WGU D077 Exam Questions and Answers Graded A+
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 in-store and website. -✔✔ Omnichannel retailing
In the marketing mix, what is the meaning of the term "product"?
Goods or services that meet customers' needs
Shorthand for production line
Marketing materials of the company
Materials used in manufacturing -✔✔ Goods or services that meet customers' needs
Correct! Products have unique set of features, design, name, and brand that are
focused on target customers.
Which term is used when the price of a product is lowered for a limited time to attract
non-business customers and increase sales volume?
Trade discounts
Promotional pricing
Liquidation pricing
Bulk purchasing -✔✔ Promotional pricing
Correct! Promotional pricing is the act of lowering the price of a product for a limited
time to attract more customers and increase sales volume.
In the marketing mix, what is meant by the term promotion?
Cost of a product, or what a company asks in exchange for a product
Communications between the company and the customer
Goods, services, or ideas that a company offers to the market
Getting the product from the producer to the customer -✔✔ Communications between
the company and the customer
Correct! Promotion includes both the messages sent by the company and messages
that customers send to the public about their experience.
What is meant by the term "place" in the marketing mix?
Where product ads are posted
Where products are manufactured
Where products are purchased
Where products are shipped from -✔✔ Where products are purchased
Correct! In the marketing mix, the term "place" refers to the distribution of the product.
Place might be a traditional brick-and-mortar store, or it could be online.
Which three components are part of the marketing mix?
Power
Professionalism
Place
Product
, Promotion
People -✔✔ Place
Product
Promotion
Correct! Place is an element of the marketing mix involved with getting the product from
the producer to the customer. The product is an element of the marketing mix that
describes something offered to the market in exchange, for which marketing actions are
taken and marketing decisions made. Promotion is an element of the marketing mix
involving methods for informing and influencing customers to buy a product, including
traditional advertising, sales promotion, public relations, personal selling, and digital
marketing.
What is the meaning of the term "uncontrollable elements"?
Elements associated with branding strategies
Elements that do not satisfy customers' needs and wants
Elements that are outside of a marketer's control
Elements in design and delivery of products -✔✔ Elements that are outside of a
marketer's control
Which three items are controllable elements in the marketing environment?
Product
Price
Place
Political
Competition
Legal -✔✔ Product
Price
Place
Correct! A company can control the places it sells its products. A company can control
the price of its product. A company can control the product it is selling.
Which three items are considered uncontrollable elements?
Economic
Place
Price
Technology
Product
Competition -✔✔ Economic
Technology
Competition
Correct! Changes in the economy are out of a company's hands. A company cannot
control all technological advancements. A company does not have control over its
competitors.
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 in-store and website. -✔✔ Omnichannel retailing
In the marketing mix, what is the meaning of the term "product"?
Goods or services that meet customers' needs
Shorthand for production line
Marketing materials of the company
Materials used in manufacturing -✔✔ Goods or services that meet customers' needs
Correct! Products have unique set of features, design, name, and brand that are
focused on target customers.
Which term is used when the price of a product is lowered for a limited time to attract
non-business customers and increase sales volume?
Trade discounts
Promotional pricing
Liquidation pricing
Bulk purchasing -✔✔ Promotional pricing
Correct! Promotional pricing is the act of lowering the price of a product for a limited
time to attract more customers and increase sales volume.
In the marketing mix, what is meant by the term promotion?
Cost of a product, or what a company asks in exchange for a product
Communications between the company and the customer
Goods, services, or ideas that a company offers to the market
Getting the product from the producer to the customer -✔✔ Communications between
the company and the customer
Correct! Promotion includes both the messages sent by the company and messages
that customers send to the public about their experience.
What is meant by the term "place" in the marketing mix?
Where product ads are posted
Where products are manufactured
Where products are purchased
Where products are shipped from -✔✔ Where products are purchased
Correct! In the marketing mix, the term "place" refers to the distribution of the product.
Place might be a traditional brick-and-mortar store, or it could be online.
Which three components are part of the marketing mix?
Power
Professionalism
Place
Product
, Promotion
People -✔✔ Place
Product
Promotion
Correct! Place is an element of the marketing mix involved with getting the product from
the producer to the customer. The product is an element of the marketing mix that
describes something offered to the market in exchange, for which marketing actions are
taken and marketing decisions made. Promotion is an element of the marketing mix
involving methods for informing and influencing customers to buy a product, including
traditional advertising, sales promotion, public relations, personal selling, and digital
marketing.
What is the meaning of the term "uncontrollable elements"?
Elements associated with branding strategies
Elements that do not satisfy customers' needs and wants
Elements that are outside of a marketer's control
Elements in design and delivery of products -✔✔ Elements that are outside of a
marketer's control
Which three items are controllable elements in the marketing environment?
Product
Price
Place
Political
Competition
Legal -✔✔ Product
Price
Place
Correct! A company can control the places it sells its products. A company can control
the price of its product. A company can control the product it is selling.
Which three items are considered uncontrollable elements?
Economic
Place
Price
Technology
Product
Competition -✔✔ Economic
Technology
Competition
Correct! Changes in the economy are out of a company's hands. A company cannot
control all technological advancements. A company does not have control over its
competitors.
