Wgu c201 business acumen chapter 11 12 13 marketing

WGU C201 Business Acumen Chapter 11, 12, 13: Marketing
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1. Marketing: The process for discovering unmet customer needs, researching pote r r r r r r r r r


ntial markets, producing goods or services to satisfy targeted customers, pro-
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moting, pricing, and distributing.
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The organizational function and set of processes for creating, communicating anddeli
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vering value to customers, managing customer relations, advocates ideas or viewpoi
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nts and educating others.
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2. How does marketing create utility?: Creates time, place, and ownership utility.Util
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ty: ability of a good or service to satisfy needs and wants of customer.
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3. Time Utility: Making a good or service available when a customer wants topurc
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hase it. r


4. Place Utility: Making a product available in a location that is convenient tocust
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omer.
5. Ownership Utility: Orderly transfer of goods and services from seller to buyer. r r r r r r r r r r r


6. Nontraditional Marketing: Cause Marketing: Builds awareness.R r r r r r r


aises money for a cause or social issue.
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Examples: American Cancer Society, Drug Abuse Prevention, Childhood Hunger,Alt
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ernative Spring Break r r


7. Nontraditional Marketing: Place Marketing: Attracts people to a specific place.Ex r r r r r r r r r r


amples: Commercials that promote tourism to specific states.
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8. Nontraditional Marketing: Event Marketing: Cultural or charitable perfor- r r r r r r r


mances, athletic competitions, often forges partnership with for profit sponsor.Ex
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amples: Major League Baseball Games, World Series
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9. Nontraditional Marketing: Person Marketing: Attracts attention, interest, pref- r r r r r r r


erence of target market toward person.
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Examples: Allison Krauss, political campaign, job seekers. r r r r r r


10. Nontraditional Marketing: Organization Marketing: Influences consumers toa r r r r r r r


ccept goals of receiving services of, or a contribution to organization.
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Seeks to connect with an audience that is most likely to offer time, money, orreso
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urces.
Examples:WGU, Postal Service, Army r r r r


11. 2 Step Process to Develop a Marketing Strategy: 1. Collecting Data
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2. Evaluating Data (Data mining)
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12. Sources of Research Data: Internal: Within organization r r r r r r


Examples:financial documents and records, unpaid bills, inventorylevels, sales fromdiffe
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ent categories.
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13. Sources of Research Data: External: primary and secondary data r r r r r r r r


14. Primary Data: Data collected first hand: observation, surveys, focus groups,soc
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ial media activity
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, WGU C201 Business Acumen Chapter 11, 12, 13: Marketing
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15. Data Mining: Using computer- r r r


based databases to combine data from severaldifferent organizational functions.
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16. Secondary Data: Previously published data usually cheaper and easy to obtainbut r r r r r r r r r r r r


sometimes not current or specific enough. r r r r r


Example: census r


17. Market Segmentation: The process of dividing a market into several relativelyho r r r r r r r r r r r


mogeneous groups. r


Used by for profits and nonprofits. r r r r r


Criteria: must be a measurable group, accessible for communication, large enoughto of
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fer profit potential. r r


18. Consumer (B2C) Market Segmentation: Geographical: Geography providesa r r r r r r r


n indication of needs.
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Examples: lawn maintenance, ice scrapers, snow shovels.M r r r r r r r


aybe by region, population density, zip code.
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19. Consumer (B2C) Market Segmentation: Demographic: Most common.Di r r r r r r r


fferences in how people shop and purchasing power. r r r r r r r


Age is important factor. r r r


Also gender, income, education, family size, occupation.E
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xamples: jewelry, skincare, tools, motorcycles. r r r r


20. Consumer (B2C) Market Segmentation: Psychographic: Lifestyle portraits.M r r r r r r r


otivation for purchases r r


Attitudes Opinion r


s Behavior pattern
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sValues Personali
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ty
Self-image
Examples: boating, camping r r


21. Consumer (B2C) Market Segmentation: Product Related: Attributes peoplese r r r r r r r r


ek in a product. r r r


Usage rates Bra r r


nd loyalty Benefi r r


ts sought. r


Examples: comfort, safety, luxury, economy, convenience, durability, gluten freepro
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ducts, vegetarians. r


22. Business (B2B) Market Segmentation: Geographical: Geographically con- r r r r r r


centrated industries like aircraft manufacturing, automobiles, and oil field equip-
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ment.
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