WGU D077 Learning objectives Questions and Answers Graded A+

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WGU D077 Learning objectives Questions and Answers Graded A+ The role of marketing in a firm's business strategy. ✔✔ The role of the company's marketing department is to ensure that the company ... and its products provide value to the customers it wants to attract. Name the 6 steps in the sales process ✔✔ Prospecting and Qualifying Approaching customers Presenting and demonstrating the product Handling objections Closing Following up Product Life Cycle Introductory: ✔✔ Low sales, Little or no profit, Often little to no competition Initiators ✔✔ Individuals at an organization who suggest purchasing a product or service Buyers ✔✔ who are responsible for the contract organizational buying participants. ✔✔ Initiators Deciders Buyers End users Gatekeepers Deciders ✔✔ Individual(s) at an organization making the final purchase decision, often the person who owns the budget Five Phases of Negotiation ✔✔ -Investigation information gathering -Determine-thinking through your desired outcome -Presentation-assemble the information -Bargaining-parties discuss their goals -Closure-come to an agreement Influencers ✔✔ Individuals at an organization who affect a purchase decision, sometimes brought into the buying process to provide technical expertise Gatekeepers ✔✔ Individuals at an organization who control the flow of information to and among others within the buying center; often administrative professionals End users ✔✔ Individuals at an organization who will use the product or service to be purchased Negotiation Strategies ✔✔ Distributive: Divide the pie (win-lose) Integrative: Collaborate to expand the pie (win-win) Inductive: Start with details Deductive: Start with the big picture Mixed: Focus on key details and big picture items Define Marketing ✔✔ Marketing includes the way companies put together product offerings, price them, communicate with customers, and get products from producers to the customer. Tactical marketing ✔✔ includes specific actions, such as advertising, to execute a marketing strategy. Influences on Consumer Decision Making ✔✔ -Personal influences -Interpersonal influences Personal influences ✔✔ are unique to each consumer in the way they affect decision-making. These influences include needs and motivation, perceptions, learning, and attitude Price Positioning Strategy ✔✔ Positioning the product as the lowest cost or best value Economy brands Product attributes ✔✔ quality, features, style and design 2-in-1 shampoo and conditioner Product category Positioning strategy ✔✔ Positioning a product where there is strong recognition for the category and brand Tesla, the elite car brand for the environmentally conscious Product User Positioning Strategy ✔✔ Positioning a product for a specific user group Johnson & Johnson baby products Product application positioning strategy ✔✔ Positioning a product based off of how it is used as the best option for that specific task and use Specific brand of greeting card for a special occasion (such as Hallmark) competition positioning strategy ✔✔ Positioning the product against a competitor Cell phone operating systems (Android versus iOS) Quality Positioning Strategy ✔✔ Positioning the product as the highest quality Top-tier hotel brand, such as Ritz-Carlton [Show More]

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