WGU D077 - Cohort 2 Questions and Answers

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WGU D077 - Cohort 2 Questions and Answers Quantitative Data - ✔✔ * Numerical data Qualitative Data - ✔✔ * Descriptive data Primary Market Research - ✔✔ * First hand data direct from sou ... rce -- Interviews -- Questionnaires -- Surveys -- Mystery shopping -- Product Tests -- Focus groups Secondary Market Research - ✔✔ * Data collected from other sources -- Sales reports -- Trade associations -- Census data -- Websites -- Previous market research -- Competitive Intelligence Research Ethics - ✔✔ * Privacy * Confidentiality Growth Strategies - ✔✔ * Increase Market Share * Increase Profits * Increase Volume * Economies of Scale * Learning Curve Advantages Market Penetration - ✔✔ * Existing market and products Product Development - ✔✔ * New product * Existing market Market Development - ✔✔ * Existing product * New market Diversification - ✔✔ * New market and products * Increases risk Market Penetration Strategies - ✔✔ * Pricing strategy * Price adjustments* Increase promotions * Improving product Market Development Strategies - ✔✔ * New geographical markets * New product packaging or size * New distribution channels * New market segment created by different pricing Product Development Strategies - ✔✔ * Sell to same customers Customer Relationship Management - ✔✔ * Combination of policies, processes, and strategies that unifies customer interactions * Provides a mechanism for tracking customer information * Meets needs of customer * Relies on customer data CRM - ✔✔ * Loyalty, Service, and Reliability * Improvement and Satisfaction * Marketing, Quality, and Support CRM Benefits - ✔✔ * Improved Customer Relations * Increase Customer Revenues * Knowledge Sharing * Better Internal Communication * Documentation & Reporting * Optimize Sales and Marketing * Maximize Organizational Performance [Show More]

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