MSLE 3500 FINAL EXAM UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. what are the 3 ways that people make purchase decisions
Answer:
reflexive, responsive, cognitive
Question:
2. reflexive purchase decisions
Answer:
made without thinking; ultimate goals for brands. We know the brand, we trust the brand.
Question:
3. responsive purchase decisions
Answer:
Buy in response to something we've seen read or heard; primary/main goal of marketing efforts.
Question:
4. cognitive purchase decisions
Answer:
time-consuming & often confusing; we read reviews, watch videos about the product; this decision-making
is a slow process, we try to avoid this as much as possible. Burns mental energy.
Question:
5. concept testing
Answer:
the research tool used to test new ideas that haven't yet been made is called what?
Question:
6. what does market research accomplish
Answer:
provide management with relevant, accurate, reliable, valid, and current information. "In God we trust; all
others bring data"
Question:
7. Primary Research
Answer:
research conducted by you.
Question:
8. Secondary research
Answer:
research conducted by others.
, Question:
9. Quantitative Research
Answer:
large sample of people, used to draw conclusions, projected results; surveys and questionnaires.
Question:
10. Qualitative Research
Answer:
done on a few people-focus groups, one on one interviews
Question:
11. what is an operating charter
Answer:
defines the areas in which you have authority to operate, list the objectives, defines aspirations, identifies
how you will measure success, waves warning flags
Question:
12. Operating Charter Elements
Answer:
1.Scope - how group interacts with others in the organization
2 Primary objective - no more than 6 roles your group will provide to the organization
3. Secondary objective - list no more than 2 stated roles that are "hoped for" but not mandatory for
business success
4. Aspirations - list no more than 3 dreams you hope your work can accomplish within the organization
(short/long)
5. Quantifiable measure of success-quantifiable means you will use to track accomplishing goals
6. Constraints - external factors you cannot control that negatively influence ability to meet the objectives
stated above.
Question:
13. Know what segmentation research is used for
Answer:
·1. Determining demographic, psychographic, and behavioral characteristics of potential buyers
2. Used as a Market Research technique
3. Can be used as either problem identification research or as problem solving research.
4. to discover different needs / different things that people look for
Question:
14. Know the parts of a working mission statement
Answer:
1. List core ideas that you think sum up your job activities.
2. List core principles for which you will stand.
3. Write down whom you are working to help
Question:
15. brand strategy
AND CORRECT ANSWERS
Question:
1. what are the 3 ways that people make purchase decisions
Answer:
reflexive, responsive, cognitive
Question:
2. reflexive purchase decisions
Answer:
made without thinking; ultimate goals for brands. We know the brand, we trust the brand.
Question:
3. responsive purchase decisions
Answer:
Buy in response to something we've seen read or heard; primary/main goal of marketing efforts.
Question:
4. cognitive purchase decisions
Answer:
time-consuming & often confusing; we read reviews, watch videos about the product; this decision-making
is a slow process, we try to avoid this as much as possible. Burns mental energy.
Question:
5. concept testing
Answer:
the research tool used to test new ideas that haven't yet been made is called what?
Question:
6. what does market research accomplish
Answer:
provide management with relevant, accurate, reliable, valid, and current information. "In God we trust; all
others bring data"
Question:
7. Primary Research
Answer:
research conducted by you.
Question:
8. Secondary research
Answer:
research conducted by others.
, Question:
9. Quantitative Research
Answer:
large sample of people, used to draw conclusions, projected results; surveys and questionnaires.
Question:
10. Qualitative Research
Answer:
done on a few people-focus groups, one on one interviews
Question:
11. what is an operating charter
Answer:
defines the areas in which you have authority to operate, list the objectives, defines aspirations, identifies
how you will measure success, waves warning flags
Question:
12. Operating Charter Elements
Answer:
1.Scope - how group interacts with others in the organization
2 Primary objective - no more than 6 roles your group will provide to the organization
3. Secondary objective - list no more than 2 stated roles that are "hoped for" but not mandatory for
business success
4. Aspirations - list no more than 3 dreams you hope your work can accomplish within the organization
(short/long)
5. Quantifiable measure of success-quantifiable means you will use to track accomplishing goals
6. Constraints - external factors you cannot control that negatively influence ability to meet the objectives
stated above.
Question:
13. Know what segmentation research is used for
Answer:
·1. Determining demographic, psychographic, and behavioral characteristics of potential buyers
2. Used as a Market Research technique
3. Can be used as either problem identification research or as problem solving research.
4. to discover different needs / different things that people look for
Question:
14. Know the parts of a working mission statement
Answer:
1. List core ideas that you think sum up your job activities.
2. List core principles for which you will stand.
3. Write down whom you are working to help
Question:
15. brand strategy
