MBA 706 Test 1 Questions with Complete Solutions Graded A+

Marketing - Answer: *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 - Answer: *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? - Answer: Goods, services, events, experiences, persons, places, properties, organizations, information, ideas Marketer - Answer: is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect. 8 Demand States - Answer: negative, nonexistent, latent, declining, irregular, unwholesome, full, overfull market - Answer: a collection of buyers and sellers who transact over a particular product or product class Key Customer Markets - Answer: -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 - Answer: Physical a store front Marketspace - Answer: Digital shopping on the internet Metamarket - Answer: a cluster of complementary products and services closely related in the minds of consumers, but spread across a diverse set of industries. Needs - Answer: the basic human requirements such as for air, food, water, clothing, and shelter Demands - Answer: are wants for specific products backed by an ability to pay 5 types of needs - Answer: 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 - Answer: a set of benefits that sat- isfy those needs. Brand - Answer: An offering from a known source Customer value triad - Answer: Value, a central marketing concept, is primarily a combination of quality, service, and price (qsp), called the _____ ____ ____ satisfaction - Answer: reflects a person's judgment of a product's perceived performance in relationship to expectations Communication channels - Answer: 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 - Answer: consists of the task environment and the broad environment