WGU D174 Marketing Management
Questions and Answers Already Passed
Miles and Snow's Strategy Types ✔✔1. Prospector
2. Analyzer
3. Defender
4. Reactor
Prospector
(Miles & Snow) ✔✔Firm exhibits continual innovation by finding and exploiting new product
and market opportunities.
Analyzer
(Miles & Snow) ✔✔Firm relies heavily on analysis and imitation of the successes of other
organizations, especially prospectors.
Defender
(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.
,Reactor
(Miles & Snow) ✔✔Firm lacks any coherent strategic plan or apparent means of effectively
competing; reactors do well to merely survive in the competitive markerplace.
Direct Product Extension ✔✔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.
Product Adaptation ✔✔Alter an existing product to fit local needs and legal requirements.
**Think International Marketing (and or Global as they are similar)
Product Invention ✔✔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.
What are the 6Cs of Channel Strategy? ✔✔- cost
- capital
- control
,- coverage
- character
- continuity
Global Marketing Themes ✔✔Adjusting only the color and language to local market conditions.
Boston Consulting Group (BCG) Growth-Share Matrix ✔✔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.
Four Cells of BCG Growth 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)
Market Information System (MIS) ✔✔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"
What are the steps of the Market Research Process? ✔✔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
Exploratory Research ✔✔Self-explanatory. IT IS ABOUT DISCOVERY.
- clarifying the research problem
- develop hypothesis for descriptive or casual research
- gaining additional insight
- answering the research question.
Descriptive Research ✔✔Seeks to describe or explain some phenomenon.
- Identifying the characteristics of our target market
Questions and Answers Already Passed
Miles and Snow's Strategy Types ✔✔1. Prospector
2. Analyzer
3. Defender
4. Reactor
Prospector
(Miles & Snow) ✔✔Firm exhibits continual innovation by finding and exploiting new product
and market opportunities.
Analyzer
(Miles & Snow) ✔✔Firm relies heavily on analysis and imitation of the successes of other
organizations, especially prospectors.
Defender
(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.
,Reactor
(Miles & Snow) ✔✔Firm lacks any coherent strategic plan or apparent means of effectively
competing; reactors do well to merely survive in the competitive markerplace.
Direct Product Extension ✔✔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.
Product Adaptation ✔✔Alter an existing product to fit local needs and legal requirements.
**Think International Marketing (and or Global as they are similar)
Product Invention ✔✔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.
What are the 6Cs of Channel Strategy? ✔✔- cost
- capital
- control
,- coverage
- character
- continuity
Global Marketing Themes ✔✔Adjusting only the color and language to local market conditions.
Boston Consulting Group (BCG) Growth-Share Matrix ✔✔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.
Four Cells of BCG Growth 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)
Market Information System (MIS) ✔✔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"
What are the steps of the Market Research Process? ✔✔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
Exploratory Research ✔✔Self-explanatory. IT IS ABOUT DISCOVERY.
- clarifying the research problem
- develop hypothesis for descriptive or casual research
- gaining additional insight
- answering the research question.
Descriptive Research ✔✔Seeks to describe or explain some phenomenon.
- Identifying the characteristics of our target market
