WGU D077 Marketing

D077 Marketing Leave the first rating Students also studied Terms in this set (58) Western Governors UniversityD 077 Save D077 46 terms amanda_goodgion Preview WGU D077 Study Guide 135 terms Michele_B87Preview Concepts in Marketing, Sales, and C...223 terms Rampaging_Apostro... Preview Market 45 terms love The function of marketing in business is to bring value to customers.Marketing creates this value through activities that create, communicate, deliver, and exchange offerings.Marketing centers on the customer, helping design product offerings that meet needs and deliver value.Marketing is responsible for communication with customers, both explaining product benefits and listening to customer feedback.Marketing identifies customer needs, satisfies those needs through products or services, and works to retain customers by driving customer loyalty.

Lesson 1: The Role of Marketing

Define marketing and its role in a firm's business strategy.

The marketing mix represents the controllable elements in the marketing environment. It includes product, price, promotion, and place.Product refers to the goods, services, or ideas that a company offers to the market. Marketers consider the phases of the product life cycle, the product mix, positioning, and branding as they put together a product strategy.Price refers to something given in exchange for a product. Pricing strategy is based on demand for the product, customer's perceived value of the product, and the cost of producing that product. Pricing strategies include skimming, penetration pricing, leader pricing, bundling, and prestige pricing.Promotion refers to methods for informing and influencing customers to buy the product. Each company creates a unique promotional mix for each product. The promotional mix may include traditional advertising, sales promotion, public relations, and digital marketing (including social media, online advertising, and content marketing). Integrated marketing communications is an approach that carefully coordinates all promotional activities to produce a consistent, customer-focused message.Place involves how the product gets from the producer to the customer, including supply chain and inventory management. Companies may use direct or indirect distribution models. They may use corporate, contractual, or administered vertical marketing systems for their distribution channels. Omnichannel retailing means having a uniform customer experience around all the ways a customer can engage with the company.

Lesson 2: The Marketing Mix

Identify the elements of the marketing mix.The product is the solution the customer wants and needs, such as athleisure clothing provided by Lululemon.Price refers to the cost to the customer, such as the cost of a mocha latte at Starbucks.Promotion refers to communications between the company and customer, such as the Sydney Opera House's Instagram campaign.Place refers to the distribution of the product and how it reaches the customer, such as an omnichannel experience delivered by REI.

Lesson 3: Examples of the Marketing Mix

Identify examples of each element of the marketing mix.

The marketing mix (product, price, promotion, and place) represents the controllable elements in the marketing environment. These are areas a company can directly impact.Other elements in the marketing environment may be influenced by a company, but cannot be controlled.These include competitive, natural/ecological, political- legal, socio-cultural, demographic, technological, and economic elements.

Lesson 4: Elements in the Marketing Environment

Identify various controllable and uncontrollable elements in the marketing environment.Federal, state, and local regulations may limit certain types of marketing activities or place restrictions on the language that can be used.Economic variables such as inflation, unemployment, exchange rates, and consumer confidence affect how a company markets its products. In addition to the domestic market, marketers should be aware of changes in global economic conditions.Social and cultural factors heavily influence marketing, such as shifts in values, attitudes, the makeup of the workforce, and demographics.Technological advances can render some products (and companies) obsolete, while generating new business models and products for others.Marketing decisions are also influenced by a company's use of environmental resources. Companies with sustainable practices will leverage that in their marketing activities.Marketing decisions take into account the activity of direct competitors as well as companies which create substitute products.

Lesson 5: Uncontrollable Elements and Decision-Making

Identify the influence of uncontrollable elements on a firm's marketing decisions.

Marketers should take ethical considerations into account when developing each element of the marketing mix.Products should provide the quality and value customers expect. Marketers may also consider the ethical implications of how products are created and their impact on communities and the environment.Pricing should be fair and transparent. Particularly in situations where consumers have few or no alternatives, companies should consider whether their pricing models are ethical.Promotion should avoid deception, respect customer contact, and consider the appropriateness of a message for the audience.For place, marketers should consider the entire distribution channel and whether it delivers value to customers. Companies may also consider how the production and distribution of their products affects the environment and society.

Lesson 6: Ethical Considerations Within the Marketing Mix

Describe ethical considerations within each of the marketing mix elements.