WGU D077 Marketing, Sale, and Customer Contact
Study Guide 300 Questions with Verified Answers
Creating, communicating, delivering, and exchanging offerings that have value -
CORRECT ANSWER Define Marketing
Creating exchanges, identifying customers' needs, and generating value - CORRECT
ANSWER Identify 3 functions of Marketing
The use of marketing data to focus on the customers in order to develop
marketing strategies satisfy the needs of the customers and accomplish the goals
of the organization - CORRECT ANSWER What is the marketing concept?
The actions a company implements to affect the controllable elements of the
strategy. - CORRECT ANSWER What are tactical plans?
Ways an organization is going to do to achieve its objectives. - CORRECT ANSWER
What are strategic plans?
Place, product, price, promotion - CORRECT ANSWER Identify the four elements in
the Marketing mix.
Something offered in exchange - CORRECT ANSWER What is one main
characteristic of a product?
,A Marketing strategy - CORRECT ANSWER What is informed by a clear
understanding of an organization's strengths and weaknesses?
Business goods and consumer goods - CORRECT ANSWER What defines the
product element of the marketing mix?
It determines the company's profit - CORRECT ANSWER What is one important
characteristic of price?
Element of the marketing mix involved with the cost of a product - CORRECT
ANSWER Identify important characteristics of the price.
Transportation, location, supply chain, online presence, inventory, and
atmospherics - CORRECT ANSWER Identify important characteristics of the place.
Getting the product from the producer to the customer - CORRECT ANSWER What
does Place refer to in the marketing mix?
Processes and channels used in getting a product to the place in which it is
ultimately sold - CORRECT ANSWER What defines the place element of the
marketing mix?
Getting the product from the producer to the customer - CORRECT ANSWER What
is a critical characteristic of place?
,Methods for informing and influencing customers to buy a product - CORRECT
ANSWER What is one crucial characteristic of promotion?
Traditional sales, digital marketing, and public relations - CORRECT ANSWER
Identify important characteristics of promotion.
Tactics that communicate the company's message efficiently and effectively to the
target audience - CORRECT ANSWER What defines the promotion element of the
marketing mix?
Introduction, growth, maturity, decline - CORRECT ANSWER What are the four
stages of the product life cycle?
Introductory - CORRECT ANSWER Stage of the product life cycle characterized by
low sales, little or no profit, and little or no competition
Growth - CORRECT ANSWER Stage of the product life cycle where sales and profit
begin to increase and competitors begin to enter the market
Maturity - CORRECT ANSWER What stage of the product life cycle includes high
sales, a spike in profits, and a high level of competition?
Decline - CORRECT ANSWER Stage of the product life cycle when sales and profits
are declining and the market has become over saturated
, Phases of the product life cycle, the product mix, positioning, and branding -
CORRECT ANSWER What are the variables companies consider while creating a
product strategy?
The entire selection of products offered by a company - CORRECT ANSWER Define
product mix
Specific groups of products a company sells - CORRECT ANSWER Define product
lines
The variations of offerings within product lines - CORRECT ANSWER Define
product depth
Skimming - CORRECT ANSWER A tech company launches its latest smartphone
with cutting-edge features at a higher price point than its competitors. Which
pricing strategy might the company be using?
Skimming - CORRECT ANSWER A fashion brand releases a limited-edition
collection of designer handbags at premium prices, targeting affluent customers.
What pricing strategy is the brand likely employing?
Skimming - CORRECT ANSWER A tech company releases its latest smartphone
with advanced features at a higher price point than its competitors, expecting
early adopters to purchase it before gradually lowering the price. Which pricing
strategy might the company be using?
Study Guide 300 Questions with Verified Answers
Creating, communicating, delivering, and exchanging offerings that have value -
CORRECT ANSWER Define Marketing
Creating exchanges, identifying customers' needs, and generating value - CORRECT
ANSWER Identify 3 functions of Marketing
The use of marketing data to focus on the customers in order to develop
marketing strategies satisfy the needs of the customers and accomplish the goals
of the organization - CORRECT ANSWER What is the marketing concept?
The actions a company implements to affect the controllable elements of the
strategy. - CORRECT ANSWER What are tactical plans?
Ways an organization is going to do to achieve its objectives. - CORRECT ANSWER
What are strategic plans?
Place, product, price, promotion - CORRECT ANSWER Identify the four elements in
the Marketing mix.
Something offered in exchange - CORRECT ANSWER What is one main
characteristic of a product?
,A Marketing strategy - CORRECT ANSWER What is informed by a clear
understanding of an organization's strengths and weaknesses?
Business goods and consumer goods - CORRECT ANSWER What defines the
product element of the marketing mix?
It determines the company's profit - CORRECT ANSWER What is one important
characteristic of price?
Element of the marketing mix involved with the cost of a product - CORRECT
ANSWER Identify important characteristics of the price.
Transportation, location, supply chain, online presence, inventory, and
atmospherics - CORRECT ANSWER Identify important characteristics of the place.
Getting the product from the producer to the customer - CORRECT ANSWER What
does Place refer to in the marketing mix?
Processes and channels used in getting a product to the place in which it is
ultimately sold - CORRECT ANSWER What defines the place element of the
marketing mix?
Getting the product from the producer to the customer - CORRECT ANSWER What
is a critical characteristic of place?
,Methods for informing and influencing customers to buy a product - CORRECT
ANSWER What is one crucial characteristic of promotion?
Traditional sales, digital marketing, and public relations - CORRECT ANSWER
Identify important characteristics of promotion.
Tactics that communicate the company's message efficiently and effectively to the
target audience - CORRECT ANSWER What defines the promotion element of the
marketing mix?
Introduction, growth, maturity, decline - CORRECT ANSWER What are the four
stages of the product life cycle?
Introductory - CORRECT ANSWER Stage of the product life cycle characterized by
low sales, little or no profit, and little or no competition
Growth - CORRECT ANSWER Stage of the product life cycle where sales and profit
begin to increase and competitors begin to enter the market
Maturity - CORRECT ANSWER What stage of the product life cycle includes high
sales, a spike in profits, and a high level of competition?
Decline - CORRECT ANSWER Stage of the product life cycle when sales and profits
are declining and the market has become over saturated
, Phases of the product life cycle, the product mix, positioning, and branding -
CORRECT ANSWER What are the variables companies consider while creating a
product strategy?
The entire selection of products offered by a company - CORRECT ANSWER Define
product mix
Specific groups of products a company sells - CORRECT ANSWER Define product
lines
The variations of offerings within product lines - CORRECT ANSWER Define
product depth
Skimming - CORRECT ANSWER A tech company launches its latest smartphone
with cutting-edge features at a higher price point than its competitors. Which
pricing strategy might the company be using?
Skimming - CORRECT ANSWER A fashion brand releases a limited-edition
collection of designer handbags at premium prices, targeting affluent customers.
What pricing strategy is the brand likely employing?
Skimming - CORRECT ANSWER A tech company releases its latest smartphone
with advanced features at a higher price point than its competitors, expecting
early adopters to purchase it before gradually lowering the price. Which pricing
strategy might the company be using?
