MBA 706 KIM- EXAM 1 QUESTIONS AND
ANSWERS. VERIFIED 2025/2026.
Market - ANS •Group of individuals or institutions with similar needs that can be met by a
specific product
Marketspace - ANS describes these electronic marketplaces unbound by time or space.
Metamarket - ANS •Cluster of closely related goods and services that center around a
specific consumption activity, eg. Wedding industry, baby industry etc.
Metamediary - ANS •Provides a single access point where buyers can locate and contact
many different sellers in the metamarket. Edmonds, Zillow, Babycenter
Exchange - ANS •Process of obtaining something of value by offering something in return
Conditions of exchange - ANS •There must be at least two parties for the exchange.
•Each party should have something that the other party values.
•Each party must be capable of communication and delivery.
•Each party must be free to accept or reject exchange.
•Each party must believe it is desirable to exchange with the other party.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, Utility - ANS •Ability of a product to satisfy a customer's need or want
Types of Utility - ANS Form utility - Product contains distinguishing attributes.
Time utility - Product is available when customer wants it
Place utility - Product is available where customers want it
Possession utility - Deals with easy transfer of ownership or title
Psychological utility - Product provides positive experiential attributes that customers find
satisfying
Form Utility - ANS Product contains distinguishing attributes. Features that set them apart
from the competition. (Luxury Cars)
Time utility - ANS Product is available when customer wants it
Place utility - ANS Product is available where customers want it
Possession utility - ANS Deals with easy transfer of ownership or title
Psychological utility - ANS Product provides positive experiential attributes that customers
find satisfying. Sporting events, concerts
Marketing strategy - ANS game plan or road map for success
Tactical planning - ANS Focusing on specific markets or market segments and the marketing
programs that meet their needs
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
ANSWERS. VERIFIED 2025/2026.
Market - ANS •Group of individuals or institutions with similar needs that can be met by a
specific product
Marketspace - ANS describes these electronic marketplaces unbound by time or space.
Metamarket - ANS •Cluster of closely related goods and services that center around a
specific consumption activity, eg. Wedding industry, baby industry etc.
Metamediary - ANS •Provides a single access point where buyers can locate and contact
many different sellers in the metamarket. Edmonds, Zillow, Babycenter
Exchange - ANS •Process of obtaining something of value by offering something in return
Conditions of exchange - ANS •There must be at least two parties for the exchange.
•Each party should have something that the other party values.
•Each party must be capable of communication and delivery.
•Each party must be free to accept or reject exchange.
•Each party must believe it is desirable to exchange with the other party.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, Utility - ANS •Ability of a product to satisfy a customer's need or want
Types of Utility - ANS Form utility - Product contains distinguishing attributes.
Time utility - Product is available when customer wants it
Place utility - Product is available where customers want it
Possession utility - Deals with easy transfer of ownership or title
Psychological utility - Product provides positive experiential attributes that customers find
satisfying
Form Utility - ANS Product contains distinguishing attributes. Features that set them apart
from the competition. (Luxury Cars)
Time utility - ANS Product is available when customer wants it
Place utility - ANS Product is available where customers want it
Possession utility - ANS Deals with easy transfer of ownership or title
Psychological utility - ANS Product provides positive experiential attributes that customers
find satisfying. Sporting events, concerts
Marketing strategy - ANS game plan or road map for success
Tactical planning - ANS Focusing on specific markets or market segments and the marketing
programs that meet their needs
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
