MARKETING MANAGEMENT D174
WGU QUESTIONS &
ANSWERS(RATED A+)
1. Prospector
2. Analyzer
3. Defender
4. Reactor - ANSWERMiles and Snow's Strategy Types
Firm exhibits continual innovation by finding and exploiting new product and market
opportunities. - ANSWERProspector
(Miles & Snow)
Firm relies heavily on analysis and imitation of the successes of other organizations,
especially prospectors. - ANSWERAnalyzer
(Miles & Snow)
Firm searches for market stability and production of only a limited product line
directed at a narrow market segment, focusing on protecting established turf. -
ANSWERDefender
(Miles & Snow)
Firm lacks any coherent strategic plan or apparent means of effectively competing;
reactors do well to merely survive in the competitive markerplace. -
ANSWERReactor
(Miles & Snow)
Introduce a product produced in the company's home market into an international
market with NO PRODUCT CHANGES.
**Think foreign marketing or No direct foreign marketing. - ANSWERDirect Product
Extension
Alter an existing product to fit local needs and legal requirements.
**Think International Marketing (and or Global as they are similar) -
ANSWERProduct Adaptation
Create a new product specifically for an international market. Sometimes old
products discontinued in one market can be reintroduced in a new market aka
Backward Invention. - ANSWERProduct Invention
- cost
- capital
- control
- coverage
- character
- continuity - ANSWERWhat are the 6Cs of Channel Strategy?
,Adjusting only the color and language to local market conditions. - ANSWERGlobal
Marketing Themes
A popular approach for in-firm portfolio analysis that categorizes business units' level
of contribution to overall firm based on two factors: Market growth rate and
competitive position. - ANSWERBoston Consulting Group (BCG) Growth-Share
Matrix
1. Stars (high share, high growth)
2. Cash Cows (high share, low growth)
3. Dogs (low share, low growth)
4. Problem Children/Question Marks (low share, high growth) - ANSWERFour Cells
of BCG Growth Matrix
A continuing process of identifying, collecting, analyzing, accumulating, and
dispensing critical information to marketing decision makers.
Essentially, MIS is an "information bank" where data relevant to the company's
marketing efforts are collected and stored until management needs to "withdraw" -
ANSWERMarket Information System (MIS)
1. Define the research problem
2. Establish research design
3. Search secondary sources
4. Collect the data
5. Analyze the data
6. Report the findings - ANSWERWhat are the steps of the Market Research
Process?
Self-explanatory. IT IS ABOUT DISCOVERY.
- clarifying the research problem
- develop hypothesis for descriptive or casual research
- gaining additional insight
- answering the research question. - ANSWERExploratory Research
Seeks to describe or explain some phenomenon.
- Identifying the characteristics of our target market
- Assessing competitors' actions in the marketplace
- Determining how customers use our product. - ANSWERDescriptive Research
Tries to discover the cause and effect between Variables - ANSWERCasual
Research
A. Porter's Five Forces
B. Requirements
C. SWOT
D. Portfolio
,Correct Answer: C. SWOT - ANSWERA company in a competitive industry needs to
conduct an internal and external company analysis to determine future marketing
strategies.
Which form of analysis should the company use?
A. Basic
B. Strategic
C. Tactical
D. Dynamic
Correct Answer:
C. Tactical - ANSWERA grocery store's marketing plan states that the company will
purchase billboard advertising space during the first three months of the year.
At which planning level has the statement been written?
New Entrants put pressure on current organization within an industry through their
desire to gain market share. It puts pressure on prices, costs, and rate of investment
needed to sustain.
Barriers to entry restrict the threat of new entrants. High Barries, low threat.
Low Barriers, high threat.
Sources of entry barriers:
- Capital requirements
- Government policies.
- Customer switching costs
-supply-side economies of scale. - ANSWERThreat of New Entrants
(Porters Five Forces)
A substitute product uses a different technology to try to solve the same economic
need.
Potential Factors:
- Buyer's switching costs
- Perceived level of product differentiation
- Ease of substitution
- Availability of close substitutes - ANSWERThreat of Substitutes
(Porters Five Forces)
The ability of the customer to put the firm under pressure (also affects customer's
sensitivity to price changes)
Potential Factors:
- Degree of dependency upon existing channel of distribution
-Buyer switching costs
- Buyer info. Availability
- Buyer price sensitivity - ANSWERPower of Customer
, Suppliers of raw material, components, labor, and services (expertise), to the firm
can be a source of power over the firm when there are few substitutes available.
Potential Factors:
- Supplier switching costs
- Impact of inputs on costs and differentiation
- Presence of substitute inputs.
- Strength of distribution channel
- Employee solidarity
- Supplier competition - ANSWERPower of Supplier
The intensity of the rivalry determines competitiveness of the industry.
(Positioning depends on how public perceives a product and distinguishes it from its
competitors).
Potential Factors:
- Sustainable competitive advantage through innovation
- level of advertising expense
- firm concentration ratio
- competition between online and offline organizations. - ANSWERCompetition in the
Industry
Data collected specifically for this research question.
Questionnaires, focus groups, social media, surveys. - ANSWERPrimary Data
Data collected for some other purpose than the problem currently being considered.
Comes from public sources like government websites or websites in general,
literature, periodicals, etc. - ANSWERSecondary Data
A. Minor
B. Primary
C. Secondary
D. Brand
Correct Answer:
B. Primary - ANSWERA social media manager uses information posted by
customers on the business's social networking webpage.
Which type of research data is being demonstrated here?
Relatively minor embellishments of product claims to bolster the persuasive
message. - ANSWERPuffery
Refers to the marketing initiatives created to generate interest in a specific brand
while abandoning concentration on product category or class.
Essentially creating demand for a specific bran or product or service.
WGU QUESTIONS &
ANSWERS(RATED A+)
1. Prospector
2. Analyzer
3. Defender
4. Reactor - ANSWERMiles and Snow's Strategy Types
Firm exhibits continual innovation by finding and exploiting new product and market
opportunities. - ANSWERProspector
(Miles & Snow)
Firm relies heavily on analysis and imitation of the successes of other organizations,
especially prospectors. - ANSWERAnalyzer
(Miles & Snow)
Firm searches for market stability and production of only a limited product line
directed at a narrow market segment, focusing on protecting established turf. -
ANSWERDefender
(Miles & Snow)
Firm lacks any coherent strategic plan or apparent means of effectively competing;
reactors do well to merely survive in the competitive markerplace. -
ANSWERReactor
(Miles & Snow)
Introduce a product produced in the company's home market into an international
market with NO PRODUCT CHANGES.
**Think foreign marketing or No direct foreign marketing. - ANSWERDirect Product
Extension
Alter an existing product to fit local needs and legal requirements.
**Think International Marketing (and or Global as they are similar) -
ANSWERProduct Adaptation
Create a new product specifically for an international market. Sometimes old
products discontinued in one market can be reintroduced in a new market aka
Backward Invention. - ANSWERProduct Invention
- cost
- capital
- control
- coverage
- character
- continuity - ANSWERWhat are the 6Cs of Channel Strategy?
,Adjusting only the color and language to local market conditions. - ANSWERGlobal
Marketing Themes
A popular approach for in-firm portfolio analysis that categorizes business units' level
of contribution to overall firm based on two factors: Market growth rate and
competitive position. - ANSWERBoston Consulting Group (BCG) Growth-Share
Matrix
1. Stars (high share, high growth)
2. Cash Cows (high share, low growth)
3. Dogs (low share, low growth)
4. Problem Children/Question Marks (low share, high growth) - ANSWERFour Cells
of BCG Growth Matrix
A continuing process of identifying, collecting, analyzing, accumulating, and
dispensing critical information to marketing decision makers.
Essentially, MIS is an "information bank" where data relevant to the company's
marketing efforts are collected and stored until management needs to "withdraw" -
ANSWERMarket Information System (MIS)
1. Define the research problem
2. Establish research design
3. Search secondary sources
4. Collect the data
5. Analyze the data
6. Report the findings - ANSWERWhat are the steps of the Market Research
Process?
Self-explanatory. IT IS ABOUT DISCOVERY.
- clarifying the research problem
- develop hypothesis for descriptive or casual research
- gaining additional insight
- answering the research question. - ANSWERExploratory Research
Seeks to describe or explain some phenomenon.
- Identifying the characteristics of our target market
- Assessing competitors' actions in the marketplace
- Determining how customers use our product. - ANSWERDescriptive Research
Tries to discover the cause and effect between Variables - ANSWERCasual
Research
A. Porter's Five Forces
B. Requirements
C. SWOT
D. Portfolio
,Correct Answer: C. SWOT - ANSWERA company in a competitive industry needs to
conduct an internal and external company analysis to determine future marketing
strategies.
Which form of analysis should the company use?
A. Basic
B. Strategic
C. Tactical
D. Dynamic
Correct Answer:
C. Tactical - ANSWERA grocery store's marketing plan states that the company will
purchase billboard advertising space during the first three months of the year.
At which planning level has the statement been written?
New Entrants put pressure on current organization within an industry through their
desire to gain market share. It puts pressure on prices, costs, and rate of investment
needed to sustain.
Barriers to entry restrict the threat of new entrants. High Barries, low threat.
Low Barriers, high threat.
Sources of entry barriers:
- Capital requirements
- Government policies.
- Customer switching costs
-supply-side economies of scale. - ANSWERThreat of New Entrants
(Porters Five Forces)
A substitute product uses a different technology to try to solve the same economic
need.
Potential Factors:
- Buyer's switching costs
- Perceived level of product differentiation
- Ease of substitution
- Availability of close substitutes - ANSWERThreat of Substitutes
(Porters Five Forces)
The ability of the customer to put the firm under pressure (also affects customer's
sensitivity to price changes)
Potential Factors:
- Degree of dependency upon existing channel of distribution
-Buyer switching costs
- Buyer info. Availability
- Buyer price sensitivity - ANSWERPower of Customer
, Suppliers of raw material, components, labor, and services (expertise), to the firm
can be a source of power over the firm when there are few substitutes available.
Potential Factors:
- Supplier switching costs
- Impact of inputs on costs and differentiation
- Presence of substitute inputs.
- Strength of distribution channel
- Employee solidarity
- Supplier competition - ANSWERPower of Supplier
The intensity of the rivalry determines competitiveness of the industry.
(Positioning depends on how public perceives a product and distinguishes it from its
competitors).
Potential Factors:
- Sustainable competitive advantage through innovation
- level of advertising expense
- firm concentration ratio
- competition between online and offline organizations. - ANSWERCompetition in the
Industry
Data collected specifically for this research question.
Questionnaires, focus groups, social media, surveys. - ANSWERPrimary Data
Data collected for some other purpose than the problem currently being considered.
Comes from public sources like government websites or websites in general,
literature, periodicals, etc. - ANSWERSecondary Data
A. Minor
B. Primary
C. Secondary
D. Brand
Correct Answer:
B. Primary - ANSWERA social media manager uses information posted by
customers on the business's social networking webpage.
Which type of research data is being demonstrated here?
Relatively minor embellishments of product claims to bolster the persuasive
message. - ANSWERPuffery
Refers to the marketing initiatives created to generate interest in a specific brand
while abandoning concentration on product category or class.
Essentially creating demand for a specific bran or product or service.
