MAR4480 EXAM 1 FERG QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS GRADED
A++ LATEST UPDATE
What is happening in the market?
-Commoditization
-Being Proactive
-Today's economy
Commoditization:
Mature industries lead to slowing innovation, extensive product assortment, excess
supply, and frugal consumers force profit margin down.
Being proactive:
All organizations require effective planning and a sound marketing strategy to achieve
their goals and objectives.
Today's economy:
Rapid technological change, economic/financial anxiety, and increased consumer
skepticism.
Challenges/opportunities or marketing in today's economy:
-Power shift to customers
-Massive increase in product selection
-Shift in demand patterns
,-Privacy, security, and ethical concerns
-Under legal jurisdiction
(Challenge/Op of marketing today)
Power shift to customers:
Consumers have tilted the influence they have on markets due to:
-instantaneous comparison shopping
-technology
-access to information
(Challenge/Op of marketing today)
Massive increase in product selection:
-Increased competition means increased product assortment.
-Online retailing has magnified selection availability.
-Information available to consumers has made it easier to find products from alternative
markets never thought of.
(Challenge/Op of marketing today)
Shift in demand patterns:
-Consumers want to buy products at a more accommodating pace
-ex: Netflix, streaming music, Amazon pantry
(Challenge/Op of marketing today)
Privacy, security, and ethical concerns:
-Social media has reduced our privacy. The need to be private makes it almost difficult
to do anything online.
, (Challenge/Op of marketing today)
Under legal jurisdiction:
-Dealing with countries outside the U.S. make it more difficult to do business.
-ex: sales tax, customs
Metamarket:
-Cluster of closely related goods and services that center around a specific consumption
activity
-Ex: Markets for power tools for homeowners and builders
Metamediary:
-Provides a single access point where buyers can locate and contact many different
sellers in the metamarket
Exchange:
The process of obtaining something of value by offering something in return
The five conditions of exchange:
1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
Product:
Something acquired through an exchange to satisfy a need or want.
-Ex: goods, services, ideas, people, information
Utility:
ANSWERS WITH COMPLETE SOLUTIONS GRADED
A++ LATEST UPDATE
What is happening in the market?
-Commoditization
-Being Proactive
-Today's economy
Commoditization:
Mature industries lead to slowing innovation, extensive product assortment, excess
supply, and frugal consumers force profit margin down.
Being proactive:
All organizations require effective planning and a sound marketing strategy to achieve
their goals and objectives.
Today's economy:
Rapid technological change, economic/financial anxiety, and increased consumer
skepticism.
Challenges/opportunities or marketing in today's economy:
-Power shift to customers
-Massive increase in product selection
-Shift in demand patterns
,-Privacy, security, and ethical concerns
-Under legal jurisdiction
(Challenge/Op of marketing today)
Power shift to customers:
Consumers have tilted the influence they have on markets due to:
-instantaneous comparison shopping
-technology
-access to information
(Challenge/Op of marketing today)
Massive increase in product selection:
-Increased competition means increased product assortment.
-Online retailing has magnified selection availability.
-Information available to consumers has made it easier to find products from alternative
markets never thought of.
(Challenge/Op of marketing today)
Shift in demand patterns:
-Consumers want to buy products at a more accommodating pace
-ex: Netflix, streaming music, Amazon pantry
(Challenge/Op of marketing today)
Privacy, security, and ethical concerns:
-Social media has reduced our privacy. The need to be private makes it almost difficult
to do anything online.
, (Challenge/Op of marketing today)
Under legal jurisdiction:
-Dealing with countries outside the U.S. make it more difficult to do business.
-ex: sales tax, customs
Metamarket:
-Cluster of closely related goods and services that center around a specific consumption
activity
-Ex: Markets for power tools for homeowners and builders
Metamediary:
-Provides a single access point where buyers can locate and contact many different
sellers in the metamarket
Exchange:
The process of obtaining something of value by offering something in return
The five conditions of exchange:
1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
Product:
Something acquired through an exchange to satisfy a need or want.
-Ex: goods, services, ideas, people, information
Utility:
