MBA 706. Marketing Strategy Exam 1
Market - answer simply a collection of buyers and sellers in which a group of individuals
or institutions share a need that can be satisfied by an offering
Market spaces - answer go beyond traditional markets as they offer consumers the
ability to purchase offerings and exchange information online anytime and with far fewer
geographical restrictions
Value - answer benefits buyers receive that meet their needs; what the customer gets
by choosing a company's offering
Personal Value Equation - answervalue = benefits received - [price + hassle]
Hassle - answerthe time and effort the customer puts into the shopping process, the
equation is a personal one because of how each consumer judges the benefits of
aproduct will vary; this will vary with each cusotmer
The Marketing Concept - answera philosophy underlying all that marketers do, requires
that marketers seek to satisfy customer wants and needs
-firms operating with this philosophy are "market oriented"
Production Orientation - answer-companies that believe the best way to compete was
by reducing production costs are said to have this mindset (Industrial Revolution)
Selling Orientation - answer-companies that believe it is necessary to push their
products by heavily emphasizing advertising and selling are said to have this mindset
(WWII)
Productions Orientation - answer-companies that believe the best way to compete is to
create products different from the compeition and focus on product innovation are said
to have this mindset (Post WWII)
Value Era - answera time when companies emphasize creating value for cusotmers
One to one Era - answerthe best way to compete is to build relationships with
cusotmers one at a time and seek to serve each cusotmer's needs individually
Service dominant logic - answeris an approach to business that recognizes taht
consumers want value no matter how it is delivered, whether its via a product, a service,
or a combination of the two
, Offering - answerthe entire bundle consisting of the tangible good, the intangible
service, and the price makes this up
Goods (Types of Offerings) - answertangible, physical items
Service (Types of Offerings) - answerintangible and result from activities directed
towards organizations, consumers, or items owned by people or organizations
Digital Products (Types of Offerings) - answerare convenient for customers and
profitable for sellers
Information (Types of Offerings) - answerresearch firms such as Nielsen, who sell
industry specific marketing research to clients
Individuals (Types of Offerings) - answermany athletes, celebrities, and politicians
"brand" themselves and much time, effort, and money are spent promoting individuals
or their agenda
Organizations (Types of Offerings) - answerBuilding goodwill and enhancing the firm's
image and corporate reputation are essential to attracting stakeholders
Ideas and Social Causes (Types of Offerings) - answerthese types of organizations
fundraise to provide benefits to those in need
Locations, Experiences, and Events - answerMarketing to tourists, businesses, and
residents commonly occurs at the state,
regional, and city level
utility - answerrefers to the value or usefulness, that a purchaser receives in return for
exchanging his money for a company's goods or services
Time Utility (types of utility) - answermany individuals seek immediate gratification and
thus value offerings that are high in this utility, as high performance in this area ensures
that offerings are avilable when customers need them
Form Utility (types of utility) - answerstems form differentiation in that offerings ranked
highly in this characteristic are perceived as having features and benefits that seperate
them from the competition in some fashion
Possession utility (types of utility) - answerimplies ownership and in some instances
involves the transfer of a title, makes it easy for buyers to take ownership of their
purpose
Place Utility (types of utility) - answerthe ease with whic hconsumers can access
offerings where they want them; a firms distribution strategy must ensure goods and
services are readily available
Market - answer simply a collection of buyers and sellers in which a group of individuals
or institutions share a need that can be satisfied by an offering
Market spaces - answer go beyond traditional markets as they offer consumers the
ability to purchase offerings and exchange information online anytime and with far fewer
geographical restrictions
Value - answer benefits buyers receive that meet their needs; what the customer gets
by choosing a company's offering
Personal Value Equation - answervalue = benefits received - [price + hassle]
Hassle - answerthe time and effort the customer puts into the shopping process, the
equation is a personal one because of how each consumer judges the benefits of
aproduct will vary; this will vary with each cusotmer
The Marketing Concept - answera philosophy underlying all that marketers do, requires
that marketers seek to satisfy customer wants and needs
-firms operating with this philosophy are "market oriented"
Production Orientation - answer-companies that believe the best way to compete was
by reducing production costs are said to have this mindset (Industrial Revolution)
Selling Orientation - answer-companies that believe it is necessary to push their
products by heavily emphasizing advertising and selling are said to have this mindset
(WWII)
Productions Orientation - answer-companies that believe the best way to compete is to
create products different from the compeition and focus on product innovation are said
to have this mindset (Post WWII)
Value Era - answera time when companies emphasize creating value for cusotmers
One to one Era - answerthe best way to compete is to build relationships with
cusotmers one at a time and seek to serve each cusotmer's needs individually
Service dominant logic - answeris an approach to business that recognizes taht
consumers want value no matter how it is delivered, whether its via a product, a service,
or a combination of the two
, Offering - answerthe entire bundle consisting of the tangible good, the intangible
service, and the price makes this up
Goods (Types of Offerings) - answertangible, physical items
Service (Types of Offerings) - answerintangible and result from activities directed
towards organizations, consumers, or items owned by people or organizations
Digital Products (Types of Offerings) - answerare convenient for customers and
profitable for sellers
Information (Types of Offerings) - answerresearch firms such as Nielsen, who sell
industry specific marketing research to clients
Individuals (Types of Offerings) - answermany athletes, celebrities, and politicians
"brand" themselves and much time, effort, and money are spent promoting individuals
or their agenda
Organizations (Types of Offerings) - answerBuilding goodwill and enhancing the firm's
image and corporate reputation are essential to attracting stakeholders
Ideas and Social Causes (Types of Offerings) - answerthese types of organizations
fundraise to provide benefits to those in need
Locations, Experiences, and Events - answerMarketing to tourists, businesses, and
residents commonly occurs at the state,
regional, and city level
utility - answerrefers to the value or usefulness, that a purchaser receives in return for
exchanging his money for a company's goods or services
Time Utility (types of utility) - answermany individuals seek immediate gratification and
thus value offerings that are high in this utility, as high performance in this area ensures
that offerings are avilable when customers need them
Form Utility (types of utility) - answerstems form differentiation in that offerings ranked
highly in this characteristic are perceived as having features and benefits that seperate
them from the competition in some fashion
Possession utility (types of utility) - answerimplies ownership and in some instances
involves the transfer of a title, makes it easy for buyers to take ownership of their
purpose
Place Utility (types of utility) - answerthe ease with whic hconsumers can access
offerings where they want them; a firms distribution strategy must ensure goods and
services are readily available
