D077 Marketing, Sale, and Customer Contact Study Guide
Define Marketing - correct answer Creating, communicating, delivering, and
exchanging offerings that have value
Identify 3 functions of Marketing - correct answer Creating exchanges,
identifying customers' needs, and generating value
What is the marketing concept? - correct answer The use of marketing data to
focus on the customers in order to develop marketing strategies satisfy the needs
of the customers and accomplish the goals of the organization
What are tactical plans? - correct answer The actions a company implements to
affect the controllable elements of the strategy.
What are strategic plans? - correct answer Ways an organization is going to do to
achieve its objectives.
Identify the four elements in the Marketing mix. - correct answer Place, product,
price, promotion
What is one main characteristic of a product? - correct answer Something
offered in exchange
What is informed by a clear understanding of an organization's strengths and
weaknesses? - correct answer A Marketing strategy
What defines the product element of the marketing mix? - correct answer
Business goods and consumer goods
What is one important characteristic of price? - correct answer It determines the
company's profit
Identify important characteristics of the price. - correct answer Element of the
marketing mix involved with the cost of a product
Identify important characteristics of the place. - correct answer Transportation,
location, supply chain, online presence, inventory, and atmospherics
What does Place refer to in the marketing mix? - correct answer Getting the
product from the producer to the customer
,D077 Marketing, Sale, and Customer Contact Study Guide
What defines the place element of the marketing mix? - correct answer
Processes and channels used in getting a product to the place in which it is
ultimately sold
What is a critical characteristic of place? - correct answer Getting the product
from the producer to the customer
What is one crucial characteristic of promotion? - correct answer Methods for
informing and influencing customers to buy a product
Identify important characteristics of promotion. - correct answer Traditional
sales, digital marketing, and public relations
What defines the promotion element of the marketing mix? - correct answer
Tactics that communicates the company's message efficiently and effectively to
the target audience
What are the four stages of the product life cycle? - correct answer Introduction,
growth, maturity, decline
Stage of the product life cycle characterized by low sales, little or no profit, and
little or no competition - correct answer Introductory
Stage of the product life cycle where sales and profit begin to increase and
competitors begin to enter the market - correct answer Growth
What stage of the product life cycle includes high sales, a spike in profits, and a
high level of competition? - correct answer Maturity
Stage of the product life cycle when sales and profits are declining and the market
has become over saturated - correct answer Decline
What are the variables companies consider while creating a product strategy? -
correct answer Phases of the product life cycle, the product mix, positioning, and
branding
Define product mix - correct answer The entire selection of products offered by a
company
Define product lines - correct answer Specific groups of products a company sells
,D077 Marketing, Sale, and Customer Contact Study Guide
Define product depth - correct answer The variations of offerings within product
lines
A tech company launches its latest smartphone with cutting-edge features at a
higher price point than its competitors. Which pricing strategy might the company
be using? - correct answer Skimming
A fashion brand releases a limited edition collection of designer handbags at
premium prices, targeting affluent customers. What pricing strategy is the brand
likely employing? - correct answer Skimming
A tech company releases its latest smartphone with advanced features at a higher
price point than its competitors, expecting early adopters to purchase it before
gradually lowering the price. Which pricing strategy might the company be using?
- correct answer Skimming
An airline offers discounted fares for early bookings but gradually increases prices
closer to the departure date. Which pricing strategy does this scenario exemplify?
- correct answer Skimming
A fashion brand unveils a new line of luxury watches priced significantly higher
than similar models in the market, targeting early enthusiasts and collectors.
What pricing strategy is the brand likely employing? - correct answer Skimming
A startup company launches its innovative product at a lower price than existing
alternatives to quickly capture a substantial portion of the market. What pricing
strategy is the company likely using for its product? - correct answer Penetration
A mobile phone manufacturer introduced a budget-friendly smartphone with
features comparable to higher-priced models from competitors. However, the
manufacturer set the price higher than expected, relying on brand loyalty to drive
sales. What pricing strategy did the manufacturer use for this - correct answer
Penetration
A newly established ride-sharing service offered rides at a much lower price than
traditional taxis in the same area. This aggressive pricing approach allowed the
service to rapidly expand its user base. What pricing strategy was the ride-sharing
service using? - correct answer Penetration
, D077 Marketing, Sale, and Customer Contact Study Guide
A food delivery app entered a highly competitive market and initially offered free
delivery for the first month to attract new customers. However, after the
promotional period ended, the app implemented surge pricing during peak hours.
What pricing strategy was the app employing during the surge pricing period? -
correct answer Penetration
A shoe company is introducing a new shoe for the summer season and decides to
price the shoe lower than the competition with the goal of increasing market
share. Which pricing strategy is being used? - correct answer Penetration
An online retailer periodically offers flash sales with deep discounts on popular
items to drive traffic to its website. What pricing strategy could the retailer be
employing for these flash sales? - correct answer Leader
A fast-food chain promotes a limited-time offer where customers can buy one
meal and get the second one at half price. What pricing strategy is the chain using
for this promotion? - correct answer Leader
An electronics retailer occasionally sells certain products at extremely low prices
to attract customers, even if those products are not profitable on their own. What
pricing strategy might the retailer be using for these products? - correct answer
Leader
A grocery chain offers discounts on a wide range of products, including some
premium items, to drive customer traffic. What pricing strategy could the chain
be implementing for these discounts? - correct answer Leader
A retail store advertises a limited-time sale with select items priced below cost to
attract customers. What pricing strategy might the store be using for this sale? -
correct answer Leader
A software company offers a package deal where customers can purchase
multiple software tools at a discounted price. What pricing strategy might the
company be using? - correct answer Bundling
An airline introduces a fare structure that includes options for bundled services
such as priority boarding, extra legroom, and in-flight meals at a combined price.
What pricing strategy is the airline employing with these fare options? - correct
answer Bundling
