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MBA 706 test 1 Questions and Answers 100% Solved
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MBA 706 test 1 Questions and Answers 100% Solved
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MBA 706 test 1 Questions and Answers 100% SolvedKey Customer Markets CORRECT ANS--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 CORRECT ANS-Physical
a store front
Marketspace CORRECT ANS-Digital
shopping on the internet
Metamarket CORRECT ANS-a cluster of complementary products and services closely
related in the minds of consumers, but spread across a diverse set of industries.
Needs CORRECT ANS-the basic human requirements such as for air, food, water, clothing,
and shelter
Demands CORRECT ANS-are wants for specific products backed by an ability to pay
5 types of needs CORRECT ANS-1. 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.)
, MBA 706 test 1 Questions and Answers 100% Solved
value proposition CORRECT ANS-a set of benefits that sat- isfy those needs.
Brand CORRECT ANS-An offering from a known source
Customer value triad CORRECT ANS-Value, a central marketing concept, is primarily a
combination of quality, service, and price (qsp), called the _____ ____ ____
satisfaction CORRECT ANS-reflects a person's judgment of a product's perceived
performance in relationship to expectations
Communication channels CORRECT ANS-deliver and receive messages from target buyers
and include newspapers, magazines, radio, television, mail, telephone, billboards, posters,
fliers, CDs, audiotapes, and the Internet
Marketing Environment CORRECT ANS-consists of the task environment and the broad
environment
Task Environment CORRECT ANS-includes the actors engaged in producing, distributing,
and promoting the offering
Broad environment CORRECT ANS-consists of six components: demographic environment,
economic envi- ronment, social-cultural environment, natural environment, technological
environment, and po- litical-legal environment.
12 key major societal forces CORRECT ANS-1. Network information technology
2. Globalization
3.deregulation
4.privatization
5. Heightened competition
, MBA 706 test 1 Questions and Answers 100% Solved
6. Industry convergence
7. Retail transformation
8. Disintermediation
9. Consumer buying power
10. Consumer information
11. Consumer participation
12. Consumer resistance
Marketing CORRECT ANS-*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 CORRECT ANS-*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? CORRECT ANS-Goods, services, events, experiences,
persons, places, properties, organizations, information, ideas
Marketer CORRECT ANS-is someone who seeks a response—attention, a purchase, a vote,
a donation—from another party, called the prospect.
8 Demand States CORRECT ANS-negative, nonexistent, latent, declining, irregular,
unwholesome, full, overfull
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