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WGU C712 Marketing Fundamentals WRM. Exam Questions with accurate answers, graded A+.

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WGU C712 Marketing Fundamentals WRM. Exam Questions with accurate answers, graded A+. marketing - ✔✔-the production and marketing of goods and services form utility - ✔✔-the activity, se... t of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have values for customers, clients, partners, and society at large four types of utility - ✔✔-form time place ownership eight universal functions of marketing - ✔✔-buying selling transporting storing standardizing and grading financing risk taking securing marketing information three groupings of the eight universal functions - ✔✔-exchange physical distribution facilitating exchange functions - ✔✔-buying and selling physical distribution functions - ✔✔-transporting and storing facilitating functions - ✔✔-standardizing and grading financing risk taking securing marketing information two basic elements of a marketing strategy - ✔✔-the target market and marketing mix variables marketing mix - ✔✔-Product Price Place Promotion target market - ✔✔-one or more specific groups of potential consumers toward which an organization directs its marketing program Porter's Five Forces - ✔✔-potential new entrants bargaining power of buyers bargaining power of suppliers threat of substitute products rivalry among competitors Potential new entrants sometimes are blocked by the cost or difficulty of entering a market - ✔✔-how would potential new entrants affect a firm's overall marketing strategy? The number of suppliers available to a manufacturer or retailer affects their bargaining power - ✔✔-how would bargaining power of buyers affect a firm's overall marketing strategy? If customers have the opportunity to replace a company's products with goods or services from a competing firm or industry, the company's marketers may have to find a new market, change prices, or compete in other ways to maintain an advantage - ✔✔-how would threat of substitute products affect a firm's overall marketing strategy [Show More]

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