2024-2025 MBA -706 Darrat Exam 1 with Answers (63 Solved Questions)

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MBA-706Darrat(Exam1)100% VERIFIED ANSWERS2024/2025CORRECTMarketingidentifying and meeting human and social needs in a way that harmonizes with thegoals of the organizationMarketing Managementthe art and science of choosing target markets and getting, keeping, and growingcustomers through creating, delivering, and communicating superior customer valueGoodsPhysical goods constitute the bulk of most countries' production and marketing effortsServicesAs economies advance, a growing proportion of their activities focus on the produc-tionof servicesEventsMarketers promote time-based events, including major trade shows, artisticperformances, and company anniversariesExperiencesorchestrating severalservices and goods, a firm can create, stage, and marketexperiences

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PersonsArtists, musicians, CEOs, physicians, high-profile lawyers and financiers, and otherprofessionals often get help from marketersPlacesCities, states, regions, and whole nationscompete to attract tourists, residents, facto-ries, and company headquartersPropertiesintangible rights of ownership to either real property (real estate) or financial property(stocks and bonds)OrganizationsMuseums, performing-arts organizations, corporations, and nonprofits all use marketingto boost their public image and compete for audiences and fundsInformationdisseminated knowledgeIdeasorganizations promote causes focused on issues such as poverty,climate change, civilrights, social justice, racial discrimination, gender inequality, health care availability, andchild-hood obesity.4 Major Market ForcesTechnology: Massive amounts of information and data about almost everything are nowavailable to both consumers and marketers.Globalization: Geographic and political barriers have been eroded as advanced

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telecommunication technologies and workflow platforms that enable all types of comput-ers to work together continue to create almost limitless opportunities for communication,collabora-tion, and data mining.Physical Environment: Climate change—a term referring to lasting changes in Earth'sglobal climate as well as changes in regional climates—can have a significant impact ona company's business activities. Health conditions-range from short-term illnesses thatare confined to a particular geographic area to pandemics that spread across the globe.Changes in health conditions can influence not only the operations of pharmaceutical,biotechnology, and health management companies but also companies that are notdirectly related to health care.Social Responsibility: Because marketing's effects extend to society as a whole,marketers must consider the ethical, environmental, legal, and social context of theiractivities.3 Key Marketing OutcomesNew Consumer Capabilities:-online resources as a powerful information and purchasing aid-mobile connectivity to search, communicate, and purchase on the go-tap into social media to share opinions and express loyalty-actively interact with companies-reject marketing they find inappropriate or annoying-extract more value from what they already ownNew Company Capabilities:-use the internet as a powerful information and sales channel, including for individuallydifferentiated goods.-collect fuller and richer information about markets, customers, prospects, andcompetitors.-reach consumers quickly and efficiently via social media and mobile marketing,

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sending targeted ads, coupons, and information.-improve purchasing, recruiting, training, and internal and external communications.-improve their cost efficiency.New Competitive Environment:-Deregulation-Privatization-Retail transformation-Disintermediation-Private labels-Mega-bandsHolistic MarketingConcept is based on the development, design, and implementation of marketingprograms, processes, and activities that are based on breadth and interdependencies.Recognizes that everything matters in marketing and that a broad, integratedperspective is often necessary.Four components of holistic marketing are relationship marketing, integrated marketing,internal marketing, and performance marketingRelationship Marketingaims to build mutually satisfying long-term relation-ships with key constituents in orderto earn and retain their businessMarketing Networkwhich consists of the company and its supporting stakeholders (customers, employees,suppliers, distributors, retailers, and others) with whom it has built mutually profitablebusiness relationships.

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Integrated Marketingcoordinates all marketing activities and marketing programs and directs them towardcreating, communicating, and delivering consistent value and a consistent message forconsumers, such that "the whole is greater than the sum of its parts."Internal Marketingan element of holistic marketing is the task of hiring, training, and motivating ableemployees who want to serve customers well.Performance Marketingunderstanding the financial and nonfinancial returns to business and society frommarketing activities and programsProduction Conceptconsumersprefer products that are widely available and inexpensiveProduct Conceptconsumers favor products offering the highest quality, the best performance, orinnovative featuresSelling Conceptconsumers and businesses, if left alone, won't buy enoughof the organization'sproductsMarketing Conceptcustomer-centered, sense-and-respond philosophyThe job of marketing is not to find the right customers for your products but to developthe right products for your customers

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