MCS 1000 STUDY GUIDE | 2026 | GUARANTEED PASS
Marketing - Answers -discipline that focuses on studying consumer firms
Marketing - Answers -the process of planning and executing the conception, pricing,
promotion, and distribution ideas, goods and services to create exchanges that satisfy
individual and organizational needs
Requirements of marketing - Answers -- two or more parties with unsatisfied needs
- desire and ability to satisfy these needs
- a way for parties to communicate
- something to exchange
Market - Answers -people with both the desire and the ability to buy a specific offering
Ultimate consumers - Answers -person who buys and essentially uses the product that
was bought
Organizational buyers - Answers -Buy goods and services for their own resale
First objective of marketing - Answers -discover consumer needs using market
research
Need - Answers -basic necessity
Want - Answers -felt need shaped by knowledge or culture
Target market - Answers -one or more specific groups of potential consumers toward
which an organization directs its marketing program
Marketing Mix Elements - Answers -Product, Price, Place, Promotion
Environmental forces - Answers -uncontrollable factors involving social, economic,
technological, competitive and regulatory forces
Market orientation - Answers -(1) continuously collecting information about customers'
needs, (2) sharing this information across departments, and (3) using it to create
customer value
Customer experience era - Answers -- create customer centric culture
- think like customer
- business in control of customer experience
- tame channels and data
- embrace analytics
,Social Media era - Answers -customer-generated online marketing efforts to promote
brand and companies they are fans of
Ethics - Answers -the moral principles and values that govern the actions and decisions
of an individual or group guidelines on how to act correctly
social responbility - Answers -means individuals and organizations area apart of a
larger society and are accountable to that society for their actions
Organization - Answers -legal entity of people who share a common mission
Business firm - Answers -privately owned organization that serves its customers to
generate a profit
Non-proft organization - Answers -non-governmental organization that serves its
customers but does not have profit as a goal
Industry - Answers -organizations that develop similar offerings that are grouped
together
corporate level strategy - Answers -top management directs overall strategy for entire
organization
strategic business unit level - Answers -Some multimarket, multiproduct firms manage
a group of businesses
Functional-level strategy - Answers -a department/group of specialists that create value
for an organization
Core values - Answers -the fundamental, passionate, and enduring principles of an
organization that guide its conduct over time, are timeless
Mission - Answers -statement of the organizations function in society, often identifying
its customers markets, products and technologies
Organizational Culture - Answers -set of values, ideas, attributes and norms and
behaviour that is learned and shared among members of the organization
Business - Answers -the clear, broad, underlying industry or market sector of an
organization's offering
Goals - Answers -statements of accomplishments of a task to be achieved often by a
certain time
Identifying where we are now - Answers -- identify competencies, customers and
competitors (3 C's)
,- SWOT
- environmental scanning
Environmental scanning - Answers -the process of continually acquiring information on
events occurring outside the organization to identify and interpret potential trends
marketing analytics - Answers -practice of measuring, managing and analyzing
marketing performance
Marketing metrics - Answers -a measure of the quantitative value or trend of a
marketing activity or results
Marketing dashborads - Answers -visual computer display of the essential information
related to achieving a marketing objective
SWOT - Answers -Strength, Weakness, Opportunities, Threats
market-product focus and goal setting - Answers -determine which products will be
directed to which consumers
Marketing program - Answers -developing programs, marketing mix and a budget
Implementation (Marketing Process) - Answers -obtaining resources, designing the
marketing organization, developing schedules and executing
Marketing tactics - Answers -detailed day-to-day operational decisions essential to the
overall success of marketing strategies
Evaluation Phase (Marketing Process) - Answers -marketing manager must compare
results with the goals and identify deviations and then act on these deviations
Two Phases on Marketing Process - Answers -- Implementation
- Evaluation
Social Force - Answers -the demographic characteristics of the population and its
values
Demographics - Answers -The study of the characteristics of populations
Cultural forces - Answers -incorporates set of values, ideas and attitudes that are
learned and shared among members of a group
Economic forces - Answers -income, expenditures and resources that affect the cost of
running a business or household
, Macroeconomics - Answers -particular concern is inflationary or recessionary state of
the economy (not too high or too low)
Consumer income (affect on marketing) - Answers -consumers must be able to actually
purchase the product
Technological changes - Answers -inventions and innovations from applied sciences or
engineering research
Marketspace - Answers -info and communication based electronic exchange
environment
ECommerce - Answers -use electronic communication in inventory, distribution,
promotion, purchasing and exchange of a product
Competitive forces - Answers -alternatives firms that can provide a product to satisfy a
need
Pure competition - Answers -every company has similar products
Monopolistic competition - Answers -many sellers compete with brands on
substitutional basis
Oligopoly Competition - Answers -a few companies control the majority of industry
sales
Monopoly - Answers -only one firm sells one product
Components of Competition - Answers -- Entry
- Power of Buyers and Sellers
- Existing Competitors and Substitutes
Entry - Answers -assess the likelihood of new entrants, new products and lower prices
Power of buyers and suppliers - Answers -only few buyers in number, products are
large parts of buyers purchases
Existing Competitors and Substitutes - Answers -slow growth setting and increased
fixed costs
Small Businesses (importance) - Answers -significant source of innovation
Regulatory forces - Answers -restrictions that goverments place on businesses with
respect to the conduct of activities and it protects companies and consumers
(Competition Act)
Marketing - Answers -discipline that focuses on studying consumer firms
Marketing - Answers -the process of planning and executing the conception, pricing,
promotion, and distribution ideas, goods and services to create exchanges that satisfy
individual and organizational needs
Requirements of marketing - Answers -- two or more parties with unsatisfied needs
- desire and ability to satisfy these needs
- a way for parties to communicate
- something to exchange
Market - Answers -people with both the desire and the ability to buy a specific offering
Ultimate consumers - Answers -person who buys and essentially uses the product that
was bought
Organizational buyers - Answers -Buy goods and services for their own resale
First objective of marketing - Answers -discover consumer needs using market
research
Need - Answers -basic necessity
Want - Answers -felt need shaped by knowledge or culture
Target market - Answers -one or more specific groups of potential consumers toward
which an organization directs its marketing program
Marketing Mix Elements - Answers -Product, Price, Place, Promotion
Environmental forces - Answers -uncontrollable factors involving social, economic,
technological, competitive and regulatory forces
Market orientation - Answers -(1) continuously collecting information about customers'
needs, (2) sharing this information across departments, and (3) using it to create
customer value
Customer experience era - Answers -- create customer centric culture
- think like customer
- business in control of customer experience
- tame channels and data
- embrace analytics
,Social Media era - Answers -customer-generated online marketing efforts to promote
brand and companies they are fans of
Ethics - Answers -the moral principles and values that govern the actions and decisions
of an individual or group guidelines on how to act correctly
social responbility - Answers -means individuals and organizations area apart of a
larger society and are accountable to that society for their actions
Organization - Answers -legal entity of people who share a common mission
Business firm - Answers -privately owned organization that serves its customers to
generate a profit
Non-proft organization - Answers -non-governmental organization that serves its
customers but does not have profit as a goal
Industry - Answers -organizations that develop similar offerings that are grouped
together
corporate level strategy - Answers -top management directs overall strategy for entire
organization
strategic business unit level - Answers -Some multimarket, multiproduct firms manage
a group of businesses
Functional-level strategy - Answers -a department/group of specialists that create value
for an organization
Core values - Answers -the fundamental, passionate, and enduring principles of an
organization that guide its conduct over time, are timeless
Mission - Answers -statement of the organizations function in society, often identifying
its customers markets, products and technologies
Organizational Culture - Answers -set of values, ideas, attributes and norms and
behaviour that is learned and shared among members of the organization
Business - Answers -the clear, broad, underlying industry or market sector of an
organization's offering
Goals - Answers -statements of accomplishments of a task to be achieved often by a
certain time
Identifying where we are now - Answers -- identify competencies, customers and
competitors (3 C's)
,- SWOT
- environmental scanning
Environmental scanning - Answers -the process of continually acquiring information on
events occurring outside the organization to identify and interpret potential trends
marketing analytics - Answers -practice of measuring, managing and analyzing
marketing performance
Marketing metrics - Answers -a measure of the quantitative value or trend of a
marketing activity or results
Marketing dashborads - Answers -visual computer display of the essential information
related to achieving a marketing objective
SWOT - Answers -Strength, Weakness, Opportunities, Threats
market-product focus and goal setting - Answers -determine which products will be
directed to which consumers
Marketing program - Answers -developing programs, marketing mix and a budget
Implementation (Marketing Process) - Answers -obtaining resources, designing the
marketing organization, developing schedules and executing
Marketing tactics - Answers -detailed day-to-day operational decisions essential to the
overall success of marketing strategies
Evaluation Phase (Marketing Process) - Answers -marketing manager must compare
results with the goals and identify deviations and then act on these deviations
Two Phases on Marketing Process - Answers -- Implementation
- Evaluation
Social Force - Answers -the demographic characteristics of the population and its
values
Demographics - Answers -The study of the characteristics of populations
Cultural forces - Answers -incorporates set of values, ideas and attitudes that are
learned and shared among members of a group
Economic forces - Answers -income, expenditures and resources that affect the cost of
running a business or household
, Macroeconomics - Answers -particular concern is inflationary or recessionary state of
the economy (not too high or too low)
Consumer income (affect on marketing) - Answers -consumers must be able to actually
purchase the product
Technological changes - Answers -inventions and innovations from applied sciences or
engineering research
Marketspace - Answers -info and communication based electronic exchange
environment
ECommerce - Answers -use electronic communication in inventory, distribution,
promotion, purchasing and exchange of a product
Competitive forces - Answers -alternatives firms that can provide a product to satisfy a
need
Pure competition - Answers -every company has similar products
Monopolistic competition - Answers -many sellers compete with brands on
substitutional basis
Oligopoly Competition - Answers -a few companies control the majority of industry
sales
Monopoly - Answers -only one firm sells one product
Components of Competition - Answers -- Entry
- Power of Buyers and Sellers
- Existing Competitors and Substitutes
Entry - Answers -assess the likelihood of new entrants, new products and lower prices
Power of buyers and suppliers - Answers -only few buyers in number, products are
large parts of buyers purchases
Existing Competitors and Substitutes - Answers -slow growth setting and increased
fixed costs
Small Businesses (importance) - Answers -significant source of innovation
Regulatory forces - Answers -restrictions that goverments place on businesses with
respect to the conduct of activities and it protects companies and consumers
(Competition Act)
