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WGU C712 Marketing Fundamentals
1.Planning: Process of anticipating future events and conditions and of
determin- ing the best way to achieve organizational objectives.
2.Marketing Planning: Implementing planning activities devoted to
achieving marketing objectives.
3.Strategic Planning: Process of determining an organization's
primary objec- tives and adopting courses of action that will achieve these objectives.
4.Tactical Planning: Planning that guides the implementation of
activities speci- fied in the strategic plan.
5.Mission: Essential purpose that differentiates one company from
others.
6.Marketing Strategy: Overall, company wide program for selecting a
particular target market and then satisfying consumers in that market through the marketing mix. 1 / 4
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7.Porter's Five Forces: Model developed by strategy expert Michael
Porter that identifies five competitive forces that influence planning strategies.
8.First Mover Strategy: Theory advocating that the company first to
offer a product in a marketplace will be the long-term market winner.
9.Second Mover Strategy: Theory that advocates observing closely
the inno- vations of first movers and then improving on them to gain advantage in the marketplace.
10.SWOT Analysis: Review that helps planners compare internal
organizational strengths and weaknesses with external opportunities and threats.
11.Strategic Window: Limited periods when key requirements of a
market and a firm's particular competencies best fit together.
12.Marketing Mix: Blending of the four strategy elements—product,
distribution, promotion, and pricing—to fit the needs and preferences of a specific target market.
13.strategic business units (SBUs): Key business units within diversified 2 / 4
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firms.
14.Environmental scanning: Systematic study of the components of a
purchase to determine the most cost-effective approach.
15.Environmental Management: Assessment of supplier performance in
cate- gories such as price, back orders, timely delivery, and attention to special requests.
16.Strategic Alliance: Partnership in which two or more companies
combine resources and capital to create competitive advantages in a new market. 3 / 4
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17.competitive environment: Interactive process that occurs in the
marketplace among marketers of directly competitive products, marketers of products that can be substituted for one another, and marketers competing for the consumer's purchasing power.
18.Monopoly: Market structure in which a single seller dominates trade
in a good or service for which buyers can find no close substitutes.
19.Antitrust: Laws designed to prevent restraints on trade such as
business monopolies.
20.oligopoly: Market structure in which relatively few sellers compete
and where high start-up costs form barriers to keep out new competitors.
21.Competitive Strategy: Methods through which a firm deals with its
competi- tive environment.
22.Time Based Competitition: Strategy of developing and distributing
goods and services more quickly than competitors.
23.political-legal environment: Component of the marketing
environment con- sisting of laws and their interpretations that require firms to operate under compet- itive conditions and to protect
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