[Official] WGU D077 - Concepts in Marketing, Sales, and Customer Contact

[Official] WGU D077 - Concepts in Marketing, Sales, and Customer Contact Leave the first rating Students also studied Terms in this set (214) Social SciencesBusinessMarketing Save

Module 1: Marketing Mix

34 terms czarinaacultura Preview D077 Marketing, Sale, and Custome...300 terms lsumner95Preview D099 WGU Sales Management 449 terms Brandon_Liberto Preview Module 26 terms cza Marketingthe activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.Marketing conceptbusiness philosophy that holds that long-term profitability is best achieved satisfying the needs of a particular target customer, or market segment(s).Marketing Mixfour components are called the "Four Ps" of marketing- Product, Price, Place ,Promotion

• Product Life Cycle stagesIntroduction, Growth, Maturity, Decline

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 ProductsPhysical product offering manufactured by a business ServicesIntangible product offering by a business

ProfitThe 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 RevenueIncome a company receives from the sale of goods or services Price skimmingPricing a new product high to increase profits Leader pricingPricing products below normal markup or at cost to attract customers to a store where they would not normally shop Penetration pricingPricing a new product lower than the perceived market price to attract market share BundlingGrouping related products together to encourage customers to buy both Prestige pricingRaising the price of a product to increase the perception of its value Competitive pricingSetting the price of a product according to the price of competitive products Social mediaWebsites and applications where users can create, share, and communicate with others in social networks Digital mediaAll of a company's marketing efforts that use an electronic device or the Internet PromotionElement 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 sales promotionMarketing activities such as coupons that provide a direct incentive for the customer to make an immediate purchase of the product Public relationsThe practice of creating and maintaining public goodwill through publicity and nonpaid forms of communication Content marketingPromotion through the creation and sharing of messages and materials designed to stimulate interest in a product Guerilla marketingInnovative, unconventional promotional tactics that engage customers through unique experiences Integrated marketing communicationImmersive and targeted communication with customers to help move them through the various stages of the buying process PlaceElement of the marketing mix involved with getting the product from the producer to the customer DistributionProcess of acquiring raw materials and moving materials and finished products from the producer to customers

Supply chainSystem a company uses to acquire raw material, produce products, and deliver the products and services to customers Direct distributionSale of products from the producer to the end user without an intermediary Indirect distributionSale of products where intermediaries assist in moving goods and services from producers to end users Vertical marketing systemCooperation between multiple levels of a distribution channel Corporate vertical marketingOwnership by a single company of all levels of production and distribution Administered vertical systemCooperation between levels of a distribution channel where one member sets the terms due to its size and influence Contractual vertical systemCooperation between levels of a distribution channel as described by a formal agreement Channel conflictWhen a company sells products directly to consumers, in competition with the company's own channel partners OmnichannelContent strategy used by organizations to improve customer experience through creating seamless, consistent engagement across all channels PEST analysisForm of analysis used to isolate opportunities and threats in the marketing environment Business cycleExpansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend Generation gapsDifferences in outlook, opinions, values, and cultural norms between people of different generations Price fixing (collusion)When two or more competing companies agree (or collude) on how much to charge for a product or service Price discriminationWhen a company charges different prices to buyers of the same product in order to maximize profit Predatory pricing (undercutting)When a company prices a product or service extremely low to drive out competition Bait and switchWhen a company advertises a product for a low price and "switches" a customer to a higher-priced product Price gougingWhen a company has a monopoly on the market and prices products or services overly high to drive profit

Marketing planA 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 Mission statementExplanation of why the marketing plan exists and what problem it hopes to solve situational analysisA collection of methods that marketers use to analyze and understand an organization's capabilities, customers, and business environment SWOT analysisAnalysis of the internal, controllable factors (strengths and weaknesses) and external, uncontrollable factors (opportunities and threats) that influence an organization Organizational capabilitiesCombinations of skills, processes, human abilities, and competencies that are unique to an organization SMARTSpecific, Measurable, Achievable, Result-oriented, Time bound Target marketSpecific group of customers toward which a firm directs its marketing efforts Boston Consulting Group (BCG) MatrixPlanning 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 Porters five forces modelPlanning tool which provides a model for how to identify and analyze the competitive forces that shape a company's environment and influence profitability External factorsFactors 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 DogA product or business with low market share in a mature industry Cash cowA product or business that has high market share and is in a slow-growing industry. It is bringing in more money than is being invested in it, but it does not have much growth potential.Question markA product or business that has low market share currently, but is in a growing industry.StarHas a high market share in a fast-growing industry. This kind of product or business is poised to bring a strong return on the funds invested Threat of new entrantsFrom the view of the current companies in the market, profitable markets that yield high returns will attract new companies.Threat of substitute products or servicesThe existence of different products that fulfill the same need increases the likelihood that customers will switch to alternatives.RivalryFor most industries, the intensity of competitive rivalry is the major factor in determining the competitiveness of the industry.