WGU D077 Study Guide Questions With Correct
Answers
Integrated Marketing Communications - CORRECT ANSWER✔✔-
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coordinating the promotion mix elements and synchronizing promotion
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as a unified effort
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Marketing - CORRECT ANSWER✔✔-The Activity, set of institutions, and
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process for creating, communicating, delivering and exchanging
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offerings that have value for consumers. Also a business function that
| | | | | | | | | | |
identifies, satisfies, and retains customers through a set of activities
| | | | | | | | | |
related to creating, communicating, delivering, and exchanging offerings
| | | | | | |
|that have value for the customer.
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Marketing Mix (4 P's) - CORRECT ANSWER✔✔-Product, Place, Price,
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Promotion
Product Life Cycle - CORRECT ANSWER✔✔-describes the stages a new
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product goes through in the marketplace: introduction, growth,
| | | | | | | |
maturity, and decline | |
,The Introduction stage of the product life cycle is characterized by -
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CORRECT ANSWER✔✔-Low sales, Little or no profit, and Often little to
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no competition
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The growth stage of the product life cycle is characterized by - CORRECT
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ANSWER✔✔-Increasing sales, Rapidly increasing profits, Market has | | | | | | |
accepted the product and competitors begin to enter the market
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The maturity stage of the product life cycle is characterized by -
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CORRECT ANSWER✔✔-High Sales, High then declining profits, High
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level of competition, may be difficult for original company to compete
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The decline stage of the product life cycle is characterized by - CORRECT
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ANSWER✔✔-Declining Sales, Declining Profit, and Competitive pressure | | | | | |
remains high and demand falls
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product mix - CORRECT ANSWER✔✔-The complete range of products
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offered for sale by a company throughout its product lines, also known
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as the product assortment
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product lines - CORRECT ANSWER✔✔-Series of similar products focused
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on a sector that a company creates under a single brand
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, product depth - CORRECT ANSWER✔✔-Number of versions offered for
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each product in the product line
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product width - CORRECT ANSWER✔✔-The number of different product
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lines, or series of products a company offers
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price skimming - CORRECT ANSWER✔✔-Intentionally pricing a new
| | | | | | | |
product offering high with the intention of lowering it over time as
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competition grows, particularly in the case of a unique offering with
| | | | | | | | | | |
little or no competition at the outset (Pricing Strategy)
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penetration pricing - CORRECT ANSWER✔✔-Intentionally pricing a
| | | | | | |
product lower than the market price to gain market share in a new
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market (Pricing Strategy) | |
leader pricing - CORRECT ANSWER✔✔-Pricing products below market
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price to attract customers to a store where they would not otherwise
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shop (Pricing Strategy)
| |
prestige pricing - CORRECT ANSWER✔✔-Raising the price of a product
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to increase the perception of its value (Pricing Strategy)
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Bundling - CORRECT ANSWER✔✔-Grouping related products together
| | | | | | |
and pricing them as a single product. (Pricing Strategy)
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Answers
Integrated Marketing Communications - CORRECT ANSWER✔✔-
| | | | |
coordinating the promotion mix elements and synchronizing promotion
| | | | | | | |
as a unified effort
| | |
Marketing - CORRECT ANSWER✔✔-The Activity, set of institutions, and
| | | | | | | | |
process for creating, communicating, delivering and exchanging
| | | | | | |
offerings that have value for consumers. Also a business function that
| | | | | | | | | | |
identifies, satisfies, and retains customers through a set of activities
| | | | | | | | | |
related to creating, communicating, delivering, and exchanging offerings
| | | | | | |
|that have value for the customer.
| | | | |
Marketing Mix (4 P's) - CORRECT ANSWER✔✔-Product, Place, Price,
| | | | | | | | |
Promotion
Product Life Cycle - CORRECT ANSWER✔✔-describes the stages a new
| | | | | | | | | |
product goes through in the marketplace: introduction, growth,
| | | | | | | |
maturity, and decline | |
,The Introduction stage of the product life cycle is characterized by -
| | | | | | | | | | | |
CORRECT ANSWER✔✔-Low sales, Little or no profit, and Often little to
| | | | | | | | | | |
no competition
|
The growth stage of the product life cycle is characterized by - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-Increasing sales, Rapidly increasing profits, Market has | | | | | | |
accepted the product and competitors begin to enter the market
| | | | | | | | |
The maturity stage of the product life cycle is characterized by -
| | | | | | | | | | | |
CORRECT ANSWER✔✔-High Sales, High then declining profits, High
| | | | | | | |
level of competition, may be difficult for original company to compete
| | | | | | | | | |
The decline stage of the product life cycle is characterized by - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-Declining Sales, Declining Profit, and Competitive pressure | | | | | |
remains high and demand falls
| | | | |
product mix - CORRECT ANSWER✔✔-The complete range of products
| | | | | | | | |
offered for sale by a company throughout its product lines, also known
| | | | | | | | | | | |
as the product assortment
| | |
product lines - CORRECT ANSWER✔✔-Series of similar products focused
| | | | | | | |
on a sector that a company creates under a single brand
| | | | | | | | | | |
, product depth - CORRECT ANSWER✔✔-Number of versions offered for
| | | | | | | | |
each product in the product line
| | | | |
product width - CORRECT ANSWER✔✔-The number of different product
| | | | | | | |
lines, or series of products a company offers
| | | | | | | |
price skimming - CORRECT ANSWER✔✔-Intentionally pricing a new
| | | | | | | |
product offering high with the intention of lowering it over time as
| | | | | | | | | | | |
competition grows, particularly in the case of a unique offering with
| | | | | | | | | | |
little or no competition at the outset (Pricing Strategy)
| | | | | | | |
penetration pricing - CORRECT ANSWER✔✔-Intentionally pricing a
| | | | | | |
product lower than the market price to gain market share in a new
| | | | | | | | | | | | |
market (Pricing Strategy) | |
leader pricing - CORRECT ANSWER✔✔-Pricing products below market
| | | | | | | |
price to attract customers to a store where they would not otherwise
| | | | | | | | | | | |
shop (Pricing Strategy)
| |
prestige pricing - CORRECT ANSWER✔✔-Raising the price of a product
| | | | | | | | | |
to increase the perception of its value (Pricing Strategy)
| | | | | | | |
Bundling - CORRECT ANSWER✔✔-Grouping related products together
| | | | | | |
and pricing them as a single product. (Pricing Strategy)
| | | | | | | |
