C712 WGU Marketing Fundamentals (1) Exam Review, 100% coverage and mastery, rated A+. latest Version.

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C712 WGU Marketing Fundamentals (1) Exam Review, 100% coverage and mastery, rated A+. latest Version. Marketing - ✔✔-the activity, set of institutions, and processes for creating, communicatin... g, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Marketing Mix - ✔✔-the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market Utility - ✔✔--Ability or capacity of a good or service to be useful and give satisfaction to someone. -Value creation - satisfying the consumers need -All organization must create utility to survive - must fulfill consumer need Four types of Utility - ✔✔-form, time, place, ownership Form Utility - ✔✔--the value producers add to materials in the creation of finished goods and services -Organization Function - Production - finished good or service - i.e., Dinner at Applebee's, Levis Jeans Time Utility - ✔✔-Availability of goods and services when consumers want them -Org. function - Marketing -i.e., Dental appt, digital photos place utility - ✔✔-Availability of goods and services at convenient locations -Org. function - Marketing -i.e., Technicians available at an auto repair facility, onsite day care Ownership (Possession) Utility - ✔✔-Ability to transfer title to goods or services from marketer to buyer -Org. function - Marketing i.e., Retail sales (in exchange for currency, credit, or debit card pmt) 8 functions of marketing - ✔✔-Exchange - buying, selling, Physical Distribution - transporting, storing, Facilitating - Standardizing & grading, financing, marketing research, risk taking Marketing Planning - ✔✔-Strategic Planning - the process of formulating appropriate strategies (primary objectives) & actions to success - Long-term planning and Market Planning - preparing marketing activities that fit within a firm's overall strategy Tactical Planning - ✔✔--short-term planning -Guides the implementation of the activities specified in the strategic plan -to do's - implement specific -Action statements -The "who" will do "what" by "when" -i.e., cutting menu items to sped customer service, using fresh beef instead of frozen operational planning - ✔✔-very specific, short-term planning that applies tactical plans to daily, weekly, and monthly operations corporate level strategy - ✔✔-sp)ecifies actions a firm takes to gain a competitive advantage by selecting and managing a group of different businesses competing in different product markets 6 steps in the marketing planning process - ✔✔--Corporate Level - Strategic Planning -Define the mission of the Org. - overall scope - Essential purpose differentiates one company from another -Determine Organizations Objectives(smart obj, i.e., 15% profit by the end of the year) -Assess org. resources & evaluate environment risks & opportunities Business Level -Marketing Planning -Formulate strategy (target market - 4 Ps) -Implement strategy, through operating plans -Monitor & adapt strategies when necessary based on feedback Strategic Planning - ✔✔--Long-term -conceptual, path for achieving a goal -The "what" you will do to be successful -McD will deliver great tasting high-quality food with better svc each & every time Porter's Five Forces - ✔✔-threat of entry - internet reduces barriers to entry, increases competition threat of substitute - can lure customers to other products, internet creates new sub threats supplier power - can increase costs or reduce selection, internet tends to increase bargaining power buyer power - can depress prices, internet shifts greater power to the end consumers competitive rivalry - Direct competition, can bring about price wars or divert companies from their main goals, internet blurs difference among competitors, Direct Competition - ✔✔-the rivalry between two companies that offer similar products and services, acknowledge each other as rivals, and act and react to each other's strategic actions Same/Same (horizontal) i.e., southwest air, united air Indirect Competition - ✔✔-Rivalry between or among businesses that offer dissimilar goods or services i.e. Southwest airlines vs. trains, car, ship First Mover Strategy - ✔✔-Capturing the greatest market share Developing long-term relationships with customers Disadvantages - More investment Risky - mistakes more common i.e., MySpace second mover strategy - ✔✔-Theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the marketplace. 2nd to enter market(follower) -learn from leader & their mistakes -less resource intensive Disadvantages - Hard to capture market share i.e., Dasani Water(only bc it is a Coca Cola brand and already has distribution advantages) SWOT analysis - ✔✔-a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats Strengths - Internal- vulnerabilities - controllable -Cost advantages -Financial resources -customer loyalty -modern production facility -Patents Weaknesses - Internal - constraints - controllable -Too narrow a product line -lack of management depth -high cost operation, b/c high labor cost & obsolete production facilities -inadequate finance capabilities -weak market image Opportunities - External - constraints - uncontrollable -Add to product line -enter new markets -acquire firms with needed technology Threats - external - vulnerabilities - uncontrollable -changing buyers tastes -likely entry of new competitors -adverse gov't policies 2 Basic elements of marketing strategy - ✔✔-Target market - group of people toward whom a company decides to direct its marketing efforts Marketing Mix - 4Ps - blends four strategy elements to fit the needs and preferences of a specific market Types of Competition marketers face - ✔✔-- direct competition - same/same - marketers of similar products - indirect - competition among goods or services that can be substituted for one another - Consumer dollar - competition among all organizations that vie for the consumers purchasing power. 5 environmental forces - ✔✔-1. Social-cultural 2. Economic 3. Technological 4. Competitive 5. Regulatory(political-legal) Monopoly Competition - ✔✔--No competition -no product differentiation -High price control by seller -A market in which there are many buyers but only one seller. Oligopoly Competition - ✔✔--Few competition -low-med/minimal product differentiation -med-med high price control by seller a market structure in which only a few sellers offer similar or identical products monopolistic competition - ✔✔--many competitors -High differentiation -moderate price control by sellers A market structure in which barriers to entry are low and many firms compete by selling similar, but not identical, products. Pure competition - ✔✔--Very many competitors -low differentiation -very low price control by sellers i.e. commodiities - corn, wheat, etc. Technology Environment - ✔✔-forces that create new technologies, creating new product and market opportunities -application of knowledge based on discoveries in science, inventions, & innovations -leads to new & improved products -grows out of research performed by gov't, non-profits, private businesses, & educational institutions i.e., Kindle changed how we read books(affected things are books, bookstores, newspapers, etc.) Political-Legal environment - ✔✔--laws impacting businesses relate to: --maintaining a competitive environment --regulating competition --protecting consumers --deregulating specific industries --Gov't is potentially large customer (B2B) Sherman Anti-trust Act, Clayton Act FTC(Federal Trade Commission) - ✔✔-Antimonopoly Robinson-Patman Act - ✔✔-Laws regulating competition -Federal Law prohibiting price discrimination -Prohibits selling below cost to eliminate competition i.e., can't charge 2 different people, 2 diff prices just because Product Safety Act, Fair Packaging Label Do Not Call Registry - ✔✔-Regulations/Laws protecting Consumers Industry Deregulation - ✔✔-Banking, Airlines, Trucking & RR Unfair Trade Laws(State Laws) - ✔✔--Requires sellers to maintain Minimum price for Comparable merchandise -Intended to protect "Mom and Pops" stores, small specialty shops, Fair Trade Laws (State Laws) - ✔✔-Allows mfrs to stipulate minimum retail prices for products Laws no longer valid - due to Consumer Goods Pricing Act (1975) - limiting distr. Social-Cultural Environment - ✔✔--Business must adapt to shifting demographics & changing values -meet shifting needs of consumers -Current trends: --Baby boomers approaching/entering retirement --Increasing importance of cultural diversity --Growing concern with the natural environment --Value time with friends & family --Growing consumerism Economic Business Cycle Stage - ✔✔--Prosperity - Add products, increase promo, expand dist -Recession - lower prices, increase promo, launch value priced products -Depression - consumer spending at lowest level, Gov't intervention -Recovery - Consumers cautious, hold down costs Social Media platforms - ✔✔--websites -Type of software or tech allows users to build, integrate, or facilitate a community, interaction among users, and user-generated content -includes social networking sites, bookmarketing sites, social news sites, etc. FB, Instagram - Social Networking (sharing info) Pinterest - Bookmarking Sites (recipes, DIY) Reddit - Social News Sites (ppl voting) Tumblr - Blogging Sites Twitter - Microblogs Social Media Tools - ✔✔--Things used on the website - Apps, software -Enables users to communicate with each other online i.e Apps, blogs, postings, video shares, etc. YouTube - Media sharing Tweet - Blog/microblog postings Apps shortcuts to platform QR Codes - info about the product - link to platform Why is social media important to marketers? - ✔✔--Important tool for marketers to: --Build relationships with customers (current & future) --Strengthen bonds --launch new products --enter new markets --boost sales How Social media affects Consumer buying decisions? - ✔✔--learn about new goods & services -conduct research & share info -final purchase decisions Business use Social Media to - ✔✔--gather relevant market insights -improve search rankings -form new business partnerships Social Media Marketing Plan (SMM) - ✔✔-1-Executive Summary-Who,what,when,where,how & why 2-Brief overview 3-Analysis Competition 4-Body of Plan - 2 parts a - Goals/Strategies, Target market, Budget w/expected returns, b-Implementation, Monitoring, Management E-Marketing Strategy - ✔✔-Strategic process of creating, distributing, promoting & pricing G&S to a target market over the Internet or through digital tools Opportunities of E-Marketing - ✔✔-Global reach, Personalization, Interactive marketing, Right-time marketing, Integrated marketing Global Reach - ✔✔-the ability to reach anyone connected to the internet anywhere in the world Personalization - ✔✔-the consumer-initiated practice of generating content on a marketer's website that is custom tailored to an individual's specific needs and preferences interactive marketing - ✔✔-two-way buyer-seller electronic communication in a computer-mediated environment - interactive kiosks Right-time marketing (Capabilities) - ✔✔-the ability to provide a product at the exact time needed Integrated Marketing - ✔✔-coordination of all promotional activities to produce a unified, customerfocused promotional message online consumers - ✔✔-the subsegment of all internet users who employ this technology to research products and services and make purchases -More than 60% online shoppers are women -Those under 45 spend more time online -More than 1/2 those online make at least one online purchase a month -More than 60% research online before buying in-store -More than 1/2 of online shoppers use mobile devices for purchases E-Marketing Challenges - ✔✔--safety of online pmts -privacy issues -fraud & scams - phishing, vishing, smishing -site design & customer service - if poorly designed or no 800# -channel conflicts & copyright disputs B2B e-marketing - ✔✔-Use of the Internet for business transactions between organizations. -Electronic Data Interchange (EDI) computer-to-computer, must have compatible hardware & software, exchanges of info(price quotes, purchase orders, invoices, etc.) -Extranets - secure networks, accessible by external customers, suppliers & other authorized users -Private Exchanges - secure website where businesses & suppliers can share data & collaborate digital tools for the E-Marketer - ✔✔--onli [Show More]

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