MCS*1000 Final Exam
Needs - CORRECT ANSWER-States of deprivation
physical
social
individual
Wants - CORRECT ANSWER-form that needs take as they are shaped by culture
and individual personality
Demands - CORRECT ANSWER-Wants backed by buying power
Microenvironment - CORRECT ANSWER-consists of the actors close to the
company that affect its ability to serve its customers
Macroenvironment - CORRECT ANSWER-the larger societal forces that affect the
microenvironment - demographic, economic, natural, technological, political, and
cultural
Steps in strategic planning - CORRECT ANSWER-1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
4. Planning marketing and other functional strategies
Market-Oriented Mission Statement - CORRECT ANSWER-defines the business in
terms of satisfying basic customer needs
Business Portfolio - CORRECT ANSWER-the collection of businesses and products
that make up the company
Strategic Business Unit (SBU) - CORRECT ANSWER-a unit of the company that has
a separate mission and objectives that can be planned separately from other
company businesses
How do marketers obtain information? - CORRECT ANSWER-1. Internal databases
2. Marketing research
3. Marketing intelligence
Marketing Intelligence - CORRECT ANSWER-the systematic collection and analysis
of publicly available information about consumers, competitors and developments in
the marketplace
, Marketing Research - CORRECT ANSWER-the systematic design, collection,
analysis, and reporting of data relevant to a specific marketing situation facing an
organization
Marketing Research Process - CORRECT ANSWER-1. Defining the problem and
research objective
2. Developing the research plan for collecting information
3. Implementing the research plan - collecting and analyzing data
4. Interpreting and reporting findings
Observational Approach - CORRECT ANSWER-involves gathering primary data by
observing relevant people, actions, and situations
Ethnographic Approach - CORRECT ANSWER-trained observers watch and interact
with customers in their natural environment
Survey Research - CORRECT ANSWER-most widely used method - best for
descriptive information
Focus Groups - CORRECT ANSWER-6-10 people with trained moderator
Simple Random Sample - CORRECT ANSWER-every member of the population has
a known and equal chance of selection
Stratified Random Sample - CORRECT ANSWER-population is divided into mutually
exclusive groups and random samples are drawn from each group
Cluster Sample - CORRECT ANSWER-population is divided into mutually exclusive
groups and the researcher draws a sample
Complex Buying Behaviour - CORRECT ANSWER-high involvement, significant
differences between brands
variety-seeking buying behaviour - CORRECT ANSWER-low involvement, significant
difference between brands
dissonance-reducing buying behaviour - CORRECT ANSWER-high involvement, few
differences between brands
habitual buying behaviour - CORRECT ANSWER-low involvement, few differences
between brands
buyer decision making process - CORRECT ANSWER-1. need recognition
2. information search
Needs - CORRECT ANSWER-States of deprivation
physical
social
individual
Wants - CORRECT ANSWER-form that needs take as they are shaped by culture
and individual personality
Demands - CORRECT ANSWER-Wants backed by buying power
Microenvironment - CORRECT ANSWER-consists of the actors close to the
company that affect its ability to serve its customers
Macroenvironment - CORRECT ANSWER-the larger societal forces that affect the
microenvironment - demographic, economic, natural, technological, political, and
cultural
Steps in strategic planning - CORRECT ANSWER-1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
4. Planning marketing and other functional strategies
Market-Oriented Mission Statement - CORRECT ANSWER-defines the business in
terms of satisfying basic customer needs
Business Portfolio - CORRECT ANSWER-the collection of businesses and products
that make up the company
Strategic Business Unit (SBU) - CORRECT ANSWER-a unit of the company that has
a separate mission and objectives that can be planned separately from other
company businesses
How do marketers obtain information? - CORRECT ANSWER-1. Internal databases
2. Marketing research
3. Marketing intelligence
Marketing Intelligence - CORRECT ANSWER-the systematic collection and analysis
of publicly available information about consumers, competitors and developments in
the marketplace
, Marketing Research - CORRECT ANSWER-the systematic design, collection,
analysis, and reporting of data relevant to a specific marketing situation facing an
organization
Marketing Research Process - CORRECT ANSWER-1. Defining the problem and
research objective
2. Developing the research plan for collecting information
3. Implementing the research plan - collecting and analyzing data
4. Interpreting and reporting findings
Observational Approach - CORRECT ANSWER-involves gathering primary data by
observing relevant people, actions, and situations
Ethnographic Approach - CORRECT ANSWER-trained observers watch and interact
with customers in their natural environment
Survey Research - CORRECT ANSWER-most widely used method - best for
descriptive information
Focus Groups - CORRECT ANSWER-6-10 people with trained moderator
Simple Random Sample - CORRECT ANSWER-every member of the population has
a known and equal chance of selection
Stratified Random Sample - CORRECT ANSWER-population is divided into mutually
exclusive groups and random samples are drawn from each group
Cluster Sample - CORRECT ANSWER-population is divided into mutually exclusive
groups and the researcher draws a sample
Complex Buying Behaviour - CORRECT ANSWER-high involvement, significant
differences between brands
variety-seeking buying behaviour - CORRECT ANSWER-low involvement, significant
difference between brands
dissonance-reducing buying behaviour - CORRECT ANSWER-high involvement, few
differences between brands
habitual buying behaviour - CORRECT ANSWER-low involvement, few differences
between brands
buyer decision making process - CORRECT ANSWER-1. need recognition
2. information search
