WGU D077 CONCEPTS IN MARKETING, SALES AND CUSTOMER CONTACT OBJECTIVE ASSESSMENT PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS | ALREADY GRADED A+RECENT VERSION

WGU D077 CONCEPTS IN MARKETING, SALES AND CUSTOMER CONTACT OBJECTIVE ASSESSMENT PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS | ALREADY GRADED A+RECENT VERSION 1) A/B testing - ANSWER A marketing experiment where two variants of a campaign are tested to see which one is most effective 2) Accommodation - ANSWER Style of handling conflict focused on empathy over self-interest 3) Adaptive selling - ANSWER Using social styles to customize a sales approach to the specific customer 4) administered vertical marketing system - ANSWER Cooperation between levels of a distribution channel where one member sets the terms due to its size and influence 5) advertising - ANSWER Paid form of nonpersonal promotion 6) amiable - ANSWER People with this social style want to know "why" 7) analytical - ANSWER People with this social style want to know "how" 8) artificial intelligence - ANSWER Intelligent machines (computers) capable of learning and interacting 9) attitudes - ANSWER Positive, negative, or ambivalent evaluation of people, objects, event, activities, ideas, or anything else in the environment 10) attributes - ANSWER Characteristics that define a product and will influence the customer's purchase decision 11) Avoidance - ANSWER Style of handling conflict with little empathy or self-interest 12) B2B sales - ANSWER Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers 13) Bait and switch - ANSWER Fraudulent practice where an advertised product is unavailable so a customer is guided to a more expensive one 14) Bargaining power of buyers - ANSWER One of Porter's Five Forces—the power of customers to drive down prices if supply exceeds demand 15) Bargaining power of suppliers - ANSWER One of Porter's Five Forces—the power of suppliers when there are few alternative sources for the products' components 16) Bargaining - ANSWER The fourth phase in the negotiation process, where the parties seek an agreement 17) BCG Matrix - ANSWER Planning tool which uses a quadrant to map the strategic position of a business brand based on the brand's market share and the market's growth potential 18) behavioral observation - ANSWER Primary marketing research technique involving formal or informal observation of customers and noncustomers 19) boycott - ANSWER Voluntary and intentional refusal to buy products from a certain person, company, or country for ethical or political reasons 20) brand equity - ANSWER One of the drivers of customer equity, based on how the customer assesses the value of the brand 21) brand loyalty - ANSWER The faithfulness of customer's to a particular company and its products 22) brand - ANSWER The unique identity and associations of a company, often captured in a design, sign, symbol, or words that identify a product and differentiate it from competitors 23) Bundling - ANSWER Grouping related products together and pricing them as a single product. 24) business cycle - ANSWER Expansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend 25) business to business (B2B) - ANSWER Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers 26) business to consumer (B2C) - ANSWER Sales directly to the individuals who consume a finished product 27) business-to-business (B2B) - ANSWER Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers 28) business-to-consumer (B2C) - ANSWER Sales directly to the individuals who consume a finished product for personal use 29) Buyers - ANSWER Individuals at an organization who are responsible for the purchase contract, often a purchasing department 30) buying center - ANSWER Group of decision makers for a purchase by an organization 31) Channel conflict - ANSWER When a company sells products directly to consumers, in competition with the company's own channel partners 32) Closed-ended questions - ANSWER Questions where a researcher provides a set of options from which to choose a response, also called structured questions 33) Closure - ANSWER The final phase of negotiation, where an agreement is reached or the negotiation fails 34) cognitive dissonance - ANSWER Mental discomfort triggered by holding two or more contradictory beliefs, ideas, or values 35) Collaboration - ANSWER Style of handling conflict with high concern for both empathy and self-interest 36) Competition - ANSWER Style of handling conflict focused on self-interest over empathy 37) Competitive pricing strategy - ANSWER Setting the price for a product or service relative to competitors 38) Compromise - ANSWER Middle-ground style of handling conflict 39) Concentrated marketing - ANSWER Targeting strategy that focuses on a very limited, specific segment(s) of the market, also called niche marketing 40) consultative selling - ANSWER Sales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand her needs 41) consumer behavior - ANSWER The study of individuals, groups, or organizations and all the activities associated with the purchase, use, and disposal of goods and services 42) consumer confidence - ANSWER Statistical measure of consumers' level of optimism about current and future economic conditions 43) Consumer involvement - ANSWER Level of consumer interest, search, or complex decision-making 44) consumer - ANSWER The user of a purchased product or service 45) consumers - ANSWER The user of a purchased product or service 46) Content marketing - ANSWER Promotion through the creation and sharing of messages and materials designed to stimulate interest in a product 47) contractual vertical marketing system - ANSWER Cooperation between levels of a distribution channel as described by a formal agreement 48) cookies - ANSWER A small packet of information stored on your web browser to help a website keep track of your visits and activity 49) Corporate Social Responsibility (CSR) - ANSWER Way of conducting business with commitment to the values, norms, and expectations of society for social responsibility 50) corporate vertical marketing system - ANSWER Ownership by a single company of all levels of production and distribution 51) culture - ANSWER The customs, arts, social institutions, beliefs, and value systems of a particular people, nation, or social group 52) customer equity - ANSWER The combined customer lifetime values of all the company's customers 53) customer life cycle - ANSWER The steps in the customer relationship with a company, from initial contact to loyalty 54) Customer lifetime value - ANSWER The total profit a company expects to gain from a customer throughout the relationship 55) Customer relationship management (CRM) - ANSWER Processes implemented by a company to handle its contact with customers with the goal of creating a unified customer experience to maximize retention 56) customer satisfaction - ANSWER A measure of how products or services delivered by a company meet or exceed customer expectations 57) customer - ANSWER The purchaser of a product or service 58) customers - ANSWER The purchasers of a good or service 59) Database marketing organizations - ANSWER Companies (also known as customer insights service providers) that collect and analyze massive data sets on consumers which can be used as secondary data for marketing research 60) deception - ANSWER Hiding the truth, especially to get an advantage 61) Deciders - ANSWER Individual(s) at an organization making the final purchase decision, often the person who owns the budget 62) deductive - ANSWER Negotiating by beginning with the big picture then turning to details 63) Demographic segmentation - ANSWER Dividing the market into subgroups based on demographic data such as age, education, gender, or income 64) Determining Your Desired Outcome - ANSWER The second phase in the negotiation process, where you define what you would like to get from the negotiation, also called a Best Alternative to a Negotiated Agreement (BATNA) 65) differentiated marketing - ANSWER Targeting strategy where a company provides separate offerings to each different market segment that it targets 66) digital marketing - ANSWER All of a company's marketing efforts that use an electronic device or the Internet 67) Direct distribution - ANSWER Sale of products from the producer to the end user without an intermediary 68) Distribution channels - ANSWER Chain of intermediaries through which a good or service moves from the producer to reach the end consumer 69) Distribution - ANSWER Process of acquiring raw materials and moving materials and finished products from the producer to customers 70) distributive view - ANSWER Win-lose negotiation that sees the situation as a fixed pie to be divided 71) diversification - ANSWER Growth strategy that focuses on creating new products for expansion into new markets 72) driver - ANSWER People with this social style want to know "what" 73) Dual Concern Model - ANSWER Maps five styles of handling conflict on a grid according to their degree of cooperation or assertiveness 74) E-commerce - ANSWER Buying and selling of goods and services over the Internet using websites and/or mobile applications 75) End users - ANSWER Individuals at an organization who will use the product or service to be purchased 76) environmental sustainability - ANSWER Processes that are capable of being continued with minimal long-term effect on the environment 77) esteem needs - ANSWER Human requirement to feel respected and valued by others as well as yourself 78) Ethical consumerism - ANSWER Type of consumer activism where ethical products are favored and unethical products or companies are avoided 79) Ethnographic research - ANSWER Study through direct observation of users in their natural environment (as opposed to a laboratory environment) 80) experiential learning - ANSWER Changes in behavior in response to direct experience; learning as a reflection on doing 81) experimental research - ANSWER Primary marketing research technique that explores the impact of one or more factors, such as the comparison of two marketing campaigns 82) expressive - ANSWER People with this social style want to know "who" 83) extended problem solving - ANSWER Complex, high-involvement purchase decision process with significant investment in information searching and product comparison 84) External factors - ANSWER Factors an organization may be able to influence, but not control (such as technology innovations, competition, economic trends, and government policies) a company, which can represent opportunities or threats 85) fair trade - ANSWER Organized social movement that seeks to help producers in developing countries achieve better trading conditions while promoting sustainability 86) focus groups - ANSWER Primary marketing research technique using small groups to delve deeply into a topic of interest 87) Gatekeepers - ANSWER Individuals at an organization who control the flow of information to and among others within the buying center; often administrative professionals 88) generation gaps - ANSWER Differences in outlook, opinions, values, and cultural norms between people of different generations 89) Geographic segmentation - ANSWER Dividing the market into sub-groups based on region or geographic characteristics 90) good - ANSWER Physical product offering manufactured by a business