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WGU D077 VERIFIED ACCURATE STUDY GUIDE
Integrated Marketing Communications - Answers - coordinating the promotion mix elements and synchronizing promotion as a unified effort Marketing - Answers - The 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) - Answers - Product, Place, Price, Promotion Product Life Cycle - Answers - describes 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 - Answers - Low sales, Little or no profit, and Often little to no competition The growth stage of the product life cycle is characterized by - Answers - 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 - Answers - 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 - Answers - Declining Sales, Declining Profit, and Competitive pressure remains high and demand falls product mix - Answers - The complete range of products offered for sale by a company throughout its product lines, also known as the product assortment product lines - Answers - Series of similar products focused on a sector that a company creates under a single brand product depth - Answers - Number of versions offered for each product in the product line product width - Answers - The number of different product lines, or series of products a company offers price skimming - Answers - Intentionally 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 pricing - Answers - Intentionally pricing a product lower than the market price to gain market share in a new market (Pricing Strategy) leader pricing - Answers - Pricing products below market price to attract customers to a store where they would not otherwise shop (Pricing Strategy) prestige pricing - Answers - Raising the price of a product to increase the perception of its value (Pricing Strategy) Bundling - Answers - Grouping related products together and pricing them as a single product. (Pricing Strategy) Competitive pricing - Answers - Setting the price for a product or service relative to competitors (Pricing Strategy) Advertising - Answers - Any paid form of nonpersonal promotion by an identified sponsor Personal selling - Answers - A face-to-face presentation to a prospective buyer, often based on long-term relationships. Sales promotion - Answers - Marketing activities that stimulate consumer buying, including coupons and samples, displays, shows and exhibitions, and demonstrations. Public relations - Answers - The 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 media - Answers - The use of social media platforms such as Facebook, Twitter, Pinterest, Instagram, and various blogs to generate "buzz" about a product or company. E-commerce - Answers - The 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 advertising - Answers - The 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 marketing - Answers - A 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.
Competitive elements - Answers - Uncontrollable element such as new and shifting competition Natural/ecological elements - Answers - Uncontrollable elements such as natural resources, increased pollution, supply of raw materials, and practices that support environmental sustainability Political-legal elements - Answers - Uncontrollable elements such as changes in laws, regulatory agency activities, and political movements Socio-cultural elements - Answers - Uncontrollable 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 elements - Answers - Uncontrollable elements such as changes in the ages of potential customers, birth and death rates, and locations of various groups of people. Technological elements - Answers - Uncontrollable elements such as advances in telecommunications and computer technology Economic elements - Answers - Uncontrollable elements such as changing incomes, unemployment levels, inflation, and recession Price, Product, Promotion and Place elements. - Answers - Controllable elements in the marketing environment. Price Fixing - Answers - companies agree on the same price a product sells at and that product never goes on sale. (type of price ethics) Price Discrimination - Answers - Giving different prices to different people who are buying the same product. (type of price ethics) Predatory Pricing (Undercutting) - Answers - prices of products or services are priced low to drive out competitors (type of price ethics) Bait & Switch - Answers - advertises a low cost product but switches to a product at a higher price. Seller discourages bait. (type of price ethics) Price Gouging - Answers - drives up the cost of a product to increase profit (type of price ethics) Five steps of marketing planning process - Answers - Mission Statement, Situations Analysis, Objectives, Strategy Development, and Monitoring & Control
Mission Statement - Answers - Vision statement, why the marketing plan exists, what problem the company wants to fix. (five steps of marketing planning process) Situations Analysis - Answers - preventing 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) Objectives - Answers - Helps team understand goals, Smart: Specific, Measurable, Achievable, Relevant, Time Bound. (five steps of marketing planning process) Strategy Development - Answers - defines how marketing mix can be used to achieve goals. Strategies align with objectives, Identify target market. (five steps of marketing planning process) Monitoring & Control - Answers - Tracking progress, measuring performance, and plan the adjustments. Check if products are meeting needs. (five steps of marketing planning process) SWOT analysis - Answers - As a situation analysis tool that examines the internal (controllable) and external (uncontrollable) factors that impact the organization and its strategies. Internal factors - Answers - Financial, technical, competition position, human resources, product line factors. Divided into strengths and weaknesses. (Type of SWOT analysis factor) External factors - Answers - Technology, competition, economic, political, legal, and social trends. Divided into Opportunities and Treats .(Type of SWOT analysis factor) BCG Matrix - Answers - This Chart is used when a company has many different products or even many different lines of business, strategy becomes more complex. The company needs to not only complete a situation analysis for each business, but also determine which businesses warrant focus and investment. (Star) High Growth Potential/High Market Share - Answers - 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. It also has the potential to become a cash cow at the end of the product life cycle, which can fund future investments. (BCG Matrix Category) (?) High Growth Potential/Low Market Share - Answers - product or business that has low market share currently but is in a growing industry. Has the potential to become a star or a Dog and growth potential requires close monitoring. (BCG Matrix)
and its influence, and cultural factors that make doing business different in one region or country compared to others. (five common subjects that marketing research investigate.) Customer attitudes, behaviors, and perceptions - Answers - Marketing research can be essential in understanding customer needs, how their needs are or are not being met by the market, views about various products and companies, satisfaction levels, preferences for product features and pricing, the consumer decision-making process, and factors that influence it. (five common subjects that marketing research investigate.) Product research - Answers - Product research explores where opportunities and gaps exist for improving existing products or introducing new ones, concept testing, sizing the market for a product, market penetration, prioritizing product features and preferences, testing product effectiveness and customer receptivity, user testing, pricing strategies, product naming and branding, and gauging how to position a product relative to competitors. (five common subjects that marketing research investigate.) Marketing, advertising, and promotion research - Answers - This area of research seeks to improve the effectiveness and reach of marketing activities such as market segmentation, messaging and communications, advertising and media testing, events and sponsorships, and packaging and display testing. (five common subjects that marketing research investigate.) Corporate research - Answers - Corporate research investigates corporate reputation and opportunities for strengthening an organization's position in the market through brand building, research and development, mergers and acquisitions, strategic partnerships, corporate planning, and profitability. (five common subjects that marketing research investigate.) Primary Research/Data - Answers - first hand research/data is often more relevant and the company owns it. It costs more and takes more time. (type of research/data) Secondary Research/Data - Answers - second handed research/data. It is cheap and easily accessible. It can have gaps in areas needed, can be less relevant, can be outdated. (type of research data) Qualitative research/data - Answers - data that cannot be put into numbers (think Quality) based off of words. In depth data is given. Give richer insights. (Type of research/data) Quantitative research/data - Answers - data that can be quantified in numbers. (example scale of one to ten or rate your experience) (type of research/data) six primary research techniques - Answers - Observation, In-depth interview, Focus Groups, Social Listening, Survey Research, and Experiments,
Observation - Answers - Watching People (six primary research techniques) In-depth interview - Answers - Talking one on one (six primary research techniques) Focus Groups - Answers - small groups, has a moderator, people are brought together to be addressed questions, the people are paid, gives qualitative data. (six primary research techniques) Social Listening - Answers - monitoring online chatter, social media conversations, soliciting info from social media community. (six primary research techniques) Survey Research - Answers - questionnaires are given to people in target market, people are asked to respond. (six primary research techniques) Experiments - Answers - tests the effects of various ideas or factors. (six primary research techniques) five common techniques for sourcing secondary data - Answers - sourcing data from Internal Data, Government agency, nonprofit, and NGO data, Industry and professional associations, Commercial marketing research companies, and Internet Searches. Internal Data - Answers - data such as Sales records, Customer records, employee records etc. info that has already been collected by organization. (five common techniques for sourcing secondary data) Government agency, nonprofit, and NGO data - Answers - data such as a Census, used a lot by healthcare, political polls, demographic info agencies freely publish economic demographic and trade data. (five common techniques for sourcing secondary data) Industry and professional associations - Answers - data or research within the members of the organization. online or offline news, magazines, newsletters, and journals and collect data about their industry or profession. (five common techniques for sourcing secondary data) Commercial marketing research companies - Answers - Syndicated research of consumer data for purchase. Consumer purchase and behavior info for sale. (five common techniques for sourcing secondary data) Internet Searches - Answers - looking it up on the internet. (five common techniques for sourcing secondary data) two basic elements that the Strategic Opportunity Matrix analyze - Answers - New vs Current product opportunity. New product opportunity- creating a new product for growth Current product opportunity- how to use an existing product for growth
customer satisfaction - Answers - Ensuring that the customer got right product at the right place at the right time for the right price. four guidelines regarding fair information practices recommended by Federal Trade Commission (FTC) - Answers - 1. Notice: Consumers should be given notice of a company's information practices before any personal information is collected from them.
- Choice: Consumers should be given options to control how their data is used by opting in or opting out.
- Access: Consumer should have the ability to view the data collected and verify and contest its accuracy.
- Security: Information collectors should ensure that the data they collect are accurate and secure. Information collectors can keep their data secure by protecting against both internal and external security threats. They can limit access within their company to only necessary employees to protect against internal threats, and they can use encryption and other computer-based security systems to stop outside threats. Controlling the Assault of Non-Solicited Pornography and Marketing (CAN-SPAM) act - Answers - this was passed in 2003 and gives consumers the ability to opt out of communications. Business-to-Consumer (B2C) - Answers - a company does business with individual customers. Includes: mass marketing, a single purchase, a single step buying process. Business-to-Business (B2B) - Answers - a company does business with other businesses. Includes: personal selling, multiple purchases and one-time, multiple steps buying process. Market Segmentation - Answers - divides the market into smaller group. Target Marketing - Answers - separates segmented markets into even more targeted groups that are most likely to purchase a particular item. Four segmentation strategies - Answers - Geographic Segmentation- groups separated by location Demographic Segmentation- groups separated by gender, age, income, ethnicity, woman vs man, or kids Psychographic Segmentation- attitudes, interests, opinions, beliefs. Product-Related Segmentation- how people use it. Benefit sought, usage rates, brand loyalty. four types of targeting strategies - Answers - Differentiated Marketing- more than one group is targeted. Must create different strategies for different groups. More expensive. Undifferentiated Marketing- no targeting special things to special markets. Covering all with one strategy. Cheaper.
Concentrated Marketing- Niche marketing, targets a narrow market only. Its makes the company vulnerable to competitors. But meets needs of targeted group well. Micro-Marketing- individual/local marketing. Experiences are built to focus on a single customer a at time. Personalized suggestions based on pervious data. seven positioning strategies - Answers - Positioning- establishing a particular perception in the mind of consumer about how your product or brand compares to the other products on the market. Product Attributes- what is special about the product. What makes it stand out or different from competitors. Price- lowest cost or best value to the customer for the price. Quality- highest quality Competition- against the competitor, comparatively trying to out position competitors. Product Application- based off how it is used. What category or group does it fall into? Product User- targets a specific user group. Product Category- within the products category with focus on relativity to the category. Six steps of the consumer decision-making process - Answers - 1. Need Recognition- consumer has a problem or issue that needs to be resolved.
- Search- info searching, looking for idea for something that will solve their problem.
- Evaluation- Collecting info on different ideas on how to solve the problem. Comparing and evaluating the options. Compare, evaluate, analyze.
- Purchase Decision- decide on what the customer needs to buy.
- Act/Buy- going through with the purchase
- Post-Purchase- leave review, re-use, refer, continued purchase, or buyers remorse. Cognitive Dissonance - Answers - the Mental discomfort triggered by holding two or more contradictory beliefs, ideas, or values. Buyers' remorse. This happens in the Post- Purchase step in the decision-making process five levels of Maslow's hierarchy of Needs - Answers - 1. Physiological Needs- hunger, thirst, and other basic drivers.
- Safety Needs- physical and financial security, health and physical well-being.
- Social Needs- Love/belonging. Need to feel accepted by social groups.
- Esteem Needs- need to feel good about yourself, to be respected, and valued by others. Positive self-image.
- Self-Actualization Needs- Self-Fulfillment. Need to reach full potential. Identify three interpersonal factors that influences consumer decision-making - Answers
- Family, Culture and Society What is syncratic decision making? - Answers - Joint spouse decision making process. A purchase decision where in a family both partners have an equal say. What are the three components of culture? - Answers - 1. Beliefs- proposition that reflects a person's particular knowledge or opinion of something.
- Values- general statements that guide behavior and influence beliefs.
- Customs- traditions, culturally approved ways of behaving.
- Presenting and Demonstrating- Give presentations, provide case studies, videos product demonstrations and comparisons to help customer evaluate alternatives. Handling Objectives- provide details that clarify common concerns thru case studies, comparisons, videos or testimonials in order to help customer make a purchase decision. Closing the Sale- getting the order/sale Following up the Sale- reaching out to customer after purchase thru email, social media, or surveys in order to understand customer post purchase feelings.
