WGU D077 Concepts in Marketing, Sales, and Customer Contact Questions and Answers Graded A+

WGU D077 A/B testing A marketing experiment where two variants of a campaign are tested to see which one is most effective Accommodation Style of handling conflict focused on empathy over self-interest Adaptive selling Using social styles to customize a sales approach to the specific customer administered vertical marketing system Cooperation between levels of a distribution channel where one member sets the terms due to its size and influence advertising Paid form of nonpersonal promotion amiable People with this social style want to know "why" analytical People with this social style want to know "how" artificial intelligence Intelligent machines (computers) capable of learning and interacting attitudes Positive, negative, or ambivalent evaluation of people, objects, event, activities, ideas, or anything else in the environment attributes Characteristics that define a product and will influence the customer's purchase decision Avoidance Style of handling conflict with little empathy or self-interest B2B sales Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers Bait and switch Fraudulent practice where an advertised product is unavailable so a customer is guided to a more expensive one Bargaining power of buyers One of Porter's Five Forces—the power of customers to drive down prices if supply exceeds demand Bargaining power of suppliers One of Porter's Five Forces—the power of suppliers when there are few alternative sources for the products' components Bargaining The fourth phase in the negotiation process, where the parties seek an agreement BCG Matrix Planning tool which uses a quadrant to map the strategic position of a business brand based on the brand's market share and the market's growth potential behavioral observation Primary marketing research technique involving formal or informal observation of customers and noncustomers boycott Voluntary and intentional refusal to buy products from a certain person, company, or country for ethical or political reasons brand equity One of the drivers of customer equity, based on how the customer assesses the value of the brand brand loyalty The faithfulness of customer's to a particular company and its products brand The unique identity and associations of a company, often captured in a design, sign, symbol, or words that identify a product and differentiate it from competitors Bundling Grouping related products together and pricing them as a single product. business cycle Expansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend business to business (B2B) Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers business to consumer (B2C) Sales directly to the individuals who consume a finished product business-to-business (B2B) Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers business-to-consumer (B2C) Sales directly to the individuals who consume a finished product for personal use Buyers Individuals at an organization who are responsible for the purchase contract, often a purchasing department buying center Group of decision makers for a purchase by an organization Channel conflict When a company sells products directly to consumers, in competition with the company's own channel partners Closed-ended questions Questions where a researcher provides a set of options from which to choose a response, also called structured questions Closure The final phase of negotiation, where an agreement is reached or the negotiation fails cognitive dissonance Mental discomfort triggered by holding two or more contradictory beliefs, ideas, or values Collaboration Style of handling conflict with high concern for both empathy and self- interest Competition Style of handling conflict focused on self-interest over empathy Competitive pricing strategy Setting the price for a product or service relative to competitors Compromise Middle-ground style of handling conflict Concentrated marketing Targeting strategy that focuses on a very limited, specific segment(s) of the market, also called niche marketing consultative selling Sales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand her needs consumer behavior The study of individuals, groups, or organizations and all the activities associated with the purchase, use, and disposal of goods and services consumer confidence Statistical measure of consumers' level of optimism about current and future economic conditions Consumer involvement Level of consumer interest, search, or complex decision- making consumer The user of a purchased product or service consumers The user of a purchased product or service Content marketing Promotion through the creation and sharing of messages and materials designed to stimulate interest in a product contractual vertical marketing system Cooperation between levels of a distribution channel as described by a formal agreement cookies A small packet of information stored on your web browser to help a website keep track of your visits and activity Corporate Social Responsibility (CSR) Way of conducting business with commitment to the values, norms, and expectations of society for social responsibility corporate vertical marketing system Ownership by a single company of all levels of production and distribution culture The customs, arts, social institutions, beliefs, and value systems of a particular people, nation, or social group customer equity The combined customer lifetime values of all the company's customers customer life cycle The steps in the customer relationship with a company, from initial contact to loyalty Customer lifetime value The total profit a company expects to gain from a customer throughout the relationship Customer relationship management (CRM) Processes implemented by a company to handle its contact with customers with the goal of creating a unified customer experience to maximize retention customer satisfaction A measure of how products or services delivered by a company meet or exceed customer expectations customer The purchaser of a product or service