Marketing Fundamentals – WGU C712. Exam Review Questions & Answers. 100% Approved.

Document Content and Description Below

Marketing Fundamentals – WGU C712. Exam Review Questions & Answers. 100% Approved. What is the definition of marketing? - ✔✔-The activity, set of institutions, and processes for creating, ... communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large How do organizations create utility? What is the marketers' role in creating utility? - ✔✔-All organizations must create utility to survive. Creating utility is based on designing and marketing on wants, satisfying needs for goods, services, and ideas. It is created by form, time, place, and ownership. Identify the four types of utility, and give an example of each. - ✔✔-1. Form - conversion of raw materials and components into finished goods and services, ex. Levi Jeans (production) 2. Time - Availability of goods and services when consumers want them, ex. dental appts, UPS next day delivery (marketing) 3. Place - Availability of goods and service at convenient locations, ex. onsite daycare, banks in grocery stores (marketing) 4. Ownership - Ability to transfer title to goods or services from marketer to buyer, ex. retail sales (marketing) List the eight universal functions of marketing. Describe each. - ✔✔-1. Buying - ensuring that the product offerings are available in sufficient quantities to meet customer demands 2. Selling - using types of advertising, sales promotions, and personal selling to match products to customer needs 3. Transporting - moving products from their point of production to locations (i.e., retailers) convenient for purchases 4. Storing - warehousing products until needed for sales 5. Standardizing and grading - ensuring that product offerings meet quality and quantity controls of size, weight, and other variables 6. Financing - providing credit for channel members (wholesalers and retailers) and consumers 7. Risk Taking - dealing with uncertainty about future customer purchases 8. Securing marketing information - collecting information about consumers, competitors, and channel members for use in making marketing decisions What are the three groupings of the 8 functions? Which functions fit into each grouping? - ✔✔-1. Exchange - buying and selling 2. Physical distribution - transporting and storing 3. Facilitating - standardizing and grading, financing, risk taking, securing marketing information Identify the two basic elements of a marketing strategy and define each briefly. - ✔✔-Strategic Planningdetermining an organization's primary objectives, adopting a course of action that will achieve these objectives, and providing long term direction for its decision makers. Tactical Planning- guides the implementation of strategies and addresses shorter term actions. What are the four strategies in the marketing mix? Describe each - ✔✔-1. Product- the goods and/or services offered by a company to its customers 2. Price- the amount of money paid by customers to purchase the product 3. Place (or distribution)- the activities that make the product available to consumers 4. Promotion- the activities that communicate the product's features and benefits and persuade customers to purchase the product. What are the Porter's Five Forces? How might these factors affect a firm's overall marketing strategy? - ✔✔-Porter's Five Forces model • Threat of new entrants • Bargaining power of buyers • Bargaining power of suppliers • Threat of substitute products • Rivalry among competitors What is the purpose for doing a SWOT analysis? Which parts are related to internal factors of the firm, and which parts are external factors in the marketplace? - ✔✔-This tool assists planners to analyze the firm's (internal) strengths and weaknesses and compare with marketplace (external) opportunities and threats What are definition of first mover and second mover strategies? Give two advantages or disadvantages for each. - ✔✔-First mover: the company first to offer a product in a marketplace will be the long term market winner Second mover: observing the innovations of first movers and then improving on them to gain advantage in the marketplace Define planning. How does marketing planning differ between top managers, middle-level managers, and supervisors? - ✔✔-Anticipating future events and conditions and determining the best way to achieve organizational objectives Top managers: Strategic (provides long term direction, determines organizations primary objectives) Middle mgmt: Tactical (addresses shorter term actions) Supervisors: Operational (departmental rules and procedures) 1. State whether each of the following illustrates strategic or tactical planning: a. Global automakers begin setting up manufacturing plants in China b. Play N Trade Video Games and Dimensions Games Corporation merge c. The Cleveland Browns give up draft picks to obtain QB Johnny Manziel ("Johnny Football") d. A regional airline looks for ways to expand to other markets. - ✔✔-a. strategic b. strategic c. tactical d. tactical Why is environmental scanning an important activity for marketers? - ✔✔-Environmental scanning is collecting external marketing environment information to identify and interpret potential threats. Example: Consumer Product Safety Commission issued a recall of children's books due to choking and laceration hazards Describe an industry or firm that you think might be able to weather an economic downturn and explain why - ✔✔-Any well known beer or wine producer. People always want to drink. Why do marketers monitor the technological environment? - ✔✔-Because it can lead to new products, improvements in existing products, better customer service, and/or reduced prices. Marketers also monitor new technology to gain competitive edge to enhance customer service How might marketers make the most of shifts in the social-cultural environment? - ✔✔-Follow or get ahead of the trends What is the function of the Federal Trade Commission? - ✔✔-The nation's consumer protection agency and one of the government agencies responsible for keeping competition among businesses strong. Its job is to make sure companies compete fairly and don't mislead or trick people about their products and services What is the function of the Food and Drug Administration? - ✔✔-Protecting the public health by assuring the safety, efficacy, and security of human and veterinary drugs, biological products, medical devices, our nation's food supply, cosmetics, and products that emit radiation What is a Social Media Platform? - ✔✔-Different forms of electronic communication through which users can create online communities to exchange (information, ideas, messages, other content ex. music/videos) Describe the 5 types of Social Media Platforms - ✔✔-1. Social News sites (Reddit) 2. Social Networking sites (Facebook) 3. Bookmarking sites (Pintrest) 4. Online forums/blogging sites (Tumblr) 5. Microblogging sites (Twitter) Define Social Media Tools - ✔✔-To communicate across different platforms with people and consumers 5 types of Social Media Tools - ✔✔-1. Blogging 2. Microblogging (Twitter) 3. Media Sharing (YouTube) 4. Apps (gasbuddy.com) 5. QR codes Offer an example of for each of type of social media platform and social media tool - ✔✔-● Social networking sites: Facebook ● Bookmarking sites: Pintrest ● Social news sites: Reddit ● Blogging sites and forums: Blogger ● Microblogs: Twitter ● Media sharing: Instagram ● Blog and microblogging postings: Tumblr ● Apps: GrubHub ● QR codes: coupons, events What are the three essential features of social media marketing? - ✔✔-Creates buzz, creates ways for customers or fans to engage in conversations, and allows customers to promote the firm's messages Provide three examples of how social media influences consumer decision making - ✔✔-Learn about new goods and services, conduct research and share information, and make final purchase decisions What is a social media marketing plan and what information is contained in this plan - ✔✔-A social media marketing plan is a well written plan that contains clear, concise prose that covers the salient points and answers anticipated questions. Most SMM plans contain an executive summary, a brief overview, analysis of the competition, a body of the plan goals/strategies, target market, budget, returns expected, implementation, monitoring, and management Why is it important for the goals of a social media marketing (SMM) campaign to be both clear and flexible? - ✔✔-Clear goals help marketers set the SMM campaign in the right direction. Flexible goals enable the firms to adapt to changing circumstances How do social media marketers arrive at a target audience? - ✔✔-Social Media Marketing efforts customize their approach to targeted audiences more than any other type of marketing because they are interactive, so it is important for marketers to link the targeted audience with the goals of the initiative Why must social media marketing (SMM) content focus on the audience rather than the organization? - ✔✔-Effective content has the following qualities: a strong focus, emphasis on the audience instead of the organization, targeted keywords, relevant information, share worthy text and images, invitations to the audience to generate its own content, and offers discounts or deals. The rules of engagement include: follow site-specific rules and guidelines, use social media channels as they were intended, and think before posting or deleting What is the purpose of monitoring and measuring the SMM campaign? - ✔✔-Marketers often use social media analytics tools to help them track, measure, and interpret data related to the SMM effort. They calculate the return on investment (ROI) of the marketing campaign, typically measuring success in terms of share of voice, awareness of company or brand, level of audience engagement, influence created, and popularity. Marketers follow keyword and use tools such as Trenderr and Brandwatch, to measure and manage specific activities. Flexibility and quick response are also vital to the management of SMM Explain the difference between E-business and E-marketing. Name and describe the five business activities that take place via the internet - ✔✔-E-business: wide range of business activities that take place via Internet applications. It can be divided into five broad categories: e-mailing, business to business transactions, electronic data interchanges, emails (blogs, video, other web enables communication tools) and the gathering and use of demographic, products, and other information through web contacts E-marketing: strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the internet or through digital tools. Application of electronic tools to contemporary marketing has the potential to greatly reduce costs and increase customer satisfaction. Activities that connect buyers and sellers electronically through interactive computer systems. Explain how a Web presence can improve the performance of traditional brick-and-mortar operations - ✔✔-A Web presence can improve the performance of traditional bricks-and-mortar operations in many ways. It increases a firm's global reach by allowing firm's to sell products to a wider audience without geographic limitations What are the reasons consumers say for why they shop online? What are the characteristics of an online shopper? - ✔✔-Around 51% of Americans prefer to shop online rather than entering physical stores to buy things. Online shopping has taken over conventional shopping because it is easy, convenient, reliable and stress-free. ... In addition to this, online stores also offer discounts to new and old customers by way of discount codes. What are the challenges associated with e-marketing? How are marketers addressing these challenges? - ✔✔-A bad reputation. A lot of money spent on Internet marketing over the past few years was wasted,.Marketing integration. Most major marketing efforts utilize multiple channels, on- and offline. E-CRM Identify and describe purchase fraud involving credit card purchases. Because the merchant usually bears the liability, what are e-tailers doing to prevent this and reduce fraud? Describe phishing, vishing, and smishing - ✔✔-Phishing- high tech scam that uses the authentic looking emails or pop up messages to get unsuspecting victims to reveal personal information. Vishing- scam that collects personal information through voice response system; stands for voice phishing. Smishing- scam that collects personal information through cell phone text messages. Merchants are using things like encryption, secure socket layers, firewalls, cookies, spyware, and electronic signatures What is the difference between a corporate website and a marketing website? - ✔✔-Corporate Website- Designed to increase a firm's visibility, promote its offerings, and provide information to interested parties *Build customer goodwill *Assist channel members in their marketing efforts Marketing Website- Main purpose is to increase purchases by visitors What digital tools do marketers use to communicate with consumers? Describe each tool and when it might be used by a marketer - ✔✔-Banner ad - Strip message placed in high-visibility areas of frequently visited websites Pop-up ad - Separate window that pops up with an advertising message Pre-roll video ad - Marketing messages that play before an online video Search marketing - Paying search engines a fee to make [Show More]

Last updated: 2 years ago

Preview 1 out of 18 pages