WGU D077 - Unit 2 - Marketing
Planning Questions with complete
solution 2026
Define Marketing - correct answer Marketing is 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.
Identify 3 functions of Marketing? - correct answer The 3 functions of marketing are to identify, satisfy,
and retain customers.
What is the marketing concept? Identify 3 important characteristics of this concept. - correct answer
Marketing concept is a business philosophy holding that a company's goals can best be achieved by
identifying and satisfying the target customer's needs and wants.
The 3 important characteristics of this involve:
- focusing on the needs and wants of customers
- integrating organizational activities, including product and promotion, to satisfy the wants and needs.
- achieving long-term goals by satisfying the wants and needs legally and responsibly.
Identify the four elements in the Marketing mix. - correct answer The controllable elements in the
marketing environment, made up of product, price, promotion, and place; also known as the 4Ps of
Marketing
What are the four stages of the product life cycle? - correct answer Introduction, Growth, Maturity, and
Decline
Identify each stage of the product life cycle stage based on profit, sales, competitive pressures? - correct
answer - Introduction stage has low sales, little or not profit, and no competition.
, - Growth Stage has increasing sales, rapidly increasing profits, and competitors begin to enter the
market
- Maturity Stage has high sales, high then declining profit, high level of competition
- Decline stage has declining sales, declining profits, high competition but low demand
What are the variables companies considering while creating a product strategy? - correct answer
choosing a brand name, packaging, colors, a warranty, accessories, and a service program
Define product mix, product lines, and product depth? - correct answer - Product Mix is the complete
range of products offered for sale by a company throughout its product lines, also known as product
assortment.
- Product Lines are series of similar products focused on a sector that a company creates under a single
brand
- Product Depth is the number of versions offered for each product in the product line
What is price skimming strategy - 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.
Identify Penetration pricing strategy - correct answer Intentionally pricing a product lower than the
market price to gain market share in a new market. Penetration pricing may induce customers to switch
brands or companies and may discourage competitors from entering the market .
Identify leader pricing - correct answer Pricing products below market price to attract customers to a
store where they would not otherwise shop. Items that are leader priced are usually well known and
priced low enough to appeal to many customers. They also are items that consumers will buy at a lower
price, even if they have to switch brands.
Identify bundle pricing - correct answer grouping related products together and pricing them as a sing
product.
Planning Questions with complete
solution 2026
Define Marketing - correct answer Marketing is 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.
Identify 3 functions of Marketing? - correct answer The 3 functions of marketing are to identify, satisfy,
and retain customers.
What is the marketing concept? Identify 3 important characteristics of this concept. - correct answer
Marketing concept is a business philosophy holding that a company's goals can best be achieved by
identifying and satisfying the target customer's needs and wants.
The 3 important characteristics of this involve:
- focusing on the needs and wants of customers
- integrating organizational activities, including product and promotion, to satisfy the wants and needs.
- achieving long-term goals by satisfying the wants and needs legally and responsibly.
Identify the four elements in the Marketing mix. - correct answer The controllable elements in the
marketing environment, made up of product, price, promotion, and place; also known as the 4Ps of
Marketing
What are the four stages of the product life cycle? - correct answer Introduction, Growth, Maturity, and
Decline
Identify each stage of the product life cycle stage based on profit, sales, competitive pressures? - correct
answer - Introduction stage has low sales, little or not profit, and no competition.
, - Growth Stage has increasing sales, rapidly increasing profits, and competitors begin to enter the
market
- Maturity Stage has high sales, high then declining profit, high level of competition
- Decline stage has declining sales, declining profits, high competition but low demand
What are the variables companies considering while creating a product strategy? - correct answer
choosing a brand name, packaging, colors, a warranty, accessories, and a service program
Define product mix, product lines, and product depth? - correct answer - Product Mix is the complete
range of products offered for sale by a company throughout its product lines, also known as product
assortment.
- Product Lines are series of similar products focused on a sector that a company creates under a single
brand
- Product Depth is the number of versions offered for each product in the product line
What is price skimming strategy - 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.
Identify Penetration pricing strategy - correct answer Intentionally pricing a product lower than the
market price to gain market share in a new market. Penetration pricing may induce customers to switch
brands or companies and may discourage competitors from entering the market .
Identify leader pricing - correct answer Pricing products below market price to attract customers to a
store where they would not otherwise shop. Items that are leader priced are usually well known and
priced low enough to appeal to many customers. They also are items that consumers will buy at a lower
price, even if they have to switch brands.
Identify bundle pricing - correct answer grouping related products together and pricing them as a sing
product.
