Marketing Fundamentals -WGU C712, Exam Questions with accurate answers, graded A+

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Marketing Fundamentals -WGU C712, Exam Questions with accurate answers, graded A+ the production era - ✔✔1. "A good product sells itself" - Prior to the 1920's the sales era - ✔✔2. "Crea... tive ads and selling will overcome consumer resistance and persuade them to buy" - Prior to 1950's the marketing era - ✔✔3. "The consumer rules! Find a need and fill it" - Since 1950's the relationship era - ✔✔4. "Long-term relationships with customers and other partners lead to success" - Since 1990's the social era - ✔✔5. "Connecting to consumers via internet and social media sites is an effective tool" - Since 2000's marketing myopia - ✔✔Management's failure to recognize the scope of its business. transaction-based marketing - ✔✔Buyer and seller exchanges characterized by limited communications and little or no ongoing relationships between the parties. wholesalers - ✔✔Intermediaries that operate between producers and resellers. Eight Universal Marketing Functions - ✔✔Buying and selling, Transporting and storing, standardizing and grading (for facilitating), financing, risk taking, and securing marketing information seller's market - ✔✔A market in which there are more buyers for fewer goods and services. buyer's market - ✔✔A market in which there are more goods and services than people willing to buy them. consumer orientation - ✔✔Business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them. organization marketing - ✔✔Marketing by mutual-benefit organizations, service organizations, and government organizations intended to persuade others to accept their goals, receive their services, or contribute to them in some way. interactive marketing - ✔✔Buyer-seller communications in which the customer controls the amount and type of information received from a marketer through channels such as the Internet and virtual reality kiosks. Elements of the marketing mix - ✔✔o Product: Deciding and designing which goods/services to offer its markets o Price: Setting profitable price o Distribution/Place: Consumers finding the products at right times, places, and quantities o Promotion: All communication between sellers and buyers (sales people, ads, etc) strategic business units (SBUs) - ✔✔Key business units within diversified firms. List Porter's Five Forces - ✔✔potential new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products, and rivalry among competitors. The BCG Matrix - ✔✔stars, cash cows, question marks, and dogs. environmental scanning - ✔✔Systematic study of the components of a purchase to determine the most cost-effective approach. environmental management - ✔✔Assessment of supplier performance in categories such as price, back orders, timely delivery, and attention to special requests. demarketing - ✔✔Process of reducing consumer demand for a good or service to a level that the firm can supply. VoIP (Voice over Internet Protocol) - ✔✔A phone connection through a personal computer with any type of broadband Internet connection. bookmarking site - ✔✔A platform that gives users a place to save, organize, and manage links to websites and other Internet resources. four key elements of a written social media marketing plan - ✔✔executive summary, A brief overview, Analysis of the competition, The body of the plan Social Media Monitoring and Analytics Tools - ✔✔Cyfe, Google Analytics, Simply Measured, Social Mention, Social Report, Sum All, Tweriod, Viralheat business-to-consumer (B2C) e-marketing - ✔✔Selling directly to consumers over the Internet. bots (shopbots) - ✔✔Software program that allows online shoppers to compare the price of a particular product offered by several online retailers. Secure Sockets Layer (SSL) - ✔✔Technology that secures a website by encrypting information and providing authentication. vishing - ✔✔Scam that collects personal information through voice response systems; stands for voice phishing. smishing - ✔✔Scam that collects personal information through cell phone text messages; stands for SMS (short message service) phishing channel conflicts - ✔✔Conflicts among manufacturers, wholesalers, and retailers. Web-to-store shoppers - ✔✔Consumers who use the Internet as a tool when shopping at brick-andmortar retailers. click-through rate - ✔✔Percentage of people presented with a banner ad who click on it. conversion rate - ✔✔Percentage of visitors to a website who make a purchase. E-Marketing Capabilities - ✔✔Global reach, Personalization, Interactive marketing, Right-time marketing, Integrated marketing It's estimated that as many as %_____ percent of online reviews may be fake. - ✔✔%30 shaping - ✔✔Process of applying a series of rewards and reinforcements to permit more complex behavior to evolve. high-involvement purchase decisions - ✔✔Purchases with high levels of potential social or economic consequences. low-involvement purchase decisions - ✔✔Routine purchases that pose little risk to the consumer. evoked set - ✔✔Number of alternatives a consumer actually considers in making a purchase decision. The Asch phenomenon - ✔✔the effect of a reference group on individual decision making that occurs because of a perceived pressure to conform to the stated opinions of the group members. core based statistical area (CBSA) - ✔✔Collective term f [Show More]

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