MCS*1000 Final Exam Questions and
Detailed Answers 2026/2027.
Needs - Answer States of deprivation
physical
social
individual
Wants - Answer form that needs take as they are shaped by culture and individual personality
Demands - Answer Wants backed by buying power
Microenvironment - Answer consists of the actors close to the company that affect its ability
to serve its customers
Macroenvironment - Answer the larger societal forces that affect the microenvironment -
demographic, economic, natural, technological, political, and cultural
Steps in strategic planning - 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 - Answer defines the business in terms of satisfying basic
customer needs
Business Portfolio - Answer the collection of businesses and products that make up the
company
Strategic Business Unit (SBU) - 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? - Answer 1. Internal databases
2. Marketing research
3. Marketing intelligence
, Marketing Intelligence - Answer the systematic collection and analysis of publicly available
information about consumers, competitors and developments in the marketplace
Marketing Research - Answer the systematic design, collection, analysis, and reporting of data
relevant to a specific marketing situation facing an organization
Marketing Research Process - 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 - Answer involves gathering primary data by observing relevant
people, actions, and situations
Ethnographic Approach - Answer trained observers watch and interact with customers in their
natural environment
Survey Research - Answer most widely used method - best for descriptive information
Focus Groups - Answer 6-10 people with trained moderator
Simple Random Sample - Answer every member of the population has a known and equal
chance of selection
Stratified Random Sample - Answer population is divided into mutually exclusive groups and
random samples are drawn from each group
Cluster Sample - Answer population is divided into mutually exclusive groups and the
researcher draws a sample
Complex Buying Behaviour - Answer high involvement, significant differences between brands
variety-seeking buying behaviour - Answer low involvement, significant difference between
brands
dissonance-reducing buying behaviour - Answer high involvement, few differences between
brands
Detailed Answers 2026/2027.
Needs - Answer States of deprivation
physical
social
individual
Wants - Answer form that needs take as they are shaped by culture and individual personality
Demands - Answer Wants backed by buying power
Microenvironment - Answer consists of the actors close to the company that affect its ability
to serve its customers
Macroenvironment - Answer the larger societal forces that affect the microenvironment -
demographic, economic, natural, technological, political, and cultural
Steps in strategic planning - 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 - Answer defines the business in terms of satisfying basic
customer needs
Business Portfolio - Answer the collection of businesses and products that make up the
company
Strategic Business Unit (SBU) - 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? - Answer 1. Internal databases
2. Marketing research
3. Marketing intelligence
, Marketing Intelligence - Answer the systematic collection and analysis of publicly available
information about consumers, competitors and developments in the marketplace
Marketing Research - Answer the systematic design, collection, analysis, and reporting of data
relevant to a specific marketing situation facing an organization
Marketing Research Process - 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 - Answer involves gathering primary data by observing relevant
people, actions, and situations
Ethnographic Approach - Answer trained observers watch and interact with customers in their
natural environment
Survey Research - Answer most widely used method - best for descriptive information
Focus Groups - Answer 6-10 people with trained moderator
Simple Random Sample - Answer every member of the population has a known and equal
chance of selection
Stratified Random Sample - Answer population is divided into mutually exclusive groups and
random samples are drawn from each group
Cluster Sample - Answer population is divided into mutually exclusive groups and the
researcher draws a sample
Complex Buying Behaviour - Answer high involvement, significant differences between brands
variety-seeking buying behaviour - Answer low involvement, significant difference between
brands
dissonance-reducing buying behaviour - Answer high involvement, few differences between
brands
