WGU D077 Concepts in Marketing, Sales, and Customer
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A/B testing - ANSWER A marketing experiment where two variants of a campaign
are tested to see which one is most effective
Accommodation - ANSWER Style of handling conflict focused on empathy over
self-interest
Adaptive selling - ANSWER Using social styles to customize a sales approach to
the specific customer
administered vertical marketing system - ANSWER Cooperation between levels of
a distribution channel where one member sets the terms due to its size and influence
advertising - ANSWER Paid form of nonpersonal promotion
amiable - ANSWER People with this social style want to know "why"
analytical - ANSWER People with this social style want to know "how"
artificial intelligence - ANSWER Intelligent machines (computers) capable of
learning and interacting
attitudes - ANSWER Positive, negative, or ambivalent evaluation of people,
objects, event, activities, ideas, or anything else in the environment
attributes - ANSWER Characteristics that define a product and will influence the
customer's purchase decision
Avoidance - ANSWER Style of handling conflict with little empathy or self-interest
B2B sales - ANSWER Sales to another company that consumes the product or
services as part of operating the business or uses the product in the assembly of the
final product it sells to consumers
Bait and switch - ANSWER Fraudulent practice where an advertised product is
unavailable so a customer is guided to a more expensive one
Bargaining power of buyers - ANSWER One of Porter's Five Forces—the power of
customers to drive down prices if supply exceeds demand
,Bargaining power of suppliers - ANSWER One of Porter's Five Forces—the power
of suppliers when there are few alternative sources for the products' components
Bargaining - ANSWER The fourth phase in the negotiation process, where the
parties seek an agreement
BCG Matrix - ANSWER Planning tool which uses a quadrant to map the strategic
position of a business brand based on the brand's market share and the market's
growth potential
behavioral observation - ANSWER Primary marketing research technique involving
formal or informal observation of customers and noncustomers
boycott - ANSWER Voluntary and intentional refusal to buy products from a certain
person, company, or country for ethical or political reasons
brand equity - ANSWER One of the drivers of customer equity, based on how the
customer assesses the value of the brand
brand loyalty - ANSWER The faithfulness of customer's to a particular company
and its products
brand - ANSWER The unique identity and associations of a company, often
captured in a design, sign, symbol, or words that identify a product and differentiate it
from competitors
Bundling - ANSWER Grouping related products together and pricing them as a
single product.
business cycle - ANSWER Expansions and contractions in the level of economic
activities (business fluctuations) around a long-term growth trend
business to business (B2B) - ANSWER Sales to another company that consumes
the product or services as part of operating the business or uses the product in the
assembly of the final product it sells to consumers
business to consumer (B2C) - ANSWER Sales directly to the individuals who
consume a finished product
business-to-business (B2B) - ANSWER Sales to another company that consumes
the product or services as part of operating the business or uses the product in the
assembly of the final product it sells to consumers
business-to-consumer (B2C) - ANSWER Sales directly to the individuals who
consume a finished product for personal use
Buyers - ANSWER Individuals at an organization who are responsible for the
purchase contract, often a purchasing department
,buying center - ANSWER Group of decision makers for a purchase by an
organization
Channel conflict - ANSWER When a company sells products directly to
consumers, in competition with the company's own channel partners
Closed-ended questions - ANSWER Questions where a researcher provides a set
of options from which to choose a response, also called structured questions
Closure - ANSWER The final phase of negotiation, where an agreement is reached
or the negotiation fails
cognitive dissonance - ANSWER Mental discomfort triggered by holding two or
more contradictory beliefs, ideas, or values
Collaboration - ANSWER Style of handling conflict with high concern for both
empathy and self-interest
Competition - ANSWER Style of handling conflict focused on self-interest over
empathy
Competitive pricing strategy - ANSWER Setting the price for a product or service
relative to competitors
Compromise - ANSWER Middle-ground style of handling conflict
Concentrated marketing - ANSWER Targeting strategy that focuses on a very
limited, specific segment(s) of the market, also called niche marketing
consultative selling - ANSWER Sales approach where the seller becomes a trusted
advisor to the customer and builds a relationship to truly understand her needs
consumer behavior - ANSWER The study of individuals, groups, or organizations
and all the activities associated with the purchase, use, and disposal of goods and
services
consumer confidence - ANSWER Statistical measure of consumers' level of
optimism about current and future economic conditions
Consumer involvement - ANSWER Level of consumer interest, search, or complex
decision-making
consumer - ANSWER The user of a purchased product or service
consumers - ANSWER The user of a purchased product or service
Content marketing - ANSWER Promotion through the creation and sharing of
messages and materials designed to stimulate interest in a product
, contractual vertical marketing system - ANSWER Cooperation between levels of a
distribution channel as described by a formal agreement
cookies - ANSWER A small packet of information stored on your web browser to
help a website keep track of your visits and activity
Corporate Social Responsibility (CSR) - ANSWER Way of conducting business
with commitment to the values, norms, and expectations of society for social
responsibility
corporate vertical marketing system - ANSWER Ownership by a single company of
all levels of production and distribution
culture - ANSWER The customs, arts, social institutions, beliefs, and value
systems of a particular people, nation, or social group
customer equity - ANSWER The combined customer lifetime values of all the
company's customers
customer life cycle - ANSWER The steps in the customer relationship with a
company, from initial contact to loyalty
Customer lifetime value - ANSWER The total profit a company expects to gain
from a customer throughout the relationship
Customer relationship management (CRM) - ANSWER Processes implemented by
a company to handle its contact with customers with the goal of creating a unified
customer experience to maximize retention
customer satisfaction - ANSWER A measure of how products or services delivered
by a company meet or exceed customer expectations
customer - ANSWER The purchaser of a product or service
customers - ANSWER The purchasers of a good or service
Database marketing organizations - ANSWER Companies (also known as
customer insights service providers) that collect and analyze massive data sets on
consumers which can be used as secondary data for marketing research
deception - ANSWER Hiding the truth, especially to get an advantage
Deciders - ANSWER Individual(s) at an organization making the final purchase
decision, often the person who owns the budget
deductive - ANSWER Negotiating by beginning with the big picture then turning to
details
Demographic segmentation - ANSWER Dividing the market into subgroups based
on demographic data such as age, education, gender, or income
Contact 2024 Exam with complete solution
A/B testing - ANSWER A marketing experiment where two variants of a campaign
are tested to see which one is most effective
Accommodation - ANSWER Style of handling conflict focused on empathy over
self-interest
Adaptive selling - ANSWER Using social styles to customize a sales approach to
the specific customer
administered vertical marketing system - ANSWER Cooperation between levels of
a distribution channel where one member sets the terms due to its size and influence
advertising - ANSWER Paid form of nonpersonal promotion
amiable - ANSWER People with this social style want to know "why"
analytical - ANSWER People with this social style want to know "how"
artificial intelligence - ANSWER Intelligent machines (computers) capable of
learning and interacting
attitudes - ANSWER Positive, negative, or ambivalent evaluation of people,
objects, event, activities, ideas, or anything else in the environment
attributes - ANSWER Characteristics that define a product and will influence the
customer's purchase decision
Avoidance - ANSWER Style of handling conflict with little empathy or self-interest
B2B sales - ANSWER Sales to another company that consumes the product or
services as part of operating the business or uses the product in the assembly of the
final product it sells to consumers
Bait and switch - ANSWER Fraudulent practice where an advertised product is
unavailable so a customer is guided to a more expensive one
Bargaining power of buyers - ANSWER One of Porter's Five Forces—the power of
customers to drive down prices if supply exceeds demand
,Bargaining power of suppliers - ANSWER One of Porter's Five Forces—the power
of suppliers when there are few alternative sources for the products' components
Bargaining - ANSWER The fourth phase in the negotiation process, where the
parties seek an agreement
BCG Matrix - ANSWER Planning tool which uses a quadrant to map the strategic
position of a business brand based on the brand's market share and the market's
growth potential
behavioral observation - ANSWER Primary marketing research technique involving
formal or informal observation of customers and noncustomers
boycott - ANSWER Voluntary and intentional refusal to buy products from a certain
person, company, or country for ethical or political reasons
brand equity - ANSWER One of the drivers of customer equity, based on how the
customer assesses the value of the brand
brand loyalty - ANSWER The faithfulness of customer's to a particular company
and its products
brand - ANSWER The unique identity and associations of a company, often
captured in a design, sign, symbol, or words that identify a product and differentiate it
from competitors
Bundling - ANSWER Grouping related products together and pricing them as a
single product.
business cycle - ANSWER Expansions and contractions in the level of economic
activities (business fluctuations) around a long-term growth trend
business to business (B2B) - ANSWER Sales to another company that consumes
the product or services as part of operating the business or uses the product in the
assembly of the final product it sells to consumers
business to consumer (B2C) - ANSWER Sales directly to the individuals who
consume a finished product
business-to-business (B2B) - ANSWER Sales to another company that consumes
the product or services as part of operating the business or uses the product in the
assembly of the final product it sells to consumers
business-to-consumer (B2C) - ANSWER Sales directly to the individuals who
consume a finished product for personal use
Buyers - ANSWER Individuals at an organization who are responsible for the
purchase contract, often a purchasing department
,buying center - ANSWER Group of decision makers for a purchase by an
organization
Channel conflict - ANSWER When a company sells products directly to
consumers, in competition with the company's own channel partners
Closed-ended questions - ANSWER Questions where a researcher provides a set
of options from which to choose a response, also called structured questions
Closure - ANSWER The final phase of negotiation, where an agreement is reached
or the negotiation fails
cognitive dissonance - ANSWER Mental discomfort triggered by holding two or
more contradictory beliefs, ideas, or values
Collaboration - ANSWER Style of handling conflict with high concern for both
empathy and self-interest
Competition - ANSWER Style of handling conflict focused on self-interest over
empathy
Competitive pricing strategy - ANSWER Setting the price for a product or service
relative to competitors
Compromise - ANSWER Middle-ground style of handling conflict
Concentrated marketing - ANSWER Targeting strategy that focuses on a very
limited, specific segment(s) of the market, also called niche marketing
consultative selling - ANSWER Sales approach where the seller becomes a trusted
advisor to the customer and builds a relationship to truly understand her needs
consumer behavior - ANSWER The study of individuals, groups, or organizations
and all the activities associated with the purchase, use, and disposal of goods and
services
consumer confidence - ANSWER Statistical measure of consumers' level of
optimism about current and future economic conditions
Consumer involvement - ANSWER Level of consumer interest, search, or complex
decision-making
consumer - ANSWER The user of a purchased product or service
consumers - ANSWER The user of a purchased product or service
Content marketing - ANSWER Promotion through the creation and sharing of
messages and materials designed to stimulate interest in a product
, contractual vertical marketing system - ANSWER Cooperation between levels of a
distribution channel as described by a formal agreement
cookies - ANSWER A small packet of information stored on your web browser to
help a website keep track of your visits and activity
Corporate Social Responsibility (CSR) - ANSWER Way of conducting business
with commitment to the values, norms, and expectations of society for social
responsibility
corporate vertical marketing system - ANSWER Ownership by a single company of
all levels of production and distribution
culture - ANSWER The customs, arts, social institutions, beliefs, and value
systems of a particular people, nation, or social group
customer equity - ANSWER The combined customer lifetime values of all the
company's customers
customer life cycle - ANSWER The steps in the customer relationship with a
company, from initial contact to loyalty
Customer lifetime value - ANSWER The total profit a company expects to gain
from a customer throughout the relationship
Customer relationship management (CRM) - ANSWER Processes implemented by
a company to handle its contact with customers with the goal of creating a unified
customer experience to maximize retention
customer satisfaction - ANSWER A measure of how products or services delivered
by a company meet or exceed customer expectations
customer - ANSWER The purchaser of a product or service
customers - ANSWER The purchasers of a good or service
Database marketing organizations - ANSWER Companies (also known as
customer insights service providers) that collect and analyze massive data sets on
consumers which can be used as secondary data for marketing research
deception - ANSWER Hiding the truth, especially to get an advantage
Deciders - ANSWER Individual(s) at an organization making the final purchase
decision, often the person who owns the budget
deductive - ANSWER Negotiating by beginning with the big picture then turning to
details
Demographic segmentation - ANSWER Dividing the market into subgroups based
on demographic data such as age, education, gender, or income
