WGU D077 Module 1(lessons 1-6) Questions and Answers | Already Graded A+| Updated| 2023|2024

WGU D077 Module 1(lessons 1-6) Questions and Answers | Already Graded A+| Updated| 2023|2024 marketing - business function that identifies, satisfies and retains customers through a set of activities related to creating, communicating, delivering and exchanging offerings that have value to the customer Purpose of Marketing - sell a company's products/services - communicate the value of product/service - communicate with customers and address their wants and needs Marketing function - determine what bundles of goods and services the company offers for a certain price to customers key to Customer Satisfaction - make sure everyone feels they benefit from the exchange marketing concept - business philosophy that holds that company's goals can be achieved by identifying and satisfying the target customers needs and wants marketing concept involves - focusing on needs/wants of customers, integrating all organizations activities to satisfy these needs and wants, achieve long-term goals by satisfying customer wants and needs legally and responsibly marketing mix - represents the controllable elements in the marketing environment (product, price, promotion and place) Product lIfe cycle - introduction, growth, maturity, decline product mix - complete range of products for sale by company product width - number of different product lines a company offers product lines - series of related products offered by one company product depth - number of versions offered for each product in the product line Promotion - ways in which a product is advertises (traditional advertising, sales promotion, public relations, personal selling, social media and digital marketing) Price - something given in exchange for a product - determines company's profit Pricing strategy - based on demand for the product and the cost of producing the product Price skimming - intentionally pricing a new product high with the intention of lowering overtime as competition grows Price skimming advantages - find out what buyers willing to pay, price can be lowered, create an image of quality and prestige, when price lowered seen as bargain penetration pricing - intentionally pricing a product lower than market price to gain market share Penetration Pricing advantages - low initial price may induce consumers to switch brands, discourage competitors from entering the market Leader pricing (Loss leader) - pricing products below the normal markup or below cost to attract customers to a store where they would not otherwise shop bundling - grouping 2 or more related products together and pricing them as a single products Prestige pricing - raising the price of a product so consumers will perceive it as being of higher quality, statue or value