MBA 706 – KIM Practice Questions &
Answers
◉ Marketspace. Answer: describes these electronic marketplaces
unbound by time or space.
◉ Metamarket. Answer: •Cluster of closely related goods and
services that center around a specific consumption activity, eg.
Wedding industry, baby industry etc.
◉ Metamediary. Answer: •Provides a single access point where
buyers can locate and contact many different sellers in the
metamarket. Edmonds, Zillow, Babycenter
◉ Exchange. Answer: •Process of obtaining something of value by
offering something in return
◉ Conditions of exchange. Answer: •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.
◉ Utility. Answer: •Ability of a product to satisfy a customer's need
or want
◉ Types of Utility. Answer: 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. Answer: Product contains distinguishing attributes.
Features that set them apart from the competition. (Luxury Cars)
◉ Time utility. Answer: Product is available when customer wants it
◉ Place utility. Answer: Product is available where customers want
it
◉ Possession utility. Answer: Deals with easy transfer of ownership
or title
Answers
◉ Marketspace. Answer: describes these electronic marketplaces
unbound by time or space.
◉ Metamarket. Answer: •Cluster of closely related goods and
services that center around a specific consumption activity, eg.
Wedding industry, baby industry etc.
◉ Metamediary. Answer: •Provides a single access point where
buyers can locate and contact many different sellers in the
metamarket. Edmonds, Zillow, Babycenter
◉ Exchange. Answer: •Process of obtaining something of value by
offering something in return
◉ Conditions of exchange. Answer: •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.
◉ Utility. Answer: •Ability of a product to satisfy a customer's need
or want
◉ Types of Utility. Answer: 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. Answer: Product contains distinguishing attributes.
Features that set them apart from the competition. (Luxury Cars)
◉ Time utility. Answer: Product is available when customer wants it
◉ Place utility. Answer: Product is available where customers want
it
◉ Possession utility. Answer: Deals with easy transfer of ownership
or title
