WGU D077 - Cohort 1 Latest Update Questions and Answers

Product Concept - * Understanding product dynamics to: -- Showcase the best qualities -- Maximum product features Sales Concept - * Seller's need to convert their product into cash Production Concept - * Consumers will favor products that are available and highly affordable * Organization should focus on improving production and distribution efficiency Marketing Concept - * Firms should analyze customer needs * Make decisions to satisfy those needs, better than the competition. Marketing Mix - * Product * Price * Promotion * Place Product - * Goods, services, and ideas * Brand name packaging * Warranties * Accessories Strategic Product Management - * Product mix * Product lines * Product Life Cycle * Modifications Introductory Stage - * No profits or sales Growth Stage - * Sales and profits start climbing quickly Maturity Stage - * Sales increase at a decreasing rate Declining Stage - * Sales and profits fall rapidly Strategic Planning - * Primary objectives * Long-term activities * What is going to be done Tactical Planning - * Implementing strategy plan * Short term activities * How it is going to be done BCG Matrix - * Concerned with market share and growth rate * Identifies value of certain brand Dog - * Low market share and growth rate Star - * High market share and growth rate Cash Cow - * High market share * Low growth rate * Most likely introductory stage * Used for future investments Question Mark - * Low market share * High growth rate * Undecided future -- May end up as dog or star Product Ethics - * Sustainability * Treatment of people and animals in production * Delivery of promised value * Harmful to customers or society Pricing Ethics - * Price fixing (Collusion) * Price discrimination * Predatory pricing (Undercutting) * Bait and switch * Price gouging Price Fixing - * Collusion * Two or more competing companies agree on price to charge Price Discrimination - * Charging different prices for same product * Maximizes profit Predatory Pricing - * Pricing product extremely low to drive out competition Price Gouging - * Company has monopoly on market * Prices overly high to drive profit Promotion Ethics - * Avoid deception * Build trust * Avoid spamming, degrading competitors, false advertising, distorting endorsements Place Ethics - * Involves partners in distribution * Performance as promised * Expected deliveries * Best practices for environmental sustainability in transportation Marketing Planning - * Steps involved in creating a marketing plan Marketing Planning Steps - * Mission Statement * Situational Analysis * Objectives * Strategy Development * Monitoring & Control Mission Statement - * Statement of the organization's purpose -- What it wants to accomplish in the larger environment Situational Analysis - * Review of internal and external factors affecting a business * Incorporates research to better understand: -- Marketing environment -- Prospective customers -- How organizational capabilities match market needs Objectives - * Specifies measurable outcomes to be achieved within a specific timeframe -- SMART goals Strategy Development - * Defines how marketing mix can be used to achieve marketing objectives * Target market is center of decisions * Strategies align with objectives