WGU D077 TEST LATEST UPDATED
Product, pricing, place, and promotion are the tactical marketing tools that a
company combines to elicit the desired ANSWER from its target market. This
is known as the marketing mix.
item: ANSWER is used to describe products, services, or even concepts.
ANSWER introduction, growth, maturity, and decline in the product life cycle
Product mix: ANSWER is made up of every product line that a company sells.
price: ANSWER : The amount of money exchanged for a good or service
ANSWER : price skimming a pricing approach in which prices are set higher
than those of the competitors and then lowered as competition increases.
Penetration pricing: ANSWER establishing a low starting price for a new
product in order to attract the mass consumer right away and increase market
share
Leader pricing: To attract people to retail establishments, ANSWER sets
certain really cheap rates.
Bundling is the practice of combining two or more things into one and charging
for them as a single item.
Prestige pricing is the practice of charging a premium price to entice quality- or
status-conscious customers to purchase the goods.
ANSWER : Competitive Pricing Strategies By setting a product or service's
price at the level of similar offers, a pricing strategy aims to downplay price as a
competitive factor.
promotion— ANSWER educating and persuading consumers to purchase a
product using digital marketing, public relations, sales promotion, traditional
advertising, and personal selling.
