WGU D077 Questions and Answers Already Passed Verified Exam Updated 2023/2024

The role of marketing in a firm's business strategy. The role of the company's marketing department is to ensure that the company and its products provide value to the customers it wants to attract. Name the 6 steps in the sales process Prospecting and Qualifying Approaching customers Presenting and demonstrating the product Handling objections Closing Following up Product Life Cycle Introductory: Low sales, Little or no profit, Often little to no competition Initiators Individuals at an organization who suggest purchasing a product or service Buyers who are responsible for the contract organizational buying participants. Initiators Deciders Buyers End users Gatekeepers Deciders Individual(s) at an organization making the final purchase decision, often the person who owns the budget Five Phases of Negotiation -Investigation information gathering -Determine-thinking through your desired outcome -Presentation-assemble the information -Bargaining-parties discuss their goals -Closure-come to an agreement Influencers Individuals at an organization who affect a purchase decision, sometimes brought into the buying process to provide technical expertise Gatekeepers Individuals at an organization who control the flow of information to and among others within the buying center; often administrative professionals End users Individuals at an organization who will use the product or service to be purchased Negotiation Strategies Distributive: Divide the pie (win-lose) Integrative: Collaborate to expand the pie (win-win) Inductive: Start with details Deductive: Start with the big picture Mixed: Focus on key details and big picture items Define Marketing Marketing includes the way companies put together product offerings, price them, communicate with customers, and get products from producers to the customer. Tactical marketing includes specific actions, such as advertising, to execute a marketing strategy. Influences on Consumer Decision Making -Personal influences -Interpersonal influences Personal influences are unique to each consumer in the way they affect decision-making. These influences include needs and motivation, perceptions, learning, and attitude Price Positioning Strategy Positioning the product as the lowest cost or best value Economy brands Product attributes quality, features, style and design 2-in-1 shampoo and conditioner Product category Positioning strategy Positioning a product where there is strong recognition for the category and brand Tesla, the elite car brand for the environmentally conscious Product User Positioning Strategy Positioning a product for a specific user group Johnson & Johnson baby products Product application positioning strategy Positioning a product based off of how it is used as the best option for that specific task and use Specific brand of greeting card for a special occasion (such as Hallmark) competition positioning strategy Positioning the product against a competitor Cell phone operating systems (Android versus iOS) Quality Positioning Strategy Positioning the product as the highest quality Top-tier hotel brand, such as Ritz-Carlton Positioning Strategy An effective way to separate a particular brand from its competitors by associating that brand with a particular set of customer needs. Interpersonal influences come from a consumer's relationships with other people and groups. These influences come from a consumer's participation in family, culture (including subcultural groups), and society (including reference groups). problem-solving processes routine (low-involvement), extended (high-involvement), limited (in the middle) Limited (in the middle) Moderately involved purchase decision-making process where a consumer has some prior knowledge but still conducts light research