Latest MBA 706 - Exam 1 with 100% Correct Answers

Latest MBA 706 - Exam 1 with 100% Correct Answers Marketing *Ans* *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 *Ans* *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? *Ans* Goods, services, events, experiences, persons, places, properties, organizations, information, ideas Marketer *Ans* is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect. 8 Demand States *Ans* negative, nonexistent, latent, declining, irregular, unwholesome, full, overfull market *Ans* a collection of buyers and sellers who transact over a particular product or product class Key Customer Markets *Ans* -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 *Ans* Physical