MBA 706 test 1 ACTUAL UPDATED QUESTIONS AND CORRECT ANSWERS
Marketing *is about identifying and meeting human and social needs. One of the shortest
good definitions of marketing is "meeting needs profitably.
*is the activ- ity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.
Marketing management *takes place when at least one party to a potential exchange thinks about the
means of achieving desired responses from other parties.
*the art and science of choosing target markets and getting, keep- ing, and
growing customers through creating, delivering, and communicating superior
customer value.
10 types of entities marketed? Goods, services, events, experiences, persons, places, properties, organizations,
information, ideas
Marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from
another party, called the prospect.
8 Demand States negative, nonexistent, latent, declining, irregular, unwholesome, full, overfull
market a collection of buyers and sellers who transact over a particular product or
product class
Key Customer Markets -Consumer: companies selling mass consumer goods and services
-business: companies selling business goods and services
-global: global marketplace
-nonprofit and governmental: companies selling to nonprofit organizations
Marketplace Physical
a store front
Marketspace Digital
shopping on the internet
Metamarket a cluster of complementary products and services closely related in the minds of
consumers, but spread across a diverse set of industries.
Needs the basic human requirements such as for air, food, water, clothing, and shelter
Demands are wants for specific products backed by an ability to pay
, 5 types of needs 1. Stated needs (The customer wants an inexpensive car.)
2. Real needs (The customer wants a car whose operating cost, not initial price, is
low.)
3. Unstated needs (The customer expects good service from the dealer.)
4. Delight needs (The customer would like the dealer to include an onboard GPS
naviga-
tion system.)
5. Secret needs (The customer wants friends to see him or her as a savvy
consumer.)
value proposition a set of benefits that sat- isfy those needs.
Brand An offering from a known source
Customer value triad Value, a central marketing concept, is primarily a combination of quality, service,
and price (qsp), called the _____ ____ ____
satisfaction reflects a person's judgment of a product's perceived performance in relationship
to expectations
Communication channels deliver and receive messages from target buyers and include newspapers,
magazines, radio, television, mail, telephone, billboards, posters, fliers, CDs,
audiotapes, and the Internet
Marketing Environment consists of the task environment and the broad environment
Task Environment includes the actors engaged in producing, distributing, and promoting the
offering
Broad environment consists of six components: demographic environment, economic envi- ronment,
social-cultural environment, natural environment, technological environment, and
po- litical-legal environment.
12 key major societal forces 1. Network information technology
2. Globalization
3.deregulation
4.privatization
5. Heightened competition
6. Industry convergence
7. Retail transformation
8. Disintermediation
9. Consumer buying power
10. Consumer information
11. Consumer participation
12. Consumer resistance
Marketing *is about identifying and meeting human and social needs. One of the shortest
good definitions of marketing is "meeting needs profitably.
*is the activ- ity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.
Marketing management *takes place when at least one party to a potential exchange thinks about the
means of achieving desired responses from other parties.
*the art and science of choosing target markets and getting, keep- ing, and
growing customers through creating, delivering, and communicating superior
customer value.
10 types of entities marketed? Goods, services, events, experiences, persons, places, properties, organizations,
information, ideas
Marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from
another party, called the prospect.
8 Demand States negative, nonexistent, latent, declining, irregular, unwholesome, full, overfull
market a collection of buyers and sellers who transact over a particular product or
product class
Key Customer Markets -Consumer: companies selling mass consumer goods and services
-business: companies selling business goods and services
-global: global marketplace
-nonprofit and governmental: companies selling to nonprofit organizations
Marketplace Physical
a store front
Marketspace Digital
shopping on the internet
Metamarket a cluster of complementary products and services closely related in the minds of
consumers, but spread across a diverse set of industries.
Needs the basic human requirements such as for air, food, water, clothing, and shelter
Demands are wants for specific products backed by an ability to pay
, 5 types of needs 1. Stated needs (The customer wants an inexpensive car.)
2. Real needs (The customer wants a car whose operating cost, not initial price, is
low.)
3. Unstated needs (The customer expects good service from the dealer.)
4. Delight needs (The customer would like the dealer to include an onboard GPS
naviga-
tion system.)
5. Secret needs (The customer wants friends to see him or her as a savvy
consumer.)
value proposition a set of benefits that sat- isfy those needs.
Brand An offering from a known source
Customer value triad Value, a central marketing concept, is primarily a combination of quality, service,
and price (qsp), called the _____ ____ ____
satisfaction reflects a person's judgment of a product's perceived performance in relationship
to expectations
Communication channels deliver and receive messages from target buyers and include newspapers,
magazines, radio, television, mail, telephone, billboards, posters, fliers, CDs,
audiotapes, and the Internet
Marketing Environment consists of the task environment and the broad environment
Task Environment includes the actors engaged in producing, distributing, and promoting the
offering
Broad environment consists of six components: demographic environment, economic envi- ronment,
social-cultural environment, natural environment, technological environment, and
po- litical-legal environment.
12 key major societal forces 1. Network information technology
2. Globalization
3.deregulation
4.privatization
5. Heightened competition
6. Industry convergence
7. Retail transformation
8. Disintermediation
9. Consumer buying power
10. Consumer information
11. Consumer participation
12. Consumer resistance
