D077 STUDY GUIDE QUESTIONS

D077 STUDY GUIDE QUESTIONS

Leave the first rating Students also studied Terms in this set (44) Western Governors UniversityD 077 Save D077 Marketing, Sale, and Custome...300 terms lsumner95Preview D077 Pre-Assessment 70 terms cpistocPreview WGU D077 Study Guide 135 terms Michele_B87Preview WGU D 63 terms ans marketingBusiness 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 The way companies put together product offerings Price them Communicate with customers Identify 3 functions of Marketing?-Focusing on the needs and wants of the customers so the organization can distinguish its product(s) from competitors' offerings. Products can be goods, services, or ideas.-Integrating all of the organization's activities, including production and promotion, to satisfy these wants and needs.-Achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly.What is the marketing concept? Identify 3 important characteristics of this concept.Product Price Promotion Place Identify the four elements in the Marketing mix. Identify at least three important characteristics of each of the elements of the marketing mix.Introductory Growth Maturity Decline What are the four stages of the product life cycle?

Profit - Intro-Growth Sales - Growth Competitive - Maturity-Decline Identify each stage of the product life cycle stage based on profit, sales, competitive pressures?Product MixThe complete range of products offered for sale by a company throughout its product lines, also known as the product assortment.Product LinesSeries of similar products focused on a sector that a company creates under a single brand.Product DepthNumber of versions offered for each product in the product line.-First, a high initial price can be a way to find out what buyers are willing to pay.-Second, if consumers find the introductory price too high, it can be lowered.-Third, a high introductory price can create an image of quality and prestige.-Fourth, when the price is lowered later, consumers may think they are getting a bargain.-The disadvantage is that high prices attract competition.Identify 5 characteristics of price skimming strategy.-First, the low initial price may induce consumers to switch brands or companies.-Second, penetration pricing may discourage competitors from entering the market.Identify 3 characteristics of Penetration pricing strategy?-The strategy of raising the price of a product so consumers will perceive it as being of higher quality, -If the price were lower, customers would perceive them as being of low quality.Identify 2 characteristics of Prestige pricing strategy?-Items that are leader priced are usually well known and priced low enough to appeal to many customers.-is pricing products below the normal markup or even below cost to attract customers to a store where they would not otherwise shop.Identify 2 characteristics each of leader pricing?-The idea behind bundling is to reach a segment of the market that the products sold separately would not reach as effectively. Some buyers are more than willing to buy one product but have much less use for the second.-Bundling the second product to the first at a slightly reduced price thus creates some sales that otherwise would not be made.Identify 2 characteristics each of bundle pricing?

-involves setting the price of a product according to competitor prices, to use price as one of the features that differentiates the product.-That could mean pricing the product higher than competitive products, to indicate that the company believes it provides greater value. Or, it could mean pricing lower than competitive products in order to be a low-price solution.Identify 2 characteristics of Competitive pricing?personal sellingA face-to-face presentation to a prospective buyer, often based on long-term relationships.AdvertisingAny paid form of nonpersonal promotion by an identified sponsor that is delivered through traditional media channels.online advertisingAll of a company's marketing efforts that use an electronic device or the Internet.content marketingA subset of digital marketing, content marketing involves the creation and sharing of online material (such as social media posts) designed to create interest in a product, service, or idea without directly promoting the brand.social mediaWebsites and applications where users can create, share, and communicate with others in social networks.E-commerceThe use of a company's website to generate sales through online ordering, information, interactive components such as games, and other elements of the website.guerilla marketingMarketing communication that is generally experiential and often involves unconventional, innovative, and usually low-cost marketing tactics to engage consumers in the marketing activity, generate attention, and achieve maximum exposure for an organization, its products, and services.public relationsThe linking of organizational goals with key aspects of the public interest and the development of programs designed to earn public understanding and acceptance.sales promotionMarketing activities (other than personal selling, traditional advertising, public relations, social media, and e-commerce) that stimulate consumer buying, including coupons and samples, displays, shows and exhibitions, demonstrations, and other types of selling efforts.-Expansion -Peak -Contraction -Trough What are the phases in a Business cycle?

involves some method of getting the product from the creator of the product to the customer. Place includes a

myriad of important tasks: transportation, location, supply

chain management (managing each entity that deals with the product in its route to the buyer), online presence, inventory, and atmospherics (how the office, store, or even the website looks).What does a company consider under Place strategy?-DISTRIBUTION - is efficiently managing the acquisition of raw materials by the factory and the movement of products from the producer or manufacturer to business- to-business (B2B) users and consumers.-is the system through which an organization acquires raw material, produces products, and delivers the products and services to its customers.What is the difference between Distribution and Supply chain?corporate vertical marketing systema single company owns all levels of production and distribution.contractual vertical marketing systema formal agreement between the levels (such as franchise, retail sponsored or wholesale sponsored) coordinates the distribution process.administered vertical marketing systemone member of the channel system effectively controls the system out of sheer power and size. It can determine the activities of the other channel levels without an ownership stake.Competitive elementsIncludes such factors as new and shifting competition from domestic and foreign- based firms Natural/ecological elementsIncludes such factors as natural resources, increased pollution, supply of raw materials, and practices that support environmental sustainability Political-legal elementsIncludes such factors as changes in laws, regulatory agency activities, and political movements Socio-cultural elementsIncludes such factors as the buying behaviors of specific cultures and subcultures, the values of potential customers, the changing roles of families, and other societal trends such as employees working from home and flexible work hours Demographic elementsIncludes such factors as changes in the ages of potential customers (e.g., baby boomers, millennials), birth and death rates, and locations of various groups of people Technological elementsIncludes such factors as advances in telecommunications and computer technology Economic elementsIncludes such factors as changing incomes, unemployment levels, inflation, and recession POLITICAL - ECONOMIC - SOCIAL - TECHNOLOGICAL What does PEST stand for?