WGU D174 ASSESSMENT STUDY GUIDE 2 MODULE 1 TO 11
N/B : Study guide to the entire course of D174 Marketing Management. It goes through each section
of the... [Show More] course material you will need to pass the assessment
MODULE 1: MARKETING PAST, PRESENT, FUTURE – 7% of
the assessment
Marketing
• Is the activity set of institutions, and processes for creating, communicating,
delivering and exchanging offering that have value for customers, clients
partners and society at large. Communicating and creating value to your
customers.
Two Core Marketing Concepts
• Value
o From a customer’s perspective, value is a ratio of the bundle of
benefits a customer receives from an offering compared to the costs
incurred.
• Exchange
o when a person fives up something of value to them for something
else, they desire to have. (Usually, an exchange is facilitated by
money, but not always)
Five Conditions for Exchange
• Must be at least TWO parties
• Each part has something that might be of value to the other party
• Each party is capable of communication & delivery
• Each is free to accept or reject the exchange offer.
• Each party believes it is appropriate or desirable to deal with the other party.
AMA’s 7 Big Problems
• Effectively targeting high value sources of growth.
• The role of marking in the firm and the c-suitelOMoAR cPSD|22180208
• The digital transformation of the modern corporation
• Generating and using insight to shape marketing practive
• Dealing with an omni channel world.
• Competing in dynamic global markets
• Balancing incremental and radical innovation
Marketing Mix/The 4P’s of Marketing
• Product
o The offering. Could include a bundle of goods, services or ideas.
Many marketers today are focused on solutions rather than products.
• Price
o Largely regarded in relationship to the concept of value.
• Place
o Not just the process of getting goods from a-b, company’s now
understand that integrated supply chain approaches are crucial
component of business success.
• Promotion
o There has been a magnitude of changes since the 1960’s. High tech
media options available to markets today, from internet to cell phones
beyond.
EXTENDED MARKETING MIX
• People:
o the people who contact customers who deliver the product
• Physical Environment:
o the elements of the physical environment the customer experiences.
• Process:
o the systems & processes that deliver a product to a customer.
EXAMPLE: Gym
• Product:
o gym itself, no frills approachlOMoAR cPSD|22180208
• Price
o low cost, low price $14.99 (dynamic)
• Promotion
o billboard, online advertising
• Place:
o variety of locations, vacated office blocks
• People
o trainers
• Process
o leader in digitizing, booking using an app
• Physical Environment
o changing rooms clean and modern
• MARKETING EVOLUTION
o Handcrafted: customized products created by laborers
o Production: improved manufacturing processes led to mass production
o Selling: Increased productivity and economy required focus on selling
o Marketing: increased demand led to development of marketing concept
o Customer Focus: improved research & technology led to improved
differentiation.
Post-Marketing concept approaches Pages 11-12 (Placing the customer at the
center of the focus. Customer-centric.)
o Differentiation Orientation
▪ What clearly distinguishes your products from those of competitors in the
minds of the customer. Ability to also tailor & deliver different messages to
different groups.
o Market Orientation
▪ The implementation of the marketing concept, based on an understanding
of customers & competitors.
o Relationship Orientation
▪ Securing, building, and maintaining long-term relationships with profitable
customers. Keeping & cultivating profitable customers instead oflOMoAR cPSD|22180208
constantly having to invest in gaining new customers that come with an
unknown of ROI.
1. (IE: Dollar Shave Club, using a powerful system to integrate
its in-house CRM, customer support platform & data analytics.
They ensure they have a rich understanding of their customer
so they can deliver an outstanding customer experience. “We
don’t respond to situations; we respond to people.”
o One-to-One Marketing
▪ Advocates that firms should direct energy & resources into establishing a
learning relationship with each customer and then connect that
knowledge with the firm’s production and service capabilities to fulfill that
customers’ needs in as custom manner as possible. (ie: Burberry,
Converse, Customization craze)
BIG M
• Marketing (Big M)
o Core driver-customer value, exchange, customer relationships benefit
to the organization
o Strategic Marketing (long term firm level commitment to investing in
marketing). Supported at the highest organization level.
LITTLE M
• Marketing (Little M)
o Functional or operational level
o Tactical marketing (more hands on, these are the things that you are
doing)
MARKETING ETHICS
• 4 Pillars
o Accuracy
o Truth
o Objectivity
o FairnesslOMoAR cPSD|22180208
Ethical Decisions of the Marketing Mix
• Product
o What markets to target?
o Quality & quantity of ingredients
o Excluding some target groups
o Collection of market research data-security & privacy
• Price
o Price fixing
o Predatory pricing
o Not disclosing full price before customer purchases
• Place/Distribution
o Exert unfair influence on the channel
o Sourcing products
o Data privacy throughout the channel
• Promotion
o Deceptive communication
o High pressure or manipulative sales techniques
Sustainability
• Balancing business needs and social needs over the long term and doing the
right thing.
• Focuses on people, the planet and profit, which are otherwise known as
“Triple Bottom Line.”
MODULE 2: MARKETING PLANNING AND STRATEGY – 11%
Value & Benefit
BenefitlOMoAR cPSD|22180208
• Some type of utility that a company and its products and services provide
its customers.
Utility
• Is the want satisfying power of a good or service.
Four Types of Utility
• Form Utility
a. created when raw materials are tran [Show Less]
