WGU D077

WGU D077

Leave the first rating Students also studied Terms in this set (42) Social SciencesBusinessMarketing Save D077 Pre-Assessment 70 terms cpistocPreview WGU Sales Management D099 Pre-...70 terms gflem22Preview

D077 WGU

164 terms taetae16728Preview Concep 223 term Ram Practice questions for this set Learn1 / 7Study using Learn Unified and consistent communication with customers across all channels a company employs Marketing Mixthe set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market.productRefers to goods, services, or even ideas.Product Life Cycleintroduction, growth, maturity, decline Choose an answer 1multichannel communications2team selling 3telemarketing4omnichannel communications Don't know?

product mixconsists of all of the product lines offered by an organization pricethat which is given up in an exchange to acquire a good or service price skimmingA pricing strategy that involves setting prices higher than those of the competition, the lowering as competition grows.penetration pricingsetting a low initial price on a new product to appeal immediately to the mass market and gain market share leader pricingsetting some very low prices to get customers into retail stores Bundlinggrouping two or more products together and pricing them as a unit prestige pricingsetting a high price so that quality or status conscious consumers will be attracted to the product and buy it Competitive Pricing StrategiesPricing strategy designed to deemphasize price as a competitive variable by pricing a good or service at the level of comparable offerings.promotionInforming and influencing customers to buy a product: traditional advertising, sales promotion, public relations, personal selling, and digital marketing.Guerilla MarketingLook it up.Integrated Marketing Communicationscarefully integrating and coordinating the company's many communications channels to deliver a clear, consistent, and compelling message about the organization and its products omnichannel communicationsUnified and consistent communication with customers across all channels a company employs placeGetting the products from the producer to customer.Market Segmentationthe process of dividing a market into meaningful, relatively similar, and identifiable segments or groups Targetingselect the segment or segments to enter segmentSubgroup of the market for a product geographical segmentationdividing a market into different geographical or regional units demographic segmentationdiving the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation psychographic segmentationdividing a market into different segments based on lifestyle, or personality characteristics

product-related segmentationdividing consumer markets into groups based on buyers' relationships to the good or service Target MarketA group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges differentiated marketinga market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each Undifferentiated marketinga market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer concentrated marketingA market-coverage strategy in which a firm goes after a large share of one or a few segments or niches Micromarketingtailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing positioning statementa brief statement that articulates how the marketer would like the target market to envision a product relative to the competition positioning mapTool that helps marketers place products in a market by graphically illustrating consumers' perceptions of competing products within an industry.positioning strategyThe key themes or concepts an organization features for communicating the distinctiveness of its product or service to the target segment.personal sellingAny form of direct contact between a salesperson and a customer. Addressing needs and preferences without pressure.consultative sellingproviding solutions to customers' problems by finding products that meet their needs Solution Sellinga process by which the salesperson uncovers and clarifies a customer's problem, works with the customer to create a vision of how things could be better, and then develops a plan for implementing the vision team sellingusing teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts telemarketingthe use of the telephone to sell directly to consumers adaptive sellinga need-satisfaction presentation format that involves adjusting the presentation to fit the selling situation, such as knowing when to offer solutions and when to ask for more information Steps in the Selling Processprospecting and qualifying, approach, presentation and demonstration, handling objections, closing, and follow-up

bait and switchA store advertises bargains that do not really exist to lure customers in, in hopes that they will buy more expensive merchandise.planned obsolescencethe practice of modifying products so those that have already been sold become obsolete before they actually need replacement pyramid schemean illicit business model where profits are based on the investor's ability to recruit other individuals who are enrolled to make payments to their recruiters. Generally, neither a product or service is delivered.hard sellingFocuses emphatically on why they should buy the product.