C201 Business Acumen Section-2-3-4 Chapter-12 ACTUAL
VERIFIED DOCUMENT Western Governors University
C201-Business Acumen Notes
(May 2024)
SECTION 2: OPERATIONS AND QUALITY MANAGEMENT
SECTION 3: BUSINESS MARKETING – Competitive Marketing
SECTION 4: BUSINESS MARKETING – Product and Strategy
(CHAPTER 12) (Ch-12 Instructor Video)
Section 2 makes up the Operations and Quality Management assessment.
• Operations and Quality Management content is 9% of course assessment.
• Section 2 includes chapters 10 and 12 [10.1 – 10.7 of chapter 10] [12.4 and 12.6 of chapter 12].
Section 3 and Section 4 make up the Business Marketing assessment.
• Business Marketing content is 24% of course assessment.
• Section 3 includes chapters 11, 12, 13. [11.1 – 11.8 of chapter 11] [12.3 and 12.6 of chapter 12] [13.1 – 13.6 of chapter 13]
• Section 4 includes chapters 12 and 13. [12.1 – 12.7 of chapter 12] [13.7 of chapter 13]
Lesson 1-6 – Learning Objectives:
• Can I describe the classifications of products, goods, and services? (lesson 1: product strategy)
• Can I describe the four stages of the product life cycle? (lesson 2: product life cycle)
• Can I explain the factors that influence consumer product loyalty? (lesson 3: product identification)
• Can I identify distribution channels, including wholesaling and retailing? (lesson 4: distribution strategy)
• Describe the different types of competitive advantage. (lesson 5: retailing / market strategy)
• Can I evaluate how product distribution impacts operational efÏciency in a given
situation? (lesson 6: distribution channel decisions and logistics)
Read: Chapter 12, Section 12.1 (pp. 310–313); Chapter 12, Section 12.2 (pp. 313–318); Chapter 12, Section 12.3 (pp.
318–325); Chapter 12, Sections 12.4-12.7 (pp. 323–335) in Contemporary Business.
, • 12.1 Product Strategy
• 12.2 Product Life Cycle
• 12.3 Product Identification (this section also covered in Section 3-Lesson 2 content)
• 12.4 Distribution Strategy
• 12.5 Wholesaling
• 12.6 Retailing
• 12.7 Distribution Channel Decisions and Logistics
Watch: Video Lectures 12.1–12.7
• Video Lecture: 12.1 Products and Services
• Video Lecture: 12.2 Product Life Cycle
• Video Lecture: 12.3 Product Identification
• Video Lecture: 12.4 Distribution Strategy
• Video Lecture: 12.5 Wholesaling
• Video Lecture: 12.6 Retailing
• Video Lecture: 12.7 Distribution Channel Decisions and Logistics
1
,Business Terms
Term Definition
Bundle of physical, service, and symbolic attributes designed to satisfy buyers'
Product
wants.
Group of related products marked by physical similarities or intended for the same
Product Line
market.
The assortment of product lines and individual goods and services that a firm offers
Product Mix
to consumers and business users.
Four basic stages: introduction, growth, maturity, and decline—through which a
Product Life Cycle
product progresses.
Introduction of a new product supported by a complete marketing campaign to a
Test Marketing
selected city or geographic area.
Name, term, sign, symbol, design, or some combination that identifies the products
Brand
of one company and differentiates them from competitors' offerings.
Part of a brand consisting of words or letters that form a name that identifies and
Brand Name
distinguishes an offering from those of competitors.
Trademark Brand that has been given a legal protection.
Brand Equity Added value that a respected and successful name gives to a product.
Vendor that is designated by the business customer as the major supplier
Category Advisor to assume responsibility for dealing with all the other vendors for a project
and presenting the entire package to the business buyer.
Deals with the marketing activities and institutions involved in getting the right
Distribution Strategy
good or service to the company's customers.
Path through which products—and legal ownership of them—flow from producer
Distribution Channel
to consumers or business users.
Physical Distribution Actual movement of products from producer to consumers or business users.
Distribution channel member that sells primarily to retailers, other wholesalers, or
Wholesaler
business users.
Distribution channel members that sell goods and services to individuals for their
Retailer
own use rather than for resale.
Supply Chain Complete sequence of suppliers that contribute to creating a good or service and
2
, delivering it to business users and final consumers.
Process of coordinating flow of goods, services, and information among members
Logistics
of the supply chain.
Process in which the producer and the retailer agree that the producer (or the
Vendor-Managed
wholesaler) will determine how much of a product a buyer needs and will
Inventory
automatically ship new supplies when needed.
Path that products – and legal ownership of them – follow from producer to
Distribution channels
consumers or business user
Deals with the marketing activities and institutions involve in getting the right
Distribution strategy
good or service to the company’s customers.
Process of coordinating the flow of goods, services, and information among
Logistics
members of the supply chain.
Physical distribution Actual movement of products from producer to consumers or business users.
Bundle of physical, service, and symbolic characteristics designed to satisfy
Product
consumer wants.
Four basic stages – introduction, growth, maturity, and decline – through which a
Product life cycle successful product progress.
Group of related products marked by physical similarities or intended for a similar
Product line
market.
the assortment of product lines and individual goods and services that a firm
Product mix
offers to consumers and business users.
Distribution channel member that sells goods and services to individuals for their
Retailer
own use rather than for resale.
Distribution channel member that sells primarily to retailers, other wholesalers, or
Wholesaler
business users.
Complete sequence of suppliers that contribute to creating a good or service and
Supply chain
delivering it to business users and final consumers.
Introduction of a new product supported by a complete marketing campaign to a
Test marketing
selected city or geographic area.
Process in which the producer and the retailer agree that the producer (or the
Vendor-managed
wholesaler) will determine how much a product a buyer needs and automatically
inventory
ship new supplies when needed.
3
VERIFIED DOCUMENT Western Governors University
C201-Business Acumen Notes
(May 2024)
SECTION 2: OPERATIONS AND QUALITY MANAGEMENT
SECTION 3: BUSINESS MARKETING – Competitive Marketing
SECTION 4: BUSINESS MARKETING – Product and Strategy
(CHAPTER 12) (Ch-12 Instructor Video)
Section 2 makes up the Operations and Quality Management assessment.
• Operations and Quality Management content is 9% of course assessment.
• Section 2 includes chapters 10 and 12 [10.1 – 10.7 of chapter 10] [12.4 and 12.6 of chapter 12].
Section 3 and Section 4 make up the Business Marketing assessment.
• Business Marketing content is 24% of course assessment.
• Section 3 includes chapters 11, 12, 13. [11.1 – 11.8 of chapter 11] [12.3 and 12.6 of chapter 12] [13.1 – 13.6 of chapter 13]
• Section 4 includes chapters 12 and 13. [12.1 – 12.7 of chapter 12] [13.7 of chapter 13]
Lesson 1-6 – Learning Objectives:
• Can I describe the classifications of products, goods, and services? (lesson 1: product strategy)
• Can I describe the four stages of the product life cycle? (lesson 2: product life cycle)
• Can I explain the factors that influence consumer product loyalty? (lesson 3: product identification)
• Can I identify distribution channels, including wholesaling and retailing? (lesson 4: distribution strategy)
• Describe the different types of competitive advantage. (lesson 5: retailing / market strategy)
• Can I evaluate how product distribution impacts operational efÏciency in a given
situation? (lesson 6: distribution channel decisions and logistics)
Read: Chapter 12, Section 12.1 (pp. 310–313); Chapter 12, Section 12.2 (pp. 313–318); Chapter 12, Section 12.3 (pp.
318–325); Chapter 12, Sections 12.4-12.7 (pp. 323–335) in Contemporary Business.
, • 12.1 Product Strategy
• 12.2 Product Life Cycle
• 12.3 Product Identification (this section also covered in Section 3-Lesson 2 content)
• 12.4 Distribution Strategy
• 12.5 Wholesaling
• 12.6 Retailing
• 12.7 Distribution Channel Decisions and Logistics
Watch: Video Lectures 12.1–12.7
• Video Lecture: 12.1 Products and Services
• Video Lecture: 12.2 Product Life Cycle
• Video Lecture: 12.3 Product Identification
• Video Lecture: 12.4 Distribution Strategy
• Video Lecture: 12.5 Wholesaling
• Video Lecture: 12.6 Retailing
• Video Lecture: 12.7 Distribution Channel Decisions and Logistics
1
,Business Terms
Term Definition
Bundle of physical, service, and symbolic attributes designed to satisfy buyers'
Product
wants.
Group of related products marked by physical similarities or intended for the same
Product Line
market.
The assortment of product lines and individual goods and services that a firm offers
Product Mix
to consumers and business users.
Four basic stages: introduction, growth, maturity, and decline—through which a
Product Life Cycle
product progresses.
Introduction of a new product supported by a complete marketing campaign to a
Test Marketing
selected city or geographic area.
Name, term, sign, symbol, design, or some combination that identifies the products
Brand
of one company and differentiates them from competitors' offerings.
Part of a brand consisting of words or letters that form a name that identifies and
Brand Name
distinguishes an offering from those of competitors.
Trademark Brand that has been given a legal protection.
Brand Equity Added value that a respected and successful name gives to a product.
Vendor that is designated by the business customer as the major supplier
Category Advisor to assume responsibility for dealing with all the other vendors for a project
and presenting the entire package to the business buyer.
Deals with the marketing activities and institutions involved in getting the right
Distribution Strategy
good or service to the company's customers.
Path through which products—and legal ownership of them—flow from producer
Distribution Channel
to consumers or business users.
Physical Distribution Actual movement of products from producer to consumers or business users.
Distribution channel member that sells primarily to retailers, other wholesalers, or
Wholesaler
business users.
Distribution channel members that sell goods and services to individuals for their
Retailer
own use rather than for resale.
Supply Chain Complete sequence of suppliers that contribute to creating a good or service and
2
, delivering it to business users and final consumers.
Process of coordinating flow of goods, services, and information among members
Logistics
of the supply chain.
Process in which the producer and the retailer agree that the producer (or the
Vendor-Managed
wholesaler) will determine how much of a product a buyer needs and will
Inventory
automatically ship new supplies when needed.
Path that products – and legal ownership of them – follow from producer to
Distribution channels
consumers or business user
Deals with the marketing activities and institutions involve in getting the right
Distribution strategy
good or service to the company’s customers.
Process of coordinating the flow of goods, services, and information among
Logistics
members of the supply chain.
Physical distribution Actual movement of products from producer to consumers or business users.
Bundle of physical, service, and symbolic characteristics designed to satisfy
Product
consumer wants.
Four basic stages – introduction, growth, maturity, and decline – through which a
Product life cycle successful product progress.
Group of related products marked by physical similarities or intended for a similar
Product line
market.
the assortment of product lines and individual goods and services that a firm
Product mix
offers to consumers and business users.
Distribution channel member that sells goods and services to individuals for their
Retailer
own use rather than for resale.
Distribution channel member that sells primarily to retailers, other wholesalers, or
Wholesaler
business users.
Complete sequence of suppliers that contribute to creating a good or service and
Supply chain
delivering it to business users and final consumers.
Introduction of a new product supported by a complete marketing campaign to a
Test marketing
selected city or geographic area.
Process in which the producer and the retailer agree that the producer (or the
Vendor-managed
wholesaler) will determine how much a product a buyer needs and automatically
inventory
ship new supplies when needed.
3
