WGU D077 CONCEPTS IN MARKETING, SALES, AND CUSTOMER CONTACT
NEW UPDATED EXAM QUESTIONS AND CORRECT ANSWERS WITH
GUARANTEED PASS
1. What is marketing? Marketing is the process of creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.
2. What are the 4 Ps of marketing? Product, Price, Place, and Promotion - the
fundamental elements of the marketing mix.
3. What is a target market? A specific group of consumers at which a
company aims its products and services.
4. What is market segmentation? The process of dividing a broad consumer
or business market into sub-groups based on shared characteristics.
5. What are the four main types of market segmentation? Demographic,
Geographic, Psychographic, and Behavioral segmentation.
6. What is demographic segmentation? Dividing the market based on
variables like age, gender, income, education, occupation, and family size.
7. What is psychographic segmentation? Segmentation based on lifestyle,
values, attitudes, interests, and personality traits.
8. What is behavioral segmentation? Dividing consumers based on their
knowledge, attitudes, uses, or responses to a product.
9. What is geographic segmentation? Segmentation based on location such as
country, region, city, or neighborhood.
10. What is a marketing strategy? A long-term plan for achieving company
goals by understanding customer needs and creating a distinct competitive
advantage.
11. What is the difference between B2B and B2C marketing? B2B
(Business-to-Business) markets to other businesses, while B2C (Business-to-
Consumer) markets directly to individual consumers.
12. What is a value proposition? A statement that explains what benefits a
product or service provides to customers and why it's better than competitors.
,13. What is brand equity? The commercial value derived from consumer
perception of a brand name rather than the product itself.
14. What is market research? The systematic gathering, recording, and
analyzing of data about customers, competitors, and the market.
15. What are the two main types of market research? Primary research
(original data collected directly) and Secondary research (existing data from
other sources).
16. What is primary research? Research conducted firsthand through surveys,
interviews, focus groups, or observations to gather new data.
17. What is secondary research? Research using existing data from sources
like reports, publications, and databases.
18. What is a SWOT analysis? A strategic planning tool examining Strengths,
Weaknesses, Opportunities, and Threats.
19. What is competitive advantage? A condition that allows a company to
produce goods or services better or more cheaply than rivals.
20. What is differentiation strategy? Making your product or service distinct
from and more attractive than competitors' offerings.
21. What is cost leadership strategy? Becoming the lowest-cost producer in
an industry to offer competitive prices.
22. What is a niche market? A small, specialized segment of a larger market
defined by unique needs or preferences.
23. What is market penetration? A strategy to increase market share for
existing products in existing markets.
24. What is market development? Introducing existing products to new
markets or market segments.
25. What is product development? Creating new products or improving
existing ones for current markets.
26. What is diversification? Introducing new products into new markets, the
riskiest growth strategy.
27. What is the product life cycle? The stages a product goes through:
Introduction, Growth, Maturity, and Decline.
28. What happens during the introduction stage of the product life cycle? A
new product is launched with low sales, high costs, and negative or low profits.
, 29. What characterizes the growth stage? Rapid sales growth, increasing
profits, and growing competition.
30. What happens during the maturity stage? Sales peak and plateau,
competition intensifies, and profits begin to decline.
31. What occurs during the decline stage? Sales and profits fall as the product
becomes outdated or replaced.
32. What is a marketing plan? A comprehensive document outlining
marketing objectives, strategies, and tactics for a specific period.
33. What are marketing objectives? Specific, measurable goals that marketing
activities aim to achieve within a timeframe.
34. What is positioning? How a product is defined by consumers on important
attributes relative to competing products.
35. What is a perceptual map? A visual representation of how consumers
perceive products or brands relative to competitors.
36. What is mass marketing? Marketing to the entire market with one offer,
ignoring segment differences.
37. What is concentrated marketing? Targeting a large share of one or a few
smaller segments or niches.
38. What is differentiated marketing? Targeting several market segments
with different offers for each.
39. What is micromarketing? Tailoring products and marketing programs to
suit specific individuals and local customer segments.
40. What is a buyer persona? A semi-fictional representation of an ideal
customer based on market research and real data.
41. What is the marketing environment? The actors and forces outside
marketing that affect management's ability to build relationships with
customers.
42. What is the microenvironment in marketing? Forces close to the
company that affect its ability to serve customers: the company, suppliers,
intermediaries, customers, competitors, and publics.
43. What is the macroenvironment in marketing? Larger societal forces:
demographic, economic, natural, technological, political, and cultural.
NEW UPDATED EXAM QUESTIONS AND CORRECT ANSWERS WITH
GUARANTEED PASS
1. What is marketing? Marketing is the process of creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.
2. What are the 4 Ps of marketing? Product, Price, Place, and Promotion - the
fundamental elements of the marketing mix.
3. What is a target market? A specific group of consumers at which a
company aims its products and services.
4. What is market segmentation? The process of dividing a broad consumer
or business market into sub-groups based on shared characteristics.
5. What are the four main types of market segmentation? Demographic,
Geographic, Psychographic, and Behavioral segmentation.
6. What is demographic segmentation? Dividing the market based on
variables like age, gender, income, education, occupation, and family size.
7. What is psychographic segmentation? Segmentation based on lifestyle,
values, attitudes, interests, and personality traits.
8. What is behavioral segmentation? Dividing consumers based on their
knowledge, attitudes, uses, or responses to a product.
9. What is geographic segmentation? Segmentation based on location such as
country, region, city, or neighborhood.
10. What is a marketing strategy? A long-term plan for achieving company
goals by understanding customer needs and creating a distinct competitive
advantage.
11. What is the difference between B2B and B2C marketing? B2B
(Business-to-Business) markets to other businesses, while B2C (Business-to-
Consumer) markets directly to individual consumers.
12. What is a value proposition? A statement that explains what benefits a
product or service provides to customers and why it's better than competitors.
,13. What is brand equity? The commercial value derived from consumer
perception of a brand name rather than the product itself.
14. What is market research? The systematic gathering, recording, and
analyzing of data about customers, competitors, and the market.
15. What are the two main types of market research? Primary research
(original data collected directly) and Secondary research (existing data from
other sources).
16. What is primary research? Research conducted firsthand through surveys,
interviews, focus groups, or observations to gather new data.
17. What is secondary research? Research using existing data from sources
like reports, publications, and databases.
18. What is a SWOT analysis? A strategic planning tool examining Strengths,
Weaknesses, Opportunities, and Threats.
19. What is competitive advantage? A condition that allows a company to
produce goods or services better or more cheaply than rivals.
20. What is differentiation strategy? Making your product or service distinct
from and more attractive than competitors' offerings.
21. What is cost leadership strategy? Becoming the lowest-cost producer in
an industry to offer competitive prices.
22. What is a niche market? A small, specialized segment of a larger market
defined by unique needs or preferences.
23. What is market penetration? A strategy to increase market share for
existing products in existing markets.
24. What is market development? Introducing existing products to new
markets or market segments.
25. What is product development? Creating new products or improving
existing ones for current markets.
26. What is diversification? Introducing new products into new markets, the
riskiest growth strategy.
27. What is the product life cycle? The stages a product goes through:
Introduction, Growth, Maturity, and Decline.
28. What happens during the introduction stage of the product life cycle? A
new product is launched with low sales, high costs, and negative or low profits.
, 29. What characterizes the growth stage? Rapid sales growth, increasing
profits, and growing competition.
30. What happens during the maturity stage? Sales peak and plateau,
competition intensifies, and profits begin to decline.
31. What occurs during the decline stage? Sales and profits fall as the product
becomes outdated or replaced.
32. What is a marketing plan? A comprehensive document outlining
marketing objectives, strategies, and tactics for a specific period.
33. What are marketing objectives? Specific, measurable goals that marketing
activities aim to achieve within a timeframe.
34. What is positioning? How a product is defined by consumers on important
attributes relative to competing products.
35. What is a perceptual map? A visual representation of how consumers
perceive products or brands relative to competitors.
36. What is mass marketing? Marketing to the entire market with one offer,
ignoring segment differences.
37. What is concentrated marketing? Targeting a large share of one or a few
smaller segments or niches.
38. What is differentiated marketing? Targeting several market segments
with different offers for each.
39. What is micromarketing? Tailoring products and marketing programs to
suit specific individuals and local customer segments.
40. What is a buyer persona? A semi-fictional representation of an ideal
customer based on market research and real data.
41. What is the marketing environment? The actors and forces outside
marketing that affect management's ability to build relationships with
customers.
42. What is the microenvironment in marketing? Forces close to the
company that affect its ability to serve customers: the company, suppliers,
intermediaries, customers, competitors, and publics.
43. What is the macroenvironment in marketing? Larger societal forces:
demographic, economic, natural, technological, political, and cultural.
