MBA 706 - Exam 1 Study Guide || Faultless Answers 100%.
Consequences of mature industries where slowing innovation, extensive product assortment,
excess supply, and frugal consumers forces margins to the floor. correct answers
Commoditization
What are some challenges and opportunities in today's economy? correct answers 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 correct answers 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. correct answers Metamediary (Ex: Zillow)
Electronic marketplace, unbound by time or space correct answers Marketspace
Process of obtaining something of value by offering something in return correct answers
Exchange
Five conditions of an exchange correct answers 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 correct answers Product
Type of product: tangible items correct answers Goods
Type of product: Intangible items consisting of acts or deeds correct answers Services
Type of product: Concepts aimed a promoting a benefit for the customer correct answers Ideas
Type of product: websites, magazines, schools, research firms correct answers Information
Type of product: software, music, and movies correct answers Digital Products
Type of product: individuals, including athletes and celebrities, that add value to company's
offering correct answers People
Type of product: Localities that market themselves to tourists, businesses, etc. correct answers
Places
Type of product: combination of goods, services, ideas, information, or people to create a single
event correct answers Experiences and Events
Type of product: stocks, bonds, and real estate correct answers Real or Financial Property
Ability of a product to satisfy a customer's needs or wants correct answers Utility
Consequences of mature industries where slowing innovation, extensive product assortment,
excess supply, and frugal consumers forces margins to the floor. correct answers
Commoditization
What are some challenges and opportunities in today's economy? correct answers 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 correct answers 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. correct answers Metamediary (Ex: Zillow)
Electronic marketplace, unbound by time or space correct answers Marketspace
Process of obtaining something of value by offering something in return correct answers
Exchange
Five conditions of an exchange correct answers 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 correct answers Product
Type of product: tangible items correct answers Goods
Type of product: Intangible items consisting of acts or deeds correct answers Services
Type of product: Concepts aimed a promoting a benefit for the customer correct answers Ideas
Type of product: websites, magazines, schools, research firms correct answers Information
Type of product: software, music, and movies correct answers Digital Products
Type of product: individuals, including athletes and celebrities, that add value to company's
offering correct answers People
Type of product: Localities that market themselves to tourists, businesses, etc. correct answers
Places
Type of product: combination of goods, services, ideas, information, or people to create a single
event correct answers Experiences and Events
Type of product: stocks, bonds, and real estate correct answers Real or Financial Property
Ability of a product to satisfy a customer's needs or wants correct answers Utility
