C212 MARKET STUDY
GUIDE COMPLETE
COURSE
WALKTHROUGH
2025: WESTERN
GOVERNORS
UNIVERSITY
,Define "marketing". Lesson 1
The American Marketing Association defines marketing as "the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that value customers, clients, partners, and
society.
Business function that identifies, satisfies, and retains customers through a set of activities related tocreating,
communicating, delivering, and exchanging offerings that have value tor the customer.
Marketing is an ever-present force in contemporary society, and it can work amazingly well to influencewhat
people do and why they do it.
The entire product bundle consists of a tangible good, an intangible service, and the price the companyis
offering. The marketing function helps determine what bundle of goods and services the company provides
for a certain price to its customers.
Identify 3 functions of Ma rketing.
Marketing functions: The main function Of marketing is to determine what customers
Va lue
Want
Need
Position a product that meets that value.
What is the marketing concept?
The marketing concept is a business philosophy that holds that long-term profitability is best achieved by
focusing the company's activities towards satisfying the needs of a particular target customer or market
segment(s). The company needs to understand the needs of the customers and based on the needs of the
customers they need to create a product. The marketing concept encourages businessesto ask consumers
what they want, how much they are willing to pay for it, and how they prefer to buy it.
Identify 3 important characteristics of this concept:
Specifica lly, the marketing concept involves the following:
"Creating" Focusing on the needs and wants of the customers so the organization can distinguish
its product(s) from competitors' offerings. products can be goods, services, orideas.
"Communicating" Integrating all of the organization's activities, including production and
promotion, to satisfy these wants and needs. Communicating, which is promotions.
"Delivering" which is a place.
"Exchanging" which is price.
Achieving long-term goals for the organization by satisfying customer wants and needs legally
andresponsibly. Sales include the actual sale of the company's product. Marketing often works to help
customersmake their actual decision to purchase by communicating value.
,Identify the four elements in the Marketing mix.
Marketers use several different "tools" to develop products or services that meet the needs and wants of their
customers, provide excellent value for the customers, and satisfy those customers. These fourcomponents are
called the "Four Ps" of marketing, or they are often referred to as the marketing mix. They represent the
controllable elements of the marketing environment.
Identify at least three important characteristics of each of the elements of the marketing mix.
Product Strategy
Developing the marketing mix typically starts with the product. Marketers cannot plan a distribution system or
set a price if they do not know exactly what product will be offered to the market. Marketers use the term
product to refer to goods, services, or ideas. A product is something offered in exchange. Marketers then act
and make marketing decisions about that product. Creating the product strategy notonly includes making
decisions on the product and features, but also decisions regarding the brand name, the packaging, and add-
ons like warranties, accessories, and complementary services.
What are the four stages of the product life cycle?
Generally, product ideas come from people within the company who understand its customers' needs.
Internal engineers are then challenged to design the product. Once ready for market, products are subject to
a product life cycle including an introductory stage, growth stage, maturity stage, and finally an eventual
period of decline as sales fall. Not all products go through all stages and the lengthof a stage varies.
Identify each stage of the product life cycle stage based on profit, sales, and competitive pressures.
Introduction Stage: The introductory stage is when a new product is introduced to the market by a first
mover or an innovator in the product category. Sales are generally slow in the introductory stage and profits
are typically non-existent. There is a heavy investment in promotion as the first company orcompanies try to
build awareness and interest in the new product. Failure is common in this stage, particularly for the first
mover, and some products never make it to the growth stage.
Growth Stage: Some of the products will never make itout of the growing stage. For those that do, sales begin
to increase, profits rapidly increase, and typically experience an influx ofversions of that product as new
competitors enter the market motivated by rapidly increasing industry sales and profits.
Maturity Stage: Most purchases in this stage are from repeat customers replacing their older model orused-
up products with new options. Competition is fierce at this stage and we continue to see many incremental
improvements to the product to keep it relevant, such as new features.
, Dedine Stage: In this stage, sales and profits are falling as demand falls. Companies need to make strategic
decisions about exiting the market or serving specific niches or super-targeted groups that arestill interested
in the product.
What are the variables companies consider while creating a product strategy?
Marketers must do careful research on how long the life cycle of the product they are marketing is likely to be
and focus their attention on different challenges that arise as the product moves througheach stage.
Define product mix, product lines, and product depth-Components and
Brand Management
The marketer must also consider the product mix. Marketers can expand the current product mix by increasing
product width (the number of different product lines, or series of products a company offers) or by increasing
product depth (adding to the sub-products or versions in a product line). Marketers should consider how to
position the product, how to leverage the brand, how to leverage thecompany's resources, and how to configure
the product mix so that each product complements others.
Product Mix
Many companies offer a portfolio of products to the market versus just one product. This is called the product
mix or product assortment. These products are commonly organized into specific product linesto allow for
strategic product management ofthat line and brands within that line. The number of product lines offered by
the company is measured as the product mix width. In this diagram, the width of the product mix would be
three. Each product line also has depth, which refers to the number of products within that specific line. In
this diagram, product line one has a depth of three.
2nd "P" Price
Price is something given in exchange for a product. Price may be monetary or nonmonetary (such aswaiting
in long lines for a restaurant or giving blood at the local blood bank). Price has many names, such as rent,
fees, charges, and others.
The price is very important as it determines the company's profit. Adjusting the price has a profound
impact on the marketing strategy, as it will often affect the demand and sales as well.The marketer
should set a price that complements the other elements of the marketing mix.
When setting a price, the marketer must be aware of the customer's perceived value for the
product.4 If consumers think the price is too high, sales opportunities will be lost. Lost sales mean
lost revenue. If the price is too low, consumers may view the product as a great value,but the
company may not meet its profit goals.
pricing strategy is based on demand for the product and the cost of producing that product.
However, price can have a major impact on the success of a product if the price is not inbalance with
the other components of the marketing mix.
GUIDE COMPLETE
COURSE
WALKTHROUGH
2025: WESTERN
GOVERNORS
UNIVERSITY
,Define "marketing". Lesson 1
The American Marketing Association defines marketing as "the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that value customers, clients, partners, and
society.
Business function that identifies, satisfies, and retains customers through a set of activities related tocreating,
communicating, delivering, and exchanging offerings that have value tor the customer.
Marketing is an ever-present force in contemporary society, and it can work amazingly well to influencewhat
people do and why they do it.
The entire product bundle consists of a tangible good, an intangible service, and the price the companyis
offering. The marketing function helps determine what bundle of goods and services the company provides
for a certain price to its customers.
Identify 3 functions of Ma rketing.
Marketing functions: The main function Of marketing is to determine what customers
Va lue
Want
Need
Position a product that meets that value.
What is the marketing concept?
The marketing concept is a business philosophy that holds that long-term profitability is best achieved by
focusing the company's activities towards satisfying the needs of a particular target customer or market
segment(s). The company needs to understand the needs of the customers and based on the needs of the
customers they need to create a product. The marketing concept encourages businessesto ask consumers
what they want, how much they are willing to pay for it, and how they prefer to buy it.
Identify 3 important characteristics of this concept:
Specifica lly, the marketing concept involves the following:
"Creating" Focusing on the needs and wants of the customers so the organization can distinguish
its product(s) from competitors' offerings. products can be goods, services, orideas.
"Communicating" Integrating all of the organization's activities, including production and
promotion, to satisfy these wants and needs. Communicating, which is promotions.
"Delivering" which is a place.
"Exchanging" which is price.
Achieving long-term goals for the organization by satisfying customer wants and needs legally
andresponsibly. Sales include the actual sale of the company's product. Marketing often works to help
customersmake their actual decision to purchase by communicating value.
,Identify the four elements in the Marketing mix.
Marketers use several different "tools" to develop products or services that meet the needs and wants of their
customers, provide excellent value for the customers, and satisfy those customers. These fourcomponents are
called the "Four Ps" of marketing, or they are often referred to as the marketing mix. They represent the
controllable elements of the marketing environment.
Identify at least three important characteristics of each of the elements of the marketing mix.
Product Strategy
Developing the marketing mix typically starts with the product. Marketers cannot plan a distribution system or
set a price if they do not know exactly what product will be offered to the market. Marketers use the term
product to refer to goods, services, or ideas. A product is something offered in exchange. Marketers then act
and make marketing decisions about that product. Creating the product strategy notonly includes making
decisions on the product and features, but also decisions regarding the brand name, the packaging, and add-
ons like warranties, accessories, and complementary services.
What are the four stages of the product life cycle?
Generally, product ideas come from people within the company who understand its customers' needs.
Internal engineers are then challenged to design the product. Once ready for market, products are subject to
a product life cycle including an introductory stage, growth stage, maturity stage, and finally an eventual
period of decline as sales fall. Not all products go through all stages and the lengthof a stage varies.
Identify each stage of the product life cycle stage based on profit, sales, and competitive pressures.
Introduction Stage: The introductory stage is when a new product is introduced to the market by a first
mover or an innovator in the product category. Sales are generally slow in the introductory stage and profits
are typically non-existent. There is a heavy investment in promotion as the first company orcompanies try to
build awareness and interest in the new product. Failure is common in this stage, particularly for the first
mover, and some products never make it to the growth stage.
Growth Stage: Some of the products will never make itout of the growing stage. For those that do, sales begin
to increase, profits rapidly increase, and typically experience an influx ofversions of that product as new
competitors enter the market motivated by rapidly increasing industry sales and profits.
Maturity Stage: Most purchases in this stage are from repeat customers replacing their older model orused-
up products with new options. Competition is fierce at this stage and we continue to see many incremental
improvements to the product to keep it relevant, such as new features.
, Dedine Stage: In this stage, sales and profits are falling as demand falls. Companies need to make strategic
decisions about exiting the market or serving specific niches or super-targeted groups that arestill interested
in the product.
What are the variables companies consider while creating a product strategy?
Marketers must do careful research on how long the life cycle of the product they are marketing is likely to be
and focus their attention on different challenges that arise as the product moves througheach stage.
Define product mix, product lines, and product depth-Components and
Brand Management
The marketer must also consider the product mix. Marketers can expand the current product mix by increasing
product width (the number of different product lines, or series of products a company offers) or by increasing
product depth (adding to the sub-products or versions in a product line). Marketers should consider how to
position the product, how to leverage the brand, how to leverage thecompany's resources, and how to configure
the product mix so that each product complements others.
Product Mix
Many companies offer a portfolio of products to the market versus just one product. This is called the product
mix or product assortment. These products are commonly organized into specific product linesto allow for
strategic product management ofthat line and brands within that line. The number of product lines offered by
the company is measured as the product mix width. In this diagram, the width of the product mix would be
three. Each product line also has depth, which refers to the number of products within that specific line. In
this diagram, product line one has a depth of three.
2nd "P" Price
Price is something given in exchange for a product. Price may be monetary or nonmonetary (such aswaiting
in long lines for a restaurant or giving blood at the local blood bank). Price has many names, such as rent,
fees, charges, and others.
The price is very important as it determines the company's profit. Adjusting the price has a profound
impact on the marketing strategy, as it will often affect the demand and sales as well.The marketer
should set a price that complements the other elements of the marketing mix.
When setting a price, the marketer must be aware of the customer's perceived value for the
product.4 If consumers think the price is too high, sales opportunities will be lost. Lost sales mean
lost revenue. If the price is too low, consumers may view the product as a great value,but the
company may not meet its profit goals.
pricing strategy is based on demand for the product and the cost of producing that product.
However, price can have a major impact on the success of a product if the price is not inbalance with
the other components of the marketing mix.
