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MBA 706 - Exam 1 Study Guide Questions and Answers
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MBA 706 - Exam 1 Study Guide Questions and Answers
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MBA 706 - Exam 1 Study Guide Questions and AnswersFive types of Utility CORRECT ANS-1. Form
2. Time
3. Place
4. Possession
5. Psychological
Type of Utility: Product contains distinguishing attributes CORRECT ANS-Form Utility
(Ex: Luxury cars)
Type of Utility: Product is available when customers want it CORRECT ANS-Time Utility
(Ex: 24-hour diners)
Type of Utility: Product is available where customers want it CORRECT ANS-Place Utility
(Ex: Convenience store, home delivery)
Type of Utility: Deals with easy transfer of ownership or title CORRECT ANS-Possession
Utility
Type of Utility: Product provides a positive experiential attribute that customers find
satisfying CORRECT ANS-Psychological Utility
(Ex: Sporting events)
A firm's game plan for success CORRECT ANS-Strategy
Focusing on specific markets and the marketing programs that meet their needs CORRECT
ANS-Tactical Planning
, MBA 706 - Exam 1 Study Guide Questions and Answers
Instrument that provides an outline of a firm's marketing program CORRECT ANS-
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
CORRECT ANS-Internal Analysis
Type of Marketing Research: Analyzing the capabilities, vulnerabilities, and intentions of
competing businesses CORRECT ANS-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 CORRECT ANS-
Environmental Scanning
Type of Marketing Research: Collecting and interpreting internal, competitive, and
environmental information CORRECT ANS-Situation Analysis
Something that the firm does better than its competitors that gives it an edge in serving
customers' needs CORRECT ANS-Competitive Advantage
Establishing a mental image of a product in the minds of target buyers CORRECT ANS-
Branding/Positioning
What are the five P's of a marketing strategy? CORRECT ANS-1. Product
2. Price
3. Place
4. Promotion
5. People
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