WGU D077 Study Guide 135 Questions with
Verified Answers
coordinating the promotion mix elements and synchronizing promotion as a
unified effort - CORRECT ANSWER Integrated Marketing Communications
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. - CORRECT ANSWER Marketing
Product, Place, Price, Promotion - CORRECT ANSWER Marketing Mix (4 P's)
describes the stages a new product goes through in the marketplace: introduction,
growth, maturity, and decline - CORRECT ANSWER Product Life Cycle
Low sales, Little or no profit, and Often little to no competition - CORRECT
ANSWER The Introduction stage of the product life cycle is characterized by
Increasing sales, Rapidly increasing profits, Market has accepted the product and
competitors begin to enter the market - CORRECT ANSWER The growth stage of
the product life cycle is characterized by
,High Sales, High then declining profits, High level of competition, may be difficult
for original company to compete - CORRECT ANSWER The maturity stage of the
product life cycle is characterized by
Declining Sales, Declining Profit, and Competitive pressure remains high and
demand falls - CORRECT ANSWER The decline stage of the product life cycle is
characterized by
The complete range of products offered for sale by a company throughout its
product lines, also known as the product assortment - CORRECT ANSWER product
mix
Series of similar products focused on a sector that a company creates under a
single brand - CORRECT ANSWER product lines
Number of versions offered for each product in the product line - CORRECT
ANSWER product depth
The number of different product lines, or series of products a company offers -
CORRECT ANSWER product width
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) - CORRECT ANSWER price
skimming
, Intentionally pricing a product lower than the market price to gain market share in
a new market (Pricing Strategy) - CORRECT ANSWER penetration pricing
Pricing products below market price to attract customers to a store where they
would not otherwise shop (Pricing Strategy) - CORRECT ANSWER leader pricing
Raising the price of a product to increase the perception of its value (Pricing
Strategy) - CORRECT ANSWER prestige pricing
Grouping related products together and pricing them as a single product. (Pricing
Strategy) - CORRECT ANSWER Bundling
Setting the price for a product or service relative to competitors (Pricing Strategy)
- CORRECT ANSWER Competitive pricing
Any paid form of nonpersonal promotion by an identified sponsor - CORRECT
ANSWER Advertising
A face-to-face presentation to a prospective buyer, often based on long-term
relationships. - CORRECT ANSWER Personal selling
Marketing activities that stimulate consumer buying, including coupons and
samples, displays, shows and exhibitions, and demonstrations. - CORRECT
ANSWER Sales promotion
Verified Answers
coordinating the promotion mix elements and synchronizing promotion as a
unified effort - CORRECT ANSWER Integrated Marketing Communications
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. - CORRECT ANSWER Marketing
Product, Place, Price, Promotion - CORRECT ANSWER Marketing Mix (4 P's)
describes the stages a new product goes through in the marketplace: introduction,
growth, maturity, and decline - CORRECT ANSWER Product Life Cycle
Low sales, Little or no profit, and Often little to no competition - CORRECT
ANSWER The Introduction stage of the product life cycle is characterized by
Increasing sales, Rapidly increasing profits, Market has accepted the product and
competitors begin to enter the market - CORRECT ANSWER The growth stage of
the product life cycle is characterized by
,High Sales, High then declining profits, High level of competition, may be difficult
for original company to compete - CORRECT ANSWER The maturity stage of the
product life cycle is characterized by
Declining Sales, Declining Profit, and Competitive pressure remains high and
demand falls - CORRECT ANSWER The decline stage of the product life cycle is
characterized by
The complete range of products offered for sale by a company throughout its
product lines, also known as the product assortment - CORRECT ANSWER product
mix
Series of similar products focused on a sector that a company creates under a
single brand - CORRECT ANSWER product lines
Number of versions offered for each product in the product line - CORRECT
ANSWER product depth
The number of different product lines, or series of products a company offers -
CORRECT ANSWER product width
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) - CORRECT ANSWER price
skimming
, Intentionally pricing a product lower than the market price to gain market share in
a new market (Pricing Strategy) - CORRECT ANSWER penetration pricing
Pricing products below market price to attract customers to a store where they
would not otherwise shop (Pricing Strategy) - CORRECT ANSWER leader pricing
Raising the price of a product to increase the perception of its value (Pricing
Strategy) - CORRECT ANSWER prestige pricing
Grouping related products together and pricing them as a single product. (Pricing
Strategy) - CORRECT ANSWER Bundling
Setting the price for a product or service relative to competitors (Pricing Strategy)
- CORRECT ANSWER Competitive pricing
Any paid form of nonpersonal promotion by an identified sponsor - CORRECT
ANSWER Advertising
A face-to-face presentation to a prospective buyer, often based on long-term
relationships. - CORRECT ANSWER Personal selling
Marketing activities that stimulate consumer buying, including coupons and
samples, displays, shows and exhibitions, and demonstrations. - CORRECT
ANSWER Sales promotion
