WGU D077 Concepts in Marketing, Sales, and Customer Contact Diagram with 100% accurate solutions + detailed rationales

A/B testing

A marketing experiment where two variants of a campaign are tested to see which one is most effective

Accommodation

Style of handling conflict focused on empathy over self-interest

Adaptive selling

Using social styles to customize a sales approach to the specific customer

administered vertical marketing system

Cooperation between levels of a distribution channel where one member sets the terms due to its size and influence

advertising

Paid form of nonpersonal promotion

amiable

People with this social style want to know "why"

analytical

People with this social style want to know "how"

artificial intelligence

Intelligent machines (computers) capable of learning and interacting

attitudes

Positive, negative, or ambivalent evaluation of people, objects, event, activities, ideas, or anything else in the environment

attributes

Characteristics that define a product and will influence the customer's purchase decision

Avoidance

Style of handling conflict with little empathy or self-interest

B2B sales

Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers

Bait and switch

Fraudulent practice where an advertised product is unavailable so a customer is guided to a more expensive one

Bargaining power of buyers

One of Porter's Five Forces—the power of customers to drive down prices if supply exceeds demand

Bargaining power of suppliers

One of Porter's Five Forces—the power of suppliers when there are few alternative sources for the products' components

Bargaining

The fourth phase in the negotiation process, where the parties seek an agreement

BCG Matrix

Planning tool which uses a quadrant to map the strategic position of a business brand based on the brand's market share and the market's growth potential

behavioral observation

Primary marketing research technique involving formal or informal observation of customers and noncustomers

boycott

Voluntary and intentional refusal to buy products from a certain person, company, or country for ethical or political reasons

brand equity

One of the drivers of customer equity, based on how the customer assesses the value of the brand

brand loyalty

The faithfulness of customer's to a particular company and its products

brand

The unique identity and associations of a company, often captured in a design, sign, symbol, or words that identify a product and differentiate it from competitors

Bundling

Grouping related products together and pricing them as a single product.

business cycle

Expansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend

business to business (B2B)

Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers

business to consumer (B2C)

Sales directly to the individuals who consume a finished product

business-to-business (B2B)

Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers

business-to-consumer (B2C)

Sales directly to the individuals who consume a finished product for personal use

Buyers

Individuals at an organization who are responsible for the purchase contract, often a purchasing department

buying center

Group of decision makers for a purchase by an organization

Channel conflict

When a company sells products directly to consumers, in competition with the company's own channel partners

Closed-ended questions

Questions where a researcher provides a set of options from which to choose a response, also called structured questions

Closure

The final phase of negotiation, where an agreement is reached or the negotiation fails

cognitive dissonance

Mental discomfort triggered by holding two or more contradictory beliefs, ideas, or values

Collaboration

Style of handling conflict with high concern for both empathy and self-interest

Competition

Style of handling conflict focused on self-interest over empathy

Competitive pricing strategy

Setting the price for a product or service relative to competitors

Compromise

Middle-ground style of handling conflict

Concentrated marketing

Targeting strategy that focuses on a very limited, specific segment(s) of the market, also called niche marketing

consultative selling

Sales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand her needs

consumer behavior

The study of individuals, groups, or organizations and all the activities associated with the purchase, use, and disposal of goods and services

consumer confidence

Statistical measure of consumers' level of optimism about current and future economic conditions

Consumer involvement

Level of consumer interest, search, or complex decision-making

consumer

The user of a purchased product or service

consumers

The user of a purchased product or service

Content marketing

Promotion through the creation and sharing of messages and materials designed to stimulate interest in a product

contractual vertical marketing system

Cooperation between levels of a distribution channel as described by a formal agreement

cookies

A small packet of information stored on your web browser to help a website keep track of your visits and activity

Corporate Social Responsibility (CSR)

Way of conducting business with commitment to the values, norms, and expectations of society for social responsibility

corporate vertical marketing system

Ownership by a single company of all levels of production and distribution

culture

The customs, arts, social institutions, beliefs, and value systems of a particular people, nation, or social group

customer equity

The combined customer lifetime values of all the company's customers

customer life cycle

The steps in the customer relationship with a company, from initial contact to loyalty

Customer lifetime value

The total profit a company expects to gain from a customer throughout the relationship

Customer relationship management (CRM)

Processes implemented by a company to handle its contact with customers with the goal of creating a unified customer experience to maximize retention

customer satisfaction

A measure of how products or services delivered by a company meet or exceed customer expectations

customer

The purchaser of a product or service

customers

The purchasers of a good or service

Database marketing organizations

Companies (also known as customer insights service providers) that collect and analyze massive data sets on consumers which can be used as secondary data for marketing research

deception

Hiding the truth, especially to get an advantage

Deciders

Individual(s) at an organization making the final purchase decision, often the person who owns the budget

deductive

Negotiating by beginning with the big picture then turning to details

Demographic segmentation

Dividing the market into subgroups based on demographic data such as age, education, gender, or income

Determining Your Desired Outcome

The second phase in the negotiation process, where you define what you would like to get from the negotiation, also called a Best Alternative to a Negotiated Agreement (BATNA)

differentiated marketing

Targeting strategy where a company provides separate offerings to each different market segment that it targets

digital marketing

All of a company's marketing efforts that use an electronic device or the Internet

Direct distribution

Sale of products from the producer to the end user without an intermediary

Distribution channels

Chain of intermediaries through which a good or service moves from the producer to reach the end consumer

Distribution

Process of acquiring raw materials and moving materials and finished products from the producer to customers

distributive view

Win-lose negotiation that sees the situation as a fixed pie to be divided

diversification

Growth strategy that focuses on creating new products for expansion into new markets

driver

People with this social style want to know "what"

Dual Concern Model

Maps five styles of handling conflict on a grid according to their degree of cooperation or assertiveness

E-commerce

Buying and selling of goods and services over the Internet using websites and/or mobile applications

End users

Individuals at an organization who will use the product or service to be purchased

environmental sustainability

Processes that are capable of being continued with minimal long-term effect on the environment

esteem needs

Human requirement to feel respected and valued by others as well as yourself

Ethical consumerism

Type of consumer activism where ethical products are favored and unethical products or companies are avoided

Ethnographic research

Study through direct observation of users in their natural environment (as opposed to a laboratory environment)

experiential learning

Changes in behavior in response to direct experience; learning as a reflection on doing

experimental research

Primary marketing research technique that explores the impact of one or more factors, such as the comparison of two marketing campaigns

expressive

People with this social style want to know "who"

extended problem solving

Complex, high-involvement purchase decision process with significant investment in information searching and product comparison

External factors

Factors an organization may be able to influence, but not control (such as technology innovations, competition, economic trends, and government policies) a company, which can represent opportunities or threats

fair trade

Organized social movement that seeks to help producers in developing countries achieve better trading conditions while promoting sustainability

focus groups

Primary marketing research technique using small groups to delve deeply into a topic of interest

Gatekeepers

Individuals at an organization who control the flow of information to and among others within the buying center; often administrative professionals

generation gaps

Differences in outlook, opinions, values, and cultural norms between people of different generations

Geographic segmentation

Dividing the market into sub-groups based on region or geographic characteristics

good

Physical product offering manufactured by a business

Groupthink

Psychological phenomenon in which individual members of a group accept a viewpoint or conclusion that represents a perceived group position (even when it conflicts with their own beliefs or judgment)

Guerilla marketing

Innovative, unconventional promotional tactics that engage customers through unique experiences

hard selling

Sales approach using psychological pressure and insistent language to push a customer to a quick purchase decision

high-involvement decisions

Complex purchase decisions that are important to the consumer and involve some risk

Implementation

Process of implementing the marketing strategy through specific actions or tactics

in-depth interviews

Primary marketing research technique using structured one-on-one conversations to delve deeply into a topic of interest

Indirect distribution

Sale of products where intermediaries assist in moving goods and services from producers to end users

individual marketing

Targeted micromarketing focused on the needs of individuals, sometimes call mass customization or one-to-one marketing

inductive

Negotiating by beginning with details and working up to a larger agreement

inflation

General increase in prices of goods and services over time and decrease in the purchasing power of money