WGU D077 - Cohort 2 Latest Update 2023 Questions and Answers

Quantitative Data - * Numerical data Qualitative Data - * Descriptive data Primary Market Research - * First hand data direct from source -- Interviews -- Questionnaires -- Surveys -- Mystery shopping -- Product Tests -- Focus groups Secondary Market Research - * Data collected from other sources -- Sales reports -- Trade associations -- Census data -- Websites -- Previous market research -- Competitive Intelligence Research Ethics - * Privacy * Confidentiality Growth Strategies - * Increase Market Share * Increase Profits * Increase Volume * Economies of Scale * Learning Curve Advantages Market Penetration - * Existing market and products Product Development - * New product * Existing market Market Development - * Existing product * New market Diversification - * New market and products * Increases risk Market Penetration Strategies - * Pricing strategy * Price adjustments * Increase promotions * Improving product Market Development Strategies - * New geographical markets * New product packaging or size * New distribution channels * New market segment created by different pricing Product Development Strategies - * Sell to same customers Customer Relationship Management - * Combination of policies, processes, and strategies that unifies customer interactions * Provides a mechanism for tracking customer information * Meets needs of customer * Relies on customer data CRM - * Loyalty, Service, and Reliability * Improvement and Satisfaction * Marketing, Quality, and Support CRM Benefits - * Improved Customer Relations * Increase Customer Revenues * Knowledge Sharing * Better Internal Communication * Documentation & Reporting * Optimize Sales and Marketing * Maximize Organizational Performance CRM Challenges - * Consumer privacy concerns * Data theft * Subsets of customers may be forgotten * Technology integration and training missteps Customer Life Cycle - * Reach * Acquisition * Conversion * Retention * Loyalty -- Remember All Clouds Reflect Light Reach - * Getting prospect's attention Acquisition - * Getting prospect engaged with the product Conversion - * Turning prospect into paying customer Retention - * Ways to keep customers Loyalty - * Customer supports and advocates for brand Lifetime Value Equation - LTV = Average Sale Value * # of Transactions * Retention Time Period Customer Lifetime Value - * Predicts profit associated with customer's lifetime relationship with a company * (Profit Margin per customer * # years customer active) - Cost of acquiring customer Customer Equity - * Total combined customer lifetime values of a company's customers Value Equity - * Value of a product or service Brand Equity - * Value of a company or brand name Retention Equity - * Likelihood that customer will stay with company, even if more expensive than alternative Maximizing Customer Satisfaction - * Identify customers * Satisfy customers * Retain customers Identify Customers - * Understand customer wants and needs * Identify whom to target and how to reach them Satisfy Customers - * Right products to right people at right time * Everyone feels better off from exchange Retain Customers - * Give customer reasons to keep coming back * Find new opportunities to win their business Customer Privacy - * Notice * Choice * Access * Security B2C Markets - * Business to Consumer/Retail -- Mass marketing -- Company websites -- Social media B2B Markets - * Business to Business -- Personal selling -- Company websites -- Customized adjustments to product pricing, features, and terms Market - * Group of people with sufficient purchasing power, authority, and willingness to buy Target Market - * Segment of consumers most likely to purchase a particular item Segmentation - * Diving market into smaller, homogenous groups Geographic Segmentation - * Economic * Geographic * Migration Demographic Segmentation - * Gender * Age * Income * Household size * Ethnicity Pyschographic Segmentation - * Attitudes * Interests * Opinions Product Segmentation - * Benefits sought * Usage rates * Brand Loyalty Targeting Strategies - * Differentiated Marketing * Undifferentiated Marketing * Concentrated Marketing * MicroMarketing Differentiated Marketing - * Different marketing mix for different market segments * Effective but more expensive Undifferentiated Marketing - * Mass marketing * Ignores segmentation Concentrated Marketing - * Niche marketing * Narrowly defined market segment * Open to competitors Micromarketing - * Target a specific group of people in a niche market