WGU D077 Exam Questions and Answers Graded A+ Complete Solution 2023/2024

What is the main function of marketing? Decreasing expenditures Improving partner relationships Bringing value to customers Increasing productivity - Bringing value to customers Correct! The main function of marketing is to determine what customers value, want, or need, and then to position a product that meets that value. Which set of connections is created by marketers to generate value? Between customers and suppliers Between companies and media Between companies and suppliers Between customers and products - Between customers and products Correct! Marketing generates value by determining what its target customers want or value, and then positioning a product to meet that need or desire. What is the relationship between sales and marketing in a firm's business strategy? Sales includes the exchange of money of a company's product or service, while marketing is the process of communicating the value of a product or service. Sales includes the process of communicating the value of a product or service, while marketing focuses on the actual exchange of money for a product or service. Sales includes calculating how much profit has been earned for a company within a fiscal year, while marketing is the process of communicating the value of a product or service. Sales includes the process of communicating the value of a product or service, while marketing involves calculating how much profit has been earned for a company within a fiscal year. - Sales includes the exchange of money of a company's product or service, while marketing is the process of communicating the value of a product or service. Correct! Sales includes the actual sale of the company's product, however marketing often works to help customers make their actual decision to purchase by communicating value. What is an example of a marketing activity? A sales associate liquidating inventory An executive reporting on stock performance An engineer conducting quality control review A manager conducting research on potential customers - A manager conducting research on potential customers Correct! A marketing concept is defined as the use of marketing data to focus on the needs and wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers, but also accomplish the goals of the organization Correct! Promotion refers to the ways in which is a product is advertised. Social media advertising is associated with the promotion element of the marketing mix. Pricing a product high to determine the price it commands and to raise profits - Price Skimming grouping two or more related products together and pricing and pricing them as a single product - Bundling Pricing a product lower then the perceived market price so that more people will buy it Penetration Pricing - Pricing products below the normal markup or below cost to attract customers where they would not usually shop - Leader Pricing A sales person pitches a new product to the customer in a face-to-face meeting. - Personal selling A company provides a celebrity with products and payment to publicly promote their goods. - Influencer Marketing A company writes a blog about how their product fits into a particular lifestyle segment. Content marketing - A company uses a website to make sales through online ordering. - E-commerce System through which an organization acquires raw material, produces products and delivers the products, and services to customers. - Supply chain Products being sold from producers to end users without intermediaries. - Direst Distribution A marketing entity through which goods and services pass through on their way from producers to end users. - Distribution Channel A uniform customer experience across all ways a customer may engage with a company, for example in-store and website. - Omnichannel retailing In the marketing mix, what is the meaning of the term "product"? Goods or services that meet customers' needs Shorthand for production line Marketing materials of the company Materials used in manufacturing - Goods or services that meet customers' needs Correct! Products have unique set of features, design, name, and brand that are focused on target customers. Which term is used when the price of a product is lowered for a limited time to attract non-business customers and increase sales volume? Trade discounts Promotional pricing Liquidation pricing Bulk purchasing - Promotional pricing Correct! Promotional pricing is the act of lowering the price of a product for a limited time to attract more customers and increase sales volume. In the marketing mix, what is meant by the term promotion? Cost of a product, or what a company asks in exchange for a product Communications between the company and the customer Goods, services, or ideas that a company offers to the market Getting the product from the producer to the customer - Communications between the company and the customer Correct! Promotion includes both the messages sent by the company and messages that customers send to the public about their experience. What is meant by the term "place" in the marketing mix? Where product ads are posted Where products are manufactured Where products are purchased Where products are shipped from - Where products are purchased Correct! In the marketing mix, the term "place" refers to the distribution of the product. Place might be a traditional brick-and-mortar store, or it could be online. Which three components are part of the marketing mix? Power Professionalism Place Product Promotion People - Place Product Promotion Correct! Place is an element of the marketing mix involved with getting the product from the producer to the customer. The product is an element of the marketing mix that describes something offered to the market in exchange, for which marketing actions are taken and marketing decisions made. Promotion is an element of the marketing mix involving methods for informing and influencing customers to buy a product, including traditional advertising, sales promotion, public relations, personal selling, and digital marketing. What is the meaning of the term "uncontrollable elements"? Elements associated with branding strategies Elements that do not satisfy customers' needs and wants Elements that are outside of a marketer's control Elements in design and delivery of products - Elements that are outside of a marketer's control Which three items are controllable elements in the marketing environment? Product Price Place Political Competition Legal - Product Price Place Correct! A company can control the places it sells its products. A company can control the price of its product. A company can control the product it is selling. Correct! Changes in the economy are out of a company's hands. A company cannot control all technological advancements. A company does not have control over its competitors. A small tobacco shop that just opened wants to run advertising on a local radio station. When they approach the radio station's sales department, they find that the station will not run their ad. What type of uncontrollable element prevents the running of this advertisement? Social Legal Cultural Environmental - Legal Correct! The Federal Trade Commission prohibits the advertising of tobacco products on radio and television. A manufacturer of children's toys discovers that a number of products that it makes and sells have been duplicated and are selling alongside their products on various ecommerce sites. The duplicate products appear to be made overseas and are selling for 30% lower. The company's sales department feels pressure to lower pricing to match that of the duplicate products in an effort not to lose sales. Which element in the marketing environment is demonstrated in this situation? Governmental regulations Technological advances Social factors Competitive elements - Competitive elements Correct! Duplicate products at a lower price reflect a change in the competition that the company needs to address. A restaurant owner has noticed a shift in the restaurant's customer attitudes towards locally-sourced and sustainable ingredients and is changing the menu in an effort to cater to these customers. What element of the marketing environment does this represent? Economic factors Regulation Consumer confidence Socio-cultural factors - Socio-cultural factors Correct! The restaurant owner's move from a national supplier to locally-sourced ingredients reflecting customer values is an example of socio-cultural factors. A large general contractor is having trouble meeting its labor needs, given the low unemployment in the area. The company begins advertising for construction workers in an adjacent state, offering a generous sign-on bonus in an effort to fill open positions. What element of the marketing environment is the company addressing? Social Regulations Economic Competitors - Economic Correct! Economic variables, such as low unemployment, affects how a company markets its products and services. A small startup company plans to sell affordable footwear, manufactured from sustainable materials. Company leadership assembles an ethics panel to ensure their products meet their goals of sustainability and eco-friendliness, while finding a niche market in the marketplace. The members of the ethics panel take into consideration the labor conditions under which the materials are grown, harvested, and shipped to market. Which ethics consideration is this company addressing? Place Price Product Promotion - Product Correct! The ethics of product consideration involves the determination of whether or not the product is environmentally friendly, if it provides value and meets the needs of the customers, and if the product is in the best interest of customers in society. A small startup company plans to sell affordable footwear, manufactured from sustainable materials. Company leadership assembles an ethics panel to ensure their products meet their goals of sustainability and eco-friendliness, while finding a niche market in the marketplace. The members of the ethics panel determines if their products are affordable and can be realistically marketed to certain market segments. Which ethics consideration is this company addressing? Place Promotion Product Pricing - Pricing Correct! The ethics of price consideration involves pricing products at a point that is fair in the market, does not discriminate between different buyers of the same product, does not collude with competitors to fix prices, and does not set prices below market to drive competitors out of the market. A small startup company plans to sell affordable footwear, manufactured from sustainable materials. Company leadership has assembled an ethics panel to ensure that the products meet this goal, while finding a niche market in the marketplace. The panel is also considering the marketing claims for the products to determine if the benefits and intrinsic value promised are realistic. Which ethics consideration is this company addressing? Pricing Promotion Place Product - Promotion Correct! The ethics of product promotion considers whether or not the product delivers the benefits advertised, delivers the value promised of the customer, and whether or not the product is being marketed to the appropriate audience. A small startup company plans to sell affordable footwear manufactured from sustainable materials and has assembled an ethics panel to ensure the products meet this goal. The panel takes into consideration the labor conditions of the distribution channel and if the product can be purchased at the price promised. The ethics panel also wants to know whether the workers in the company can actually afford to purchase the item themselves. Which ethics consideration is being reviewed by this company? Pricing Product Promotion Place - Place Correct! The ethical consideration of place is concerned with the distribution channel and whether it can deliver the product at the price and quality promised, labor conditions for the distribution channel are fair and humane, companies in the distribution channel have similar ethical considerations, and the privacy of customers is protected. The community center is the first in the city to offer freshly prepared meals in partnership with the food warehouse. Which stage of the product life cycle do the meals represent to the community? Introduction Maturity Growth Decline - Introduction Correct! The introduction phase occurs when a new service enters the market. The center will be the first in its city to partner with a for-profit organization to create three nutritious meals a day, which indicates that the meals are in the introduction stage. The director plans to design and implement a marketing campaign. Which example describes the director's primary goal for the marketing campaign? Distributing local food from the warehouse Creating educational resources for citizens Promoting awareness of its food offerings Fundraising for other programs - Promoting awareness of its food offerings Correct! The center will be advertising its three meals to the community. This represents the promotion component of the marketing mix. What is one example of an uncontrollable element of the community center's marketing environment? Number of meals prepared daily The center's social media content Community partnership advertising campaign Citizen participation in meals - Citizen participation in meals Correct! There are many uncontrollable factors that influence the number of food insecure citizens that will participate in the community meal program. Examples include the weather, the availability of transportation, other downtown events such as festivals that donate to the food insecure, and more. The director researches the reason for the community's food insecurity and learns that companies closed during the recent recession and left individuals without jobs. This unemployment has created significant food insecurity among those who remain without stable incomes. Which element of the PEST analysis is the community center responding to by creating its meal program? Economic needs of community citizens Legal requirements for food preparation Tracking food donations using technology Social influencers in the community - Economic needs of community citizens Correct! The economic needs of community citizens is aligned with the "E" component of the PEST analysis, which is the economic analysis. The center is partnering with the food warehouse to create fresh meals three times a day for those citizens who are food insecure. Which ethical consideration in marketing is illustrated by the community center's meal program? Offering food to everyone Posting community testimonials Creating new partnerships Providing dairy-free products - Offering food to everyone