WGU C712 Marketing Fundamentals
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1. Planning: Process of anticipating future events and conditions and of determin-
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m ing the best way to achieve organizational objectives.
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2. Marketing Planning: Implementing planning activities devoted to achieving marketi
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ng objectives.
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3. Strategic Planning: Process of determining an organization's primary objec-
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m tives and adopting courses of action that will achieve these objectives.
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4. Tactical Planning: Planning that guides the implementation of activities speci-
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m fied in the strategic plan.
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5. Mission: Essential purpose that differentiates one company from others.
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6. Marketing Strategy: Overall, company wide program for selecting a particular target
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market and then satisfying consumers in that market through the marketing mix.
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7. Porter's Five Forces: Model developed by strategy expert Michael Porter that identifie
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s five competitive forces that influence planning strategies.
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1m/m43
,8. First Mover Strategy: Theory advocating that the company first to offer a produc
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t in a marketplace will be the long-term market winner.
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9. Second Mover Strategy: Theory that advocates observing closely the inno-
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m vations of first movers and then improving on them to gain advantage in the marketp
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lace.
10. SWOT Analysis: Review that helps planners compare internal organizational strength
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s and weaknesses with external opportunities and threats.
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11. Strategic Window: Limited periods when key requirements of a market and a firm's p
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articular competencies best fit together.
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12. Marketing Mix: Blending of the four strategy elements—
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product, distribution, promotion, and pricing—
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to fit the needs and preferences of a specific target market.
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13. strategic business units (SBUs): Key business units within diversified firms.
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14. Environmental scanning: Systematic study of the components of a purchase to deter
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mine the most cost-effective approach.
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15. Environmental Management: Assessment of supplier performance in cate-
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m gories such as price, back orders, timely delivery, and attention to special requests.
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2m/m43
,16. Strategic Alliance: Partnership in which two or more companies combine resourc
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es and capital to create competitive advantages in a new market.
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3m/m43
, 17. competitive environment: Interactive process that occurs in the marketplace among
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marketers of directly competitive products, marketers of products that can be substitut
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ed for one another, and marketers competing for the consumer's purchasing power.
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18. Monopoly: Market structure in which a single seller dominates trade in a good or serv
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ice for which buyers can find no close substitutes.
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19. Antitrust: Laws designed to prevent restraints on trade such as business monop
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olies.
20. oligopoly: Market structure in which relatively few sellers compete and where high st
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art-up costs form barriers to keep out new competitors.
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21. Competitive Strategy: Methods through which a firm deals with its competi-
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m tive environment.
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22. Time Based Competitition: Strategy of developing and distributing goods and services
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more quickly than competitors.
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23. political-legal environment: Component of the marketing environment con-
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m sisting of laws and their interpretations that require firms to operate under compet-
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m itive conditions and to protect consumer rights.
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24. Gross Domestic Product (GDP): Sum of all goods and services produced by a nation in
m m m m m m m m m m m m m m
4m/m43
m m m m
1. Planning: Process of anticipating future events and conditions and of determin-
m m m m m m m m m m
m ing the best way to achieve organizational objectives.
m m m m m m m
2. Marketing Planning: Implementing planning activities devoted to achieving marketi
m m m m m m m m
ng objectives.
m
3. Strategic Planning: Process of determining an organization's primary objec-
m m m m m m m m
m tives and adopting courses of action that will achieve these objectives.
m m m m m m m m m m
4. Tactical Planning: Planning that guides the implementation of activities speci-
m m m m m m m m m
m fied in the strategic plan.
m m m m
5. Mission: Essential purpose that differentiates one company from others.
m m m m m m m m
6. Marketing Strategy: Overall, company wide program for selecting a particular target
m m m m m m m m m m m
market and then satisfying consumers in that market through the marketing mix.
m m m m m m m m m m m
7. Porter's Five Forces: Model developed by strategy expert Michael Porter that identifie
m m m m m m m m m m m
s five competitive forces that influence planning strategies.
m m m m m m m
1m/m43
,8. First Mover Strategy: Theory advocating that the company first to offer a produc
m m m m m m m m m m m m
t in a marketplace will be the long-term market winner.
m m m m m m m m m
9. Second Mover Strategy: Theory that advocates observing closely the inno-
m m m m m m m m m
m vations of first movers and then improving on them to gain advantage in the marketp
m m m m m m m m m m m m m m
lace.
10. SWOT Analysis: Review that helps planners compare internal organizational strength
m m m m m m m m m
s and weaknesses with external opportunities and threats.
m m m m m m m
11. Strategic Window: Limited periods when key requirements of a market and a firm's p
m m m m m m m m m m m m m
articular competencies best fit together.
m m m m
12. Marketing Mix: Blending of the four strategy elements—
m m m m m m m
product, distribution, promotion, and pricing—
m m m m
to fit the needs and preferences of a specific target market.
m m m m m m m m m m
13. strategic business units (SBUs): Key business units within diversified firms.
m m m m m m m m m
14. Environmental scanning: Systematic study of the components of a purchase to deter
m m m m m m m m m m m
mine the most cost-effective approach.
m m m m
15. Environmental Management: Assessment of supplier performance in cate-
m m m m m m m
m gories such as price, back orders, timely delivery, and attention to special requests.
m m m m m m m m m m m m
2m/m43
,16. Strategic Alliance: Partnership in which two or more companies combine resourc
m m m m m m m m m m
es and capital to create competitive advantages in a new market.
m m m m m m m m m m
3m/m43
, 17. competitive environment: Interactive process that occurs in the marketplace among
m m m m m m m m m m
marketers of directly competitive products, marketers of products that can be substitut
m m m m m m m m m m m
ed for one another, and marketers competing for the consumer's purchasing power.
m m m m m m m m m m m
18. Monopoly: Market structure in which a single seller dominates trade in a good or serv
m m m m m m m m m m m m m m
ice for which buyers can find no close substitutes.
m m m m m m m m
19. Antitrust: Laws designed to prevent restraints on trade such as business monop
m m m m m m m m m m m
olies.
20. oligopoly: Market structure in which relatively few sellers compete and where high st
m m m m m m m m m m m m
art-up costs form barriers to keep out new competitors.
m m m m m m m m
21. Competitive Strategy: Methods through which a firm deals with its competi-
m m m m m m m m m m
m tive environment.
m
22. Time Based Competitition: Strategy of developing and distributing goods and services
m m m m m m m m m m m
more quickly than competitors.
m m m
23. political-legal environment: Component of the marketing environment con-
m m m m m m m
m sisting of laws and their interpretations that require firms to operate under compet-
m m m m m m m m m m m m
m itive conditions and to protect consumer rights.
m m m m m m
24. Gross Domestic Product (GDP): Sum of all goods and services produced by a nation in
m m m m m m m m m m m m m m
4m/m43
