WGU D376 MKTG 5040 Product, Price, Customer Experience READINESS ASSESSMENT GUIDE Q & S 2026/2027

WGU D376 MKTG 5040 Product, Price, Customer Experience READINESS ASSESSMENT GUIDE Q & S 2026/2027

1. Which of the following pricing strategies focuses on
pricing a product based on what competitors are charging?
 a) Cost-plus pricing
 b) Value-based pricing
 c) Competitive pricing
 d) Dynamic pricing
 - Answer: c) Competitive pricing
 - Rationale: Competitive pricing involves setting prices
based on what competitors are charging for similar
products.
2. In the context of product development, which phase
typically involves testing the product with real customers?
 a) Idea generation
 b) Concept testing
 c) Commercialization
 d) Prototype testing
 - Answer: b) Concept testing
 - Rationale: Concept testing is where the potential
product is introduced to a target audience to gather
feedback before full-scale launch.
3. What is the primary goal of a customer experience
strategy?
 a) To increase product variety
 b) To optimize pricing
 c) To enhance customer satisfaction and loyalty
 d) To reduce operational costs
 - Answer: c) To enhance customer satisfaction and
loyalty
 - Rationale: A solid customer experience strategy aims