MBA 706 - Exam 1 Study Guide
Consequences of mature industries where slowing innovation, extensive product
assortment, excess supply, and frugal consumers forces margins to the
floor.Commoditization
What are some challenges and opportunities in today's economy?1. Power shift
to custom...
MBA 706 - Exam 1 Study Guide
Consequences of mature industries where slowing innovation, extensive product
assortment, excess supply, and frugal consumers forces margins to the
floor.✔✔Commoditization
What are some challenges and opportunities in today's economy?✔✔1. Power shift
to customers
2. Increase in product selection
3. Audience and media fragmentation
4. Changing value propositions
5. Shift in demand patterns
6. Privacy, security, and ethical concerns
7. Unclear legal jurisdiction
A customer-centric virtual market that offers closely related products or services
belonging to the same industry or diverse set of industries✔✔Meta Market (Ex: Auto
Sales)
A person or business that provides a single access point for consumers to obtain
goods and services from suppliers within a metamarket, as well as offering services
such as advice, financing, etc.✔✔Metamediary (Ex: Zillow)
Electronic marketplace, unbound by time or space✔✔Marketspace
Process of obtaining something of value by offering something in return✔✔Exchange
Five conditions of an exchange✔✔1. There must be at least two parties
2. Each party should have something that the other party values.
3. Each party must be capable of communication and delivery.
4. Each party must be free to accept or reject the exchange.
5. Each party must believe it is desirable to exchange with the other party.
Something acquired through an exchange to satisfy a need or want✔✔Product
Type of product: tangible items✔✔Goods
Type of product: Intangible items consisting of acts or deeds✔✔Services
Type of product: Concepts aimed a promoting a benefit for the customer✔✔Ideas
Type of product: websites, magazines, schools, research firms✔✔Information
Type of product: software, music, and movies✔✔Digital Products
Type of product: individuals, including athletes and celebrities, that add value to
company's offering✔✔People
, Type of product: Localities that market themselves to tourists, businesses,
etc.✔✔Places
Type of product: combination of goods, services, ideas, information, or people to
create a single event✔✔Experiences and Events
Type of product: stocks, bonds, and real estate✔✔Real or Financial Property
Ability of a product to satisfy a customer's needs or wants✔✔Utility
Five types of Utility✔✔1. Form
2. Time
3. Place
4. Possession
5. Psychological
Type of Utility: Product contains distinguishing attributes✔✔Form Utility
(Ex: Luxury cars)
Type of Utility: Product is available when customers want it✔✔Time Utility
(Ex: 24-hour diners)
Type of Utility: Product is available where customers want it✔✔Place Utility
(Ex: Convenience store, home delivery)
Type of Utility: Deals with easy transfer of ownership or title✔✔Possession Utility
Type of Utility: Product provides a positive experiential attribute that customers find
satisfying✔✔Psychological Utility
(Ex: Sporting events)
A firm's game plan for success✔✔Strategy
Focusing on specific markets and the marketing programs that meet their
needs✔✔Tactical Planning
Instrument that provides an outline of a firm's marketing program✔✔Marketing Plan
Type of Marketing Research: Objective review of information pertaining to the firm's
current strategy and performance, as well as the current and future availability of
resources✔✔Internal Analysis
Type of Marketing Research: Analyzing the capabilities, vulnerabilities, and
intentions of competing businesses✔✔Competitive Intelligence
Type of Marketing Research: Analyzing the economic, political, legal, technological,
and cultural events and trends that may affect the future of the
organization✔✔Environmental Scanning
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