MBA 706 - Exam 1 Study Guide with Complete Solutions
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Course
MBA 706
Institution
MBA 706
MBA 706 - Exam 1 Study Guide with Complete SolutionsMBA 706 - Exam 1 Study Guide with Complete SolutionsMBA 706 - Exam 1 Study Guide with Complete SolutionsMBA 706 - Exam 1 Study Guide with Complete SolutionsMBA 706 - Exam 1 Study Guide with Complete SolutionsConsequences of mature industries where...
Consequences of mature industries where slowing innovation, extensive
product assortment, excess supply, and frugal consumers forces margins to
the floor. - ANSWER-Commoditization
What are some challenges and opportunities in today's economy? - 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 -
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. - ANSWER-Metamediary (Ex:
Zillow)
Electronic marketplace, unbound by time or space - ANSWER-Marketspace
Type of product: Intangible items consisting of acts or deeds - ANSWER-
Services
Type of product: Concepts aimed a promoting a benefit for the customer -
ANSWER-Ideas
Type of product: websites, magazines, schools, research firms - ANSWER-
Information
, Process of obtaining something of value by offering something in return -
ANSWER-Exchange
Five conditions of an exchange - 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 -
ANSWER-Product
Type of product: tangible items - ANSWER-Goods
Type of product: software, music, and movies - ANSWER-Digital Products
Type of product: individuals, including athletes and celebrities, that add
value to company's offering - ANSWER-People
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