LSUS MHA 706 ACTUAL TEST QUESTIONS
WITH COMPLETE ANSWER KEY
●● CCDVTP
Answer: Create, Communicate, and Deliver Value to a Target market at a
Profit.
•Create Value = Product Management
•Communicate Value = Brand Management
•Deliver Value = Customer Management
●● 4Ps
Answer: •Product (Create)
•Price (Exchange)
•Place (Deliver)
•Promotion (Communicate)
●● Consumers
Answer: Consumers consider the benefits and the costs of shopping
when they make decisions regarding when and where they will shop.
, In other words, consumers attempt to maximize their shopping utilities,
subject to their individual constraints on budget, energy, and time.
●● Benefits to Consumers
Answer: *Utilities derived from purchasing goods and services.
*Physical benefits: exercising
*Psychic benefits: e.g., retail therapy, satisfaction, social interaction.
*Information gathering: brands, products, etc.
●● Costs to Consumers
Answer: *Monetary costs: dollars
*Physical energy: e.g., driving, walking around, etc.
*Psychic energy: e.g., interacting with others.
*Time: time to get to the store + time spent in the store.
●● Firms
Answer: Firms attempt to maximize their profits, subject to their internal
& external environments.
●● Retailers profits
Answer: sales revenue - costs
●● Costs to firms
WITH COMPLETE ANSWER KEY
●● CCDVTP
Answer: Create, Communicate, and Deliver Value to a Target market at a
Profit.
•Create Value = Product Management
•Communicate Value = Brand Management
•Deliver Value = Customer Management
●● 4Ps
Answer: •Product (Create)
•Price (Exchange)
•Place (Deliver)
•Promotion (Communicate)
●● Consumers
Answer: Consumers consider the benefits and the costs of shopping
when they make decisions regarding when and where they will shop.
, In other words, consumers attempt to maximize their shopping utilities,
subject to their individual constraints on budget, energy, and time.
●● Benefits to Consumers
Answer: *Utilities derived from purchasing goods and services.
*Physical benefits: exercising
*Psychic benefits: e.g., retail therapy, satisfaction, social interaction.
*Information gathering: brands, products, etc.
●● Costs to Consumers
Answer: *Monetary costs: dollars
*Physical energy: e.g., driving, walking around, etc.
*Psychic energy: e.g., interacting with others.
*Time: time to get to the store + time spent in the store.
●● Firms
Answer: Firms attempt to maximize their profits, subject to their internal
& external environments.
●● Retailers profits
Answer: sales revenue - costs
●● Costs to firms
