WGU D077 EXAM SCRIPT VERIFIED
QUESTIONS AND SOLUTIONS COMPLETE
REVIEW MATERIAL
●● Marketing
Answer: The Activity, set of institutions, and process for creating,
communicating, delivering and exchanging offerings that have value for
consumers. Also 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.
●● Marketing Mix (4 P's)
Answer: Product, Place, Price, Promotion
●● Product Life Cycle
Answer: describes the stages a new product goes through in the
marketplace: introduction, growth, maturity, and decline
●● The Introduction stage of the product life cycle is characterized by
Answer: Low sales, Little or no profit, and Often little to no competition
●● The growth stage of the product life cycle is characterized by
,Answer: Increasing sales, Rapidly increasing profits, Market has
accepted the product and competitors begin to enter the market
●● The maturity stage of the product life cycle is characterized by
Answer: High Sales, High then declining profits, High level of
competition, may be difficult for original company to compete
●● The decline stage of the product life cycle is characterized by
Answer: Declining Sales, Declining Profit, and Competitive pressure
remains high and demand falls
●● product mix
Answer: The complete range of products offered for sale by a company
throughout its product lines, also known as the product assortment
●● product lines
Answer: Series of similar products focused on a sector that a company
creates under a single brand
●● product depth
Answer: Number of versions offered for each product in the product line
●● product width
, Answer: The number of different product lines, or series of products a
company offers
●● price skimming
Answer: 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
(Pricing Strategy)
●● penetration pricing
Answer: Intentionally pricing a product lower than the market price to
gain market share in a new market (Pricing Strategy)
●● leader pricing
Answer: Pricing products below market price to attract customers to a
store where they would not otherwise shop (Pricing Strategy)
●● prestige pricing
Answer: Raising the price of a product to increase the perception of its
value (Pricing Strategy)
●● Bundling
Answer: Grouping related products together and pricing them as a single
product. (Pricing Strategy)
QUESTIONS AND SOLUTIONS COMPLETE
REVIEW MATERIAL
●● Marketing
Answer: The Activity, set of institutions, and process for creating,
communicating, delivering and exchanging offerings that have value for
consumers. Also 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.
●● Marketing Mix (4 P's)
Answer: Product, Place, Price, Promotion
●● Product Life Cycle
Answer: describes the stages a new product goes through in the
marketplace: introduction, growth, maturity, and decline
●● The Introduction stage of the product life cycle is characterized by
Answer: Low sales, Little or no profit, and Often little to no competition
●● The growth stage of the product life cycle is characterized by
,Answer: Increasing sales, Rapidly increasing profits, Market has
accepted the product and competitors begin to enter the market
●● The maturity stage of the product life cycle is characterized by
Answer: High Sales, High then declining profits, High level of
competition, may be difficult for original company to compete
●● The decline stage of the product life cycle is characterized by
Answer: Declining Sales, Declining Profit, and Competitive pressure
remains high and demand falls
●● product mix
Answer: The complete range of products offered for sale by a company
throughout its product lines, also known as the product assortment
●● product lines
Answer: Series of similar products focused on a sector that a company
creates under a single brand
●● product depth
Answer: Number of versions offered for each product in the product line
●● product width
, Answer: The number of different product lines, or series of products a
company offers
●● price skimming
Answer: 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
(Pricing Strategy)
●● penetration pricing
Answer: Intentionally pricing a product lower than the market price to
gain market share in a new market (Pricing Strategy)
●● leader pricing
Answer: Pricing products below market price to attract customers to a
store where they would not otherwise shop (Pricing Strategy)
●● prestige pricing
Answer: Raising the price of a product to increase the perception of its
value (Pricing Strategy)
●● Bundling
Answer: Grouping related products together and pricing them as a single
product. (Pricing Strategy)
