WGU D174 Marketing Management
Questions and Answers Graded A
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
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
Questions and Answers Graded A
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
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
