WGU C201 BUSINESS ACUMEN ACTUAL FINAL EXAM
QUESTIONS AND VERIFIED CORRECT ANSWERS
100% PASS
What is a cost-based pricing formula? - ANSWER Formulas that
calculate the total cost per unit and then add markups to cover
overhead costs and generate profits.
Why do companies implement competitive pricing strategies? -
ANSWER Companies use competitive pricing strategies to reduce the
emphasis on price competition by matching other companies prices and
concentrating their own marketing efforts on the product, distribution,
and promotional elements of the marketing mix.
How do Consumer Products differ from Business Products? - ANSWER
Consumer products such as as person items are sold to end-users.
Business such as copy machines are sold to businesses and
organizations.
Differentiate among convenience, shopping, specialty, and unsought
products. - ANSWER Consumer purchases frequently, immediately, and
with little effort. Shopping Product is typically purchased only after the
buyer has compare competing products in competing stores. Specialty
,Products is where the purchaser is willing to make special effort to
obtain the item. Unsought Products are goods and services that
consumers wither don't know about or know about and don't bother
buying until they need it.
What are the stages of the product life cycle? - ANSWER Intro stage:
Company promotes demand for the product. Growth Stage: Sales climb
and company earns its initial profits. Maturity Stage: Sales reach
saturation level. Decline stage: sales and profits decline.
Marketing Implications of Each Stage. - ANSWER Marketers sometimes
employ the strategies to extend the product life cycle, including
increasing frequency of use, adding new users, finding new use for the
product, and changing packaging size, labeling, or product design.
Differentiate among a brand, brand name, and trademark. - ANSWER
Brand name is a name, term, sign, symbol, or design or some
combination used to identify the products of one company and
differentiate them from competitive offerings. A Brand Name is that
part of the brand consisting of words or letters used to identify and
distinguish the company's offerings from those of competitors. A
Trademark is a brand that has been given legal protection.
Define Brand Equity. - ANSWER Brand Equity is the added Value that a
respected and Successful name gives to a product.
, Define distribution channels. - ANSWER distribution channels are the
paths that products and legal ownership of them follow from producer
to consumer or business user.
What is a marketing intermediary? - ANSWER A marketing
intermediary (also a middleman) is a business that moves goods
between producers and users or business users.
Define Wholesaling. - ANSWER Wholesaling is the process of selling
goods primarily to retailers, other wholesalers, or business users.
Differentiate between a merchant wholesaler and an agent or a broker
in terms of title to the goods. - ANSWER Merchant wholesalers are
independently owned wholesaling intermediaries that take title to the
goods they handle. Agents and brokers may or may not take possession
of the goods they handle, but they never take title, working mainly to
bring buyers and sellers together.
Define retailer. - ANSWER Retailers are distribution channel members
that sell goods and services to individuals for their own use rather than
for resale.
QUESTIONS AND VERIFIED CORRECT ANSWERS
100% PASS
What is a cost-based pricing formula? - ANSWER Formulas that
calculate the total cost per unit and then add markups to cover
overhead costs and generate profits.
Why do companies implement competitive pricing strategies? -
ANSWER Companies use competitive pricing strategies to reduce the
emphasis on price competition by matching other companies prices and
concentrating their own marketing efforts on the product, distribution,
and promotional elements of the marketing mix.
How do Consumer Products differ from Business Products? - ANSWER
Consumer products such as as person items are sold to end-users.
Business such as copy machines are sold to businesses and
organizations.
Differentiate among convenience, shopping, specialty, and unsought
products. - ANSWER Consumer purchases frequently, immediately, and
with little effort. Shopping Product is typically purchased only after the
buyer has compare competing products in competing stores. Specialty
,Products is where the purchaser is willing to make special effort to
obtain the item. Unsought Products are goods and services that
consumers wither don't know about or know about and don't bother
buying until they need it.
What are the stages of the product life cycle? - ANSWER Intro stage:
Company promotes demand for the product. Growth Stage: Sales climb
and company earns its initial profits. Maturity Stage: Sales reach
saturation level. Decline stage: sales and profits decline.
Marketing Implications of Each Stage. - ANSWER Marketers sometimes
employ the strategies to extend the product life cycle, including
increasing frequency of use, adding new users, finding new use for the
product, and changing packaging size, labeling, or product design.
Differentiate among a brand, brand name, and trademark. - ANSWER
Brand name is a name, term, sign, symbol, or design or some
combination used to identify the products of one company and
differentiate them from competitive offerings. A Brand Name is that
part of the brand consisting of words or letters used to identify and
distinguish the company's offerings from those of competitors. A
Trademark is a brand that has been given legal protection.
Define Brand Equity. - ANSWER Brand Equity is the added Value that a
respected and Successful name gives to a product.
, Define distribution channels. - ANSWER distribution channels are the
paths that products and legal ownership of them follow from producer
to consumer or business user.
What is a marketing intermediary? - ANSWER A marketing
intermediary (also a middleman) is a business that moves goods
between producers and users or business users.
Define Wholesaling. - ANSWER Wholesaling is the process of selling
goods primarily to retailers, other wholesalers, or business users.
Differentiate between a merchant wholesaler and an agent or a broker
in terms of title to the goods. - ANSWER Merchant wholesalers are
independently owned wholesaling intermediaries that take title to the
goods they handle. Agents and brokers may or may not take possession
of the goods they handle, but they never take title, working mainly to
bring buyers and sellers together.
Define retailer. - ANSWER Retailers are distribution channel members
that sell goods and services to individuals for their own use rather than
for resale.
