WGU D077 Study Guide

WGU D077 Study Guide Integrated Marketing Communications - CORRECT ANSWER-coordinating the promotion mix elements and synchronizing promotion as a unified effort Marketing - CORRECT ANSWER-The Activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value for consumers. Also a business function that identifies, satisfies, and retains customers through a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for the customer. Marketing Mix (4 P's) - CORRECT ANSWER-Product, Place, Price, Promotion Product Life Cycle - CORRECT ANSWER-describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline The Introduction stage of the product life cycle is characterized by - CORRECT ANSWER-Low sales, Little or no profit, and Often little to no competition The growth stage of the product life cycle is characterized by - CORRECT ANSWERIncreasing sales, Rapidly increasing profits, Market has accepted the product and competitors begin to enter the market The maturity stage of the product life cycle is characterized by - CORRECT ANSWERHigh Sales, High then declining profits, High level of competition, may be difficult for original company to compete The decline stage of the product life cycle is characterized by - CORRECT ANSWERDeclining Sales, Declining Profit, and Competitive pressure remains high and demand falls product mix - CORRECT ANSWER-The complete range of products offered for sale by a company throughout its product lines, also known as the product assortment product lines - CORRECT ANSWER-Series of similar products focused on a sector that a company creates under a single brand product depth - CORRECT ANSWER-Number of versions offered for each product in the product line product width - CORRECT ANSWER-The number of different product lines, or series of products a company offers price skimming - CORRECT ANSWER-Intentionally pricing a new product offering high with the intention of lowering it over time as competition grows, particularly in the case of a unique offering with little or no competition at the outset (Pricing Strategy) penetration pricing - CORRECT ANSWER-Intentionally pricing a product lower than the market price to gain market share in a new market (Pricing Strategy) leader pricing - CORRECT ANSWER-Pricing products below market price to attract customers to a store where they would not otherwise shop (Pricing Strategy) prestige pricing - CORRECT ANSWER-Raising the price of a product to increase the perception of its value (Pricing Strategy) Bundling - CORRECT ANSWER-Grouping related products together and pricing them as a single product. (Pricing Strategy) Competitive pricing - CORRECT ANSWER-Setting the price for a product or service relative to competitors (Pricing Strategy) Advertising - CORRECT ANSWER-Any paid form of nonpersonal promotion by an identified sponsor Personal selling - CORRECT ANSWER-A face-to-face presentation to a prospective buyer, often based on long-term relationships. Sales promotion - CORRECT ANSWER-Marketing activities that stimulate consumer buying, including coupons and samples, displays, shows and exhibitions, and demonstrations. Public relations - CORRECT ANSWER-The linking of organizational goals with key aspects of the public interest and the development of programs designed to earn public understanding and acceptance. Public relations can include lobbying, publicity, special events, internal publications, and media such as a company's internal television channel. Social media - CORRECT ANSWER-The use of social media platforms such as Facebook, Twitter, Pinterest, Instagram, and various blogs to generate "buzz" about a product or company. E-commerce - CORRECT ANSWER-The use of a company's website to generate sales through online ordering, information, interactive components such as games, and other elements of the website. Online advertising - CORRECT ANSWER-The use of the internet to advertise is a form of promotion that comes in many forms including online banner ads, pop-up ads, video advertisements, etc. Content marketing - CORRECT ANSWER-A subset of digital marketing, content marketing involves the creation and sharing of online material designed to create interest in a product, service, or idea without directly promoting the brand.8 Guerilla marketing - CORRECT ANSWER-Marketing communication that is generally experiential and often involves unconventional, innovative, and usually low-cost marketing tactics to engage consumers in the marketing activity, generate attention, and achieve maximum exposure for an organization, its products, and services. Omni-channel - CORRECT ANSWER-Unified and consistent communication with customers across all channels a company employs place strategy - CORRECT ANSWER-Strategy to get the right product/service to the right place at the right time. Direct distribution - CORRECT ANSWER-when products are sold from producers to end users and consumers. (Type of Distribution) Indirect distribution - CORRECT ANSWER-involves marketing intermediaries, or organizations that assist in moving goods and services from producers to end user and consumers. (Type of Distribution) supply chain - CORRECT ANSWER-The channels a product must go thru to get to the consumer. corporate vertical marketing system - CORRECT ANSWER-1 company owns all levels of production and Distribution. (vertical marketing system) Contractual Vertical marketing systems - CORRECT ANSWER-Coordinated through an agreed upon distribution process. Such as franchising (vertical marketing system) Administrated Vertical marketing systems - CORRECT ANSWER-A leader facilitates production and distribution. One company controls a variety of distributions and productions. (vertical marketing system) Seven major uncontrollable elements - CORRECT ANSWER-1.Competitive elementsnew and shifting competition 2. Natural/ecological elements: natural resources, increased pollution, supply of raw materials, and practices that support environmental sustainability 3. Political-legal elements: changes in laws, regulatory agency activities, and political movements 4. Socio-cultural elements: the buying behaviors of specific cultures and subcultures, the values of potential customers, the changing roles of families, and other societal trends 5. Demographic elements: changes in the ages of potential customers, birth and death rates, and locations of various groups of people. 6. Technological elements: advances in telecommunications and computer technology 7. Economic elements: changing incomes, unemployment levels, inflation, and recession Competitive elements - CORRECT ANSWER-Uncontrollable element such as new and shifting competition Natural/ecological elements - CORRECT ANSWER-Uncontrollable elements such as natural resources, increased pollution, supply of raw materials, and practices that support environmental sustainability Political-legal elements - CORRECT ANSWER-Uncontrollable elements such as changes in laws, regulatory agency activities, and political movements Socio-cultural elements - CORRECT ANSWER-Uncontrollable elements such as the buying behaviors of specific cultures and subcultures, the values of potential customers, the changing roles of families, and other societal trends Demographic elements - CORRECT ANSWER-Uncontrollable elements such as changes in the ages of potential customers, birth and death rates, and locations of various groups of people. Technological elements - CORRECT ANSWER-Uncontrollable elements such as advances in telecommunications and computer technology Economic elements - CORRECT ANSWER-Uncontrollable elements such as changing incomes, unemployment levels, inflation, and recession Price, Product, Promotion and Place elements. - CORRECT ANSWER-Controllable elements in the marketing environment. Price Fixing - CORRECT ANSWER-companies agree on the same price a product sells at and that product never goes on sale. (type of price ethics) Price Discrimination - CORRECT ANSWER-Giving different prices to different people who are buying the same product. (type of price ethics) Predatory Pricing (Undercutting) - CORRECT ANSWER-prices of products or services are priced low to drive out competitors (type of price ethics) Bait & Switch - CORRECT ANSWER-advertises a low cost product but switches to a product at a higher price. Seller discourages bait. (type of price ethics) Price Gouging - CORRECT ANSWER-drives up the cost of a product to increase profit (type of price ethics) Five steps of marketing planning process - CORRECT ANSWER-Mission Statement, Situations Analysis, Objectives, Strategy Development, and Monitoring & Control Mission Statement - CORRECT ANSWER-Vision statement, why the marketing plan exists, what problem the company wants to fix. (five steps of marketing planning process) Situations Analysis - CORRECT ANSWER-preventing the controllable and uncontrollable elements. Helps understand marketing environment, prospective customer, organization capabilities, and meet market needs. analyze internal and external factors. (five steps of marketing planning process) Objectives - CORRECT ANSWER-Helps team understand goals, Smart: Specific, Measurable, Achievable, Relevant, Time Bound. (five steps of marketing planning process) Strategy Development - CORRECT ANSWER-defines how marketing mix can be used to achieve goals. Strategies align with objectives, Identify target market. (five steps of marketing planning process) Monitoring & Control - CORRECT ANSWER-Tracking progress, measuring performance, and plan the adjustments. Check if products are meeting needs. (five steps of marketing planning process) SWOT analysis - CORRECT ANSWER-As a situation analysis tool that examines the internal (controllable) and external (uncontrollable) factors that impact the organization and its strategies. Internal factors - CORRECT ANSWER-Financial, technical, competition position, human resources, product line factors. Divided into strengths and weaknesses. (Type of SWOT analysis factor) External factors - CORRECT ANSWER-Technology, competition, economic, political, legal, and social trends. Divided into Opportunities and Treats .(Type of SWOT analysis factor) BCG Matrix - CORRECT ANSWER-This Chart is used when a company has many different products or even many different lines of business, strategy becomes more complex. The company needs to not only complete a situation analysis for each business, but also determine which businesses warrant focus and investment.