WGU D077 Questions & Answers With Complete Solutions!!

The role of marketing in a firm's business strategy. - ANSWERSThe 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 - ANSWERSProspecting and Qualifying Approaching customers Presenting and demonstrating the product Handling objections Closing Following up Product Life Cycle Introductory: - ANSWERSLow sales, Little or no profit, Often little to no competition Initiators - ANSWERSIndividuals at an organization who suggest purchasing a product or service Buyers - ANSWERSwho are responsible for the contract organizational buying participants. - ANSWERSInitiators Deciders Buyers End users Gatekeepers Deciders - ANSWERSIndividual(s) at an organization making the final purchase decision, often the person who owns the budget Five Phases of Negotiation - ANSWERS-Investigation information gathering -Determine-thinking through your desired outcome -Presentation-assemble the information -Bargaining-parties discuss their goals -Closure-come to an agreement Influencers - ANSWERSIndividuals at an organization who affect a purchase decision, sometimes brought into the buying process to provide technical expertise Gatekeepers - ANSWERSIndividuals at an organization who control the flow of information to and among others within the buying center; often administrative professionals End users - ANSWERSIndividuals at an organization who will use the product or service to be purchased Negotiation Strategies - ANSWERSDistributive: 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 - ANSWERSMarketing includes the way companies put together product offerings, price them, communicate with customers, and get products from producers to the customer. Tactical marketing - ANSWERSincludes specific actions, such as advertising, to execute a marketing strategy. Influences on Consumer Decision Making - ANSWERS-Personal influences -Interpersonal influences Personal influences - ANSWERSare unique to each consumer in the way they affect decision-making. These influences include needs and motivation, perceptions, learning, and attitude Price Positioning Strategy - ANSWERSPositioning the product as the lowest cost or best value Economy brands Product attributes - ANSWERSquality, features, style and design 2-in-1 shampoo and conditioner Product category Positioning