MBA 706 test 1 QUESTIONS &
ANSWERS(RATED 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? - ANSWERGoods, services, events, experiences,
persons, places, properties, organizations, information, ideas
Marketer - ANSWERis someone who seeks a response—attention, a purchase, a
vote, a donation—from another party, called the prospect.
8 Demand States - ANSWERnegative, nonexistent, latent, declining, irregular,
unwholesome, full, overfull
market - ANSWERa collection of buyers and sellers who transact over a particular
product or product class
Marketing Environment - ANSWERconsists of the task environment and the broad
environment
Task Environment - ANSWERincludes the actors engaged in producing, distributing,
and promoting the offering
Broad environment - ANSWERconsists of six components: demographic
environment, economic envi- ronment, social-cultural environment, natural
environment, technological environment, and po- litical-legal environment.
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 - ANSWERPhysical
, a store front
Marketspace - ANSWERDigital
shopping on the internet
Metamarket - ANSWERa cluster of complementary products and services closely
related in the minds of consumers, but spread across a diverse set of industries.
Needs - ANSWERthe basic human requirements such as for air, food, water,
clothing, and shelter
Demands - ANSWERare wants for specific products backed by an ability to pay
5 types of needs - ANSWER1. 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 - ANSWERa set of benefits that sat- isfy those needs.
Brand - ANSWERAn offering from a known source
Customer value triad - ANSWERValue, a central marketing concept, is primarily a
combination of quality, service, and price (qsp), called the _____ ____ ____
satisfaction - ANSWERreflects a person's judgment of a product's perceived
performance in relationship to expectations
Communication channels - ANSWERdeliver and receive messages from target
buyers and include newspapers, magazines, radio, television, mail, telephone,
billboards, posters, fliers, CDs, audiotapes, and the Internet
12 key major societal forces - ANSWER1. Network information technology
2. Globalization
3.deregulation
4.privatization
5. Heightened competition
6. Industry convergence
7. Retail transformation
8. Disintermediation
9. Consumer buying power
10. Consumer information
11. Consumer participation
12. Consumer resistance
ANSWERS(RATED 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? - ANSWERGoods, services, events, experiences,
persons, places, properties, organizations, information, ideas
Marketer - ANSWERis someone who seeks a response—attention, a purchase, a
vote, a donation—from another party, called the prospect.
8 Demand States - ANSWERnegative, nonexistent, latent, declining, irregular,
unwholesome, full, overfull
market - ANSWERa collection of buyers and sellers who transact over a particular
product or product class
Marketing Environment - ANSWERconsists of the task environment and the broad
environment
Task Environment - ANSWERincludes the actors engaged in producing, distributing,
and promoting the offering
Broad environment - ANSWERconsists of six components: demographic
environment, economic envi- ronment, social-cultural environment, natural
environment, technological environment, and po- litical-legal environment.
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 - ANSWERPhysical
, a store front
Marketspace - ANSWERDigital
shopping on the internet
Metamarket - ANSWERa cluster of complementary products and services closely
related in the minds of consumers, but spread across a diverse set of industries.
Needs - ANSWERthe basic human requirements such as for air, food, water,
clothing, and shelter
Demands - ANSWERare wants for specific products backed by an ability to pay
5 types of needs - ANSWER1. 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 - ANSWERa set of benefits that sat- isfy those needs.
Brand - ANSWERAn offering from a known source
Customer value triad - ANSWERValue, a central marketing concept, is primarily a
combination of quality, service, and price (qsp), called the _____ ____ ____
satisfaction - ANSWERreflects a person's judgment of a product's perceived
performance in relationship to expectations
Communication channels - ANSWERdeliver and receive messages from target
buyers and include newspapers, magazines, radio, television, mail, telephone,
billboards, posters, fliers, CDs, audiotapes, and the Internet
12 key major societal forces - ANSWER1. Network information technology
2. Globalization
3.deregulation
4.privatization
5. Heightened competition
6. Industry convergence
7. Retail transformation
8. Disintermediation
9. Consumer buying power
10. Consumer information
11. Consumer participation
12. Consumer resistance
