WGU D077 Exam 313 Questions with Verified
Answers
Marketing Mix - CORRECT ANSWER the set of tactical marketing tools - product,
price, place, and promotion - that the firm blends to produce the response it
wants in the target market.
product - CORRECT ANSWER Refers to goods, services, or even ideas.
Product Life Cycle - CORRECT ANSWER introduction, growth, maturity, decline
product mix - CORRECT ANSWER consists of all of the product lines offered by an
organization
price - CORRECT ANSWER that which is given up in an exchange to acquire a good
or service
price skimming - CORRECT ANSWER A pricing strategy that involves setting prices
higher than those of the competition, the lowering as competition grows.
penetration pricing - CORRECT ANSWER setting a low initial price on a new
product to appeal immediately to the mass market and gain market share
leader pricing - CORRECT ANSWER setting some very low prices to get customers
into retail stores
,Bundling - CORRECT ANSWER grouping two or more products together and pricing
them as a unit
prestige pricing - CORRECT ANSWER setting a high price so that quality or status
conscious consumers will be attracted to the product and buy it
Competitive Pricing Strategies - CORRECT ANSWER Pricing strategy designed to
deemphasize price as a competitive variable by pricing a good or service at the
level of comparable offerings.
promotion - CORRECT ANSWER Informing and influencing customers to buy a
product: traditional advertising, sales promotion, public relations, personal selling,
and digital marketing.
Guerilla Marketing - CORRECT ANSWER Look it up.
Integrated Marketing Communications - CORRECT ANSWER carefully integrating
and coordinating the company's many communications channels to deliver a clear,
consistent, and compelling message about the organization and its products
omnichannel communications - CORRECT ANSWER Unified and consistent
communication with customers across all channels a company employs
place - CORRECT ANSWER Getting the products from the producer to customer.
,Market Segmentation - CORRECT ANSWER the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
Targeting - CORRECT ANSWER select the segment or segments to enter
segment - CORRECT ANSWER Subgroup of the market for a product
geographical segmentation - CORRECT ANSWER dividing a market into different
geographical or regional units
demographic segmentation - CORRECT ANSWER diving the market into segments
based on variables such as age, life-cycle stage, gender, income, occupation,
education, religion, ethnicity, and generation
psychographic segmentation - CORRECT ANSWER dividing a market into different
segments based on lifestyle, or personality characteristics
product-related segmentation - CORRECT ANSWER dividing consumer markets
into groups based on buyers' relationships to the good or service
Target Market - CORRECT ANSWER A group of people or organizations for which
an organization designs, implements, and maintains a marketing mix intended to
meet the needs of that group, resulting in mutually satisfying exchanges
, differentiated marketing - CORRECT ANSWER a market-coverage strategy in which
a firm decides to target several market segments and designs separate offers for
each
Undifferentiated marketing - CORRECT ANSWER a market-coverage strategy in
which a firm decides to ignore market segment differences and go after the whole
market with one offer
concentrated marketing - CORRECT ANSWER A market-coverage strategy in which
a firm goes after a large share of one or a few segments or niches
Micromarketing - CORRECT ANSWER tailoring products and marketing programs
to the needs and wants of specific individuals and local customer segments; it
includes local marketing and individual marketing
positioning statement - CORRECT ANSWER a brief statement that articulates how
the marketer would like the target market to envision a product relative to the
competition
positioning map - CORRECT ANSWER Tool that helps marketers place products in a
market by graphically illustrating consumers' perceptions of competing products
within an industry.
positioning strategy - CORRECT ANSWER The key themes or concepts an
organization features for communicating the distinctiveness of its product or
service to the target segment.
Answers
Marketing Mix - CORRECT ANSWER the set of tactical marketing tools - product,
price, place, and promotion - that the firm blends to produce the response it
wants in the target market.
product - CORRECT ANSWER Refers to goods, services, or even ideas.
Product Life Cycle - CORRECT ANSWER introduction, growth, maturity, decline
product mix - CORRECT ANSWER consists of all of the product lines offered by an
organization
price - CORRECT ANSWER that which is given up in an exchange to acquire a good
or service
price skimming - CORRECT ANSWER A pricing strategy that involves setting prices
higher than those of the competition, the lowering as competition grows.
penetration pricing - CORRECT ANSWER setting a low initial price on a new
product to appeal immediately to the mass market and gain market share
leader pricing - CORRECT ANSWER setting some very low prices to get customers
into retail stores
,Bundling - CORRECT ANSWER grouping two or more products together and pricing
them as a unit
prestige pricing - CORRECT ANSWER setting a high price so that quality or status
conscious consumers will be attracted to the product and buy it
Competitive Pricing Strategies - CORRECT ANSWER Pricing strategy designed to
deemphasize price as a competitive variable by pricing a good or service at the
level of comparable offerings.
promotion - CORRECT ANSWER Informing and influencing customers to buy a
product: traditional advertising, sales promotion, public relations, personal selling,
and digital marketing.
Guerilla Marketing - CORRECT ANSWER Look it up.
Integrated Marketing Communications - CORRECT ANSWER carefully integrating
and coordinating the company's many communications channels to deliver a clear,
consistent, and compelling message about the organization and its products
omnichannel communications - CORRECT ANSWER Unified and consistent
communication with customers across all channels a company employs
place - CORRECT ANSWER Getting the products from the producer to customer.
,Market Segmentation - CORRECT ANSWER the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
Targeting - CORRECT ANSWER select the segment or segments to enter
segment - CORRECT ANSWER Subgroup of the market for a product
geographical segmentation - CORRECT ANSWER dividing a market into different
geographical or regional units
demographic segmentation - CORRECT ANSWER diving the market into segments
based on variables such as age, life-cycle stage, gender, income, occupation,
education, religion, ethnicity, and generation
psychographic segmentation - CORRECT ANSWER dividing a market into different
segments based on lifestyle, or personality characteristics
product-related segmentation - CORRECT ANSWER dividing consumer markets
into groups based on buyers' relationships to the good or service
Target Market - CORRECT ANSWER A group of people or organizations for which
an organization designs, implements, and maintains a marketing mix intended to
meet the needs of that group, resulting in mutually satisfying exchanges
, differentiated marketing - CORRECT ANSWER a market-coverage strategy in which
a firm decides to target several market segments and designs separate offers for
each
Undifferentiated marketing - CORRECT ANSWER a market-coverage strategy in
which a firm decides to ignore market segment differences and go after the whole
market with one offer
concentrated marketing - CORRECT ANSWER A market-coverage strategy in which
a firm goes after a large share of one or a few segments or niches
Micromarketing - CORRECT ANSWER tailoring products and marketing programs
to the needs and wants of specific individuals and local customer segments; it
includes local marketing and individual marketing
positioning statement - CORRECT ANSWER a brief statement that articulates how
the marketer would like the target market to envision a product relative to the
competition
positioning map - CORRECT ANSWER Tool that helps marketers place products in a
market by graphically illustrating consumers' perceptions of competing products
within an industry.
positioning strategy - CORRECT ANSWER The key themes or concepts an
organization features for communicating the distinctiveness of its product or
service to the target segment.
