Marketing The process for discovering unmet customer needs, researching potential markets,
producing goods or services to satisfy targeted customers, promoting, pricing, and distributing.
The organizational function and set of processes for creating, communicating and delivering value
to custome...
WGU C201 Business Acumen Chapter
11, 12, 13: Marketing Already Passed
Marketing ✔✔The process for discovering unmet customer needs, researching potential markets,
producing goods or services to satisfy targeted customers, promoting, pricing, and distributing.
The organizational function and set of processes for creating, communicating and delivering value
to customers, managing customer relations, advocates ideas or viewpoints and educating others.
How does marketing create utility? ✔✔Creates time, place, and ownership utility.
Utility: ability of a good or service to satisfy needs and wants of customer.
Time Utility ✔✔Making a good or service available when a customer wants to purchase it.
Place Utility ✔✔Making a product available in a location that is convenient to customer.
Ownership Utility ✔✔Orderly transfer of goods and services from seller to buyer.
Nontraditional Marketing: Cause Marketing ✔✔Builds awareness.
Raises money for a cause or social issue.
Examples: American Cancer Society, Drug Abuse Prevention, Childhood Hunger, Alternative
Spring Break
Nontraditional Marketing: Place Marketing ✔✔Attracts people to a specific place.
Examples: Commercials that promote tourism to specific states.
Nontraditional Marketing: Event Marketing ✔✔Cultural or charitable performances, athletic
competitions, often forges partnership with for profit sponsor.
Examples: Major League Baseball Games, World Series
,Nontraditional Marketing: Person Marketing ✔✔Attracts attention, interest, preference of target
market toward person.
Examples: Allison Krauss, political campaign, job seekers.
Nontraditional Marketing: Organization Marketing ✔✔Influences consumers to accept goals of
receiving services of, or a contribution to organization.
Seeks to connect with an audience that is most likely to offer time, money, or resources.
Examples: WGU, Postal Service, Army
2 Step Process to Develop a Marketing Strategy ✔✔1. Collecting Data
2. Evaluating Data (Data mining)
Sources of Research Data: Internal ✔✔Within organization
Examples: financial documents and records, unpaid bills, inventory levels, sales from different
categories.
Sources of Research Data: External ✔✔primary and secondary data
Primary Data ✔✔Data collected first hand: observation, surveys, focus groups, social media
activity
Data Mining ✔✔Using computer-based databases to combine data from several different
organizational functions.
Secondary Data ✔✔Previously published data usually cheaper and easy to obtain but sometimes
not current or specific enough.
Example: census
Market Segmentation ✔✔The process of dividing a market into several relatively homogeneous
groups.
, Used by for profits and nonprofits.
Criteria: must be a measurable group, accessible for communication, large enough to offer profit
potential.
Consumer (B2C) Market Segmentation: Geographical ✔✔Geography provides an indication of
needs.
Examples: lawn maintenance, ice scrapers, snow shovels.
Maybe by region, population density, zip code.
Consumer (B2C) Market Segmentation: Demographic ✔✔Most common.
Differences in how people shop and purchasing power.
Age is important factor.
Also gender, income, education, family size, occupation.
Examples: jewelry, skincare, tools, motorcycles.
Consumer (B2C) Market Segmentation: Product Related ✔✔Attributes people seek in a product.
Usage rates
Brand loyalty
Benefits sought.
Examples: comfort, safety, luxury, economy, convenience, durability, gluten free products,
vegetarians.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller dennisgathiru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
