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MBA 706 Exam 1 with Complete Solutions 100% Solved
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MBA 706 Exam 1 with Complete Solutions 100% Solved
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MBA 706 Exam 1 with Complete Solutions 100% SolvedMotorola continuously establishes performance standards and assesses actual performance
by comparing it with these standards. Afterwards, Motorola often takes corrective action to
reduce any discrepancies. This process is most likely outlined in the __________ section of
Motorola's marketing plan.Motorola continuously establishes performance standards and
assesses actual performance by comparing it with these standards. Afterwards, Motorola
often takes corrective action to reduce any discrepancies. This process is most likely outlined
in the __________ section of Motorola's marketing plan.
a. goals and objectives
b. evaluation and control
c. marketing strategy
d. marketing implementation CORRECT ANS-B. evaluation and Control
What is needed to develop goals and objectives? CORRECT ANS-Mission Statement
True/False: The SWOT analysis is derived from the marketing goals and objectives section.
CORRECT ANS-False
Which of the following is NOT a part of evaluating the internal environment?
a. A review of current objectives, strategy, and performance.
b. A review of the current availability of organizational resources.
c. A review of the organizational structure.
d. A review of the competition. CORRECT ANS-D. A review of the competition
What are the challenges and opportunities in today's economy? CORRECT ANS-• Power
shift to customers
• Massive increase in product selection
• Audience and media fragmentation
• Changing value propositions
, MBA 706 Exam 1 with Complete Solutions 100% Solved
• Shift in demand patterns
• Privacy, security, and ethical concerns
• Unclear legal jurisdiction
Market CORRECT ANS-Group of individuals or institutions with similar needs that can be
met by a specific product (collection of buyers and sellers)
Marketspace CORRECT ANS-Electronic marketplaces unbound by time or space (ex: Ebay
or Etsy)
Meta market CORRECT ANS-Cluster of closely related goods and services that center
around a specific consumption activity (Ex: automotive, homeownership, parenting, etc.)
Today's economy is characterized by what? CORRECT ANS-Rapid technological change,
economic/financial anxiety, and increasing consumer skepticism.
In 2005, the definition of marketing stressed what two critical success factors? What was
added in 2006 to the definition? CORRECT ANS-Value and customer relationship; meeting
human and social needs
Metamediary CORRECT ANS-Provides a single access point where buyers can locate and
contact many different sellers in the metamarket (ex: homeownership = www.zillow.com,
parenting = www.babycenter.com)
Exchange CORRECT ANS-Traditionally defined as the process of obtaining something of
value from someone by offering something in return; this usually entails obtaining products
for money.
What are the 5 conditions of an exchange? CORRECT ANS-•There must be at least two
parties for the exchange.
, MBA 706 Exam 1 with Complete Solutions 100% Solved
•Each party should have something that the other party values.
•Each party must be capable of communication and delivery.
•Each party must be free to accept or reject exchange.
•Each party must believe it is desirable to exchange with the other party.
Product CORRECT ANS-Something acquired through an exchange to satisfy a need or want
Utility CORRECT ANS-Ability of a product to satisfy a customer's need or want. Customer
seek out exchanges with marketers who offer products that are high in one or more type of
utility.
Form Utility CORRECT ANS-Products high in form utility have attributes or features that set
them apart from the competition. Often these differences result from the use of high-quality
raw materials, ingredients, or components, or from the use of highly efficient product
processes. In many product categories, higher priced product lines offer more form utility
because they have more features or bells-and-whistles. Luxury cars are a good example.
Time Utility CORRECT ANS-Products high in time utility are available when customers want
them. Typically, this means that products are available now rather than later. Restaurants,
grocery stores, and other retailers that are open around the clock provide exceptional time
utility. Many customers are willing to pay more for products available in a shorter time frame
or for products available at the most convenient times.
Place Utility CORRECT ANS-Products high in place utility are available where customers
want them, which is typically wherever the customer happens to be or where the product
needs to be at that moment. Home delivery of any product, convenience stores, vending
machines, and e-commerce are examples of good place utility.
Possession Utility CORRECT ANS-Possession utility deals with the transfer of ownership or
title from marketer to customer. Products higher in possession utility are more satisfying
because marketers make them easier to acquire. Marketers often combine supplemental
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