MSLE 3500 FINAL EXAM UPDATED QUESTIONS
AND CORRECT ANSWERS
Question:
1. The three ways people make purchase decisions
Answer:
Cognitive, Reflexive, and Responsive
Question:
2. The research tool used to test new ideas that haven't been made is called....
Answer:
Concept testing
Question:
3. What does market research accomplish?
Answer:
market research is the systematic gathering, recording, and analysis of data about issues relating to
marketing products and services. The purpose is to provide management with relevant, accurate, reliable,
valid, and current information.
Question:
4. What is the difference between primary and secondary research?
Answer:
Primary research is developed and conducted by you. Secondary research is research someone else has
already done and you access it.
Question:
5. What is the difference between quantitative and qualitative research?
Answer:
Quantitative: done on a large number of people Qualitative: more intense research ozone on just a few
people
Question:
6. What is an operating charter and what are it's parts?
Answer:
An operating charter gives the big picture of what you want to accomplish for your workgroup. Scope,
primary objectives, secondary objectives, aspirations, quantifiable measures of success, constraints
Question:
7. What is segmentation research used for?
Answer:
Determining the demographic, psychographic, and behavioral characteristics of potential buyers
Question:
8. What are the parts of a working mission statement? What is a working mission statement?
, Answer:
1. List the core ideas that you think sum up your job activities
2. List a core principle for which you will stand
3. Write down whom you are working to help Working mission statements are strategic tools to focus
employees on the ultimate objective and clearly map out the road to success
Question:
9. What is the difference between branding strategies and marketing tactics?
Answer:
Brand strategies do not change. Tactics (how marketing plans are executed) do change. And they've
changed a lot since the technology revolution began.
Question:
10. Paid Search
Answer:
Sponsored search engine results that are at the top after search
Question:
11. Search Engine optimization
Answer:
Placing key words in and improving a website so that it organically appears at the top of a search engine
results list
Question:
12. What is contextual targeting
Answer:
Delivering advertisement to people based on the type of content they consumer
Question:
13. Brand extension
Answer:
Takes a well established brand name and creates products leveraging its popularity. New products are not
in the same product category. For example, Gillette which was just razors but is now a men's personal care
brand with skin care, shave gel, body wash, and more.
Question:
14. Line extension
Answer:
New products that barrow the name and brand equity from an existing product and create new products
within the same product category.
Question:
15. What is the Eureka! Ranch method for reducing the failure rate of new products? What do they do that
reduces the risk of failure by half every time they do it?
Answer:
Stimulus response all day long where people come up with as many ideas as possible.
AND CORRECT ANSWERS
Question:
1. The three ways people make purchase decisions
Answer:
Cognitive, Reflexive, and Responsive
Question:
2. The research tool used to test new ideas that haven't been made is called....
Answer:
Concept testing
Question:
3. What does market research accomplish?
Answer:
market research is the systematic gathering, recording, and analysis of data about issues relating to
marketing products and services. The purpose is to provide management with relevant, accurate, reliable,
valid, and current information.
Question:
4. What is the difference between primary and secondary research?
Answer:
Primary research is developed and conducted by you. Secondary research is research someone else has
already done and you access it.
Question:
5. What is the difference between quantitative and qualitative research?
Answer:
Quantitative: done on a large number of people Qualitative: more intense research ozone on just a few
people
Question:
6. What is an operating charter and what are it's parts?
Answer:
An operating charter gives the big picture of what you want to accomplish for your workgroup. Scope,
primary objectives, secondary objectives, aspirations, quantifiable measures of success, constraints
Question:
7. What is segmentation research used for?
Answer:
Determining the demographic, psychographic, and behavioral characteristics of potential buyers
Question:
8. What are the parts of a working mission statement? What is a working mission statement?
, Answer:
1. List the core ideas that you think sum up your job activities
2. List a core principle for which you will stand
3. Write down whom you are working to help Working mission statements are strategic tools to focus
employees on the ultimate objective and clearly map out the road to success
Question:
9. What is the difference between branding strategies and marketing tactics?
Answer:
Brand strategies do not change. Tactics (how marketing plans are executed) do change. And they've
changed a lot since the technology revolution began.
Question:
10. Paid Search
Answer:
Sponsored search engine results that are at the top after search
Question:
11. Search Engine optimization
Answer:
Placing key words in and improving a website so that it organically appears at the top of a search engine
results list
Question:
12. What is contextual targeting
Answer:
Delivering advertisement to people based on the type of content they consumer
Question:
13. Brand extension
Answer:
Takes a well established brand name and creates products leveraging its popularity. New products are not
in the same product category. For example, Gillette which was just razors but is now a men's personal care
brand with skin care, shave gel, body wash, and more.
Question:
14. Line extension
Answer:
New products that barrow the name and brand equity from an existing product and create new products
within the same product category.
Question:
15. What is the Eureka! Ranch method for reducing the failure rate of new products? What do they do that
reduces the risk of failure by half every time they do it?
Answer:
Stimulus response all day long where people come up with as many ideas as possible.
