WGU C201 Business Acumen Chapter
11, 12, 13: Marketing
Marketing (Ans- The process for discovering unmet customer needs, researching potential markets, producing goods or services to satisfy targeted customers, promoting, pricing, and distributing.The organizational function and set of processes for creating, communicating and delivering value to customers, managing customer relations, advocates ideas or viewpoints and educating others.
How does marketing create utility?(Ans- Creates time, place, and ownership utility.
Utility: ability of a good or service to satisfy needs and wants of customer.
Time Utility (Ans- Making a good or service available when a customer wants to purchase it.
Place Utility (Ans- Making a product available in a location that is convenient to customer.
Ownership Utility (Ans- Orderly transfer of goods and services from seller to buyer.
Nontraditional Marketing: Cause Marketing
(Ans- Builds awareness.Raises money for a cause or social issue.
Examples: American Cancer Society, Drug Abuse Prevention, Childhood
Hunger, Alternative Spring Break
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Nontraditional Marketing: Place Marketing
(Ans- Attracts people to a specific place.
Examples: Commercials that promote tourism to specific states.
Nontraditional Marketing: Event Marketing
(Ans- Cultural or charitable performances, athletic competitions, often forges partnership with for profit sponsor.
Examples: Major League Baseball Games, World Series
Nontraditional Marketing: Person Marketing
(Ans- Attracts attention, interest, preference of target market toward person.
Examples: Allison Krauss, political campaign, job seekers.
Nontraditional Marketing: Organization Marketing
(Ans- Influences consumers to accept goals of receiving services of, or a contribution to organization.Seeks to connect with an audience that is most likely to offer time, money, or resources.
Examples: WGU, Postal Service, Army
- Step Process to Develop a Marketing Strategy
- Collecting Data
- Evaluating Data (Data mining)
(Ans-
Sources of Research Data: Internal
(Ans- Within organization
Examples: financial documents and records, unpaid bills, inventory levels,
sales from different categories.
Sources of Research Data: External
(Ans- primary and secondary data
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Primary Data
(Ans- Data collected first hand: observation, surveys, focus groups, social
media activity
Data Mining (Ans- Using computer-based databases to combine data from several different organizational functions.
Secondary Data (Ans- Previously published data usually cheaper and easy to obtain but sometimes not current or specific enough.
Example: census
Market Segmentation (Ans- The process of dividing a market into several relatively homogeneous groups.Used by for profits and nonprofits.
Criteria: must be a measurable group, accessible for communication, large
enough to offer profit potential.
Consumer (B2C) Market Segmentation: Geographical
(Ans- Geography provides an indication of needs.
Examples: lawn maintenance, ice scrapers, snow shovels.
Maybe by region, population density, zip code.
Consumer (B2C) Market Segmentation: Demographic
(Ans- Most common.Differences in how people shop and purchasing power.Age is important factor.Also gender, income, education, family size, occupation.
Examples: jewelry, skincare, tools, motorcycles.
Consumer (B2C) Market Segmentation: Psychographic
(Ans- Lifestyle portraits.Motivation for purchases
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