WGU D077 MODULE 1 EXAM 60 QUESTIONS
WITH VERIFIED CORRECT ANSWERS/A+
GRADE/2023 VERSION
marketing -✔✔ business function that identifies,
... [Show More] satisfies and retains customers
through a set of activities related to creating, communicating, delivering and exchanging
offerings that have value to the customer
Purpose of Marketing -✔✔ sell a company's products/services - communicate the value
of product/service - communicate with customers and address their wants and needs
Marketing function -✔✔ determine what bundles of goods and services the company
offers for a certain price to customers
key to Customer Satisfaction -✔✔ make sure everyone feels they benefit from the
exchange
marketing concept -✔✔ business philosophy that holds that company's goals can be
achieved by identifying and satisfying the target customers needs and wants
marketing concept involves -✔✔ focusing on needs/wants of customers, integrating all
organizations activities to satisfy these needs and wants, achieve long-term goals by
satisfying customer wants and needs legally and responsibly
marketing mix -✔✔ represents the controllable elements in the marketing environment
(product, price, promotion and place)
Product lIfe cycle -✔✔ introduction, growth, maturity, decline
product mix -✔✔ complete range of products for sale by company
product width -✔✔ number of different product lines a company offers
product lines -✔✔ series of related products offered by one company
product depth -✔✔ number of versions offered for each product in the product line
Promotion -✔✔ ways in which a product is advertises (traditional advertising, sales
promotion, public relations, personal selling, social media and digital marketing)
Price -✔✔ something given in exchange for a product - determines company's profit
WGU D077 MODULE 1 EXAM 60 QUESTIONS
WITH VERIFIED CORRECT ANSWERS/A+
GRADE/2023 VERSION
Pricing strategy -✔✔ based on demand for the product and the cost of producing the
product
Price skimming -✔✔ intentionally pricing a new product high with the intention of
lowering overtime as competition grows
Price skimming advantages -✔✔ find out what buyers willing to pay, price can be
lowered, create an image of quality and prestige, when price lowered seen as bargain
penetration pricing -✔✔ intentionally pricing a product lower than market price to gain
market share
Penetration Pricing advantages -✔✔ low initial price may induce consumers to switch
brands, discourage competitors from entering the market
Leader pricing (Loss leader) -✔✔ pricing products below the normal markup or below
cost to attract customers to a store where they would not otherwise shop
bundling -✔✔ grouping 2 or more related products together and pricing them as a
single products
Prestige pricing -✔✔ raising the price of a product so consumers will perceive it as
being of higher quality, statue or value
Competitive pricing strategy -✔✔ setting the price of a product according to competitor
prices (can go higher or lower)
Sales promotion -✔✔ marketing activities that stimulate consumer buying and dealer
effectiveness
Guerilla marekting -✔✔ communications that involves low cost marketing tactics to
engage consumers
Integrated Marketing Communications (IMC) -✔✔ immersive and targeted
communications with customers to help them move through various stages of buying
process (unified customer-focused message)
Place -✔✔ some method of getting the product from the created to the customer
(transportation, location, su [Show Less]