MCS1000 STUDY GUIDE | UNIVERSITY OF GUELPH |
2026 | GUARANTEED PASS
relational orientation - Answers -based on the philosophy that buyers and sellers
should develop a long-term relationship
control phase - Answers -the part of the strategic marketing planning process when
managers evaluate the performance of the marketing strategy and take any necessary
corrective actions
implementation phase - Answers -the part of the strategic marketing planning process
when marketing managers (1) identify and evaluate different opportunities by engaging
in segmentation, targeting, and positioning and (2) implement the marketing mix using
the four Ps
market development strategy - Answers -a growth strategy that employs the existing
marketing offering to reach new market segments, whether domestic or international
market penetration strategy - Answers -a growth strategy that employs the existing
marketing mix and focuses the firm's efforts on existing customers
market segment - Answers -a group of consumers who respond in a similar way to a
given set of marketing efforts
Market Segmentation - Answers -the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups
relative market share - Answers -a measure of the product's strength in a particular
market, defined as the sales of the focal product divided by the sales achieved by the
largest firm in the industry
macroenvironmental factors - Answers -aspects of the external environment that affect
a company's business, such as the culture, demographics, social trends, technological
advances, economic situation, and political/regulatory environment
affective component - Answers -the emotional or feeling segment of an attitude
Behavioural component - Answers -refers to the way in which an attitude is expressed
through our actions
cognitive component - Answers -a component of attitude that reflects what a person
believes to be true
, compensatory decision rule - Answers -at work when the consumer is evaluating
alternatives and trades off one characteristic against another, such that good
characteristics compensate for bad ones
Decision Heuristics - Answers -Mental shortcuts that help consumers narrow down
choices; examples include price, brand, and product presentation.
external locus of control - Answers -refers to when consumers believe that fate or other
external factors control all outcomes
evoked set - Answers -a group of brands resulting from an information search from
which a buyer can choose
internal locus of control - Answers -the perception that you control your own fate
noncompensatory decision rule - Answers -at work when consumers choose a product
or service on the basis of a subset of its characteristics, regardless of the values of its
other attributes
performance risk - Answers -involves the perceived danger inherent in a poorly
performing product or service
psychological risk - Answers -the product affects the mental well-being of the user
psysiological risk - Answers -the fear of an actual harm should a product not perform
properly
autocratic buying center - Answers -a buying center in which one person makes the
decision alone, though there may be multiple participants
consensus buying center - Answers -A buying center in which all members of the team
must reach a collective agreement that they can support a particular purchase.
Consultive Buying Center - Answers -A buying center in which one person makes the
decision but he or she solicits input from others before doing so.
democratic buying center - Answers -A buying center in which the majority rules in
making decisions.
Request for Proposal (RFP) - Answers -a process through which buying organizations
invite alternative suppliers to bid on supplying their required components
Niche Targeting Strategy - Answers -A concentrated strategy of focusing on a narrow
market is sometimes more profitable than spreading resources over several different
segments
2026 | GUARANTEED PASS
relational orientation - Answers -based on the philosophy that buyers and sellers
should develop a long-term relationship
control phase - Answers -the part of the strategic marketing planning process when
managers evaluate the performance of the marketing strategy and take any necessary
corrective actions
implementation phase - Answers -the part of the strategic marketing planning process
when marketing managers (1) identify and evaluate different opportunities by engaging
in segmentation, targeting, and positioning and (2) implement the marketing mix using
the four Ps
market development strategy - Answers -a growth strategy that employs the existing
marketing offering to reach new market segments, whether domestic or international
market penetration strategy - Answers -a growth strategy that employs the existing
marketing mix and focuses the firm's efforts on existing customers
market segment - Answers -a group of consumers who respond in a similar way to a
given set of marketing efforts
Market Segmentation - Answers -the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups
relative market share - Answers -a measure of the product's strength in a particular
market, defined as the sales of the focal product divided by the sales achieved by the
largest firm in the industry
macroenvironmental factors - Answers -aspects of the external environment that affect
a company's business, such as the culture, demographics, social trends, technological
advances, economic situation, and political/regulatory environment
affective component - Answers -the emotional or feeling segment of an attitude
Behavioural component - Answers -refers to the way in which an attitude is expressed
through our actions
cognitive component - Answers -a component of attitude that reflects what a person
believes to be true
, compensatory decision rule - Answers -at work when the consumer is evaluating
alternatives and trades off one characteristic against another, such that good
characteristics compensate for bad ones
Decision Heuristics - Answers -Mental shortcuts that help consumers narrow down
choices; examples include price, brand, and product presentation.
external locus of control - Answers -refers to when consumers believe that fate or other
external factors control all outcomes
evoked set - Answers -a group of brands resulting from an information search from
which a buyer can choose
internal locus of control - Answers -the perception that you control your own fate
noncompensatory decision rule - Answers -at work when consumers choose a product
or service on the basis of a subset of its characteristics, regardless of the values of its
other attributes
performance risk - Answers -involves the perceived danger inherent in a poorly
performing product or service
psychological risk - Answers -the product affects the mental well-being of the user
psysiological risk - Answers -the fear of an actual harm should a product not perform
properly
autocratic buying center - Answers -a buying center in which one person makes the
decision alone, though there may be multiple participants
consensus buying center - Answers -A buying center in which all members of the team
must reach a collective agreement that they can support a particular purchase.
Consultive Buying Center - Answers -A buying center in which one person makes the
decision but he or she solicits input from others before doing so.
democratic buying center - Answers -A buying center in which the majority rules in
making decisions.
Request for Proposal (RFP) - Answers -a process through which buying organizations
invite alternative suppliers to bid on supplying their required components
Niche Targeting Strategy - Answers -A concentrated strategy of focusing on a narrow
market is sometimes more profitable than spreading resources over several different
segments
