WGU D077 Study Guide Questions With Correct Answers

Integrated Marketing Communications - Answer coordinating the promotion mix elements and synchronizing promotion as a unified effort Marketing - 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) - Answer Product, Place, Price, Promotion Product Life Cycle - 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 - Answer Low sales, Little or no profit, and Often little to no competition The growth stage of the product life cycle is characterized by - 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 - 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 - Answer Declining Sales, Declining Profit, and Competitive pressure remains high and demand falls product mix - Answer The complete range of products offered for sale by a company throughout its product lines, also known as the product assortment product lines - Answer Series of similar products focused on a sector that a company creates under a single brand product depth - Answer Number of versions offered for each product in the product line product width - Answer The number of different product lines, or series of products a company offers price skimming - 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 - Answer Intentionally pricing a product lower than the market price to gain market share in a new market (Pricing Strategy) leader pricing - Answer Pricing products below market price to attract customers to a store where they would not otherwise shop (Pricing Strategy) prestige pricing - Answer Raising the price of a product to increase the perception of its value (Pricing Strategy) Bundling - Answer Grouping related products together and pricing them as a single product. (Pricing Strategy) Competitive pricing - Answer Setting the price for a product or service relative to competitors (Pricing Strategy) Advertising - Answer Any paid form of nonpersonal promotion by an identified sponsor Personal selling - Answer A face-to-face presentation to a prospective buyer, often based on long-term relationships. Sales promotion - Answer Marketing activities that stimulate consumer buying, including coupons and samples, displays, shows and exhibitions, and demonstrations. Public relations - Answer The linking of organizational goals with key aspects of the public interest and the development of programs designed to earn public understanding and acceptance. Public relations can include lobbying, publicity, special events, internal publications, and media such as a company's internal television channel. Social media - Answer The use of social media platforms such as Facebook, Twitter, Pinterest, Instagram, and various blogs to generate "buzz" about a product or company. E-commerce - Answer The use of a company's website to generate sales through online ordering, information, interactive components such as games, and other elements of the website. Online advertising - Answer The use of the internet to advertise is a form of promotion that comes in many forms including online banner ads, pop-up ads, video advertisements, etc. Content marketing - Answer A subset of digital marketing, content marketing involves the creation and sharing of online material designed to create interest in a product, service, or idea without directly promoting the brand.8 Guerilla marketing - Answer Marketing communication that is generally experiential and often involves unconventional, innovative, and usually low-cost marketing tactics to engage consumers in the marketing activity, generate attention, and achieve maximum exposure for an organization, its products, and services. Omni-channel - Answer Unified and consistent communication with customers across all channels a company employs place strategy - Answer Strategy to get the right product/service to the right place at the right time. Direct distribution - Answer when products are sold from producers to end users and consumers. (Type of Distribution) Indirect distribution - Answer involves marketing intermediaries, or organizations that assist in moving goods and services from producers to end user and consumers. (Type of Distribution) supply chain - Answer The channels a product must go thru to get to the consumer. corporate vertical marketing system - Answer 1 company owns all levels of production and Distribution. (vertical marketing system) Contractual Vertical marketing systems - Answer Coordinated through an agreed upon distribution process. Such as franchising (vertical marketing system) Administrated Vertical marketing systems - Answer A leader facilitates production and distribution. One company controls a variety of distributions and productions. (vertical marketing system) Seven major uncontrollable elements - Answer 1.Competitive elements- new and shifting competition 2. Natural/ecological elements: natural resources, increased pollution, supply of raw materials, and practices that support environmental sustainability 3. Political-legal elements: changes in laws, regulatory agency activities, and political movements 4. Socio-cultural elements: the buying behaviors of specific cultures and subcultures, the values of potential customers, the changing roles of families, and other societal trends 5. Demographic elements: changes in the ages of potential customers, birth and death rates, and locations of various groups of people. 6. Technological elements: advances in telecommunications and computer technology 7. Economic elements: changing incomes, unemployment levels, inflation, and recession Competitive elements - Answer Uncontrollable element such as new and shifting competition Natural/ecological elements - Answer Uncontrollable elements such as natural resources, increased pollution, supply of raw materials, and practices that support environmental sustainability Political-legal elements - Answer Uncontrollable elements such as changes in laws, regulatory agency activities, and political movements Socio-cultural elements - Answer Uncontrollable elements such as the buying behaviors of specific cultures and subcultures, the values of potential customers, the changing roles of families, and other societal trends Demographic elements - Answer Uncontrollable elements such as changes in the ages of potential customers, birth and death rates, and locations of various groups of people. Technological elements - Answer Uncontrollable elements such as advances in telecommunications and computer technology Economic elements - Answer Uncontrollable elements such as changing incomes, unemployment levels, inflation, and recession Price, Product, Promotion and Place elements. - Answer Controllable elements in the marketing environment. Price Fixing - Answer companies agree on the same price a product sells at and that product never goes on sale. (type of price ethics) Price Discrimination - Answer Giving different prices to different people who are buying the same product. (type of price ethics) Predatory Pricing (Undercutting) - Answer prices of products or services are priced low to drive out competitors (type of price ethics) Bait & Switch - Answer advertises a low cost product but switches to a product at a higher price. Seller discourages bait. (type of price ethics) Price Gouging - Answer drives up the cost of a product to increase profit (type of price ethics)