WGU D174 2024 NEWEST UPDATE MARKETING
MANAGEMENT COMPREHENSIVE QUESTIONS AND
CORRECT ANSWERS [GET IT RIGHT] ALL PASSED
Name stages of Consumer Adoption Process - (correct answer) 1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Adoption
Microeconomics - (correct answer) The study of individual economic activity (firm,
household, or prices)
Macroeconomics - (correct answer) The study of economic activity in terms of broad
measures of output and input (GDP, Inflation)
Market Information System (MIS) - (correct answer) A continuing process of
identifying, collecting, analyzing, accumulating, and dispensing critical information to
marketing decision makers
Marketing Intelligence - (correct answer) Collecting, analyzing, and storing data from
the macro environment on a continuous basis
Dimensions of Service Quality - (correct answer) Tangibles, Reliability,
Responsiveness, Assurance, Empathy
SERVQUAL - (correct answer) a multiple-item scale used to measure service quality
across dimensions of tangibles, reliability, responsiveness, assurance, and empathy
Value Pricing - (correct answer) Pricing strategy that sets the price of a product or
service according to its perceived or estimated value to the customer
Competitor-Based Pricing - (correct answer) A pricing strategy in which a firm
decides to set prices at some market average price in context with prices of competitors
,Stability Pricing - (correct answer) A pricing strategy in which a firm attempts to find
a neutral set point for price that is neither low enough to raise the ire of competition nor
high enough to put the value proposition at risk with customers
Bait and Switch - (correct answer) A store advertises bargains that do not really
exist to lure customers in, in hopes that they will buy more expensive merchandise.
Prestige Pricing - (correct answer) Setting a rather high price to suggest high quality
or high status
Everday Low Prices (EDLP) - (correct answer) Consistently low prices with no
intention of raising them or offering discounts in the future
High/Low Pricing - (correct answer) A pricing strategy that relies on the promotion of
sales, during which prices are temporarily reduced to encourage purchases
Service Profit Chain - (correct answer) 1. Internal service quality
2. Employee Satisfaction
3. Employee Retention and Productivity
4. External Service Value
5. Customer Satisfaction
6. Customer Loyalty
7. Revenue Growth and Profitability
Search Attributes - (correct answer) Aspects of an offering that are physically
observable before consumption
Experience Attributes - (correct answer) Aspects of an offering that can be
evaluated only during or after consumption. EX: Haircut
Credence Attributes - (correct answer) Aspects of an offering for which customers
cannot make a reasonable evaluation, even after use
Gap Analysis - (correct answer) A marketing research method that measures the
difference between a customer's expectation of a service quality and what actually
occurred
Cost Reduction - (correct answer) Actions taken by a business aimed at reducing
total costs, or lowering average unit costs
Stages of Consumer Adoption Process - (correct answer) 1. Awareness
, 2. Interest
3. Evaluation
4. Trial
5. Adoption
Product Life Cycle - (correct answer) Introduction, Growth, Maturity, Decline
Convenience Goods - (correct answer) Inexpensive items that consumers purchase
regularly without much thought
Shopping Goods - (correct answer) Items purchased after comparing prices and
features.
Unsought Goods - (correct answer) Products that consumers don't want to buy or
don't seek out
Tangibility - (correct answer) The degree of perceivable, physical essence of a
product
Durability - (correct answer) Ability of an item to last a long time
Nondurable Products - (correct answer) Usually consumed in a few uses and in
general, cost less than durable products
Durable Products - (correct answer) These products are made to last a long time
and be maintained and repaired or able to replace certain parts of it
Content Filtering - (correct answer) An analytic method that identifies which
products or services to recommend based on a determination of how similar a product
or service seems to be to those that the customer has demonstrated a preference for in
the past, or is currently considering
Collaborative Filtering - (correct answer) Predicts a customer's preferences for
products or services based on the observed preferences of customers who are
perceived to be similar
Descriptive Analytics - (correct answer) Techniques that describe past performance
and history (What Happened?)
Diagnostic Analytics - (correct answer) Information that attempts to determine
causal relationships, answers the question (Why did it happen?)
Predictive Analytics - (correct answer) Extracts information from data and uses it to
predict future trends and identify behavioral patterns (What is likely to happen?)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MEGAMINDS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
