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MBA 706 Test 1 Questions and Answers 100% CorrectMBA 706 Test 1 Questions and Answers 100% CorrectMBA 706 Test 1 Questions and Answers 100% CorrectMBA 706 Test 1 Questions and Answers 100% Correct Marketing - ANSWER-*is about identifying and meeting human and social needs. One of the shortest good...

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  • October 10, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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MBA 706 Test 1 Questions and

Answers 100% Correct


Marketing - ANSWER-*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.




10 types of entities marketed? - ANSWER-Goods, services, events,

experiences, persons, places, properties, organizations, information, ideas




Marketer - ANSWER-is someone who seeks a response—attention, a

purchase, a vote, a donation—from another party, called the prospect.

,Marketing management - ANSWER-*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.




Metamarket - ANSWER-a cluster of complementary products and services

closely related in the minds of consumers, but spread across a diverse set of

industries.




Needs - ANSWER-the basic human requirements such as for air, food, water,

clothing, and shelter




Demands - ANSWER-are wants for specific products backed by an ability to

pay




8 Demand States - ANSWER-negative, nonexistent, latent, declining,

irregular, unwholesome, full, overfull

, market - ANSWER-a collection of buyers and sellers who transact over a

particular product or product class




Key Customer Markets - ANSWER--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 - ANSWER-Physical

a store front




Marketspace - ANSWER-Digital

shopping on the internet




5 types of needs - ANSWER-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.)

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