WGU D077 Exam Study Guide (270 Q&As)/ (Top 2024/2025 EXAM REVIEW PAPERS / GRADED A+/ 100% Accurate)

WGU D077 Exam Study Guide (270 Q&As) What is the main function of marketing? Decreasing expenditures Improving partner relationships Bringing value to customers Increasing productivity -Bringing value to customers Correct! The main function of marketing is to determine what customers value, want, or need, and then to position a product that meets that value. Which set of connections is created by marketers to generate value? Between customers and suppliers Between companies and media Between companies and suppliers Between customers and products -Between customers and products Correct! Marketing generates value by determining what its target customers want or value, and then positioning a product to meet that need or desire. What is the relationship between sales and marketing in a firm's business strategy? Sales includes the exchange of money of a company's product or service, while marketing is the process of communicating the value of a product or service. Sales includes the process of communicating the value of a product or service, while marketing focuses on the actual exchange of money for a product or service. Sales includes calculating how much profit has been earned for a company within a fiscal year, while marketing is the process of communicating the value of a product or service. Sales includes the process of communicating the value of a product or service, while marketing involves calculating how much profit has been earned for a company within a fiscal year. -Sales includes the exchange of money of a company's product or service, while marketing is the process of communicating the value of a product or service. Correct! Sales includes the actual sale of the company's product, however marketing often works to help customers make their actual decision to purchase by communicating value. What is an example of a marketing activity? A sales associate liquidating inventory An executive reporting on stock performance An engineer conducting quality control review A manager conducting research on potential customers -A manager conducting research on potential customers Correct! A marketing concept is defined as the use of marketing data to focus on the needs and wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers, but also accomplish the goals of the organization Which element of the marketing mix is associated with social media advertising? Promotion Price Place Product -Promotion Correct! Promotion refers to the ways in which is a product is advertised. Social media advertising is associated with the promotion element of the marketing mix. Pricing a product high to determine the price it commands and to raise profits -Price Skimming grouping two or more related products together and pricing and pricing them as a single product - Bundling Pricing a product lower then the perceived market price so that more people will buy it - Penetration Pricing Pricing products below the normal markup or below cost to attract customers where they would not usually shop -Leader Pricing A sales person pitches a new product to the customer in a face-to-face meeting. -Personal selling A company provides a celebrity with products and payment to publicly promote their goods. - Influencer Marketing A company writes a blog about how their product fits into a particular lifestyle segment. -Content marketing A company uses a website to make sales through online ordering. -E-commerce System through which an organization acquires raw material, produces products and delivers the products, and services to customers. -Supply chain Products being sold from producers to end users without intermediaries. -Direst Distribution A marketing entity through which goods and services pass through on their way from producers to end users. -Distribution Channel A uniform customer experience across all ways a customer may engage with a company, for example instore and website. -Omnichannel retailing