C712 Marketing Fundamentals WGU, Top exam questions with accurate answers, 100% Accurate, rated A+

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C712 Marketing Fundamentals WGU, Top exam questions with accurate answers, 100% Accurate, rated A+ 1.01 The four types of Utility - ✔✔-form, time, place, and ownership 1.02 Form Utility - �... �✔-Conversion of raw materials and components into finished goods and services 1.03 Time Utility - ✔✔-Availability of goods and services when consumers want them 1.04 Place Utility - ✔✔-Availability of goods and services at convenient locations 1.05 Ownership (possession) Utility - ✔✔-Ability to transfer title to goods or services from marketer to buyer 1.06 Marketing specialists are responsible for: - ✔✔-1. identifying customer needs 2. designing products that meet those needs 3. communicating info about those goods to possible buyers 4. making the items available at times and places that meet customers' needs 5. pricing merchandise and services correctly 6. providing follow-up to ensure customer satisfaction 1.07 Definition of Marketing - ✔✔-The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, 1.08 The Five Eras of Marketing History - ✔✔-the production era, the sales era, the marketing era, the relationship era, and the social era. 1.09 Characteristics of Non profit Marketing - ✔✔-often must market to multiple publics (clients and sponsors) 1.10 Categories of non traditional Marketing - ✔✔-person, place, cause, event, and organization 1.11 Person Marketing - ✔✔-Marketing a person like celebrity or athlete 1.12 Place Marketing - ✔✔-Marketing to attract visitors to a particular area or improve consumer images of a city, state, or nation 1.13 Cause Marketing - ✔✔-marketing of a social issue, cause, or idea to selected target markets 1.14 Event Marketing - ✔✔-Marketing of sporting, cultural, and charitable activities to selected target markets 1.15 Organization Marketing - ✔✔-Marketing for mutual-benefit organizations, service organizations, and government organizations that seek to influence others to accept their goals, receive their services, or contribute to them in some way 1.16 The Eight Universal Functions of Marketing - ✔✔-Buying Selling Transporting Storing Standardizing & grading Financing Risk taking Securing Marketing Information 1.17 Three categories for the Functions of Marketing - ✔✔-Exchange, Physical Distribution, Facilitating 1.18 Exchange Category - ✔✔-Buying and Selling 1.19 Physical Distribution Category - ✔✔-Transporting and Storing 1.20 Facilitating Category - ✔✔-Standardizing and grading, financing, risk taking, securing marketing information 2.01 Marketing Planning - ✔✔-implementing planning activities devoted to achieving marketing objectives 2.02 Strategic Planning ` - ✔✔-the process of determining an organization's primary objectives and adopting courses of action that will achieve these objectives 2.03 Tactical Planning - ✔✔-guides the implementation of activities specified in the strategic plan. typically address shorter-term actions that focus on current and near-future activities that a firm must complete to implement its larger strategies. 2.04 What level of management spends the most time planning? - ✔✔-Top Management Board of Directors, CEO's, COO's, and functional VP's 2.05 Type of planning done by Top level management - ✔✔-Strategic Planning 2.06 Type of planning by Mid-Level managers - ✔✔-Tactical Planning 2.07 Type of planning by Supervisory managers - ✔✔-Operational planning 2.08 Strategic Planning - ✔✔-Organization-wide objectives; fundamental strategies; long-term plans; total budget 2.09 Tactical Planning - ✔✔-Quarterly and semiannual plans; business unit budgets; divisional policies and procedures 2.10 Operational Planning - ✔✔-Daily and weekly plans; unit budgets; departmental rules and procedures 2.11 Six steps of the market planning process - ✔✔-Define the firms mission and objectives Assess an organization's strengths, weaknesses, and available opportunities create a marketing plan (using a marketing strategy) implement the marketing plan monitor the outcome 2.12 Marketing Mix - ✔✔-Product, Price, Place, Promotion 2.13 marketing strategy - ✔✔-the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix 2.14 Porter's Five Forces - ✔✔-potential new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products, rivalry among competitors. 2.15 first mover strategy - ✔✔-Theory advocating that the company first to offer a product in a marketplace will be the long-term market winner. 2.16 second mover strategy - ✔✔-observing the innovations of first movers and then improving on them to gain advantage in the marketplace. 2.17 SWOT acronym - ✔✔-strengths, weaknesses, opportunities, and threats 2.18 Purpose of swot analysis - ✔✔-provides managers with a critical view of the organization's internal and external environments and helps them evaluate the firm's fulfillment of its basic mission. 2.19 basic elements of a marketing strategy - ✔✔-the target market and the marketing mix variables of product, distribution, promotion, and price that combine to satisfy the needs of the target market 2.20 Strategic business units (SBUs) - ✔✔-key business units within diversified firms. ex: nesspresso is a unit of nestle 2.21 mission - ✔✔-Essential purpose that differentiates one company from others. 2.22 objectives - ✔✔-guide development of supporting marketing objectives and plans. should state specific intentions. 2.23 leverage - ✔✔-a firm matches an internal strength with an external opportunity 2.24 strategic windows - ✔✔-the limited periods during which the key requirements of a market and the particular competencies of a firm best fit together 3.01 Environmental scanning - ✔✔-process of collecting information about the external marketing environment to identify and interpret potential trends. determine if these trends are opportunities or threats to the company 3.02 Environmental management - ✔✔-Attainment of organizational objectives by predicting and influencing the competitive, political-legal, economic, technological, and social-cultural environments. 3.03 strategic alliances - ✔✔-partnerships with other firms in which the partners combine resources and capital to create competitive advantages in a new market. 3.04 competitive environment - ✔✔-Interactive process that occurs in the marketplace among marketers of directly competitive products, substitutes, and marketers competing for the consumer's purchasing power. 3.05 time based competition - ✔✔-Strategy of developing and distributing goods and services more quickly than competitors. 3.06 political-legal environment - ✔✔-laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights. 3.07 Federal Trade Commission Act (FTC) - ✔✔-1914. Prohibits unfair methods of competition 3.08 Federal Food and Drug Act - ✔✔-1906. prohibits adulteration and mis-branding of food and drugs involved in interstate commerce 3.09 The FTC - ✔✔-enforces laws regulating unfair business practices and stops false and deceptive advertising. 3.10 gross domestic product - ✔✔-the sum of all goods and services produced by a nation in a year. 3.11 economic environment - ✔✔-Factors that influence consumer buying power and marketing strategies, including stage of the business cycle, inflation and deflation, unemployment, income, and resource availability. 3.12 business cycle - ✔✔-Pattern of stages in the level of economic activity: prosperity, recession, depression, and recovery. 3.13 environmental scanning - ✔✔-process of collecting information about forces in the marketing environment. 3.14 Why is environmental scanning an important activity for marketers? - ✔✔-because changes in the marketing environment create uncertainty, threats and opportunities for marketers to either perform better or worse 3.15 Why do marketers monitor the technological environment? - ✔✔-Marketers needs to monitor the technological environment to stay current with-and possibly ahead of- competitors. If they don't, they may wind up with obsolete offerings. 3.16 technological environment - ✔✔-represents the application to marketing of knowledge based on discoveries in science, inventions, and innovations 3.17 VoIP—Voice over Internet Protocol - ✔✔-A phone connection through a personal computer with any type of broadband Internet connection. 3.18 social-cultural environment - ✔✔-the relationship between marketing, society, and culture. 3.19 Marketing citizenship - ✔✔-The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders 3.20 Sherman Anti trust act - ✔✔-identifies a competitive marketing system as a national policy goal 4.01 Social media platform - ✔✔-a type of software or technology that allows users to build, integrate, or facilitate a community, interaction among users, and user-generated content. 4.02 social media tools - ✔✔-enables users to communicate with each other online. 4.03 5 types of Social Media Platforms - ✔✔-Social-Networking Sites Bookmarking Sites Social News Sites Blogging Sites and Forums Microblogs 4.04 4 types of Social Media Tools - ✔✔-Media Sharing Blog and Microblog Postings Apps QR codes 4.05 social media marketing - ✔✔-use of social media portals to create a positive influence on consumers or business customers toward an organization's brand, products, public image, or website. 4.06 Social media marketing contains three essential features - ✔✔-It creates a buzz creates customer / fan engagement allows customers to promote the firm themselves 4.07 three examples of how social media influences consumer decision making. - ✔✔-To learn about new goods and services. To conduct research and share information. To make final purchase decisions. 4.08 social media marketing plan - ✔✔-formal document that identifies and describes goals and strategies, targeted audience, budget, and implementation methods, as well as tactics for monitoring, measuring, and managing the SMM effort. 4.09 An SMM usually contains: - ✔✔-an executive summary a brief overview Analysis of the competition the body of the plan 4.10 SMM executive summary - ✔✔-a paragraph or two explaining the who, what, when, where, how, and why of the plan. 4.11 SMM brief overview - ✔✔-describes the overall market conditions, the firm's current position in social media, and any other factors that the social media marketing effort will address. 4.12 SMM Analysis of the competition - ✔✔-examines competitors' presence in social media, including which platforms and tools they select and an evaluation of their overall effectiveness. 4.13 SMM body of the plan - ✔✔-statement of goals and strategies, target audience, budget and expected returns, 4.14 SMM clear goals - ✔✔-help everyone involved in the campaign to aim their efforts in the right direction. 4.15 SMM goals should be flexible because - ✔✔-Conditions in the marketing environment may change, and marketers should be able to adapt their goals without scrapping an entire plan 4.16 How do social media marketers arrive at a target audience? - ✔✔-to pinpoint the audience firms gather: Demographics What the group needs or wants Which of the firm's products the group will want and which social media will reach that group 4.17 social media monitoring - ✔✔-track, measure, and evaluate a firm's social media marketing initiatives Monitoring and measuring help marketers understand what their customers need and want, ultimately making adjustments to SMM or product offerings to satisfy those customers 5.01 Internet penetration - ✔✔-is the percentage of a region's population who use the Internet. 5.02 e-business - ✔✔-describes the wide range of business activities taking place via Internet applications such as email and virtual shopping carts 5.03 E-business can be divided into the following five broad categories: - ✔✔-1 e-tailing, or virtual storefronts on websites; 2 business-to-business (B2B) transactions; 3 electronic data interchanges (EDI), the business-to-business exchange of data; 4 email, instant messaging, blogs, podcasts, vlogs (video blogs), and other Web-enabled communication tools; and 5 the gathering and use of demographic, product, and other information through Web contacts. 5.04 e-marketing - ✔✔-process of creating, distributing, promoting, and pricing goods and services to a target market over the Internet or through digital tools such as smartphones and tablets. 5.05 corporate websites - ✔✔-increase visibility and provide info 5.07 marketing websites - ✔✔-increase purchases 5.08 Business-to-business (B2B) e-marketing - ✔✔-use of the Internet for business transactions between organizations. 5.09 Why do consumers shop online? - ✔✔-competitive pricing, access and convenience, and personalized service. 5.10 Explain how a Web presence can improve the performance of traditional brick-and-mortar operations. - ✔✔-can broaden customer bases, provide immediate access to current catalogs, accept and process orders, and offer personalized customer service. 5.11 What are the challenges associated with e-marketing? - ✔✔-developing safe online payment systems, protecting consumer privacy, preventing fraud and scams, improving site design and customer service, and reducing potential channel conflicts and copyright disputes. 5.12 to increase consumer security companies use - ✔✔-encryption and secure sockets layer technology 5.13 secure sockets layer - ✔✔-encrypts information and provides authentication 5.14 encryption - ✔✔-the process of encoding data for security purposes 5.15 to prevent privacy issues companies install - ✔✔-combinations of hardware and software called firewalls to keep unauthorized users from tapping into private corporate data 5.16 firewall - ✔✔-an electronic barrier between a company's internal network and the Internet that limits access into and out of the network. 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