WGU C712 Marketing Fundamentals Latest Update 100% Pass
Eight Universal Marketing Functions A.Exchange
- Buying
- Selling
- Physical Distribution
- Transporting
- Storing
C.Facilitating
- Standardizing and Grading
- Financing
- Risk Taking
- Securing Marketing Information
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Utility Ability or capacity of a good or service to be useful and give satisfaction to someone.Marketing Mix Product, Price, Place, Promotion Marketing The activity, set of institutions, and processes for creating, communicating, delivering, and managing customer relationships in ways that have value for customers, clients, partners, and society at large.Four Types of Utility Form, time, place, ownership.Form Utility (Production) converting raw materials and other inputs into finished goods and services.
Ex: Dinner at a restaurant, cell phone, jeans.
Time Utility (Marketing) Availability of goods and services when consumers want them.
Ex: Dental appointments; digital photographs, 1-800-PetMeds guarantee; UPS next day air.Place Utility (Marketing) 2 / 3
Availability of goods and services at convenient locations.
Ex: Auto techs, onsite daycare, banks in grocery stores.
Planning Anticipating future events and conditions and determining the best way to achieve organizational objectives.Marketing Planning Implementing planning activities devoted to achieving marketing objectives.Relationship Marketing Developing long-term, cost-effective associations with key customers and suppliers for mutual benefit.Strategic Planning The process of determining an organization's primary objective, adopting courses of action to achieve these objectives, and provides long-term directions for its decision makers.Tactical Planning Guides the implementation of activities specified in the strategic plan Addresses shorter-term actions Six Steps In the Marketing Planning Process
- Define Firm's Mission.
- Determine Firm's Objectives.
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