WGU - MBA - C212 - Marketing

WGU - MBA - C212 - Marketing Leave the first rating Students also studied Terms in this set (241) Social SciencesBusinessMarketing Save WGU C213 Accounting for Decision ...82 terms Cait_Blankenship Preview WGU - MBA - C207 - Data Driven D...Teacher 240 terms ziaoooPreview WGU C214 Concepts Only Multi Cho...222 terms ctcaw259Preview Key Co 21 terms quiz marketingthe process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers to develop and maintain favorable relationships with stakeholders in a dynamic environment CustomersMarketing focuses on the ________.customersthe purchasers of organizatons' products, the focal point of all marketing activities target marketa specific group of customers on who an organization focuses its marketing efforts marketing mixfour marketing activities - product, pricing, distribution and promotion - that a firm can control to meet the needs of customers within its target market valuea customer's subjective assessment of benefits relative to costs in determining the worth of a product exchangethe provision or transfer of goods, services or ideas in return for something of value marketing environmentthe competitive, economic, political, legal and regulatory, technological and sociocultural forces that surround the customer and affect the marketing mix marketing concepta managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals

market orientationan organizationwide commitment to researching and responding to customer needs Trust, openness, honoring promises, respect, collaboration and recognizing the market as the raison d'etre

Six values required by organizations striving to become more market oriented:

customer relationship managementusing information about customers to create marketing strategies that develop and sustain desirable customer relationships by acquiring new customers, enhancing the profitability of existing customers and extending the duration of customer relationships

Profits can be obtained through relationships in the following ways:

relationship marketingestablishing long-term, mutually satisfying buyer-seller relationships customer lifetime valuea key measurement that forecasts a customer's lifetime economic contribution based on continued relationship marketing efforts strategic marketing managementthe process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently Effectiveness______ is the degree to which long-term customer relationships help achiee an organization's objectives.Efficiency______ refers to minimizing the resources an organization use to achieve a specific level of desired customer relationships strategic planningthe process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy mission statementa long-term view, or vision, of what the organization wants to become corporate identityan organizaion's unique symbols, personalities and philosophies corporate strategiesa 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 market sharethe percentage of a market that actually buys a specific product from a particular company 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 marketing strategy producer marketsindividuals and business organizations that purchase products to make profits by using them to produce other products or using them in operations

reseller marketsintermediaries that buy finished goods and resell them for a profit government marketsfederal, state, county, or local governments that buy goods and services to support their internal operations and provide products to their constituencies institutional marketsorganizations with charitable, educational, community, or other non business goals reciprocityan arrangement unique to business marketing in which two organizations agree to buy from each other new-task purchasean organizations initial purchase of an item to be used to perform a new job or solve a new problem straight rebuy purchasea routine purchase of the same products under approximately the same terms of sale by a business buyer modified rebuy purchasea new-task purchase that is changed on subsequent orders or when the requirements of a straight rebuy purchase are modified.derived demanddemand for business products that stems from demand for consumer products inelastic demanddemand for business products that stems from demand for consumer products joint demanddemand involving the use of two or more items in combination to produce a product business (organizational) buying behaviorthe purchase behavior of producers, government units, institutions and resellers buying centerthe people within an organization who make business purchase decisions value analysisan evaluation of each component of a potential purchase vendor analysisa formal, systematic evaluation of current an potential vendors multiple sourcingan organizations decision to use several suppliers sole sourcingan organizations decision to use only one supplier pricethe value paid for a product in a marketing exchange barterthe trading of products price competitionemphasizing price as an issue and matching or beating competitors' prices nonprice competitionemphasizing factors other than price to distinguish a product from competing brands

demand curvea graph of quantity of products expected to be sold at various prices if other factors remain constant price elasticity of demanda measure of the sensitivity of demand to changes in price fixed costscosts that do not vary with changes in the number of units produced or sold average fixed costthe fixed cost per unit produced variable costscosts that vary directly with changes in the number of units produced or sold average variable costthe variable cost per unit produced total costthe sum of average fixed and average variable costs times the quantity produced average total costthe sum of the average fixed cost and the average variable cost marginal costthe extra cost incurred by producing one more unit of a product marginal revenuethe change in total revenue resulting from the sale of an additional unit of a product break-even pointthe point at which the costs of producing a product equal the revenue made from selling the product internal reference pricea price developed in the buyer's mind through experience with the product external reference pricea comparison price provided by others value consciousconcerned about price and quality of a product price consciousstriving to pay low prices prestige sensitivedrawn to products that signify prominence and status price disriminationemploying price differentials that injure competition by giving one or more buyers a competitive advantage trade (functional) discounta reduction off the list price a producer gives to an intermediary for performing certain functions quantity discountsdeductions from the list price for purchasing in large quantities cumulative discountsquantity discounts aggregated over a stated time period noncumulative discountsone-time price reductions based on the number of units purchased, the dollar value of the order or the product mix purchased