Marketing Management (D174)
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Free Marketing Management (D174) Questions
Different strategies are used to handle a declining product. The strategy that involves retaining the product but reducing marketing support costs is which of the following
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Deletion
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Harvesting
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Contracting
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Shaping
Explanation
Correct Answer
B. Harvesting
Explanation
Harvesting is a strategy used during the decline stage of a product's lifecycle. It involves keeping the product in the market while gradually reducing marketing and operational costs. This approach helps a company maximize remaining profitability before eventually discontinuing the product.
Why other options are wrong
A. Deletion. This strategy involves completely removing the product from the market rather than keeping it with reduced costs.
C. Contracting. This is not a commonly recognized strategy in product decline management.
D. Shaping. This term does not apply to managing declining products.
What are the three additional Ps included in the extended marketing mix mentioned in the text
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Price, people, process
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Product, promotion, place
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People, process, physical evidence
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Promotion, product, place
Explanation
Correct Answer C: People, process, physical evidence
Explanation
The traditional marketing mix consists of four Ps: Product, Price, Place, and Promotion. However, in service marketing, an extended marketing mix adds three additional Ps:
People – The role of employees and customers in delivering and receiving services.
Process – The procedures and activities that deliver the service.
Physical evidence – Tangible elements that help customers evaluate the service (e.g., facilities, branding, website design).
These elements are crucial in marketing services where customer experience is a key factor.
Why other options are wrong
A. Price, people, process. While people and process are correct, price is already part of the original four Ps, not the extended mix.
B. Product, promotion, place. These are part of the original marketing mix and do not represent the additional three Ps.
D. Promotion, product, place. These are from the traditional marketing mix, not the extended version.
Identify the five primary activities in the Value Chain as mentioned in the text
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Firm, Human Resources, Technology, Vendors
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Inbound, Operations, Outbound, Marketing, Service
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Mission, Vision, Goals, Objectives, Strategies
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Market Segmentation, Target Marketing, Positioning, Promotional
Explanation
Correct Answer B: Inbound, Operations, Outbound, Marketing, Service
Explanation
According to Michael Porter’s value chain model, the five primary activities are:
Inbound Logistics – Managing raw materials and inventory.
Operations – Converting raw materials into final products.
Outbound Logistics – Distributing finished products to customers.
Marketing and Sales – Promoting and selling products.
Service – Post-sale support and customer service.
Why other options are wrong
A. Firm, Human Resources, Technology, Vendors. These include support activities, not primary value chain activities.
C. Mission, Vision, Goals, Objectives, Strategies. These relate to strategic planning, not the value chain.
D. Market Segmentation, Target Marketing, Positioning, Promotional. These are marketing concepts but are not primary activities in the value chain.
What is the primary objective of using penetration pricing in a marketing strategy
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To maximize profit margins immediately
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To establish brand loyalty among existing customers
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To quickly increase market share by attracting a large customer base
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To reduce production costs over time
Explanation
Correct Answe C: To quickly increase market share by attracting a large customer base
Explanation
Penetration pricing involves setting a low initial price to attract a large number of customers quickly and gain market share. The goal is to encourage rapid adoption of the product, which can help establish the product in the market before raising prices in the future.
Why other options are wrong
A. To maximize profit margins immediately is incorrect because penetration pricing aims to establish a customer base with low prices, which initially leads to lower profit margins.
B. To establish brand loyalty among existing customers is not the primary goal of penetration pricing; the focus is on gaining market share, not just loyalty.
D. To reduce production costs over time is not the primary goal either, though higher sales volumes may eventually lead to economies of scale and lower costs
What are the four types of consumer goods? What are the four types of business goods
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Consumer goods: perishable, convenience, specialty, and shopping. Business goods: installations, supplies, capital items, and raw materials
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Consumer goods: convenience, shopping, specialty, and unsought. Business goods: materials and parts, capital items, supplies and services, and installations.
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Consumer goods: perishable, durable, nondurable, and specialty. Business goods: raw materials, finished goods, services, and installations
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Consumer goods: convenience, shopping, perishable, and unsought. Business goods: capital items, specialty, installations, and supplies.
Explanation
Correct Answer B: Consumer goods: convenience, shopping, specialty, and unsought. Business goods: materials and parts, capital items, supplies and services, and installations.
Explanation
Consumer goods are classified into four main types based on purchasing behavior. Convenience goods are items that require little effort to buy, such as snacks or household essentials. Shopping goods involve comparison shopping, like clothing or electronics. Specialty goods are unique, high-end items that consumers are willing to seek out, such as luxury brands. Unsought goods are products that consumers do not actively seek, such as life insurance or emergency medical services.
Business goods are divided into materials and parts, which include raw materials and components used in production. Capital items are large-scale purchases like machinery or buildings. Supplies and services cover operational necessities such as office supplies or maintenance. Installations refer to significant infrastructure investments like production plants.
Why other options are wrong
A. Consumer goods: perishable, convenience, specialty, and shopping.
Perishable is not a standard consumer goods category. Instead, "unsought" is a recognized classification.
C. Consumer goods: perishable, durable, nondurable, and specialty.
While perishable, durable, and nondurable describe a product's longevity, they do not represent purchasing behavior. The correct classification system is based on how consumers interact with the product, not how long it lasts.
D. Consumer goods: convenience, shopping, perishable, and unsought.
Perishable goods do not form a separate category; they fall under other types, such as convenience or shopping goods. Additionally, specialty goods are missing from this list, making it incomplete
Which of the following statements accurately describes the implications of excess demand in a market
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Prices tend to decrease as suppliers try to attract more customers.
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Suppliers may increase prices due to the higher demand than supply
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The market will reach equilibrium without any intervention.
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Consumers will have an abundance of choices available.
Explanation
Correct Answer B: Suppliers may increase prices due to the higher demand than supply.
Explanation
When there is excess demand in a market, it means that the quantity demanded exceeds the quantity supplied. This typically results in suppliers raising prices to take advantage of higher demand and to balance supply and demand. The price increase continues until the market reaches equilibrium.
Why other options are wrong
A. Prices tend to decrease as suppliers try to attract more customers. This is incorrect because excess demand means that there are already more buyers than available products, so suppliers have no incentive to lower prices.
C. The market will reach equilibrium without any intervention. While markets often move toward equilibrium, price adjustments or external factors like government intervention may be required to correct excess demand.
D. Consumers will have an abundance of choices available. In reality, excess demand leads to product shortages, making choices more limited rather than abundant.
. A local car dealership offers a discount on 10 oil changes with the purchase of a new vehicle. Which type of pricing is being used by this dealership
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Uniform delivered
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Trade discount
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Quantity discount
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Geographically driven
Explanation
Correct Answer C: Quantity discount
Explanation
A quantity discount is a price reduction given to customers who purchase a larger amount of goods or services. In this case, the dealership offers a discount for a bulk purchase of 10 oil changes, making it a quantity discount strategy.
Why other options are wrong
A. Uniform delivered. – Uniform delivered pricing refers to a single price being charged regardless of location, which is unrelated to the discount on oil changes.
B. Trade discount. – A trade discount is given to wholesalers or resellers rather than end consumers. This dealership is targeting customers, not businesses.
D. Geographically driven. – Geographically driven pricing involves different prices based on location or shipping distance, which is not relevant to the dealership’s oil change promotion.
What are the characteristics of services according to the reference text
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Tangibles, Responsiveness, Assurance, Empathy
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Intangibility, Inseparability, Variability, Perishability
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Search attributes, Experience attributes, Credence attributes
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Tangibility, Reliability, Durability, Perishability
Explanation
Correct Answer B: Intangibility, Inseparability, Variability, Perishability
Explanation
Services differ from tangible products because they have four key characteristics. Intangibility means services cannot be physically touched or stored before consumption. Inseparability refers to the fact that production and consumption often happen simultaneously, such as in a haircut or medical consultation. Variability means service quality can vary depending on factors like provider skill, time, and customer interactions. Perishability signifies that services cannot be stored for later use; an unused hotel room or a missed appointment represents lost revenue.
Why other options are wrong
A. Tangibles, Responsiveness, Assurance, Empathy. These are aspects of service quality rather than fundamental service characteristics.
C. Search attributes, Experience attributes, Credence attributes. These refer to how consumers evaluate services rather than the inherent characteristics of services.
D. Tangibility, Reliability, Durability, Perishability. Services are intangible, so tangibility and durability are not defining characteristics.
What are the two core marketing concepts and how are they defined
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A. Value: the ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits. Exchange: person gives up something of value to them for something else to decide to have.
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Value: the benefits a customer receives from a product. Exchange: the process of promoting a product.
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Value: the cost of acquiring a product. Exchange: the process of returning a product.
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Value: the total benefits a customer receives from an offering. Exchange: the process of selling products to customers.
Explanation
Correct Answer A: Value the ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits. Exchange: a person gives up something of value to them for something else to decide to have.
Explanation
The two core marketing concepts are value and exchange. Value is determined by comparing the benefits a customer gains from a product or service to the costs they incur to obtain it. A product that provides high benefits at a lower cost is seen as valuable. Exchange occurs when a person gives up something of value, such as money or time, in return for a product or service. The exchange must be mutually beneficial for both the buyer and seller.
Why other options are wrong
B. The process of promoting a product. This definition oversimplifies value and exchange. Value is more than just the benefits a customer receives, and exchange is not limited to promotion; it involves a trade of perceived worth.
C. The process of returning a product. Value is not only about the cost of acquiring a product, and exchange is not just about product returns but rather about a mutually agreed trade of value.
D. The process of selling products to customers. While selling is part of exchange, it does not fully define the concept, which includes mutual benefit between both parties.
A company makes high-end knives for hunting. In order to contain costs, the company has representatives sell the knives at hunting shows. The representatives demonstrate the knives but do not take ownership of them. Which type of intermediary in the distribution process is being used by this company
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Agents
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Distributors
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Customers
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Wholesalers
Explanation
Correct Answer A: Agents
Explanation
Agents act as intermediaries who facilitate sales between manufacturers and customers but do not take ownership of the products. In this case, the company’s representatives demonstrate and sell the knives without purchasing them, making them agents in the distribution process.
Why other options are wrong
B. Distributors. Distributors purchase products from manufacturers and resell them to retailers or consumers, unlike agents who do not take ownership.
C. Customers. Customers are the end buyers, not intermediaries.
D. Wholesalers. Wholesalers buy goods in bulk from manufacturers and resell them to retailers, which is different from the role of agents.
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