WGU D077 Study Guide
Integrated Marketing Communications - coordinating the promotion mix elements and
synchronizing promotion as a unified effort
Marketing - The Activity, set of institutions, and process for creating, communicating,
delivering and exchanging offerings that have value for consumers. Also a business
function that identifies, satisfies, and retains customers through a set of activities related
to creating, communicating, delivering, and exchanging offerings that have value for the
customer.
Marketing Mix (4 P's) - Product, Place, Price, Promotion
Product Life Cycle - describes the stages a new product goes through in the
marketplace: introduction, growth, maturity, and decline
The Introduction stage of the product life cycle is characterized by - Low sales, Little
or no profit, and Often little to no competition
The growth stage of the product life cycle is characterized by - Increasing sales,
Rapidly increasing profits, Market has accepted the product and competitors begin to
enter the market
The maturity stage of the product life cycle is characterized by - High Sales, High then
declining profits, High level of competition, may be difficult for original company to
compete
The decline stage of the product life cycle is characterized by - Declining Sales,
Declining Profit, and Competitive pressure remains high and demand falls
product mix - The complete range of products offered for sale by a company
throughout its product lines, also known as the product assortment
product lines - Series of similar products focused on a sector that a company creates
under a single brand
product depth - Number of versions offered for each product in the product line
product width - The number of different product lines, or series of products a company
offers
, price skimming - Intentionally pricing a new product offering high with the intention of
lowering it over time as competition grows, particularly in the case of a unique offering
with little or no competition at the outset (Pricing Strategy)
penetration pricing - Intentionally pricing a product lower than the market price to gain
market share in a new market (Pricing Strategy)
leader pricing - Pricing products below market price to attract customers to a store
where they would not otherwise shop (Pricing Strategy)
prestige pricing - Raising the price of a product to increase the perception of its value
(Pricing Strategy)
Bundling - Grouping related products together and pricing them as a single product.
(Pricing Strategy)
Competitive pricing - Setting the price for a product or service relative to competitors
(Pricing Strategy)
Advertising - Any paid form of nonpersonal promotion by an identified sponsor
Personal selling - A face-to-face presentation to a prospective buyer, often based on
long-term relationships.
Sales promotion - Marketing activities that stimulate consumer buying, including
coupons and samples, displays, shows and exhibitions, and demonstrations.
Public relations - The linking of organizational goals with key aspects of the public
interest and the development of programs designed to earn public understanding and
acceptance. Public relations can include lobbying, publicity, special events, internal
publications, and media such as a company's internal television channel.
Social media - The use of social media platforms such as Facebook, Twitter,
Pinterest, Instagram, and various blogs to generate "buzz" about a product or company.
E-commerce - The use of a company's website to generate sales through online
ordering, information, interactive components such as games, and other elements of the
website.
Online advertising - The use of the internet to advertise is a form of promotion that
comes in many forms including online banner ads, pop-up ads, video advertisements,
etc.
Content marketing - A subset of digital marketing, content marketing involves the
creation and sharing of online material designed to create interest in a product, service,
or idea without directly promoting the brand.8
Integrated Marketing Communications - coordinating the promotion mix elements and
synchronizing promotion as a unified effort
Marketing - The Activity, set of institutions, and process for creating, communicating,
delivering and exchanging offerings that have value for consumers. Also a business
function that identifies, satisfies, and retains customers through a set of activities related
to creating, communicating, delivering, and exchanging offerings that have value for the
customer.
Marketing Mix (4 P's) - Product, Place, Price, Promotion
Product Life Cycle - describes the stages a new product goes through in the
marketplace: introduction, growth, maturity, and decline
The Introduction stage of the product life cycle is characterized by - Low sales, Little
or no profit, and Often little to no competition
The growth stage of the product life cycle is characterized by - Increasing sales,
Rapidly increasing profits, Market has accepted the product and competitors begin to
enter the market
The maturity stage of the product life cycle is characterized by - High Sales, High then
declining profits, High level of competition, may be difficult for original company to
compete
The decline stage of the product life cycle is characterized by - Declining Sales,
Declining Profit, and Competitive pressure remains high and demand falls
product mix - The complete range of products offered for sale by a company
throughout its product lines, also known as the product assortment
product lines - Series of similar products focused on a sector that a company creates
under a single brand
product depth - Number of versions offered for each product in the product line
product width - The number of different product lines, or series of products a company
offers
, price skimming - Intentionally pricing a new product offering high with the intention of
lowering it over time as competition grows, particularly in the case of a unique offering
with little or no competition at the outset (Pricing Strategy)
penetration pricing - Intentionally pricing a product lower than the market price to gain
market share in a new market (Pricing Strategy)
leader pricing - Pricing products below market price to attract customers to a store
where they would not otherwise shop (Pricing Strategy)
prestige pricing - Raising the price of a product to increase the perception of its value
(Pricing Strategy)
Bundling - Grouping related products together and pricing them as a single product.
(Pricing Strategy)
Competitive pricing - Setting the price for a product or service relative to competitors
(Pricing Strategy)
Advertising - Any paid form of nonpersonal promotion by an identified sponsor
Personal selling - A face-to-face presentation to a prospective buyer, often based on
long-term relationships.
Sales promotion - Marketing activities that stimulate consumer buying, including
coupons and samples, displays, shows and exhibitions, and demonstrations.
Public relations - The linking of organizational goals with key aspects of the public
interest and the development of programs designed to earn public understanding and
acceptance. Public relations can include lobbying, publicity, special events, internal
publications, and media such as a company's internal television channel.
Social media - The use of social media platforms such as Facebook, Twitter,
Pinterest, Instagram, and various blogs to generate "buzz" about a product or company.
E-commerce - The use of a company's website to generate sales through online
ordering, information, interactive components such as games, and other elements of the
website.
Online advertising - The use of the internet to advertise is a form of promotion that
comes in many forms including online banner ads, pop-up ads, video advertisements,
etc.
Content marketing - A subset of digital marketing, content marketing involves the
creation and sharing of online material designed to create interest in a product, service,
or idea without directly promoting the brand.8
