D174 Study guide questions and answers: Marketing Management through module 1-11 (D174)
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Course
Wgu
Institution
Wgu
D174 Study guide questions for Modules 1 through 11
Module 1 Unit 2
Study questions for Module 1 Unit 2. Make sure to read the Marketing Management textbook
identified in the Essential Reading to answer these study questions.
1. Define Marketing: Marketing is the activity set of institutions an...
D174 Study guide questions
Marketing Management (D174)
D174 Study guide questions for Modules 1 through 11
Module 1 Unit 2
Study questions for Module 1 Unit 2. Make sure to read the Marketing Management textbook
identified in the Essential Reading to answer these study questions.
1. Define Marketing: Marketing is the activity set of institutions and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.
2. What are Two Core marketing concepts? Define them.
- Value: the 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: person gives up something of value to them for something else to decide to have.
3. What are five conditions that need to be present for an exchange to take place?
- There must be at least two parties.
- Each party has something of value.
- Each party must be able to communicate and deliver.
- Each party must be able to communicate and deliver.
- Each party believes it is appropriate to deal with other party.
4. Identify the key characteristics of production orientation companies
- Maximizing production capacity, improving efficiency in production.
5. Identify the key characteristics of Sales orientation companies?
- Push product into customer.
6. What specific shifts did businesses see before the advent of the Marketing concept?
o After World War II, business began to change in many long-lasting ways. Business
historians point to a number of reasons for this shift, including:
- Pent-up demand for consumer goods and services after the war.
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, - Euphoric focus on family and a desperate need to regain a normalcy of day-to-day life after
years of war (which produced the baby boomer generation).
- Opening up of production capacity dominated for years by war production.
- Advent of readily available mainframe computing capability, and especially the associated
statistical analytic techniques that allowed for more sophisticated market research.
7. What are key components of the Marketing mix?
- Product
- Price
- Place
- Promotion
8. What are the Post-Marketing concept approaches?
- Differentiation Orientation
- Market Orientation
- Relationship Orientation
- One-to-One marketing.
9. What is the Big M approach in marketing? Summarize 5 points that are relevant to this
approach.
- Marketing (Big M) serves as a core driver of business strategy. That is, an understanding of
markets, competitors, and other external forces, coupled with attention to internal capabilities,
allows a firm to successfully develop strategies for the future. This approach is often referred to
as strategic marketing, which means a long-term, firm-level commitment to investing in
marketing—supported at the highest organizational level—for the purpose of enhancing
organizational performance.
10. What is the little m approach in marketing?
In contrast marketing (little m) serves the firm and its stakeholders at a functional or operational
level; hence, marketing (little m) is often thought of as tactical marketing. In fact, marketing
(little m) almost always takes place at the functional or operational level of a firm.
11. For each of the marketing mix variables identify at least 3 ethical decisions
12. Define Sustainability?
- Sustainability is balancing business needs and social needs over the long term and doing the
right thing.
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, 13. Identify two companies who do a good job of paying attention to Sustainability. Present evidence
that leads to this conclusion.
- Starbucks have been successful in developing “ethically sourced” coffee that is socially
responsible and environmentally safe. The company was instrumental in creating the C.A.F.E.
(Coffee and Farmer Equity) practices, which set forth guidelines around four key areas:
quality, economic accountability and transparency, social responsibility, and economic
leadership.
- In some cases, such as Nike, this was the result of public pressure to reduce unhealthy
employee work conditions at their suppliers. Nike and others are now proactively evaluating
their suppliers to maintain the same environmental standards and working conditions as
they themselves do.
14. What might be included in a company’s Triple Bottom line (TBL) report?
- Triple Bottom Line is a metric for evaluating not only the financial results of the company but
the broader social equity, economic, and environmental considerations as well.
o However, companies are increasingly realizing that success needs to include other
metrics, like people. This type of change begins with management acknowledging
that there are success objectives beyond profit, then creating metrics, strategies,
and tactical plans to implement that change. From there, training and education is
needed to raise employee awareness that, over time, leads to a change in culture.
o A second TBL metric is the planet, and marketers are very involved in decisions that
impact the planet. From sustainable sourcing of materials to efficient,
environmentally sensitive supply chains, marketers are evaluating critical processes
to maximize the environmental impact while meeting corporate objectives related to
cost and product quality.
Module 2 Unit 2
Study questions for Module 2 Unit 2. Make sure to read the Marketing Management textbook
identified in the Essential Reading to answer these study questions.
Fill in the blank for question 1.
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, 1.
a. Benefits is some type of utility that a company and its products provide its customers.
b. Utility is the want satisfying power of a good or service
c. Value Proposition is the whole bundle of benefits the company promises to deliver.
d. Customer Satisfaction is means for firms to identify ways to create, communicate, and
deliver more customer value within a firm.
2. Define the following terms: customer loyalty; Customer retention; customer switching
- Customer Loyalty: A customer’s commitment to a company and its products and brands for the
long run.
- Customer Retention: Low propensity among a firm’s customer base to consider switching to
other providers.
- Customer Switching:
3. Identify all the four relevant strategic activities an organization engages in to create value for
the customer.
a. Firm infrastructure—how the firm is set up for doing business; are the internal processes
aligned and efficient?
b. Human resource management—how the firm ensures it has the right people in place, trains
them, and keeps them.
c. Technology development—how the firm embraces technology usage for the benefit of
customers.
d. Procurement—how the firm deals with vendors and quality issues.
4. Fill in the blank for question 4.
a. Marketing Planning is an ongoing process of developing and implementing market driven
strategies for an organization.
b. Marketing Plan is a document that records the marketing planning process.
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