WGU D077 Study Guide

WGU D077 Study Guide

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Students also studied Terms in this set (135) Western Governors UniversityIT C182 Save D099 WGU Sales Management 449 terms Brandon_Liberto Preview WGU D077 Concepts in Marketing, ...386 terms kamsey_schwark Preview D077 Marketing, Sale, and Custome...300 terms lsumner95Preview Sales M 263 term mar Integrated Marketing Communicationscoordinating the promotion mix elements and synchronizing promotion as a unified effort MarketingThe Activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value for consumers. Also a 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.Marketing Mix (4 P's)Product, Place, Price, Promotion Product Life Cycledescribes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline The Introduction stage of the product life cycle is characterized by Low sales, Little or no profit, and Often little to no competition The growth stage of the product life cycle is characterized by Increasing sales, Rapidly increasing profits, Market has accepted the product and competitors begin to enter the market The maturity stage of the product life cycle is characterized by High Sales, High then declining profits, High level of competition, may be difficult for original company to compete The decline stage of the product life cycle is characterized by Declining Sales, Declining Profit, and Competitive pressure remains high and demand falls 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 product widthThe number of different product lines, or series of products a company offers price skimmingIntentionally 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 (Pricing Strategy) penetration pricingIntentionally pricing a product lower than the market price to gain market share in a new market (Pricing Strategy) leader pricingPricing products below market price to attract customers to a store where they would not otherwise shop (Pricing Strategy) prestige pricingRaising the price of a product to increase the perception of its value (Pricing Strategy) BundlingGrouping related products together and pricing them as a single product. (Pricing Strategy) Competitive pricingSetting the price for a product or service relative to competitors (Pricing Strategy) AdvertisingAny paid form of nonpersonal promotion by an identified sponsor Personal sellingA face-to-face presentation to a prospective buyer, often based on long-term relationships.Sales promotionMarketing activities that stimulate consumer buying, including coupons and samples, displays, shows and exhibitions, and demonstrations.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. Public relations can include lobbying, publicity, special events, internal publications, and media such as a company's internal television channel.Social mediaThe use of social media platforms such as Facebook, Twitter, Pinterest, Instagram, and various blogs to generate "buzz" about a product or company.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.Online advertisingThe use of the internet to advertise is a form of promotion that comes in many forms including online banner ads, pop-up ads, video advertisements, etc.

Content marketingA subset of digital marketing, content marketing involves the creation and sharing of online material designed to create interest in a product, service, or idea without directly promoting the brand.8 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.Omni-channelUnified and consistent communication with customers across all channels a company employs place strategyStrategy to get the right product/service to the right place at the right time.Direct distributionwhen products are sold from producers to end users and consumers. (Type of Distribution) Indirect distributioninvolves marketing intermediaries, or organizations that assist in moving goods and services from producers to end user and consumers. (Type of Distribution) supply chainThe channels a product must go thru to get to the consumer.corporate vertical marketing system1 company owns all levels of production and Distribution. (vertical marketing system) Contractual Vertical marketing systemsCoordinated through an agreed upon distribution process. Such as franchising (vertical marketing system) Administrated Vertical marketing systemsA leader facilitates production and distribution. One company controls a variety of distributions and productions. (vertical marketing system) Seven major uncontrollable elements1.Competitive elements- new and shifting competition

• Natural/ecological elements: natural resources, increased pollution, supply of

raw materials, and practices that support environmental sustainability

3. Political-legal elements: changes in laws, regulatory agency activities, and

political movements

4. Socio-cultural elements: the buying behaviors of specific cultures and

subcultures, the values of potential customers, the changing roles of families, and other societal trends

5. Demographic elements: changes in the ages of potential customers, birth and

death rates, and locations of various groups of people.

6. Technological elements: advances in telecommunications and computer

technology

7. Economic elements: changing incomes, unemployment levels, inflation, and

recession Competitive elementsUncontrollable element such as new and shifting competition Natural/ecological elementsUncontrollable elements such as natural resources, increased pollution, supply of raw materials, and practices that support environmental sustainability

Political-legal elementsUncontrollable elements such as changes in laws, regulatory agency activities, and political movements Socio-cultural elementsUncontrollable elements such as the buying behaviors of specific cultures and subcultures, the values of potential customers, the changing roles of families, and other societal trends Demographic elementsUncontrollable elements such as changes in the ages of potential customers, birth and death rates, and locations of various groups of people.Technological elementsUncontrollable elements such as advances in telecommunications and computer technology Economic elementsUncontrollable elements such as changing incomes, unemployment levels, inflation, and recession Price, Product, Promotion and Place elements.Controllable elements in the marketing environment.Price Fixingcompanies agree on the same price a product sells at and that product never goes on sale. (type of price ethics) Price DiscriminationGiving different prices to different people who are buying the same product.(type of price ethics) Predatory Pricing (Undercutting)prices of products or services are priced low to drive out competitors (type of price ethics) Bait & Switchadvertises a low cost product but switches to a product at a higher price. Seller discourages bait. (type of price ethics) Price Gougingdrives up the cost of a product to increase profit (type of price ethics) Five steps of marketing planning processMission Statement, Situations Analysis, Objectives, Strategy Development, and Monitoring & Control Mission StatementVision statement, why the marketing plan exists, what problem the company wants to fix. (five steps of marketing planning process) Situations Analysispreventing the controllable and uncontrollable elements. Helps understand marketing environment, prospective customer, organization capabilities, and meet market needs. analyze internal and external factors. (five steps of marketing planning process) ObjectivesHelps team understand goals, Smart: Specific, Measurable, Achievable, Relevant, Time Bound. (five steps of marketing planning process) Strategy Developmentdefines how marketing mix can be used to achieve goals. Strategies align with objectives, Identify target market. (five steps of marketing planning process)