MBA 706 - Exam 1 Study Guide Exam with
Questions and Correct Answers 2025
Consequences ,of ,mature ,industries ,where ,slowing ,innovation, ,extensive ,product
,assortment, ,excess ,supply, ,and ,frugal ,consumers ,forces ,margins ,to ,the ,floor. ,-
,CORRECT ,ANSWER-Commoditization
What ,are ,some ,challenges ,and ,opportunities ,in ,today's ,economy? ,- ,CORRECT
,ANSWER-1. ,Power ,shift ,to ,customers
2. ,Increase ,in ,product ,selection
3. ,Audience ,and ,media ,fragmentation
4. ,Changing ,value ,propositions
5. ,Shift ,in ,demand ,patterns
6. ,Privacy, ,security, ,and ,ethical ,concerns
7. ,Unclear ,legal ,jurisdiction
A ,customer-centric ,virtual ,market ,that ,offers ,closely ,related ,products ,or ,services
,belonging ,to ,the ,same ,industry ,or ,diverse ,set ,of ,industries ,- ,CORRECT ,ANSWER-
Meta ,Market ,(Ex: ,Auto ,Sales)
A ,person ,or ,business ,that ,provides ,a ,single ,access ,point ,for ,consumers ,to ,obtain
,goods ,and ,services ,from ,suppliers ,within ,a ,metamarket, ,as ,well ,as ,offering ,services
,such ,as ,advice, ,financing, ,etc. ,- ,CORRECT ,ANSWER-Metamediary ,(Ex: ,Zillow)
Electronic ,marketplace, ,unbound ,by ,time ,or ,space ,- ,CORRECT ,ANSWER-
Marketspace
Process ,of ,obtaining ,something ,of ,value ,by ,offering ,something ,in ,return ,- ,CORRECT
,ANSWER-Exchange
Five ,conditions ,of ,an ,exchange ,- ,CORRECT ,ANSWER-1. ,There ,must ,be ,at ,least ,two
,parties
2. ,Each ,party ,should ,have ,something ,that ,the ,other ,party ,values.
3. ,Each ,party ,must ,be ,capable ,of ,communication ,and ,delivery.
4. ,Each ,party ,must ,be ,free ,to ,accept ,or ,reject ,the ,exchange.
5. ,Each ,party ,must ,believe ,it ,is ,desirable ,to ,exchange ,with ,the ,other ,party.
, Something ,acquired ,through ,an ,exchange ,to ,satisfy ,a ,need ,or ,want ,- ,CORRECT
,ANSWER-Product
Type ,of ,product: ,tangible ,items ,- ,CORRECT ,ANSWER-Goods
Type ,of ,product: ,Intangible ,items ,consisting ,of ,acts ,or ,deeds ,- ,CORRECT ,ANSWER-
Services
Type ,of ,product: ,Concepts ,aimed ,a ,promoting ,a ,benefit ,for ,the ,customer ,- ,CORRECT
,ANSWER-Ideas
Type ,of ,product: ,websites, ,magazines, ,schools, ,research ,firms ,- ,CORRECT
,ANSWER-Information
Type ,of ,product: ,software, ,music, ,and ,movies ,- ,CORRECT ,ANSWER-Digital ,Products
Type ,of ,product: ,individuals, ,including ,athletes ,and ,celebrities, ,that ,add ,value ,to
,company's ,offering ,- ,CORRECT ,ANSWER-People
Type ,of ,product: ,Localities ,that ,market ,themselves ,to ,tourists, ,businesses, ,etc. ,-
,CORRECT ,ANSWER-Places
Type ,of ,product: ,combination ,of ,goods, ,services, ,ideas, ,information, ,or ,people ,to
,create ,a ,single ,event ,- ,CORRECT ,ANSWER-Experiences ,and ,Events
Type ,of ,product: ,stocks, ,bonds, ,and ,real ,estate ,- ,CORRECT ,ANSWER-Real ,or
,Financial ,Property
Ability ,of ,a ,product ,to ,satisfy ,a ,customer's ,needs ,or ,wants ,- ,CORRECT ,ANSWER-
Utility
Five ,types ,of ,Utility ,- ,CORRECT ,ANSWER-1. ,Form
2. ,Time
3. ,Place
4. ,Possession
5. ,Psychological
Type ,of ,Utility: ,Product ,contains ,distinguishing ,attributes ,- ,CORRECT ,ANSWER-Form
,Utility ,
(Ex: ,Luxury ,cars)
Type ,of ,Utility: ,Product ,is ,available ,when ,customers ,want ,it ,- ,CORRECT ,ANSWER-
Time ,Utility ,
(Ex: ,24-hour ,diners)
Questions and Correct Answers 2025
Consequences ,of ,mature ,industries ,where ,slowing ,innovation, ,extensive ,product
,assortment, ,excess ,supply, ,and ,frugal ,consumers ,forces ,margins ,to ,the ,floor. ,-
,CORRECT ,ANSWER-Commoditization
What ,are ,some ,challenges ,and ,opportunities ,in ,today's ,economy? ,- ,CORRECT
,ANSWER-1. ,Power ,shift ,to ,customers
2. ,Increase ,in ,product ,selection
3. ,Audience ,and ,media ,fragmentation
4. ,Changing ,value ,propositions
5. ,Shift ,in ,demand ,patterns
6. ,Privacy, ,security, ,and ,ethical ,concerns
7. ,Unclear ,legal ,jurisdiction
A ,customer-centric ,virtual ,market ,that ,offers ,closely ,related ,products ,or ,services
,belonging ,to ,the ,same ,industry ,or ,diverse ,set ,of ,industries ,- ,CORRECT ,ANSWER-
Meta ,Market ,(Ex: ,Auto ,Sales)
A ,person ,or ,business ,that ,provides ,a ,single ,access ,point ,for ,consumers ,to ,obtain
,goods ,and ,services ,from ,suppliers ,within ,a ,metamarket, ,as ,well ,as ,offering ,services
,such ,as ,advice, ,financing, ,etc. ,- ,CORRECT ,ANSWER-Metamediary ,(Ex: ,Zillow)
Electronic ,marketplace, ,unbound ,by ,time ,or ,space ,- ,CORRECT ,ANSWER-
Marketspace
Process ,of ,obtaining ,something ,of ,value ,by ,offering ,something ,in ,return ,- ,CORRECT
,ANSWER-Exchange
Five ,conditions ,of ,an ,exchange ,- ,CORRECT ,ANSWER-1. ,There ,must ,be ,at ,least ,two
,parties
2. ,Each ,party ,should ,have ,something ,that ,the ,other ,party ,values.
3. ,Each ,party ,must ,be ,capable ,of ,communication ,and ,delivery.
4. ,Each ,party ,must ,be ,free ,to ,accept ,or ,reject ,the ,exchange.
5. ,Each ,party ,must ,believe ,it ,is ,desirable ,to ,exchange ,with ,the ,other ,party.
, Something ,acquired ,through ,an ,exchange ,to ,satisfy ,a ,need ,or ,want ,- ,CORRECT
,ANSWER-Product
Type ,of ,product: ,tangible ,items ,- ,CORRECT ,ANSWER-Goods
Type ,of ,product: ,Intangible ,items ,consisting ,of ,acts ,or ,deeds ,- ,CORRECT ,ANSWER-
Services
Type ,of ,product: ,Concepts ,aimed ,a ,promoting ,a ,benefit ,for ,the ,customer ,- ,CORRECT
,ANSWER-Ideas
Type ,of ,product: ,websites, ,magazines, ,schools, ,research ,firms ,- ,CORRECT
,ANSWER-Information
Type ,of ,product: ,software, ,music, ,and ,movies ,- ,CORRECT ,ANSWER-Digital ,Products
Type ,of ,product: ,individuals, ,including ,athletes ,and ,celebrities, ,that ,add ,value ,to
,company's ,offering ,- ,CORRECT ,ANSWER-People
Type ,of ,product: ,Localities ,that ,market ,themselves ,to ,tourists, ,businesses, ,etc. ,-
,CORRECT ,ANSWER-Places
Type ,of ,product: ,combination ,of ,goods, ,services, ,ideas, ,information, ,or ,people ,to
,create ,a ,single ,event ,- ,CORRECT ,ANSWER-Experiences ,and ,Events
Type ,of ,product: ,stocks, ,bonds, ,and ,real ,estate ,- ,CORRECT ,ANSWER-Real ,or
,Financial ,Property
Ability ,of ,a ,product ,to ,satisfy ,a ,customer's ,needs ,or ,wants ,- ,CORRECT ,ANSWER-
Utility
Five ,types ,of ,Utility ,- ,CORRECT ,ANSWER-1. ,Form
2. ,Time
3. ,Place
4. ,Possession
5. ,Psychological
Type ,of ,Utility: ,Product ,contains ,distinguishing ,attributes ,- ,CORRECT ,ANSWER-Form
,Utility ,
(Ex: ,Luxury ,cars)
Type ,of ,Utility: ,Product ,is ,available ,when ,customers ,want ,it ,- ,CORRECT ,ANSWER-
Time ,Utility ,
(Ex: ,24-hour ,diners)
