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MBA 706 Exam 1 Questions and Answers 100% Verified
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MBA 706 Exam 1 Questions and Answers 100% VerifiedMBA 706 Exam 1 Questions and Answers 100% VerifiedMBA 706 Exam 1 Questions and Answers 100% VerifiedMBA 706 Exam 1 Questions and Answers 100% VerifiedMBA 706 Exam 1 Questions and Answers 100% VerifiedCommoditization - ANSWER-the curse of mature mark...

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  • October 10, 2024
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  • 2024/2025
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  • Questions & answers

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  • mba 706 exam 1 questions and answers stuvia
  • commoditization answer the curse of mature mark

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MBA 706 Exam 1 Questions and

Answers 100% Verified


Commoditization - ANSWER-the curse of mature markets whereby products

lack any real means of differentiation and customers see competing products

as offering roughly the same benefits




Environmental scanning - ANSWER-involves the analysis of economic,

political, legal, technological, and cultural events and trends that may affect

the future of the organization and its marketing efforts.




Tactical Planning - ANSWER-This type of planning deals with specific markets

or market segments and the development of marketing programs that will

fulfill the needs of customers in those markets




What is needed to develop goals and objectives? - ANSWER-Mission

Statement

,What are the challenges and opportunities in today's economy? - ANSWER-•

Power shift to customers

• Massive increase in product selection

• Audience and media fragmentation

• Changing value propositions

• Shift in demand patterns

• Privacy, security, and ethical concerns

• Unclear legal jurisdiction




Market - ANSWER-Group of individuals or institutions with similar needs that

can be met by a specific product (collection of buyers and sellers)




Marketspace - ANSWER-Electronic marketplaces unbound by time or space

(ex: Ebay or Etsy)




Meta market - ANSWER-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? - ANSWER-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? - ANSWER-Value and

customer relationship; meeting human and social needs




Metamediary - ANSWER-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 - ANSWER-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? - ANSWER-•There must be at

least two parties for the exchange.

•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.

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