WGU C712- Marketing Fundamentals Latest 2023 Graded A
Utility ✔✔The ability of any good or service to satisfy consumer wants.
Marketing ✔✔The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Exchange Process ✔✔Activity in which two or more parties give something of value to each other to satisfy perceived needs.
Production Orientation ✔✔A philosophy stressing efficiency in producing a quality product, with the attitude toward marketing that " a good product will sell itself."
Sales Orientation ✔✔Belief that consumers will resist purchasing nonessential goods and services, with the attitude toward marketing that only creative advertising and personal selling can overcome consumers' resistance and persuade them to buy.
Seller's Market ✔✔A market in which there are more buyers for fewer goods and services. 1 / 3
Buyer's Market ✔✔A market in which there are more goods and services than people willing to buy them.
Consumer Orientation ✔✔The business philosophy that advocates determining what consumers want and need, and then designing products to satisfy those needs.
Marketing Concept ✔✔a business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives.
Relationship Marketing ✔✔Development and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partners for mutual benefit.
Marketing Myopia ✔✔Management's Failure to recognize the scope of its business. - Product- oriented rather than customer-oriented.
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Bottom Line ✔✔The most obvious distinction between not-for-profit organizations and for- profit firms - Reference to overall company profitability.
Person Marketing ✔✔Marketing efforts designed to cultivate the attention, interest, and preferences of a target market toward a person (perhaps a political candidate or celebrity).
Place Marketing ✔✔Marketing efforts to attract people and organizations to a particular geographic area.
Cause Marketing ✔✔Identification and marketing of a social issue, cause, or idea to selected target markets.
Event Marketing ✔✔Marketing of sporting, cultural, and charitable activities to selected target markets.
Organization Marketing ✔✔Marketing by mutual-benefit organizations, service organizations, and government organizations intended to persuade others to accept their goals, receive their services, or contribute to them in some way
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