{"id":117252,"date":"2023-08-28T10:52:32","date_gmt":"2023-08-28T10:52:32","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=117252"},"modified":"2023-08-28T10:52:34","modified_gmt":"2023-08-28T10:52:34","slug":"wgu-c201-study-guidewgu-c201-examwgu-c201-business-acumen-questions-answerswgu-c201-chapter-3economic-challenges-facing-contemporary-businesswgu-c201-pre-assessment-questions-and-answers-guar","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/08\/28\/wgu-c201-study-guidewgu-c201-examwgu-c201-business-acumen-questions-answerswgu-c201-chapter-3economic-challenges-facing-contemporary-businesswgu-c201-pre-assessment-questions-and-answers-guar\/","title":{"rendered":"WGU C201 Study Guide:WGU C201 Exam:WGU C201 Business Acumen Questions & Answers:WGU C201 Chapter 3(Economic challenges facing contemporary business):WGU C201 Pre-assessment Questions and Answers: Guaranteed APlus Score Guide"},"content":{"rendered":"\n

WGU C201 Study Guide: Questions &
Answers
Which part of the organizing process aids in effective and efficient progress
toward planned goals and often results in changes within the organization?
(Ans- Evaluating results
What is the result of a company increasing the delegation of authority and
the span of control?
(Ans- Increased decision-making authority given to employees
Which two key elements does an effective organization include?
(Ans- Human interaction
Structure
Why does a line organizational structure function most effectively in a crisis
situation?
(Ans- It establishes a direct flow of authority.
A company might divide itself into smaller groups that best match the types
of customers it serves. What is this is an example of?
(Ans- Organization
Which primary driver does management use for an organization’s
structure?
(Ans- Achievement of company goals
Which step in the organizing process results in management grouping work
activities into units within the organization?
(Ans- Departmentalization<\/p>\n\n\n\n

A high-tech startup company is launching a marketing campaign for its new
social media portal by highlighting how the portal exceeds the connectivity
and collaboration capabilities of all other social media sites.
Which type of competitive advantage is this company leveraging?
(Ans- Product
Which marketing strategy is devoted to maintaining continuous bottom line
prices rather than relying on short-term price-cutting tactics such as centsoff coupons, rebates, and special sales?
(Ans- Everyday low pricing
When would a pull promotional strategy enhance a competitive advantage
to market a product better than a push strategy?
(Ans- When demand for the product is driven by the end user.
Which marketing tool is often used to build effective relationship marketing
campaigns?
(Ans- Affinity programs
Which element of the promotional mix has the advantage of messaging that
can be tailored for each customer, but the disadvantage of a high cost per
contact?
(Ans- Personal selling
What three factors should be addressed in a successful marketing plan?
(AnsTarget market
Sales revenue goals
Plan implementation timeline
Which three characteristics are measured in demographic segmentation?
(AnsRace and ethnicity
Income<\/p>\n\n\n\n

Household size
In which three ways does business-buying behavior differ from consumerbuying behavior?
(Ans- A group or committee often makes decisions
Buyers face organizational influences that affect their own preferences
Purchasers often invite selected providers to bid on a purchase
With which two types of products does a marketing strategy rely on
advertising more than personal selling?
(AnsAccessories to primary products
Consumable supplies
After years of marketing a body lotion, a cosmetics company begins
promoting the lotion as an insect repellent as well.
In which three product life cycle extension strategies did this company
engage?
(AnsAdding new users
Increasing frequency of use
Finding new uses for the product
What are three qualities of strong brand equity?
(AnsAwareness
Loyalty
Favorable images
A customer intends to purchase her favorite cereal. It is out of stock, so she
purchases an alternative brand of cereal instead.
Which stage of brand loyalty is this customer in?
(Ans- Brand equity<\/p>\n\n\n\n

WGU C201 Exam Questions & Answers
Which part of the organizing process aids in effective and efficient progress
toward planned goals and often results in changes within the organization?
(Ans- Evaluating results
What is the result of a company increasing the delegation of authority and
the span of control?
(Ans- Increased decision-making authority given to employees
Which two key elements does an effective organization include?
(Ans- Human interaction; Structure
Why does a line organizational structure function most effectively in a crisis
situation?
(Ans- It establishes a direct flow of authority.
A company might divide itself into smaller groups that best match the types
of customers it serves. What is this is an example of?
(Ans- Departmentalization
Which primary driver does management use for an organization’s
structure?
(Ans- Achievement of company goals
Which step in the organizing process results in management grouping work
activities into units within the organization?
(Ans- Departmentalization<\/p>\n\n\n\n

A high-tech startup company is launching a marketing campaign for its new
social media portal by highlighting how the portal exceeds the connectivity
and collaboration capabilities of all other social media sites.
Which type of competitive advantage is this company leveraging?
(Ans- Product
Which marketing strategy is devoted to maintaining continuous bottom line
prices rather than relying on short-term price-cutting tactics such as centsoff coupons, rebates, and special sales?
(Ans- Everyday low pricing
When would a pull promotional strategy enhance a competitive advantage
to market a product better than a push strategy?
(Ans- When demand for the product is driven by the end user.
Which marketing tool is often used to build effective relationship marketing
campaigns?
(Ans- Affinity programs
Which element of the promotional mix has the advantage of messaging that
can be tailored for each customer, but the disadvantage of a high cost per
contact?
(Ans- Personal selling
What three factors should be addressed in a successful marketing plan?
(Ans- Target market;Sales revenue goals; Plan implementation timeline
Which three characteristics are measured in demographic segmentation?
(Ans- Race and ethnicity;Income;Household size
In which three ways does business-buying behavior differ from consumerbuying behavior?
(Ans- A group or committee often makes decisions.;
Purchasers often invite selected providers to bid on a purchase.;<\/p>\n\n\n\n

WGU C201 Business Acumen Questions
& Answers
Which part of the organizing process aids in effective and efficient progress
toward planned goals and often results in changes within the organization?
(Ans – Evaluating results
What is the result of a company increasing the delegation of authority and
the span of control?
(Ans – Increased number of direct reports per manager
Which two key elements does an effective organization include?
(Ans – Human interaction, structure
Why does a line organizational structure function most effectively in a crisis
situation?
(Ans – It established a direct flow of authority
Number the seven steps in the recruiting and interviewing process from first
to last.
(Ans \u2013
1) Define job requirements,
2) Contact and visit colleges for applicants\/interns,
3) Conduct employment tests,
4) Review resumes,
5) Conduct candidate interviews,
6) Follow up interviews,
7) Hiring determination
Which primary driver does management use for an organization’s
structure?
(Ans – Achievement of company goals<\/p>\n\n\n\n

Which step in the organizing process results in management group work
activities into units within the organization?
(Ans – Departmentalization
A high tech startup company is launching a marketing campaign for its new
social media portal by highlighting how the portal exceeds the connectivity
and collaboration capabilities of all other social media sits. Which type of
competitive advantage is this company leveraging?
(Ans – Customer loyalty
Which marketing strategy is devoted to maintaining continuous bottom line
prices than relying on short term price cutting tactics such as cents off
coupons, rebates, and special sales?
(Ans – Everyday low pricing
When would a pull promotional strategy enhance a competitive advantage
to market a product better than a push strategy?
(Ans – When demand for the product is driven by the end user
Which marketing tool is essential to building an effective relationship
marketing campaign?
(Ans – An affinity program
Which element of the promotional mix has the advantage of messaging that
can be tailored for each customer, but the disadvantage of a high cost per
contact?
(Ans – Personal Selling
What three factors should be addressed in a successful marketing plan?
Choose 3 answers.
(Ans – Target Market, Sales revenue goals, Plan implementation timeline
(not on list, marketing budget)<\/p>\n\n\n\n

Which three characteristics are measured in demographic segmentation?
Choose 3 answers
(Ans – Race and ethnicity, Income, Household size
In which three ways does business-buying behavior differ from consumerbuying behavior? Choose 3 answers
(Ans – Buyers face organizational influences in addition to their own
preferences, purchasers often invite selected providers to bid on a
purchase, a group or committee often makes decisions
Which three conditions, in a global selling environment, should a small
company leverage to create a competitive advantage? Choose 3 answers
(Ans – cultural homogeneity, mobility of labor, local labor costs
With which two types of products does a marketing strategy rely on
advertising more than personal selling? Choose 2 answers.
(Ans – Consumable supplies, accessories to primary products
After years of marketing a body lotion, a cosmetics company begins
promoting the lotion as an the lotion as an insect repellent as well. In which
three product life cycle extension strategies did this company engage?
Choose 3 answers
(Ans – Adding new users, finding new uses for the product, increasing
frequency of use.
What are three ways that an effective brand name can influence consumer
product recognition? Choose 3 answers
(Ans – It conveys an image, it depicts trademark protection, it reflects brand
equity.
A customer has purchased a product twice and intends to do so again.
Which stage of brand loyalty is this customer in?
(Ans – Brand preference<\/p>\n\n\n\n

WGU C201 Chapter 3(Economic challenges
facing contemporary business)
“In the United States, changes in price levels are tracked by the (), which measures the monthly average changes in prices of goods and services.” (Ans- consumer price index (CPI) The term used to describe the study of the overall operations of an economy and its various components is known as (<\/strong><\/em><\/strong>).
(Ans- macroeconomics
() refers to the study of the economic activities of a firm or an individual. (Ans- microeconomics “A (<\/strong><\/em><\/strong>) occurs when government grants exclusive rights in a single
market to a single firm, such as a utility company.”
(Ans- regulated monopoly
() refers to people who are temporarily out of work but who are looking for a job. (Ans- frictional unemployment The science of allocating scarce resources is known as (<\/strong><\/em><\/strong>).
(Ans- economics
The () depicts the difference in the amount of a good a seller will produce at various prices. (Ans- supply curve The (<\/strong><\/em><\/strong>) is the price at which the demand curve and the supply curve
intersect.
(Ans- equilibrium price<\/p>\n\n\n\n

() counts people like farm laborers or ski instructors who are out of work due to the time of year. (Ans- seasonal unemployment (<\/strong><\/em><\/strong>) refers to governmental measures designed to affect the level of
economic activity through changes in the money supply.
(Ans- monetary policy
“When the federal government spends more than it gets from tax revenues,
a () is the result.” (Ans- deficit The ability and willingness of buyers to purchase goods and services in the economy is known as (<\/strong><\/em><\/strong>).
(Ans- demand
“When people are out of work during a recession or other economic
downturn, their job loss is referred to as ().” (Ans- cyclical unemployment “When prices continue to increase due to costs or demand, the economy is said to be experiencing a period of (<\/strong><\/em><\/strong>).”
(Ans- inflation
Governmental actions concerning tax revenue and expenditures of public
funds are referred to as (). (Ans- fiscal policy The (<\/strong><\/em><\/strong>) measures the number of people who are looking for work but
who are unable to find jobs.
(Ans- unemployment rate<\/p>\n\n\n\n

WGU C201 Business Acumen Chapter
11, 12, 13: Marketing
Marketing
(Ans- The process for discovering unmet customer needs, researching
potential markets, producing goods or services to satisfy targeted
customers, promoting, pricing, and distributing.
The organizational function and set of processes for creating,
communicating and delivering value to customers, managing customer
relations, advocates ideas or viewpoints and educating others.
How does marketing create utility?
(Ans- Creates time, place, and ownership utility.
Utility: ability of a good or service to satisfy needs and wants of customer.
Time Utility
(Ans- Making a good or service available when a customer wants to
purchase it.
Place Utility
(Ans- Making a product available in a location that is convenient to
customer.
Ownership Utility
(Ans- Orderly transfer of goods and services from seller to buyer.
Nontraditional Marketing: Cause Marketing
(AnsBuilds awareness.
Raises money for a cause or social issue.
Examples: American Cancer Society, Drug Abuse Prevention, Childhood
Hunger, Alternative Spring Break<\/p>\n\n\n\n

Nontraditional Marketing: Place Marketing
(Ans- Attracts people to a specific place.
Examples: Commercials that promote tourism to specific states.
Nontraditional Marketing: Event Marketing
(Ans- Cultural or charitable performances, athletic competitions, often
forges partnership with for profit sponsor.
Examples: Major League Baseball Games, World Series
Nontraditional Marketing: Person Marketing
(Ans- Attracts attention, interest, preference of target market toward
person.
Examples: Allison Krauss, political campaign, job seekers.
Nontraditional Marketing: Organization Marketing
(AnsInfluences consumers to accept goals of receiving services of, or a
contribution to organization.
Seeks to connect with an audience that is most likely to offer time, money,
or resources.
Examples: WGU, Postal Service, Army
2 Step Process to Develop a Marketing Strategy
(Ans1. Collecting Data<\/p>\n\n\n\n

    \n
  1. Evaluating Data (Data mining)
    Sources of Research Data: Internal
    (Ans- Within organization
    Examples: financial documents and records, unpaid bills, inventory levels,
    sales from different categories.
    Sources of Research Data: External
    (Ans- primary and secondary data<\/li>\n<\/ol>\n\n\n\n

    Primary Data
    (Ans- Data collected first hand: observation, surveys, focus groups, social
    media activity
    Data Mining
    (Ans- Using computer-based databases to combine data from several
    different organizational functions.
    Secondary Data
    (Ans- Previously published data usually cheaper and easy to obtain but
    sometimes not current or specific enough.
    Example: census
    Market Segmentation
    (Ans- The process of dividing a market into several relatively
    homogeneous groups.
    Used by for profits and nonprofits.
    Criteria: must be a measurable group, accessible for communication, large
    enough to offer profit potential.
    Consumer (B2C) Market Segmentation: Geographical
    (Ans- Geography provides an indication of needs.
    Examples: lawn maintenance, ice scrapers, snow shovels.
    Maybe by region, population density, zip code.
    Consumer (B2C) Market Segmentation: Demographic
    (Ans- Most common.
    Differences in how people shop and purchasing power.
    Age is important factor.
    Also gender, income, education, family size, occupation.
    Examples: jewelry, skincare, tools, motorcycles.
    Consumer (B2C) Market Segmentation: Psychographic
    (Ans- Lifestyle portraits.
    Motivation for purchases<\/p>\n\n\n\n

    WGU C201 Business Acumen Chapters 3
    & 7: Economics and Organizational
    Structure
    Factors Influencing Demand
    (Ans- Demand is driven by price, consumer preferences, the economy, the
    number of buyers in a market, customer incomes, price of substitutes and
    complimentary items.
    Factors of Production
    (Ans- Natural resources, capital, human resources and entrepreneurship.
    What is the key factor influencing demand?
    (Ans- Price
    Demand Curve
    (Ans- A graph of the amount of a product buyers will purchase at different
    prices.
    Supply Curve
    (Ans- Shows the relationship between the price of a good or service and
    the quantity supplied for a given period of time.
    Opposite of demand curve. Slopes upwards.
    Equilibrium Price
    (Ans- The prevailing market price at which you can buy an item. Where
    supply and demand pricing meet on the curve.
    Explain a situation where a supplier would reduce prices.
    (AnsThe cost of inputs decrease.
    The cost of technology decreases.
    The cost of taxes decrease.<\/p>\n\n\n\n

    There are more suppliers.
    Microeconomics
    (Ans- The study of economic behavior among individual consumers,
    businesses, and families whose collective behavior in the marketplace
    determines the quantity of goods and services demanded at different
    prices.
    Key terms: supply and demand.
    Macroeconomics
    (Ans- The study of the broader economic picture and of how an economic
    system maintains and allocates its resources.
    Monopoly
    (Ans- Government controls who can enter the industry.
    Market situation where one producer controls the supply of a good or
    service, and where the entry of new producers is prevented or highly
    restricted.
    Pure Competition
    (Ans- It’s easy to get into the industry and easy to get out.
    There is not a large differentiation between the products in the industry or
    the consumers who purchase the products.
    Oligopoly
    (Ans- Oligopoly is a market structure in which a small number of firms has
    the large majority of market share.
    There are few competitors.
    The ease of entry into industry is somewhat difficult.
    The similarity of services and goods of competitors is different.
    Socialism
    (Ans- Government ownership of major industries like communications.
    Major industries are too important to be left in private hands.
    Significant government planning.<\/p>\n\n\n\n

    WGU C201 Pre-assessment Questions
    and Answers
    Which part of the organizing process aids in effective and efficient progress
    toward planned goals and often results in changes within the organization?
    Promoting vision
    Evaluating results
    Turning strategy into action
    Determining the specific activities
    (Ans- Evaluating results
    What is the result of a company increasing the delegation of authority and
    the span of control?
    Centralized decision making
    Increased number of managers at the upper management level.
    Increased number of direct reports per manager
    Increased decision-making authority given to employees
    (Ans- Increased decision-making authority given to employees
    Which two key elements does an effective organization include?
    Choose 2 answers
    Human interaction
    Compensation
    Safety
    Structure
    (AnsHuman interaction
    Structure<\/p>\n\n\n\n

    Why does a line organizational structure function most effectively in a crisis
    situation?
    It provides specialized expertise, advice, and guidance.
    It draws on temporary resources needed in an emergency.
    It establishes a direct flow of authority.
    It places authority in the hands of a group of individuals rather than a single
    person.
    (Ans- It establishes a direct flow of authority.
    A company might divide itself into smaller groups that best match the types
    of customers it serves. What is this is an example of?
    Departmentalization
    Organization
    Strategic Planning
    Decentralization
    (Ans- Departmentalization
    Which primary driver does management use for an organization’s
    structure?
    Ease of employee interaction
    Hierarchical accountability
    Company business processes
    Achievement of company goals
    (Ans- Achievement of company goals
    Which step in the organizing process results in management grouping work
    activities into units within the organization?
    Delegation
    Centralization
    Decentralization<\/p>\n\n\n\n

    Departmentalization (Ans- Departmentalization
    A high-tech startup company is launching a marketing campaign for its new
    social media portal by highlighting how the portal exceeds the connectivity
    and collaboration capabilities of all other social media sites.
    Which type of competitive advantage is this company leveraging?
    Brand recognition
    Customer loyalty
    Price
    Product
    (Ans- Product
    Which marketing strategy is devoted to maintaining continuous bottom line
    prices rather than relying on short-term price-cutting tactics such as centsoff coupons, rebates, and special sales?
    Skimming pricing
    Penetration pricing
    Cost-based pricing
    Everyday low pricing
    (Ans- Everyday low pricing
    When would a pull promotional strategy enhance a competitive advantage
    to market a product better than a push strategy?
    When the product is best sold through personal selling activities.
    When demand for the product is driven by marketing intermediaries.
    When demand for the product is driven by the end user.
    By combining messages of price-value, product differentiation, and prestige
    into a focused campaign.
    (Ans- When demand for the product is driven by the end user.<\/p>\n\n\n\n

    WGU C201 Business Acumen Chapter
    10: Operations and Quality Management
    Production
    (Ans- Begins with inputs + add value = produce a good or service.
    Operations Management – relates to this process.
    Why is production such an important business activity?
    (AnsWithout products to sell, companies cannot generate money.
    Goal: lower the cost of production, boost the quality of goods and services,
    respond dependably to customers, and continuously improve.
    In what ways does production create value for the company and its
    customers?
    (AnsCan lower production costs.
    Improve quality of goods and services.
    Respond to customer demands.
    Provide new products.
    Why are firms now moving more toward flexible production and customerdriven production instead of mass production?
    (Ans- To improve competitive capabilities.
    Mass Production
    (Ans- A system for manufacturing products in large quantities.
    Requires the highest level of skilled workers.
    Specialized skills + mechanization + standardization.
    Not good for producing small batches of different things.
    Carries highest inventory.
    You have to have space to store the inventory.
    Assembly line.<\/p>\n\n\n\n

    Everyone is good at their specific job.
    High efficiency.
    Example: Ford in the old days.
    Flexible Production
    (Ans- Still uses the assembly line process, but less amount of skilled
    workers.
    Most cost effective for producing small runs.
    Utilizes technology to fill orders so there is less inventory to store.
    Utilizes the most technology and automation.
    You can meet demand on a just in time basis.
    High efficiency.
    Customer-Driven Production
    (Ans- Evaluates buyer demands to connect what is produced with what is
    bought.
    Carries little to no finished inventory on hand.
    Uses less skilled workers.
    You don’t utilize inputs until you have demand. Efficiency can be a
    challenge.
    Example: Bakery
    Analytic Production System
    (Ans- Reduces raw material to its component parts to extract one or more
    marketable product:
    Examples: petroleum to crude oil and gasoline, corn into sweetener, grain,
    syrup and animal feed.
    Synthetic Production System
    (Ans- Combines raw materials and parts into finished products.
    Example: cameras, drugs, computer chips, pharmaceuticals, cell phones,
    automobiles
    Continuous Production System
    (Ans- Generates products over a lengthy amount of time.<\/p>\n","protected":false},"excerpt":{"rendered":"

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