MCS 1000 exam UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
What is marketing? Creating value for customers and building strong
customer relationships.
Need vs want? Need = basic necessity. Want = how you choose to
satisfy it.
What is a target market? The specific group of customers a company wants
to reach.
What are the 4 Ps? Product, Price, Place, Promotion.
Product orientation Focus on making products.
Sales orientation Focus on selling products aggressively.
Market orientation Focus on customer needs and wants.
Value-based orientation Focus on giving customers the best value.
What is a marketing strategy? Choosing a target market and creating a marketing
mix to satisfy it better than competitors.
What is sustainable competitive Something a company does better than
advantage? competitors over time.
, What does SWOT stand for? Strengths, Weaknesses, Opportunities, Threats.
Internal vs external in SWOT? Strengths/weaknesses = internal.
Opportunities/threats = external.
What does STP stand for? Segmentation, Targeting, Positioning.
What is segmentation? Dividing the market into smaller groups with similar
needs.
What is targeting? Choosing which segment to focus on.
What is positioning? Creating a clear image of the product in
consumers' minds.
What are the 4Cs of the Company, Competition, Corporate partners,
microenvironment? Customers.
What does CDSTEP stand for? Culture, Demographics, Social, Technological,
Economic, Political/Legal.
What is consumer behaviour? How people choose, buy, use, and evaluate
products.
5 steps of consumer decision Need recognition, information search, alternative
process evaluation, purchase, postpurchase.
Internal search vs external search Internal = memory. External = outside sources like
reviews or friends.
CORRECT ANSWERS
What is marketing? Creating value for customers and building strong
customer relationships.
Need vs want? Need = basic necessity. Want = how you choose to
satisfy it.
What is a target market? The specific group of customers a company wants
to reach.
What are the 4 Ps? Product, Price, Place, Promotion.
Product orientation Focus on making products.
Sales orientation Focus on selling products aggressively.
Market orientation Focus on customer needs and wants.
Value-based orientation Focus on giving customers the best value.
What is a marketing strategy? Choosing a target market and creating a marketing
mix to satisfy it better than competitors.
What is sustainable competitive Something a company does better than
advantage? competitors over time.
, What does SWOT stand for? Strengths, Weaknesses, Opportunities, Threats.
Internal vs external in SWOT? Strengths/weaknesses = internal.
Opportunities/threats = external.
What does STP stand for? Segmentation, Targeting, Positioning.
What is segmentation? Dividing the market into smaller groups with similar
needs.
What is targeting? Choosing which segment to focus on.
What is positioning? Creating a clear image of the product in
consumers' minds.
What are the 4Cs of the Company, Competition, Corporate partners,
microenvironment? Customers.
What does CDSTEP stand for? Culture, Demographics, Social, Technological,
Economic, Political/Legal.
What is consumer behaviour? How people choose, buy, use, and evaluate
products.
5 steps of consumer decision Need recognition, information search, alternative
process evaluation, purchase, postpurchase.
Internal search vs external search Internal = memory. External = outside sources like
reviews or friends.
