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: Psychographic ✔✔Lifestyle portraits.
Motivation for purchases
Attitudes
Opinions
Behavior patterns
Values
Personality
Self-image
Examples: boating, camping
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.
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: Psychographic ✔✔Lifestyle portraits.
Motivation for purchases
Attitudes
Opinions
Behavior patterns
Values
Personality
Self-image
Examples: boating, camping
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.
