MBA 706 Minseong Kim Exam 1: Questions With Easy-
to-Follow Answers
Commoditization Correct Answer - A consequence of mature industries,
where slowing innovation, extensive product assortment, excess supply, and
frugal consumers force margins to the floor.
All organizations require effective planning and a sound marketing strategy to
Correct Answer - achieve goals and objectives
the driving force in consumer decision making when products are viewed as
commodities Correct Answer - price
now hold the power in an exchange due to massive availability of information
on the internet Correct Answer - customers
Marketing challenges and opportunities Correct Answer - 1. power shift
to customers
2. massive 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
2005 marketing definition focuses on Correct Answer - delivering value
and enhancing customer relationships
2007 marketing definition focuses on Correct Answer - meeting human
and social needs
market Correct Answer - group of individuals or institutions with similar
needs that can be met by a specific product.
Metamarket Correct Answer - A cluster of closely related goods and
services that center around a specific consumption activity - homes, cars, diy
etc.
,Metamediary Correct Answer - A single access point where buyers can
locate and contact many different sellers in the metamarket
exchange Correct Answer - the act of obtaining a desired object from
someone by offering something in return
5 conditions of exchange Correct Answer - 1. There must be at least two
parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other
party.
product Correct Answer - something acquired via exchange to satisfy a
need or want
utility Correct Answer - the ability of a product to satisfy a customer's
need or want
5 types of utility Correct Answer - form, place, time, possession,
psychological
Form Utility Correct Answer - the value producers add to materials in
the creation of finished goods and services - attributes or features setting the
product apart from the competition
Time Utility Correct Answer - the increase in customer satisfaction
gained by making a good or service available at the appropriate time -
available when the customer wants it
place utility Correct Answer - Adding value to products by having them
where people want them - available where the customer wants it
possesion utility Correct Answer - ease of transfer of ownership - large
product shipping/delivery
Psychological Utility Correct Answer - Product provides positive
experiential attributes that customers find satisfying
, strategy Correct Answer - the firm's game plan for success
tactical planning Correct Answer - focusing on specific markets or
market segments and developing marketing programs to meet the needs of
that segment.
marketing plan Correct Answer - outlines how the organization will
combine product, pricing, and promotional decisions to create product
offerings that consumers will find attractive.
internal analysis Correct Answer - objective review of internal
information pertaining to the firm's current and future performance and
sustainability strategies. - resources etc.
competitive intelligence Correct Answer - gaining information about
one's competitors' activities so that you can anticipate their moves and react
appropriately - capabilities, vulnerabilities and intentions
Environmental scanning Correct Answer - analysis of economic, polital-
legal, social, and technological forces affecting the future of the organization
and its marketing efforts - PEST analysis
situation analysis Correct Answer - Collecting and interpreting internal,
competitive, and environmental information
competitive advantage Correct Answer - a set of unique features of a
company and its products that are perceived by the target market as
significant and superior to those of the competition
marketing strategy Correct Answer - how the organization will leverage
its strengths and capabilities to meet the needs and requirements of the
market
marketing program decisions (4 p's + 1 extra p - not called 5 p's for some
reason) Correct Answer - 1. product
2. price
3. place
4. promotion
to-Follow Answers
Commoditization Correct Answer - A consequence of mature industries,
where slowing innovation, extensive product assortment, excess supply, and
frugal consumers force margins to the floor.
All organizations require effective planning and a sound marketing strategy to
Correct Answer - achieve goals and objectives
the driving force in consumer decision making when products are viewed as
commodities Correct Answer - price
now hold the power in an exchange due to massive availability of information
on the internet Correct Answer - customers
Marketing challenges and opportunities Correct Answer - 1. power shift
to customers
2. massive 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
2005 marketing definition focuses on Correct Answer - delivering value
and enhancing customer relationships
2007 marketing definition focuses on Correct Answer - meeting human
and social needs
market Correct Answer - group of individuals or institutions with similar
needs that can be met by a specific product.
Metamarket Correct Answer - A cluster of closely related goods and
services that center around a specific consumption activity - homes, cars, diy
etc.
,Metamediary Correct Answer - A single access point where buyers can
locate and contact many different sellers in the metamarket
exchange Correct Answer - the act of obtaining a desired object from
someone by offering something in return
5 conditions of exchange Correct Answer - 1. There must be at least two
parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other
party.
product Correct Answer - something acquired via exchange to satisfy a
need or want
utility Correct Answer - the ability of a product to satisfy a customer's
need or want
5 types of utility Correct Answer - form, place, time, possession,
psychological
Form Utility Correct Answer - the value producers add to materials in
the creation of finished goods and services - attributes or features setting the
product apart from the competition
Time Utility Correct Answer - the increase in customer satisfaction
gained by making a good or service available at the appropriate time -
available when the customer wants it
place utility Correct Answer - Adding value to products by having them
where people want them - available where the customer wants it
possesion utility Correct Answer - ease of transfer of ownership - large
product shipping/delivery
Psychological Utility Correct Answer - Product provides positive
experiential attributes that customers find satisfying
, strategy Correct Answer - the firm's game plan for success
tactical planning Correct Answer - focusing on specific markets or
market segments and developing marketing programs to meet the needs of
that segment.
marketing plan Correct Answer - outlines how the organization will
combine product, pricing, and promotional decisions to create product
offerings that consumers will find attractive.
internal analysis Correct Answer - objective review of internal
information pertaining to the firm's current and future performance and
sustainability strategies. - resources etc.
competitive intelligence Correct Answer - gaining information about
one's competitors' activities so that you can anticipate their moves and react
appropriately - capabilities, vulnerabilities and intentions
Environmental scanning Correct Answer - analysis of economic, polital-
legal, social, and technological forces affecting the future of the organization
and its marketing efforts - PEST analysis
situation analysis Correct Answer - Collecting and interpreting internal,
competitive, and environmental information
competitive advantage Correct Answer - a set of unique features of a
company and its products that are perceived by the target market as
significant and superior to those of the competition
marketing strategy Correct Answer - how the organization will leverage
its strengths and capabilities to meet the needs and requirements of the
market
marketing program decisions (4 p's + 1 extra p - not called 5 p's for some
reason) Correct Answer - 1. product
2. price
3. place
4. promotion
