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D174 Marketing Management WGU exam(320 questions and answers).
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D174 Marketing Management WGU exam(320 questions and answers).
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D174 Marketing ManagementWGU exam(320 questions
and answers)
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
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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
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
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