WGU D077 - UNIT 2 - MARKETING PLANNING EXAM
04/18/2026
|LATEST VERSION 2026 QUESTIONS AND ANSWER
WGU D077 - Unit 2 - Marketing Planning exam |latest version
2026 Questions and Answer, Exams of Marketing
Define Marketing
Marketing is 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.
Identify 3 functions of Marketing?
The 3 functions of marketing are to identify, satisfy, and retain customers.
What is the marketing concept? Identify 3 important characteristics of this concept.
Marketing concept is a business philosophy holding that a company's goals can best be achieved by
identifying and satisfying the target customer's needs and wants.
The 3 important characteristics of this involve:
- focusing on the needs and wants of customers
- integrating organizational activities, including product and promotion, to satisfy the wants and
needs.
- achieving long-term goals by satisfying the wants and needs legally and responsibly.
Identify the four elements in the Marketing mix.
The controllable elements in the marketing environment, made up of product, price, promotion, and
place; also known as the 4Ps of Marketing
4/18/2026
What are the four stages of the product life cycle?
1
, WGU D077 - UNIT 2 - MARKETING PLANNING EXAM
04/18/2026
|LATEST VERSION 2026 QUESTIONS AND ANSWER
Introduction, Growth, Maturity, and Decline
Identify each stage of the product life cycle stage based on profit, sales, competitive pressures?
- Introduction stage has low sales, little or not profit, and no competition.
- Growth Stage has increasing sales, rapidly increasing profits, and competitors begin to enter the
market
- Maturity Stage has high sales, high then declining profit, high level of competition
- Decline stage has declining sales, declining profits, high competition but low demand
What are the variables companies considering while creating a product strategy?
choosing a brand name, packaging, colors, a warranty, accessories, and a service program
Define product mix, product lines, and product depth?
- Product Mix is the complete range of products offered for sale by a company throughout its product
lines, also known as product assortment.
- Product Lines are series of similar products focused on a sector that a company creates under a
single brand
- Product Depth is the number of versions offered for each product in the product line
What is price skimming strategy
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.
4/18/2026
Identify Penetration pricing strategy
2
, WGU D077 - UNIT 2 - MARKETING PLANNING EXAM
04/18/2026
|LATEST VERSION 2026 QUESTIONS AND ANSWER
Intentionally pricing a product lower than the market price to gain market share in a new market.
Penetration pricing may induce customers to switch brands or companies and may discourage
competitors from entering the market .
Identify leader pricing
Pricing products below market price to attract customers to a store where they would not otherwise
shop. Items that are leader priced are usually well known and priced low enough to appeal to many
customers. They also are items that consumers will buy at a lower price, even if they have to switch
brands.
Identify bundle pricing
grouping related products together and pricing them as a sing product.
Identify Prestige pricing strategy.
raising the price of a product to increase the perception of it as being higher quality, status, or value.
Identify Competitive pricing?
Setting the price for a product or service relative to competitors. That could mean pricing the product
higher than competitive products, to indicate that the company believes it provides greater value. Or,
it could mean pricing lower than competitive products in order to be a low-price solution.
Define Personal Selling
A type of selling that uses person - to - person interaction to sell products and services, often based on
long-term relationships.
4/18/2026
3
04/18/2026
|LATEST VERSION 2026 QUESTIONS AND ANSWER
WGU D077 - Unit 2 - Marketing Planning exam |latest version
2026 Questions and Answer, Exams of Marketing
Define Marketing
Marketing is 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.
Identify 3 functions of Marketing?
The 3 functions of marketing are to identify, satisfy, and retain customers.
What is the marketing concept? Identify 3 important characteristics of this concept.
Marketing concept is a business philosophy holding that a company's goals can best be achieved by
identifying and satisfying the target customer's needs and wants.
The 3 important characteristics of this involve:
- focusing on the needs and wants of customers
- integrating organizational activities, including product and promotion, to satisfy the wants and
needs.
- achieving long-term goals by satisfying the wants and needs legally and responsibly.
Identify the four elements in the Marketing mix.
The controllable elements in the marketing environment, made up of product, price, promotion, and
place; also known as the 4Ps of Marketing
4/18/2026
What are the four stages of the product life cycle?
1
, WGU D077 - UNIT 2 - MARKETING PLANNING EXAM
04/18/2026
|LATEST VERSION 2026 QUESTIONS AND ANSWER
Introduction, Growth, Maturity, and Decline
Identify each stage of the product life cycle stage based on profit, sales, competitive pressures?
- Introduction stage has low sales, little or not profit, and no competition.
- Growth Stage has increasing sales, rapidly increasing profits, and competitors begin to enter the
market
- Maturity Stage has high sales, high then declining profit, high level of competition
- Decline stage has declining sales, declining profits, high competition but low demand
What are the variables companies considering while creating a product strategy?
choosing a brand name, packaging, colors, a warranty, accessories, and a service program
Define product mix, product lines, and product depth?
- Product Mix is the complete range of products offered for sale by a company throughout its product
lines, also known as product assortment.
- Product Lines are series of similar products focused on a sector that a company creates under a
single brand
- Product Depth is the number of versions offered for each product in the product line
What is price skimming strategy
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.
4/18/2026
Identify Penetration pricing strategy
2
, WGU D077 - UNIT 2 - MARKETING PLANNING EXAM
04/18/2026
|LATEST VERSION 2026 QUESTIONS AND ANSWER
Intentionally pricing a product lower than the market price to gain market share in a new market.
Penetration pricing may induce customers to switch brands or companies and may discourage
competitors from entering the market .
Identify leader pricing
Pricing products below market price to attract customers to a store where they would not otherwise
shop. Items that are leader priced are usually well known and priced low enough to appeal to many
customers. They also are items that consumers will buy at a lower price, even if they have to switch
brands.
Identify bundle pricing
grouping related products together and pricing them as a sing product.
Identify Prestige pricing strategy.
raising the price of a product to increase the perception of it as being higher quality, status, or value.
Identify Competitive pricing?
Setting the price for a product or service relative to competitors. That could mean pricing the product
higher than competitive products, to indicate that the company believes it provides greater value. Or,
it could mean pricing lower than competitive products in order to be a low-price solution.
Define Personal Selling
A type of selling that uses person - to - person interaction to sell products and services, often based on
long-term relationships.
4/18/2026
3
