WGU D077 Marketing Exam 300 Questions with
Verified Answers
Bringing value to customers through activities that create, communicate, deliver,
and exchange offerings. - CORRECT ANSWER What is the main function of
marketing?
Bringing value to customers
Improving partner relationships
Decreasing expenditures
A marketing concept is defined as the use of marketing data to focus on the needs
and wants of customers in order to develop marketing strategies that not only
satisfy the needs of the customers, but also accomplish the goals of the
organization - CORRECT ANSWER A marketing concept
Product life cycle including an introductory stage, growth stage, maturity stage,
and finally an eventual period of decline as sales falls. - CORRECT ANSWER
Product life cycle
Price is something given in exchange for a product. Price may be monetary or
nonmonetary (such as waiting in long lines for a restaurant or giving blood at the
local blood bank). - CORRECT ANSWER Price
Marketers can expand the current product mix by increasing product width (the
number of different product lines, or series of products a company offers) or by
increasing product depth (adding to the sub-products or versions in a product
line) - CORRECT ANSWER Product mix
,First, a high initial price can be a way to find out what buyers are willing to pay.
Second, if consumers find the introductory price too high, it can be lowered. Third,
a high introductory price can create an image of quality and prestige. Fourth,
when the price is lowered later, consumers may think they are getting a bargain.
The disadvantage is that high prices attract competition. - CORRECT ANSWER 4
advantages of Price Skimming
Enter a market and price your product lower than the perceived market price so
that more people will buy it and increase your market share. Requires more
extensive planning than skimming, because the company must gear up for mass
production and marketing. May induce consumers to switch brands or companies.
May discourage competitors from entering the market. - CORRECT ANSWER
Penetration pricing
Leader pricing is pricing products below the normal markup or even below cost to
attract customers to a store where they would not otherwise shop. A product
priced below cost is referred to as a loss leader. Retailers hope that this type of
pricing will increase their overall sales volume and thus their profit. Department
stores and specialty stores also rely heavily on leader pricing. - CORRECT ANSWER
Leader pricing
Bundling means grouping two or more related products together and pricing them
as a single product. Bundling the second product to the first at a slightly reduced
price thus creates some sales that otherwise would not be made. - CORRECT
ANSWER Bundling
The strategy of raising the price of a product so consumers will perceive it as being
of higher quality, status, or value - CORRECT ANSWER Prestige pricing
,Setting the price of a product according to competitor prices, to use price as one
of the features that differentiates the product. - CORRECT ANSWER Competitive
pricing strategy
Any paid form of nonpersonal promotion by an identified sponsor that is delivered
through traditional media channels. - CORRECT ANSWER Traditional advertising
A face-to-face presentation to a prospective buyer, often based on long-term
relationships. - CORRECT ANSWER Personal selling
Integrated marketing communications (IMC). IMC involves carefully coordinating
all promotional activities—traditional advertising (including direct marketing),
sales promotion, personal selling, public relations, social media and e-commerce,
packaging, and other marketing elements—to produce a consistent, unified,
customer-focused message. - CORRECT ANSWER Integrated marketing
communications (IMC).
Includes channels such as physical locations, e-commerce, mobile applications,
and social media. Rather than working in parallel, communication channels and
their supporting resources are designed and orchestrated to cooperate. -
CORRECT ANSWER Omnichannel communication
Place involves some method of getting the product from the creator of the
product to the customer. Place includes a myriad of important tasks:
transportation, location, supply chain management (managing each entity that
deals with the product in its route to the buyer), online presence, inventory, and
, atmospherics (how the office, store, or even the website looks).1 - CORRECT
ANSWER Place
Distribution is efficiently managing the acquisition of raw materials by the factory
and the movement of products from the producer or manufacturer to business-
to-business (B2B) users and consumers. It includes many facets, such as location,
hours, website presence, logistics, atmospherics, inventory management, supply-
chain management, and others. - CORRECT ANSWER Distribution
Direct distribution is when products are sold from producers to end users and
consumers. Indirect distribution involves marketing intermediaries, or
organizations that assist in moving goods and services from producers to end user
and consumers. These commonly include agents and brokers, industrial
distributors, wholesalers, and retailers. - CORRECT ANSWER Direct VS Indirect
Distribution
A single company owns all levels of production and distribution. For example,
Apple sells the products it designs and manufactures through its own retail stores.
- CORRECT ANSWER Corporate vertical marketing system
A formal agreement between the levels (such as franchise, retail sponsored or
wholesale sponsored) coordinates the distribution process. For example, many
fast food chains operate as franchises. - CORRECT ANSWER Contractual vertical
marketing system
One member of the channel system effectively controls the system out of sheer
power and size. It can determine the activities of the other channel levels without
an ownership stake. - CORRECT ANSWER Administered vertical marketing system
Verified Answers
Bringing value to customers through activities that create, communicate, deliver,
and exchange offerings. - CORRECT ANSWER What is the main function of
marketing?
Bringing value to customers
Improving partner relationships
Decreasing expenditures
A marketing concept is defined as the use of marketing data to focus on the needs
and wants of customers in order to develop marketing strategies that not only
satisfy the needs of the customers, but also accomplish the goals of the
organization - CORRECT ANSWER A marketing concept
Product life cycle including an introductory stage, growth stage, maturity stage,
and finally an eventual period of decline as sales falls. - CORRECT ANSWER
Product life cycle
Price is something given in exchange for a product. Price may be monetary or
nonmonetary (such as waiting in long lines for a restaurant or giving blood at the
local blood bank). - CORRECT ANSWER Price
Marketers can expand the current product mix by increasing product width (the
number of different product lines, or series of products a company offers) or by
increasing product depth (adding to the sub-products or versions in a product
line) - CORRECT ANSWER Product mix
,First, a high initial price can be a way to find out what buyers are willing to pay.
Second, if consumers find the introductory price too high, it can be lowered. Third,
a high introductory price can create an image of quality and prestige. Fourth,
when the price is lowered later, consumers may think they are getting a bargain.
The disadvantage is that high prices attract competition. - CORRECT ANSWER 4
advantages of Price Skimming
Enter a market and price your product lower than the perceived market price so
that more people will buy it and increase your market share. Requires more
extensive planning than skimming, because the company must gear up for mass
production and marketing. May induce consumers to switch brands or companies.
May discourage competitors from entering the market. - CORRECT ANSWER
Penetration pricing
Leader pricing is pricing products below the normal markup or even below cost to
attract customers to a store where they would not otherwise shop. A product
priced below cost is referred to as a loss leader. Retailers hope that this type of
pricing will increase their overall sales volume and thus their profit. Department
stores and specialty stores also rely heavily on leader pricing. - CORRECT ANSWER
Leader pricing
Bundling means grouping two or more related products together and pricing them
as a single product. Bundling the second product to the first at a slightly reduced
price thus creates some sales that otherwise would not be made. - CORRECT
ANSWER Bundling
The strategy of raising the price of a product so consumers will perceive it as being
of higher quality, status, or value - CORRECT ANSWER Prestige pricing
,Setting the price of a product according to competitor prices, to use price as one
of the features that differentiates the product. - CORRECT ANSWER Competitive
pricing strategy
Any paid form of nonpersonal promotion by an identified sponsor that is delivered
through traditional media channels. - CORRECT ANSWER Traditional advertising
A face-to-face presentation to a prospective buyer, often based on long-term
relationships. - CORRECT ANSWER Personal selling
Integrated marketing communications (IMC). IMC involves carefully coordinating
all promotional activities—traditional advertising (including direct marketing),
sales promotion, personal selling, public relations, social media and e-commerce,
packaging, and other marketing elements—to produce a consistent, unified,
customer-focused message. - CORRECT ANSWER Integrated marketing
communications (IMC).
Includes channels such as physical locations, e-commerce, mobile applications,
and social media. Rather than working in parallel, communication channels and
their supporting resources are designed and orchestrated to cooperate. -
CORRECT ANSWER Omnichannel communication
Place involves some method of getting the product from the creator of the
product to the customer. Place includes a myriad of important tasks:
transportation, location, supply chain management (managing each entity that
deals with the product in its route to the buyer), online presence, inventory, and
, atmospherics (how the office, store, or even the website looks).1 - CORRECT
ANSWER Place
Distribution is efficiently managing the acquisition of raw materials by the factory
and the movement of products from the producer or manufacturer to business-
to-business (B2B) users and consumers. It includes many facets, such as location,
hours, website presence, logistics, atmospherics, inventory management, supply-
chain management, and others. - CORRECT ANSWER Distribution
Direct distribution is when products are sold from producers to end users and
consumers. Indirect distribution involves marketing intermediaries, or
organizations that assist in moving goods and services from producers to end user
and consumers. These commonly include agents and brokers, industrial
distributors, wholesalers, and retailers. - CORRECT ANSWER Direct VS Indirect
Distribution
A single company owns all levels of production and distribution. For example,
Apple sells the products it designs and manufactures through its own retail stores.
- CORRECT ANSWER Corporate vertical marketing system
A formal agreement between the levels (such as franchise, retail sponsored or
wholesale sponsored) coordinates the distribution process. For example, many
fast food chains operate as franchises. - CORRECT ANSWER Contractual vertical
marketing system
One member of the channel system effectively controls the system out of sheer
power and size. It can determine the activities of the other channel levels without
an ownership stake. - CORRECT ANSWER Administered vertical marketing system
