Marketing Fundamentals ( WGU C712), Top exam questions with accurate answers, rated A

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Marketing Fundamentals ( WGU C712), Top exam questions with accurate answers, rated A Eight Universal Marketing Functions A.Exchange 1. Buying 2. Selling B. Physical Distribution 3. Transpor... ting 4. Storing C.Facilitating 5. Standardizing and Grading 6. Financing 7. Risk Taking 8. Securing Marketing Information Utility Ability or capacity of a good or service to be useful and give satisfaction to someone. Marketing Mix Product, Price, Place, Promotion Marketing The activity, set of institutions, and processes for creating, communicating, delivering, and managing customer relationships in ways that have value for customers, clients, partners, and society at large. Four Types of Utility Form, time, place, ownership. Form Utility (Production) converting raw materials and other inputs into finished goods and services. Ex: Dinner at a restaurant, cell phone, jeans. Time Utility (Marketing) Availability of goods and services when consumers want them. Ex: Dental appointments; digital photographs, 1-800-PetMeds guarantee; UPS next day air. Place Utility (Marketing) Availability of goods and services at convenient locations. Ex: Auto techs, onsite daycare, banks in grocery stores. Planning Anticipating future events and conditions and determining the best way to achieve organizational objectives. Marketing Planning Implementing planning activities devoted to achieving marketing objectives. Relationship Marketing Developing long-term, cost-effective associations with key customers and suppliers for mutual benefit. Strategic Planning The process of determining an organization's primary objective, adopting courses of action to achieve these objectives, and provides long-term directions for its decision makers. Tactical Planning Guides the implementation of activities specified in the strategic plan Addresses shorter-term actions Six Steps In the Marketing Planning Process 1. Define Firm's Mission. 2. Determine Firm's Objectives. 3. Access Firm's Resources and Evaluate its Environment (SWOT) 4. Formulate Strategy. 5. Implement Strategy. 6. Monitor and Adapt Strategies. Porter's Five Forces Model A model for analyzing the competitive forces within the environment in which a company operates, to assess the potential for profitability in an industry. - Threat of new entrants. - Bargaining power of buyers. - Bargaining power of suppliers. - Threat of substitute products. - Rivalry among competitors. First Mover Strategy The company first to offer a product in a marketplace will be the long-term market winner. Second Mover Strategy Observing the innovations of first movers and then improving on them to gain advantage in the marketplace. SWOT Analysis identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T). Strategic Window Limited periods when key requirements of a market and a firm's particular competencies best fit together. Two Components of a Marketing Strategy 1. Target Market (know your market) 2. Marketing Mix (4 Ps) Product Strategy Deciding and designing which goods or services to offer its markets (B2C or B2B). Place (Distribution) Strategy Consumers can find needed products at the right times, places, and quantities. - Distribution channels, internet, transportation, storage, and customer service. Promotion Strategy 1. All Communication b/t sellers and buyes. 2. Integrated Marketing Communications (IMC). 3. Firms communication w/customers both: - Directly (marketing/sales people). - Indirectly (ads and promotions). Pricing Strategy 1. Methods of setting profitable prices. 2. Subject to governmental regulation and consumer opinion. 3. A good pricing strategy. - Offers price/quality value for customers. - Strengthens firm's relationships with customers using its products. Market Environment The environmental factors impact the firm's marketing mix strategies and provide a framework for all marketing activities. Include the five environmental factors. The Five Environmental Factors 1. Competitive environment. 2. Political-legal (regulatory) environment. 3. Economic environment. 4. Technological environment. 5. Social-cultural environment. Environmental Scanning Collecting external marketing environment information to identify and interpret potential trends. Types of Competition 1. Direct (Among marketers of similar products). 2. Indirect (Products that are easily substituted). 3. ________ among all firms that compete for consumers' purchases (car vs. cruise). Monopoly Market structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes. Antitrust Laws Designed to prevent restraints on trade such as business monopolies. Oligopoly Few numbers of sellers in an industry with high start-up costs, which keep out new competitors. Competitive Strategy Methods through which a firm deals with its competitive environment. - Should we compete? - What markets should we compete? - How should we compete. Time-Based Competition Strategy of developing and distributing goods more quickly than competitors. Political-Legal Environment Consists of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights. Gross Domestic Product (GDP) Sum of all goods and services produced by a nation in a year. Economic Environment Factors that influence consumer buying power and marketing strategies. Business Cycle Pattern of stages in the level of economic activity. Stages in the Business Cycle 1. Prosperity 2. Recession 3. Depression 4. Recovery Inflation Devalues money by reducing the products it can buy through persistent price increases. Deflation Can cause: - A free fall in business profits. - Lower ROIs. - Widespread job layoffs. Discretionary Income The amount of money people have to spend after buying necessities. Demarketing Reducing consumer demand for a good or service to a level that the firm can supply. Consumerism A movement advocating greater protection of the interests of consumers. Rights: - To choose freely. - To be informed. - To be heard. - To be safe. 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. Social Media Tool Enables users to communicate with each other online. Bookmarking Sites These give people a place to save, organize, and manage links to websites and other internet resources. Social-Networking Sites Websites that provide virtual communities for people to: Share daily activities Post opinions on various topics Increase their circle of online friends, and more Social News Sites People post news items or links to outside articles on such sites, then vote on which postings get the most prominent display - and viewed by the most readers. Microblogs Subscribers get a steady stream of brief updates from anyone ranging from a high-school friend to a celebrity. Blogging Sites Blog postings and comments are attached to such sites and typically focus on specific topics. Social Media Marketing (SMM) Uses social media portals to create a positive influence on consumers or business customers toward an organization's: - Brand - Goods and services - Public image - Website SMM Contains Three Essential Features: 1. It creates a buzz. 2. It creates ways for customers or fans to engage in conversations with each other and the organization. 3. It allows customers to promote the firm's message themselves. Social Media Marketing (SMM) Plan A formal document that identifies and describes goals and strategies, target audience, budget, and implementation methods as well as tactics for monitoring, measuring, and managing the SMM effort. Contains: - An executive summary. - Brief overview. Analysis of the competition. - The body of the plan. Phases of Developing an SMM Campaign 1. Set goals 2. Target the audience 3. Develop strategies 4. Produce content 5. Implement the plan 6. Monitor 7. Measure Influences Individuals with the capability of affecting the opinions or actions of others. E-Business Categories 1. E-tailing 2. Business-to-business transactions (B2B) 3. Electronic data interchanges (EDI) 4. Email, blogs, podcasts, vlogs, and other web-enabled communication tools. 5. Gathering and use of demographic, product, and other information through Web contacts. E-Marketing The strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the Internet or through digital tools. Web Business Models 1. Corporate website 2. Marketing website Corporate Website Site designed to increase a firm's visibility, promote its offerings, and provide information to interested parties. Marketing Website Main purpose is to increase purchases by visitors. B2B Tools • Electronic data interchanges (EDI) • Web services • Extranets • Private exchanges • Electronic exchanges • E-procurement Electronic Data Interchange (EDI [Show More]

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