MEJO 469 Final Exam Practice ACTUAL UPDATED QUESTIONS AND CORRECT
ANSWERS
What is the difference between marketing and Marketing is about the strategy and communications is the message.
communications?
Marketing has to do with what? Product, person, price, place, promotion, competition, policy
, What is underneath communications? Advertising, sales promotion, public relations, personal selling, direct marketing,
sponsorship
\
What can you market? Product, ideas, medical devices, a new drug, behavioral changes, yourself
Why do you do market research? Gain insights, create a better product or experience, create value, healthier
people, less spending, increase revenues, you need to understand the audience
that you are marketing to
Primary Research Focus groups, interview, talking to someone.
Pros of primary research in-person information, drilling into the thing that you truly care about, targeted,
confidential, current, qualitative and quantitative
Cons of primary research Expensive, time consuming, requires skill, own bias
Secondary Research You go out and buy internet reports
Pros of secondary research Fast, inexpensive, easily accessible
Cons of secondary research often outdated, unreliable, not directly applicable
What do you call it when you create a different strategy Segmentation Strategy (Measurable, actionable, substantial, meaningful)
for different groups?
Customer Segmentation Demographic (age, gender, race, income), geographic (rural vs urban),
psychographic (attitudes, preferences, behaviors), health risk (higher risk), usage
(frequent user of the walk-in clinic)
Define Stakeholder Individual, group, or organization-vested interest or "stake" in the business or
activity of another group
ANSWERS
What is the difference between marketing and Marketing is about the strategy and communications is the message.
communications?
Marketing has to do with what? Product, person, price, place, promotion, competition, policy
, What is underneath communications? Advertising, sales promotion, public relations, personal selling, direct marketing,
sponsorship
\
What can you market? Product, ideas, medical devices, a new drug, behavioral changes, yourself
Why do you do market research? Gain insights, create a better product or experience, create value, healthier
people, less spending, increase revenues, you need to understand the audience
that you are marketing to
Primary Research Focus groups, interview, talking to someone.
Pros of primary research in-person information, drilling into the thing that you truly care about, targeted,
confidential, current, qualitative and quantitative
Cons of primary research Expensive, time consuming, requires skill, own bias
Secondary Research You go out and buy internet reports
Pros of secondary research Fast, inexpensive, easily accessible
Cons of secondary research often outdated, unreliable, not directly applicable
What do you call it when you create a different strategy Segmentation Strategy (Measurable, actionable, substantial, meaningful)
for different groups?
Customer Segmentation Demographic (age, gender, race, income), geographic (rural vs urban),
psychographic (attitudes, preferences, behaviors), health risk (higher risk), usage
(frequent user of the walk-in clinic)
Define Stakeholder Individual, group, or organization-vested interest or "stake" in the business or
activity of another group
