MBA 706 Test 1 Questions and Answers 100% Correct
Question: What is marketing?
Correct answer: Is about identifying and meeting human and
social needs. One of the shortest good definitions of marketing is "meeting needs profitably." Is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Question: What is marketing management?
Correct 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, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Question: What are the 10 types of entities marketed?
Correct answer: Goods, services, events, experiences,
persons, places, properties, organizations, information, ideas
Question: What is a marketer?
Correct answer: Is someone who seeks a response—attention,
a purchase, a vote, a donation—from another party, called the prospect.
Question: What are the 8 demand states?
Correct answer: Negative, nonexistent, latent, declining,
irregular, unwholesome, full, overfull
Question: What is a market?
Correct answer: A collection of buyers and sellers who
transact over a particular product or product class
Question: What are the key customer markets?
Correct 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
Question: What is a marketplace?
Correct answer: Physical, a store front
Question: What is a marketspace?
Correct answer: Digital, shopping on the internet
Question: What is a metamarket?
Correct answer: A cluster of complementary products and
services closely related in the minds of consumers, but spread across a diverse set of industries.
Question: What are needs?
Correct answer: The basic human requirements such as for
air, food, water, clothing, and shelter
Question: What are demands?
Correct answer: Are wants for specific products backed by an
ability to pay
Question: What are the 5 types of needs?
Correct 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.) 4.Delight needs (The customer would like the dealer to include an onboard GPS navigation system.) 5. Secret needs (The customer wants friends to see him or her as a savvy consumer.)
Question: What is a value proposition?
Correct answer: A set of benefits that satisfy those needs.
Question: What is a brand?
Correct answer: An offering from a known source
Question: What is the customer value triad?
Correct answer: Value, a central marketing concept, is
primarily a combination of quality, service, and price (qsp), called the customer value triad