MBA 706 Marketing Strategy Kim 2026 -2027
Frequently Tested Exam Questions With
Verified Multiple Choice and Conceptual
Actual 100% Correct Detailed Answers
Guaranteed Pass!!Current Update!!
1. 4 types of business markets - ANSWER - commercial
- reseller
- government
- institutional
2. Commercial markets - ANSWER buying raw materials to produce finished
goods, buying tools and services to produce goods
3. Reseller market - ANSWER channel intermediaries like wholesalers,
retailers, or brokers that buy finished goods from commercial market and resell
for profit
4. Government markets - ANSWER gov't buying goods for citizens like
education, streets, police, etc...
,5. Institutional markets - ANSWER diverse group of non-commercial orgs like
churches, charities, schools, etc...
6. Buying center - ANSWER group of people responsible for making purchase
decisions
- 3 groups: economic buyers, technical buyers, users
7. Economic buyers - ANSWER senior managers responsible for achieving
buying firm's objectives
- value > price
8. Technical buyers - ANSWER employees with responsibility to meet needs
on ongoing basis
- recommends to mgmt, within budget
9. Users - ANSWER managers and employers who will use product purchased
by firm
- not decision maker, but provides input
10. Unique characteristics of business markets - ANSWER 1. The Buying Center
2. Hard and Soft Costs
3. Reciprocity
4. Mutual Dependence
,11. What are hard costs? - ANSWER Price of goods and shipping/handling
costs
12. What are soft costs? - ANSWER Downtime, opportunity costs, and HR
costs
13. What additional costs are associated with new systems and software? -
ANSWER Installation, implementation, and training
reciprocity - ANSWER mutual exchange
mutual dependence - ANSWER buyer and seller depend on one another, ex:
brand loyalty
business buying process - ANSWER - problem recognition (recog need)
- develop product specs
- vendor identification and qualification
- solicitation of proposals or bids
- vendor selection
- order processing
- vendor performance review
How do environmental conditions impact buying process? - ANSWER increase
risk, uncertainty, or complexity with purchase. impact hiring decisions
, how do org factors influence buying process? - ANSWER internal
environmental conditions -> shift in firm 's resources,
external env conditions -> supplier obsolescence
how do individual factors impact buying process? - ANSWER members of
buying center at odds over purchase decisions, power struggles, manager
preferences and prejudices
market segmentation - ANSWER the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
- similar to each other, but different from other groups
Why should firms market segment? - ANSWER more successful when
products are tailored to market need. Customers are looking for niche, change in
use of media -> harder to reach more segments
traditional segmentation approach - Mass Marketing - ANSWER 1. involves no
segmentation
2. adopts an undifferentiated approach
3. works best when needs of an entire market are similar
4. result in efficient production and lower marketing costs
5. risky - more vulnerable to competitors
Frequently Tested Exam Questions With
Verified Multiple Choice and Conceptual
Actual 100% Correct Detailed Answers
Guaranteed Pass!!Current Update!!
1. 4 types of business markets - ANSWER - commercial
- reseller
- government
- institutional
2. Commercial markets - ANSWER buying raw materials to produce finished
goods, buying tools and services to produce goods
3. Reseller market - ANSWER channel intermediaries like wholesalers,
retailers, or brokers that buy finished goods from commercial market and resell
for profit
4. Government markets - ANSWER gov't buying goods for citizens like
education, streets, police, etc...
,5. Institutional markets - ANSWER diverse group of non-commercial orgs like
churches, charities, schools, etc...
6. Buying center - ANSWER group of people responsible for making purchase
decisions
- 3 groups: economic buyers, technical buyers, users
7. Economic buyers - ANSWER senior managers responsible for achieving
buying firm's objectives
- value > price
8. Technical buyers - ANSWER employees with responsibility to meet needs
on ongoing basis
- recommends to mgmt, within budget
9. Users - ANSWER managers and employers who will use product purchased
by firm
- not decision maker, but provides input
10. Unique characteristics of business markets - ANSWER 1. The Buying Center
2. Hard and Soft Costs
3. Reciprocity
4. Mutual Dependence
,11. What are hard costs? - ANSWER Price of goods and shipping/handling
costs
12. What are soft costs? - ANSWER Downtime, opportunity costs, and HR
costs
13. What additional costs are associated with new systems and software? -
ANSWER Installation, implementation, and training
reciprocity - ANSWER mutual exchange
mutual dependence - ANSWER buyer and seller depend on one another, ex:
brand loyalty
business buying process - ANSWER - problem recognition (recog need)
- develop product specs
- vendor identification and qualification
- solicitation of proposals or bids
- vendor selection
- order processing
- vendor performance review
How do environmental conditions impact buying process? - ANSWER increase
risk, uncertainty, or complexity with purchase. impact hiring decisions
, how do org factors influence buying process? - ANSWER internal
environmental conditions -> shift in firm 's resources,
external env conditions -> supplier obsolescence
how do individual factors impact buying process? - ANSWER members of
buying center at odds over purchase decisions, power struggles, manager
preferences and prejudices
market segmentation - ANSWER the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
- similar to each other, but different from other groups
Why should firms market segment? - ANSWER more successful when
products are tailored to market need. Customers are looking for niche, change in
use of media -> harder to reach more segments
traditional segmentation approach - Mass Marketing - ANSWER 1. involves no
segmentation
2. adopts an undifferentiated approach
3. works best when needs of an entire market are similar
4. result in efficient production and lower marketing costs
5. risky - more vulnerable to competitors
