WGU Business Acumen C201 Exam
QUESTIONS AND VERIFIED CORRECT
ANSWERS GRADED A+ LATEST 100%
GUARANTEED PASS
Product - CORRECT ANSWER-A bundle of physical, service, and symbolic characteristics
designed to satisfy consumer wants.
Product strategy - CORRECT ANSWER-The part of marketing that deals with product/service
development. It also manages package design, trademarks and other product identification,
warranties, product life cycle, and new-product development.
Classifying goods and services - CORRECT ANSWER-Broad categories included business to
consumer (B2C) and business to business (B2B), both of which can be subdivided into smaller
categories.
Classifying consumer goods and services - CORRECT ANSWER-The classification is based on
consumer buying habits, and includes convenience, shopping, and specialty products.
Marketing strategy implications - CORRECT ANSWER-Once a product has been classified,
marketers have a better idea of its promotion, pricing, and distribution needs.
Product lines - CORRECT ANSWER-A group of related products marked by physical similarities or
intended for a similar market.
, Product mix - CORRECT ANSWER-The assortment of product lines and individual goods and
services that a firm offers to consumers and business users.
Stages of the product life cycle - CORRECT ANSWER-The cycle begins with the introductory
stage, advances through the growth and maturity stage, and ends in the decline stage.
Marketing strategy implications of
the product life cycle - CORRECT ANSWER-Price, promotion, and distribution strategies will
differ as the product moves through its life cycle. The life cycle will be extended, (finding new
uses is an example) as long as it remains profitable.
Stages in new-product development - CORRECT ANSWER-The new-product development
process involves six distinct activities: 1) idea generation; 2) screening; 3) concept and business
analysis; 4) product development; 5) test marketing; and 6) commercialization.
Selecting an effective brand name - CORRECT ANSWER-Products are identified by brands, brand
names, and trademarks. Good brands are easy to pronounce, recognize, and remember. They
should also convey the right image to the buyer and be legally protectable.
Brand categories - CORRECT ANSWER-A brand offered and promoted by a manufacturer is
known as a manufacturer's (or national) brand. A private (or store) brand identifies a product
that is not linked to the manufacturer but instead carries a wholesaler's or retailer's label. A
family brand is a single brand name used for several related products. An individual branding
strategy gives each product within a line a different name.
Brand loyalty - CORRECT ANSWER-The three levels of brand loyalty are brand recognition, brand
preference, and brand insistence.
Brand equity - CORRECT ANSWER-A highly respected and widely recognized brand name gives a
brand added value, known as brand equity.
QUESTIONS AND VERIFIED CORRECT
ANSWERS GRADED A+ LATEST 100%
GUARANTEED PASS
Product - CORRECT ANSWER-A bundle of physical, service, and symbolic characteristics
designed to satisfy consumer wants.
Product strategy - CORRECT ANSWER-The part of marketing that deals with product/service
development. It also manages package design, trademarks and other product identification,
warranties, product life cycle, and new-product development.
Classifying goods and services - CORRECT ANSWER-Broad categories included business to
consumer (B2C) and business to business (B2B), both of which can be subdivided into smaller
categories.
Classifying consumer goods and services - CORRECT ANSWER-The classification is based on
consumer buying habits, and includes convenience, shopping, and specialty products.
Marketing strategy implications - CORRECT ANSWER-Once a product has been classified,
marketers have a better idea of its promotion, pricing, and distribution needs.
Product lines - CORRECT ANSWER-A group of related products marked by physical similarities or
intended for a similar market.
, Product mix - CORRECT ANSWER-The assortment of product lines and individual goods and
services that a firm offers to consumers and business users.
Stages of the product life cycle - CORRECT ANSWER-The cycle begins with the introductory
stage, advances through the growth and maturity stage, and ends in the decline stage.
Marketing strategy implications of
the product life cycle - CORRECT ANSWER-Price, promotion, and distribution strategies will
differ as the product moves through its life cycle. The life cycle will be extended, (finding new
uses is an example) as long as it remains profitable.
Stages in new-product development - CORRECT ANSWER-The new-product development
process involves six distinct activities: 1) idea generation; 2) screening; 3) concept and business
analysis; 4) product development; 5) test marketing; and 6) commercialization.
Selecting an effective brand name - CORRECT ANSWER-Products are identified by brands, brand
names, and trademarks. Good brands are easy to pronounce, recognize, and remember. They
should also convey the right image to the buyer and be legally protectable.
Brand categories - CORRECT ANSWER-A brand offered and promoted by a manufacturer is
known as a manufacturer's (or national) brand. A private (or store) brand identifies a product
that is not linked to the manufacturer but instead carries a wholesaler's or retailer's label. A
family brand is a single brand name used for several related products. An individual branding
strategy gives each product within a line a different name.
Brand loyalty - CORRECT ANSWER-The three levels of brand loyalty are brand recognition, brand
preference, and brand insistence.
Brand equity - CORRECT ANSWER-A highly respected and widely recognized brand name gives a
brand added value, known as brand equity.
