WGU Marketing C212

WGU Marketing C212 5.0 (1 review) Students also studied Terms in this set (264) Western Governors UniversityC 214 Save WGU C202 Managing Human Capita...536 terms dhagedoPreview WGU C207 Data Driven Decision Ma...188 terms rachel_saldana7 P Preview C202 - Managing Human Capital Fin...87 terms jahriahphilipPreview WGU C 218 term ken StakeholdersConstitutes who have a stake or claim in some aspects of a company's products, operations, markets, industries, and outcomes Target MarketA specific group of customers on whom a company focuses it's marketing efforts Relationship MarketingEstablishing long term, mutually satisfying buyer-seller relationships Marketing EnvironmentThe competitive, economic, political, legal, regulatory, technological and social- cultural forces that surround the customer and affect the marketing mix MarketingThe process of creating, distributing, promoting and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop favorable relationships with stakeholders in a dynamic environment ValueA customer's subjective assessment of benefits relative to costs in determining the worth of a product ProductA good, a service, or an idea Marketing ConceptA managerial philosophy than an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals Green MarketingA strategic process involving stakeholder assessment to create meaningful long term relationships with customers while maintaining, supporting, and enhancing the natural environment

ExchangesThe provisions or transfers of goods, services, or ideas in return for something of value Customer Relationship Management (CRM)Using information about customers to create marketing strategies that develop and sustain desirable customer relationships Marketing MixFour marketing activities - PRODUCT, PRICING, DISTRIBUTION, and PROMOTION - that a firm can control to meet the needs of customers within its target market Market OrientationAn organization wide commitment to researching and responding to customer needs CustomersThe purchasers of organizations' products; the focal point of all marketing activities ExchangeThe provision or transfer of goods, services, or ideas in return for something of value Decentralized OrganizationA structure in which decision making authority is delegated as far down the chain of command as possible Strategic Business Unit (SBU)A division, product line, or other profit center within the parent company Late-Mover AdvantageThe ability of later market entrants to achieve long term competitive advantages by not being the first one to offer a certain product in to the marketplace Sales AnalysisAnalysis of sales figures to evaluate a firm's performance Competitive AdvantageThe result of a company matching a core competency to opportunities it has discovered in the marketplace Strategic performance evaluationEstablishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the market strategy if needed Marketing PlanA written document that specifies the activities to be performed to implement and control the organization's marketing strategy Marketing Cost AnalysisAnalysis of costs to determine which are associated with specific marketing efforts Marketing StrategyA plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market Centralized OrganizationA structure in which top level management delegate little authority to lower levels Marketing ObjectiveA statement of what is to be accomplished through marketing activities

Strategic WindowsTemporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market Performance StandardAn expected level of performance of which an actual performance could be compared against Market Growth/Market Share MatrixA helpful business tool, based on the philosophy that a product's market growth rate and its market share are important considerations in determining its market strategy Sustainable Competitive AdvantageAn advantage that the competition cannot copy Marketing ImplementationThe process of putting marketing strategies into action Market OpportunityA combination of circumstances and timing that permits an organization to take action to reach a particular target market First Mover AdvantageThe ability of an innovative company to achieve a long term competitive advantage by being the first to offer a certain product into the market place Corporate StrategiesA strategy that determines the means for utilizing resources in the various functional areas to reach the organizational goals Strategic Market ManagementThe process of planning, implementing, and evaluating the performance of marketing activities and strategies both effectively and efficiently Market ShareThe percentage of the market that actually buys a specific product from a particular company MarketA group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products Strategic PlanningThe process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy Core CompetenciesThings a company does extremely well that sometimes gives and advantage over the competition Mission StatementThe long term view or vision of what the company hopes to become SWOT AnalysisAn assessment of organizational strengths, weaknesses, opportunities, and threats Competitive AdvantageThe result of a company matching a core competency to opportunities it has discovered in the market place Corporate StrategyA strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals Strategic Business Unit (SBU)A division, product line, or other profit center within the parent company

Codes of ConductFormalized rules and standards that describe what the company expects of its employees Cause-Related MarketingThe practice of linking products to a particular social cause on an on-going or short term timeline Ethical IssueAn identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical SustainabilityThe potential for the long term well-being of the natural environment as well as the interactions between businesses and nature Strategic PhilanthropyThe synergistic use of organizational core competencies and resources to address key stakeholder's interest and achieve both organizational and social benefits OrganizationalA set of values, beliefs, goals, norms, and rituals that members of an organization share Social ResponsibilityAn organization's obligation to maximize its positive impact and minimize its negative impact on society Marketing EthicsPrinciples and standards that define acceptable marketing conduct as determined by various stakeholders Marketing CitizenshipThe adoption of a strategic focus for fulfilling the economic, legal, ethical and philanthropic social responsibilities expected by stakeholders IntangibilityA service that is not physical and cannot be perceived by the senses Non-Profit MarketingMarketing activities conducted to achieve some goal other than ordinary business goals involving money Opportunity CostThe value of the benefit given up by choosing one alternative over another Client-Based RelationshipsInteractions that result in satisfied customers that use a service repeatedly over time Credence QualitiesAttributes that customers may be unable to evaluate even after purchasing and consuming a product PerishabilityCannot store unused product or service for future use Client PublicsDirect consumers of a product of a non-profit organization General PublicsIndirect consumers of a product of a non-profit organization Search QualitiesTangible attributes that can be judged before the purchase of a product