Exam (elaborations)
D174 Marketing Management WGU Module 1 (solved & updated)
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D174 Marketing Management WGU Module 1 (solved & updated)
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D174 MarketingManagement WGU
Module 1 (solved &
updated)
Marketing Management - answer The leading and
managing of the facets of marketing to improve
individual, unit, and organizational performance.
Marketing's stakeholders - answer Any person or
entity inside or outside a firm with whom
marketing interacts, impacts, and is impacted by.
Societal marketing - answer The concept that, at
the broadest level, members of society at large can
be viewed as a stakeholder for marketing.
Sustainability - answer The practicing of business
that meets humanity's needs without harming
future generations.
Value - answer A ratio of the bundle of benefits a
customer receives from an offering compared to
, the costs incurred by the customer in acquiring
that bundle of benefits.
Exchange - answer The giving up of something of
value for something desired.
Production orientation - answer The maximization
of production capacity through improvements in
products and production activities without much
regard for what is going on in the marketplace.
Sales Orientation - answer The increase of sales
and consequently production capacity utilization
by having salespeople "push" product into the
hands of customers.
Marketing concept - answer Business philosophy
that emphasizes an organization-wide customer
orientation with the objective of achieving long-run
profits.
Marketing mix (4P's of marketing) - answer
Product, price, place, and promotion—the
fundamental elements that comprise the
marketer's tool kit that can be developed in unique
combinations to set the product or brand apart
from the competition.
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