{"id":110639,"date":"2023-07-27T00:01:16","date_gmt":"2023-07-27T00:01:16","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=110639"},"modified":"2023-07-27T00:01:22","modified_gmt":"2023-07-27T00:01:22","slug":"wgu-d077-concepts-in-marketing-sales-and-customer-contact-exam-questions-and-answers-graded-a","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/07\/27\/wgu-d077-concepts-in-marketing-sales-and-customer-contact-exam-questions-and-answers-graded-a\/","title":{"rendered":"WGU D077 Concepts in Marketing, Sales, and Customer Contact Exam Questions and Answers Graded A+"},"content":{"rendered":"\n

A\/B testing
A marketing experiment where two variants of a campaign are tested to see which one is most effective<\/p>\n\n\n\n

Accommodation
Style of handling conflict focused on empathy over self-interest<\/p>\n\n\n\n

Adaptive selling
Using social styles to customize a sales approach to the specific customer<\/p>\n\n\n\n

administered vertical marketing system
Cooperation between levels of a distribution channel where one member sets the terms due to its size and influence<\/p>\n\n\n\n

advertising
Paid form of nonpersonal promotion<\/p>\n\n\n\n

amiable
People with this social style want to know “why”<\/p>\n\n\n\n

analytical
People with this social style want to know “how”<\/p>\n\n\n\n

artificial intelligence
Intelligent machines (computers) capable of learning and interacting<\/p>\n\n\n\n

attitudes
Positive, negative, or ambivalent evaluation of people, objects, event, activities, ideas, or anything else in the environment<\/p>\n\n\n\n

attributes
Characteristics that define a product and will influence the customer’s purchase decision<\/p>\n\n\n\n

Avoidance
Style of handling conflict with little empathy or self-interest<\/p>\n\n\n\n

B2B sales
Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers<\/p>\n\n\n\n

Bait and switch
Fraudulent practice where an advertised product is unavailable so a customer is guided to a more expensive one<\/p>\n\n\n\n

Bargaining power of buyers
One of Porter’s Five Forces\u2014the power of customers to drive down prices if supply exceeds demand<\/p>\n\n\n\n

Bargaining power of suppliers
One of Porter’s Five Forces\u2014the power of suppliers when there are few alternative sources for the products’ components<\/p>\n\n\n\n

Bargaining
The fourth phase in the negotiation process, where the parties seek an agreement<\/p>\n\n\n\n

BCG Matrix
Planning tool which uses a quadrant to map the strategic position of a business brand based on the brand’s market share and the market’s growth potential<\/p>\n\n\n\n

behavioral observation
Primary marketing research technique involving formal or informal observation of customers and noncustomers<\/p>\n\n\n\n

boycott
Voluntary and intentional refusal to buy products from a certain person, company, or country for ethical or political reasons<\/p>\n\n\n\n

brand equity
One of the drivers of customer equity, based on how the customer assesses the value of the brand<\/p>\n\n\n\n

brand loyalty
The faithfulness of customer’s to a particular company and its products<\/p>\n\n\n\n

brand
The unique identity and associations of a company, often captured in a design, sign, symbol, or words that identify a product and differentiate it from competitors<\/p>\n\n\n\n

Bundling
Grouping related products together and pricing them as a single product.<\/p>\n\n\n\n

business cycle
Expansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend<\/p>\n\n\n\n

business to business (B2B)
Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers<\/p>\n\n\n\n

business to consumer (B2C)
Sales directly to the individuals who consume a finished product<\/p>\n\n\n\n

business-to-business (B2B)
Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers<\/p>\n\n\n\n

business-to-consumer (B2C)
Sales directly to the individuals who consume a finished product for personal use<\/p>\n\n\n\n

Buyers
Individuals at an organization who are responsible for the purchase contract, often a purchasing department<\/p>\n\n\n\n

buying center
Group of decision makers for a purchase by an organization<\/p>\n\n\n\n

Channel conflict
When a company sells products directly to consumers, in competition with the company’s own channel partners<\/p>\n\n\n\n

Closed-ended questions
Questions where a researcher provides a set of options from which to choose a response, also called structured questions<\/p>\n\n\n\n

Closure
The final phase of negotiation, where an agreement is reached or the negotiation fails<\/p>\n\n\n\n

cognitive dissonance
Mental discomfort triggered by holding two or more contradictory beliefs, ideas, or values<\/p>\n\n\n\n

Collaboration
Style of handling conflict with high concern for both empathy and self-interest<\/p>\n\n\n\n

Competition
Style of handling conflict focused on self-interest over empathy<\/p>\n\n\n\n

Competitive pricing strategy
Setting the price for a product or service relative to competitors<\/p>\n\n\n\n

Compromise
Middle-ground style of handling conflict<\/p>\n\n\n\n

Concentrated marketing
Targeting strategy that focuses on a very limited, specific segment(s) of the market, also called niche marketing<\/p>\n\n\n\n

consultative selling
Sales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand her needs<\/p>\n\n\n\n

consumer behavior
The study of individuals, groups, or organizations and all the activities associated with the purchase, use, and disposal of goods and services<\/p>\n\n\n\n

consumer confidence
Statistical measure of consumers’ level of optimism about current and future economic conditions<\/p>\n\n\n\n

Consumer involvement
Level of consumer interest, search, or complex decision-making<\/p>\n\n\n\n

consumer
The user of a purchased product or service<\/p>\n\n\n\n

consumers
The user of a purchased product or service<\/p>\n\n\n\n

Content marketing
Promotion through the creation and sharing of messages and materials designed to stimulate interest in a product<\/p>\n\n\n\n

contractual vertical marketing system
Cooperation between levels of a distribution channel as described by a formal agreement<\/p>\n\n\n\n

cookies
A small packet of information stored on your web browser to help a website keep track of your visits and activity<\/p>\n\n\n\n

Corporate Social Responsibility (CSR)
Way of conducting business with commitment to the values, norms, and expectations of society for social responsibility<\/p>\n\n\n\n

corporate vertical marketing system
Ownership by a single company of all levels of production and distribution<\/p>\n\n\n\n

culture
The customs, arts, social institutions, beliefs, and value systems of a particular people, nation, or social group<\/p>\n\n\n\n

customer equity
The combined customer lifetime values of all the company’s customers<\/p>\n\n\n\n

customer life cycle
The steps in the customer relationship with a company, from initial contact to loyalty<\/p>\n\n\n\n

Customer lifetime value
The total profit a company expects to gain from a customer throughout the relationship<\/p>\n\n\n\n

Customer relationship management (CRM)
Processes implemented by a company to handle its contact with customers with the goal of creating a unified customer experience to maximize retention<\/p>\n\n\n\n

customer satisfaction
A measure of how products or services delivered by a company meet or exceed customer expectations<\/p>\n\n\n\n

customer
The purchaser of a product or service<\/p>\n\n\n\n

customers
The purchasers of a good or service<\/p>\n\n\n\n

Database marketing organizations
Companies (also known as customer insights service providers) that collect and analyze massive data sets on consumers which can be used as secondary data for marketing research<\/p>\n\n\n\n

deception
Hiding the truth, especially to get an advantage<\/p>\n\n\n\n

Deciders
Individual(s) at an organization making the final purchase decision, often the person who owns the budget<\/p>\n\n\n\n

deductive
Negotiating by beginning with the big picture then turning to details<\/p>\n\n\n\n

Demographic segmentation
Dividing the market into subgroups based on demographic data such as age, education, gender, or income<\/p>\n\n\n\n

Determining Your Desired Outcome
The second phase in the negotiation process, where you define what you would like to get from the negotiation, also called a Best Alternative to a Negotiated Agreement (BATNA)<\/p>\n\n\n\n

differentiated marketing
Targeting strategy where a company provides separate offerings to each different market segment that it targets<\/p>\n\n\n\n

digital marketing
All of a company’s marketing efforts that use an electronic device or the Internet<\/p>\n\n\n\n

Direct distribution
Sale of products from the producer to the end user without an intermediary<\/p>\n\n\n\n

Distribution channels
Chain of intermediaries through which a good or service moves from the producer to reach the end consumer<\/p>\n\n\n\n

Distribution
Process of acquiring raw materials and moving materials and finished products from the producer to customers<\/p>\n\n\n\n

distributive view
Win-lose negotiation that sees the situation as a fixed pie to be divided<\/p>\n\n\n\n

diversification
Growth strategy that focuses on creating new products for expansion into new markets<\/p>\n\n\n\n

driver
People with this social style want to know “what”<\/p>\n\n\n\n

Dual Concern Model
Maps five styles of handling conflict on a grid according to their degree of cooperation or assertiveness<\/p>\n\n\n\n

E-commerce
Buying and selling of goods and services over the Internet using websites and\/or mobile applications<\/p>\n\n\n\n

End users
Individuals at an organization who will use the product or service to be purchased<\/p>\n\n\n\n

environmental sustainability
Processes that are capable of being continued with minimal long-term effect on the environment<\/p>\n\n\n\n

esteem needs
Human requirement to feel respected and valued by others as well as yourself<\/p>\n\n\n\n

Ethical consumerism
Type of consumer activism where ethical products are favored and unethical products or companies are avoided<\/p>\n\n\n\n

Ethnographic research
Study through direct observation of users in their natural environment (as opposed to a laboratory environment)<\/p>\n\n\n\n

experiential learning
Changes in behavior in response to direct experience; learning as a reflection on doing<\/p>\n\n\n\n

experimental research
Primary marketing research technique that explores the impact of one or more factors, such as the comparison of two marketing campaigns<\/p>\n\n\n\n

expressive
People with this social style want to know “who”<\/p>\n\n\n\n

extended problem solving
Complex, high-involvement purchase decision process with significant investment in information searching and product comparison<\/p>\n\n\n\n

External factors
Factors an organization may be able to influence, but not control (such as technology innovations, competition, economic trends, and government policies) a company, which can represent opportunities or threats<\/p>\n\n\n\n

fair trade
Organized social movement that seeks to help producers in developing countries achieve better trading conditions while promoting sustainability<\/p>\n\n\n\n

focus groups
Primary marketing research technique using small groups to delve deeply into a topic of interest<\/p>\n\n\n\n

Gatekeepers
Individuals at an organization who control the flow of information to and among others within the buying center; often administrative professionals<\/p>\n\n\n\n

generation gaps
Differences in outlook, opinions, values, and cultural norms between people of different generations<\/p>\n\n\n\n

Geographic segmentation
Dividing the market into sub-groups based on region or geographic characteristics<\/p>\n\n\n\n

good
Physical product offering manufactured by a business<\/p>\n\n\n\n

Groupthink
Psychological phenomenon in which individual members of a group accept a viewpoint or conclusion that represents a perceived group position (even when it conflicts with their own beliefs or judgment)<\/p>\n\n\n\n

Guerilla marketing
Innovative, unconventional promotional tactics that engage customers through unique experiences<\/p>\n\n\n\n

hard selling
Sales approach using psychological pressure and insistent language to push a customer to a quick purchase decision<\/p>\n\n\n\n

high-involvement decisions
Complex purchase decisions that are important to the consumer and involve some risk<\/p>\n\n\n\n

Implementation
Process of implementing the marketing strategy through specific actions or tactics<\/p>\n\n\n\n

in-depth interviews
Primary marketing research technique using structured one-on-one conversations to delve deeply into a topic of interest<\/p>\n\n\n\n

Indirect distribution
Sale of products where intermediaries assist in moving goods and services from producers to end users<\/p>\n\n\n\n

individual marketing
Targeted micromarketing focused on the needs of individuals, sometimes call mass customization or one-to-one marketing<\/p>\n\n\n\n

inductive
Negotiating by beginning with details and working up to a larger agreement<\/p>\n\n\n\n

inflation
General increase in prices of goods and services over time and decrease in the purchasing power of money<\/p>\n\n\n\n

influencer marketing
Using paid brand advocates who have large social followings with a target audience to promote a product or brand on social media<\/p>\n\n\n\n

Influencers
Individuals at an organization who affect a purchase decision, sometimes brought into the buying process to provide technical expertise<\/p>\n\n\n\n

Initiators
Individuals at an organization who suggest purchasing a product or service<\/p>\n\n\n\n

integrated marketing communications (IMC)
Immersive and targeted communication with customers to help move them through the various stages of the buying process<\/p>\n\n\n\n

integrative approach
Win-win negotiation that looks for ways to expand the pie so each party gets more<\/p>\n\n\n\n

internal data
Information from within a company, such as sales and marketing records, that can be used for secondary data in marketing research<\/p>\n\n\n\n

internal factors
Factors controlled by the organization (such as financial resources, product lines, or technical capabilities), which can be either strengths or weaknesses<\/p>\n\n\n\n

internet search
An entry into a search engine based on a keyword or phrase, also called a search query<\/p>\n\n\n\n

Investigation
The initial phase in the negotiation process, where information is gathered<\/p>\n\n\n\n

Leader pricing
Pricing products below market price to attract customers to a store where they would not otherwise shop<\/p>\n\n\n\n

leads
Information about a potential customer<\/p>\n\n\n\n

learning
Changes in behavior that result from previous experiences<\/p>\n\n\n\n

Limited problem-solving
Moderately involved purchase decision-making process where a consumer has some prior knowledge but still conducts light research<\/p>\n\n\n\n

local marketing
Targeted micromarketing focusing on very small segments in a given geography<\/p>\n\n\n\n

Love and belonging needs
Human requirement for interpersonal relationships (family, friendships, intimacy) and feelings of belongingness<\/p>\n\n\n\n

Low-involvement decisions
Straightforward, often routine purchases that require less effort and pose lower risk to the consumer<\/p>\n\n\n\n

market development
Growth strategy focused on expanding existing products into new markets<\/p>\n\n\n\n

market penetration
Growth strategy focused on current products and current markets with the goal of increasing market share<\/p>\n\n\n\n

market segmentation
Process of dividing the market into subgroups of consumers (segments)<\/p>\n\n\n\n

market share
A company’s percentage of the total sales in a particular market<\/p>\n\n\n\n

marketing concept
Business philosophy holding that a company’s goals can best be achieved by identifying and satisfying the target customer’s needs and wants<\/p>\n\n\n\n

marketing mission statement
Explanation of why the marketing plan exists and what problem it hopes to solve<\/p>\n\n\n\n

marketing mix
The controllable elements in the marketing environment, made up of the product, price, promotion, and place; also known as the 4Ps of marketing<\/p>\n\n\n\n

marketing objectives
Specific, measurable achievements that an organization wants from its marketing activities within a specified time frame<\/p>\n\n\n\n

marketing plan
A comprehensive document or blueprint, informed by analysis of the organization, customer, and market environment, that outlines marketing efforts (including objectives, strategies, and tactics) for an identified period<\/p>\n\n\n\n

marketing planning process
The steps an organization goes through to create a marketing plan (includes analysis of the organization, customer, and market environment) with specific objectives, strategies, and tactics for the marketing effort<\/p>\n\n\n\n

Marketing research
Process of gathering, recording, and analyzing data about consumers, competitors, and the market<\/p>\n\n\n\n

marketing
Business function that identifies, satisfies, and retains customers through a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for the customer<\/p>\n\n\n\n

Micromarketing
Targeting strategy that focuses narrowly on catering to the needs of individuals or very small segments in a targeted geography<\/p>\n\n\n\n

Mixed negotiations
A blend of inductive and deductive negotiation<\/p>\n\n\n\n

modified rebuy
An organization reorders a product or service with modifications<\/p>\n\n\n\n

motivations
Level of inner drive or pressure to satisfy a need<\/p>\n\n\n\n

needs
Human requirements that range from basic physiology to safety, love and belonging, esteem, and self-actualization<\/p>\n\n\n\n

New product development
Process of creating a new product or service for the market, involving strategy, organization, concept generation, marketing planning, and commercialization<\/p>\n\n\n\n

new task
A buying situation where an organization considers buying a product or service for the first time<\/p>\n\n\n\n

nondisclosure agreements (NDAs)
Signed documents when entering into a business relationship detailing what information cannot be disclosed about another company<\/p>\n\n\n\n

nonexperiential learning
Changes in behavior in response to secondary input, such as a celebrity endorsement<\/p>\n\n\n\n

omnichannel communication
Unified and consistent communication with customers across all channels a company employs<\/p>\n\n\n\n

Omnichannel
Content strategy used by organizations to improve customer experience through creating seamless, consistent engagement across all channels<\/p>\n\n\n\n

Open-ended questions
Questions where a researcher asks participants to provide a verbal or textual response<\/p>\n\n\n\n

opinion leaders
Highly influential people who help set the attitudes, behavior, beliefs, opinions, and values of a reference group<\/p>\n\n\n\n

organizational capabilities
Combinations of skills, processes, human abilities, and competencies that are unique to an organization<\/p>\n\n\n\n

Penetration pricing
Intentionally pricing a product lower than the market price to gain market share in a new market<\/p>\n\n\n\n

perceptions
Process by which a consumer identifies, organizes, and interprets information to create meaning<\/p>\n\n\n\n

Permission marketing
Expectation that marketers will ask for permission to sell or to offer potential customers marketing messages<\/p>\n\n\n\n

Personal selling
A type of selling that uses person-to-person interaction to sell products and services<\/p>\n\n\n\n

PEST
Form of analysis used to isolate opportunities and threats in the marketing environment<\/p>\n\n\n\n

Physiological needs
Basic biological requirements for human survival<\/p>\n\n\n\n

Place
Element of the marketing mix involved with getting the product from the producer to the customer<\/p>\n\n\n\n

Planned obsolescence
Selling products that will need to be replaced frequently by design because they are obsolete<\/p>\n\n\n\n

Porter’s Five Forces model
Planning tool which provides a model for how to identify and analyze the competitive forces that shape a company’s environment and influence profitability<\/p>\n\n\n\n

Positioning maps
Graphical depiction of how potential customers view a brand or product and the competition against key criteria<\/p>\n\n\n\n

positioning statement
Single sentence that concisely identifies the target market for a product and what marketers want customers to think about it<\/p>\n\n\n\n

positioning
Strategic activity where marketers identify the distinctive place they want a product or service to hold in the minds of a target market segment<\/p>\n\n\n\n

Presentation
The third phase in the negotiation process, where you put together information to support your position<\/p>\n\n\n\n

prestige pricing
Raising the price of a product to increase the perception of its value<\/p>\n\n\n\n

price gouging
When the seller dramatically increases the prices of goods, services, or commodities to an unreasonable or unfair level<\/p>\n\n\n\n

Price skimming
Intentionally pricing a new product offering high with the intention of lowering it over time as competition grows, particularly in the case of a unique offering with little or no competition at the outset<\/p>\n\n\n\n

Price
Element of the marketing mix involved with the cost of a product, or what a company asks for from the customer in exchange for the product<\/p>\n\n\n\n

Primary research
Research tailored to the specific problem or challenge you are trying to address<\/p>\n\n\n\n

product depth
Number of versions offered for each product in the product line<\/p>\n\n\n\n

product development
Growth strategy focused on creating new products for an existing market<\/p>\n\n\n\n

product life cycle
Phases of a product, from introduction to growth, maturation, and decline<\/p>\n\n\n\n

product lines
Series of similar products focused on a sector that a company creates under a single brand<\/p>\n\n\n\n

product mix
The complete range of products offered for sale by a company throughout its product lines, also known as the product assortment<\/p>\n\n\n\n

product
A service, good, or system that is offered to a market for sale to customers<\/p>\n\n\n\n

Product-related segmentation
Dividing the market into sub-groups based on the consumer’s relationship to the product (benefits, usage rates, or brand loyalty)<\/p>\n\n\n\n

profit
The amount gained by a company, calculated by the difference between the amount earned from the sale of products and the total cost to produce them and sell them in the market<\/p>\n\n\n\n

Promotion
Element of the marketing mix involving methods for informing and influencing customers to buy a product, including traditional advertising, sales promotion, public relations, personal selling, and digital marketing<\/p>\n\n\n\n

Promotional pricing
Lowering the price of a product for a limited time to attract more customers and increase sales volume<\/p>\n\n\n\n

Prospecting
Identifying people or companies that might be interested in buying a product or service<\/p>\n\n\n\n

prospects
A qualified and interested potential customer<\/p>\n\n\n\n

Psychographic segmentation
Dividing the market into subgroups based on lifestyle or personality<\/p>\n\n\n\n

Public relations
The practice of creating and maintaining public goodwill through publicity and nonpaid forms of communication<\/p>\n\n\n\n

pyramid scheme
Unethical and unsustainable business model where those higher up the pyramid profit from recruitment fees of those below<\/p>\n\n\n\n

Qualifying
Asking questions and conducting research to determine that a prospect is willing and able to buy<\/p>\n\n\n\n

qualitative
Research exploring ideas, perceptions, and behaviors<\/p>\n\n\n\n

quantitative
Research using information that can be counted, tabulated, and statistically analyzed<\/p>\n\n\n\n

reference groups
Formal or informal group of people whose shared attitudes, behavior, beliefs, opinions, and values are adopted by a consumer<\/p>\n\n\n\n

Reinforcement
Process of having learning validated through rewards or consequences, which confirm that what you learned was correct.<\/p>\n\n\n\n

reliability
The degree to which a research method produces stable and consistent results<\/p>\n\n\n\n

retention equity
One of the drivers of customer equity, based on the tendency of a customer to stay with the brand given equal alternatives<\/p>\n\n\n\n

revenue
Income a company receives from the sale of goods or services<\/p>\n\n\n\n

Rivalry
One of Porter’s Five Forces\u2014competition from other companies in the industry<\/p>\n\n\n\n

routine problem-solving
Automatic, low-involvement purchase decision process based on limited information or information gathered in the past<\/p>\n\n\n\n

safety and security needs
Human requirement for personal, emotional, and financial security, as well as health and well-being<\/p>\n\n\n\n

Sales promotion
Marketing activities such as coupons that provide a direct incentive for the customer to make an immediate purchase of the product<\/p>\n\n\n\n

secondary research
Using already existing data that may be relevant to what you want to know<\/p>\n\n\n\n

segments
Subgroup of the market for a product<\/p>\n\n\n\n

Selective perception
Process by which consumers see what they want to in media messages while ignoring contradictory viewpoints<\/p>\n\n\n\n

Self-actualization
Human desire to realize your full potential<\/p>\n\n\n\n

service
Intangible product offering by a business<\/p>\n\n\n\n

situational analysis
A collection of methods that marketers use to analyze and understand an organization’s capabilities, customers, and business environment<\/p>\n\n\n\n

social listening
Primary marketing research technique monitoring or engaging with social media communities to gather information<\/p>\n\n\n\n

social media
Websites and applications where users can create, share, and communicate with others in social networks<\/p>\n\n\n\n

Solution selling
Sales approach where the seller diagnoses the customer’s problem then recommends a mix of products and services (a solution) to solve it<\/p>\n\n\n\n

straight rebuy
An organization reorders a product or service without modifications<\/p>\n\n\n\n

Strategic Opportunity Matrix
Framework that maps the four growth strategies (market penetration, market development, product development, and diversification) to a grid based on whether they address new or existing products and markets<\/p>\n\n\n\n

strategies
Plans of action or game plans designed to meet certain objectives<\/p>\n\n\n\n

supply chain transparency
Company disclosing how its products (and their components) are sourced and made<\/p>\n\n\n\n

supply chain
System a company uses to acquire raw material, produce products, and deliver the products and services to customers<\/p>\n\n\n\n

survey research
Primary marketing research technique that asks individual respondents to answer a questionnaire<\/p>\n\n\n\n

SWOT analysis
Analysis of the internal, controllable factors (strengths and weaknesses) and external, uncontrollable factors (opportunities and threats) that influence an organization<\/p>\n\n\n\n

syncretic decision-making
A purchase decision where in a family both partners have an equal say<\/p>\n\n\n\n

syndicated marketing research
Source of secondary data for marketing research that is collected by a marketing research company and can be purchased by organizations<\/p>\n\n\n\n

Tactical planning
Identification of key actions, or tactics, aligned to the marketing strategy that will enable marketers to achieve marketing objectives<\/p>\n\n\n\n

tactics
The actions taken to implement a strategy that drives toward a particular objective<\/p>\n\n\n\n

target market
Specific group of customers toward which a firm directs its marketing efforts<\/p>\n\n\n\n

targeting
Selection of a segment or segments of the market on which marketers will focus<\/p>\n\n\n\n

Team selling
Sales approach that involves multiple people from an organization joining forces to advance a customer opportunity<\/p>\n\n\n\n

Telemarketing
Method of direct marketing by a saleperson over the phone<\/p>\n\n\n\n

The Internet of Things (IoT)
Embedding computers in everyday things, turning them into smart and connected devices that can be monitored and used for data analytics<\/p>\n\n\n\n

Threat of new entrants
One of Porter’s Five Forces\u2014the likelihood that new competitors will enter the market<\/p>\n\n\n\n

Threat of substitute products or services
One of Porter’s Five Forces\u2014the likelihood that consumers will switch to a different type of product or service that meets the same need (such as taking a bus instead of buying a car)<\/p>\n\n\n\n

trial close
Where the salesperson asks a question or makes an assumptive statement to gauge whether or not a potential customer sees value in the product, service, or solution before asking for a decision<\/p>\n\n\n\n

uncontrollable elements
Elements in the external marketing environment that cannot directly be controlled by marketers<\/p>\n\n\n\n

Undifferentiated marketing
Targeting strategy involving a single offer and marketing mix for all segments, also called mass marketing<\/p>\n\n\n\n

validity
The extent to which a research method accurately measures what it is intended to measure<\/p>\n\n\n\n

value equity
One of the drivers of customer equity, based on how the customer assesses the value of the product or service a company provides<\/p>\n\n\n\n

vertical marketing systems
Cooperation between multiple levels of a distribution channel<\/p>\n\n\n\n

vision
Desired future position for the organization<\/p>\n\n\n\n

Product
A retailer offers all customers complementary, eco-friendly gift wrapping to add value to their holiday purchases.<\/p>\n\n\n\n

Which element of the marketing mix does this ethical decision-making address?<\/p>\n\n\n\n

BCG matrix
A manager seeks to help the organization make good portfolio-management decisions.<\/p>\n\n\n\n

Which tool should the manager use for this process?<\/p>\n\n\n\n

Strategy
Which component of the marketing planning process utilizes situation analysis to address the needs of the target customer?<\/p>\n\n\n\n

Requires expertise in data collection
What is a limitation of primary data sources?<\/p>\n\n\n\n

Marketing mix
Which component must the marketing team create to effectively target each segment of the consumer market?<\/p>\n\n\n\n

Target
Which action includes selecting a segment to serve as the focus of the marketing team’s efforts?<\/p>\n\n\n\n

Problem and opportunity recognition
A marketer developed a makeup tutorial video using the company’s new cosmetic line designed to diminish dark circles around the eyes.<\/p>\n\n\n\n

Which stage of the consumer decision-making process is the marketer seeking to achieve?<\/p>\n\n\n\n

Integrative
Individuals A and B are negotiating Individual A’s pay package with multiple forms of pay and benefits to be discussed and agreed upon by both. While the goals are not compatible, Individuals A and B will have a long relationship as boss and worker which must be taken into account during their negotiation.<\/p>\n\n\n\n

Which approach to negotiation should these two individuals adopt?<\/p>\n\n\n\n

Modified rebuy
A sales representative calls on a company and is told, “We will order the same product and quantity that we ordered last month, but please have the product delivered to our western plant instead of our eastern plant.”<\/p>\n\n\n\n

Which type of Business to Business (B2B) buying situation is this?<\/p>\n\n\n\n

4 P’s: product, price, promotion, and place.
What are the controllable elements in the marketing environment?<\/p>\n\n\n\n

Marketing decisions are influenced by not only the competition, but also the political and legal, economic, sociocultural, technological, and environmental elements in the environment.
What are the uncontrollable elements in the marketing environment?<\/p>\n\n\n\n

The steps involve the mission statement, situational analysis, objectives, strategy development, and monitoring and control.
What are the steps in the marketing planning process?<\/p>\n\n\n\n

SWOT analysis looks at an organization’s strengths and weaknesses alongside the opportunities and threats in the business environment.
What is SWOT used for?<\/p>\n\n\n\n

The BCG matrix helps identify where an organization should invest in marketing to be profitable
What is BCG used for?<\/p>\n\n\n\n

Porter’s Five Forces model addresses the competitive landscape in the market and the potential for profitability.
What is Porter’s Five Forces model used for?<\/p>\n\n\n\n

Marketing is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others. In business, the function of marketing is to bring value to customers, whom the business seeks to identify, satisfy, and retain. Marketing is finding out the needs and wants of potential buyers (whether organizations or consumers) and then providing goods and services that meet or exceed the expectations of those buyers.
Define marketing<\/p>\n\n\n\n

Sales incorporates actually selling the company’s products or service to its customers, while marketing is the process of communicating the value of a product or service to customers so that the product or service sells. Sales includes the actual sale of the company’s product, however marketing often works to help customers make their actual decision to purchase by communicating value.
What is the difference between sales and marketing?<\/p>\n\n\n\n

good – tangible, service – intangible
Baking soda, toothpaste, phone – goods
pedicure – service
What is the difference between a good and a service? Identify if the product is a good or service- Arms and Hammer Baking soda, iPhone, Crest Toothpaste, Pedicure<\/p>\n\n\n\n

The marketing mix represents the controllable elements in the marketing environment. It includes product, price, promotion, and place.
Identify the four elements in the Marketing mix<\/p>\n\n\n\n

-Introductory: Low sales, Little or no profit, Often little to no competition
-Growth: Increasing sales, Rapidly increasing profit, Market has accepted the product and competitors begin to enter the market
-Maturity: High sales, High then declining profit, High level of competition, may be difficult for original company to compete
-Decline: Declining sales, Declining profit, Competitive pressure remains high and demand falls
What is Product life cycle stage? Identify at least two main features in each of the life cycle stages.<\/p>\n\n\n\n

product mix – all of a company’s product lines
product width – the number of different product lines
product lines – series of products a company offers
product depth – adding to the sub-products or versions in a product line
What is product mix, product lines, product width, and product depth?<\/p>\n\n\n\n