WGU Business Acumen C201 - ch12 Questions
and Verified Answers
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.
and Verified Answers
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.
