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MBA 706 test 1 Exam|111 Questions with Verified Answers
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MBA 706 test 1 Exam|111 Questionswith Verified Answers
Marketing - -*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 - -*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? - -Goods, services, events, experiences,
persons, places, properties, organizations, information, ideas
-Marketer - -is someone who seeks a response—attention, a purchase, a
vote, a donation—from another party, called the prospect.
-8 Demand States - -negative, nonexistent, latent, declining, irregular,
unwholesome, full, overfull
-market - -a collection of buyers and sellers who transact over a particular
product or product class
-Key Customer Markets - --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 - -Physical
a store front
-Marketspace - -Digital
shopping on the internet
, -Metamarket - -a cluster of complementary products and services closely
related in the minds of consumers, but spread across a diverse set of
industries.
-Needs - -the basic human requirements such as for air, food, water,
clothing, and shelter
-Demands - -are wants for specific products backed by an ability to pay
-5 types of needs - -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.)
-value proposition - -a set of benefits that sat- isfy those needs.
-Brand - -An offering from a known source
-Customer value triad - -Value, a central marketing concept, is primarily a
combination of quality, service, and price (qsp), called the _____ ____ ____
-satisfaction - -reflects a person's judgment of a product's perceived
performance in relationship to expectations
-Communication channels - -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 - -consists of the task environment and the broad
environment
-Task Environment - -includes the actors engaged in producing, distributing,
and promoting the offering
-Broad environment - -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 - -1. Network information technology
2. Globalization
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