
marketing ethics - correct answer societal & professional standard of right & fair
practices that are expected of marketing managers in their oversight of strategy
formulation, implementation, and control
Form Utility - correct answer created by marketing when raw materials are
transformed into a final product to meet a market need
Time Utility - correct answer created by marketing when a product available
when needed or desired
,D174 Marketing Management WGU
Ownership Utility - correct answer created by marketing when a product is
exchanged with customer
place utility - correct answer created by marketing when product is available at a
convenient location
value proposition - correct answer 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 - correct answer 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 - correct answer 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 - correct answer 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
6. Develop implementation plans
7. Provide for contingency planning
,D174 Marketing Management WGU
market-driven strategic planning - correct answer 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) - correct answer 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 - correct answer 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 - correct answer Low growth/high position
key source of internal cash generation for the firm
BCG Matrix: Dogs - correct answer low growth/low position
potential high cash users & prime candidates for liquidation
BCG Matrix: ?/Problem Child - correct answer high growth/low position
high cash needs that, if nurtured properly, can convert into stars
GE Business Screen - correct answer 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 - correct answer lower cost
broad target
cost-focus strategy - correct answer lower cost
narrow target
differentiation strategy - correct answer differentiated
broad target
, D174 Marketing Management WGU
focused differentiation strategy - correct answer differentiated
narrow target
Prospector (Miles and Snow) - correct answer firm exhibits continual innovation
by finding & exploiting new product & market opportunities
Analyzer (Miles and Snow) - correct answer Firm heavily relies on analysis and
imitation of the successes of other organizations, especially prospectors.
Defender (Miles and Snow) - correct answer 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) - correct answer 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 - correct answer overall strategic direction that
includes growth, stability, and retrenchment
competitive strategic options - correct answer use of a firm's core competencies
or strengths
SWOT analysis - correct answer strengths, weaknesses, opportunities, threats
core competencies - correct answer those functions that the organization can do
exceedingly well
sustainable competitive advantage - correct answer resulting advantage a firm
has when it invests in distinctive competencies.
first-mover advantage - correct answer occurs when a company can significantly
increase its market share by being first with a new competitive advantage
second mover strategy - correct answer Corporate level strategy theorizing that
closely observing the innovations of the first movers, and then improving on them
can help an organization gain advantage in the marketplace.
Porter's Five Forces - correct answer threat of new entrants, threat of substitute,
supplier power, buyer power, and competitive rivalry
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