MCS*1000 Final Exam Questions With
Highly Assured Answers
Needs - ANSStates of deprivation
physical
social
individual
Wants - ANSform that needs take as they are shaped by culture and individual personality
Demands - ANSWants backed by buying power
Microenvironment - ANSconsists of the actors close to the company that affect its ability to serve its
customers
Macroenvironment - ANSthe larger societal forces that affect the microenvironment - demographic,
economic, natural, technological, political, and cultural
Steps in strategic planning - ANS1. 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 - ANSdefines the business in terms of satisfying basic customer
needs
Business Portfolio - ANSthe collection of businesses and products that make up the company
Strategic Business Unit (SBU) - ANSa 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? - ANS1. Internal databases
2. Marketing research
3. Marketing intelligence
Marketing Intelligence - ANSthe systematic collection and analysis of publicly available information
about consumers, competitors and developments in the marketplace
Marketing Research - ANSthe systematic design, collection, analysis, and reporting of data relevant to
a specific marketing situation facing an organization
Marketing Research Process - ANS1. 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 - ANSinvolves gathering primary data by observing relevant people, actions,
and situations
Ethnographic Approach - ANStrained observers watch and interact with customers in their natural
environment
Survey Research - ANSmost widely used method - best for descriptive information
Focus Groups - ANS6-10 people with trained moderator
Simple Random Sample - ANSevery member of the population has a known and equal chance of
selection
Stratified Random Sample - ANSpopulation is divided into mutually exclusive groups and random
samples are drawn from each group
Cluster Sample - ANSpopulation is divided into mutually exclusive groups and the researcher draws a
sample
Highly Assured Answers
Needs - ANSStates of deprivation
physical
social
individual
Wants - ANSform that needs take as they are shaped by culture and individual personality
Demands - ANSWants backed by buying power
Microenvironment - ANSconsists of the actors close to the company that affect its ability to serve its
customers
Macroenvironment - ANSthe larger societal forces that affect the microenvironment - demographic,
economic, natural, technological, political, and cultural
Steps in strategic planning - ANS1. 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 - ANSdefines the business in terms of satisfying basic customer
needs
Business Portfolio - ANSthe collection of businesses and products that make up the company
Strategic Business Unit (SBU) - ANSa 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? - ANS1. Internal databases
2. Marketing research
3. Marketing intelligence
Marketing Intelligence - ANSthe systematic collection and analysis of publicly available information
about consumers, competitors and developments in the marketplace
Marketing Research - ANSthe systematic design, collection, analysis, and reporting of data relevant to
a specific marketing situation facing an organization
Marketing Research Process - ANS1. 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 - ANSinvolves gathering primary data by observing relevant people, actions,
and situations
Ethnographic Approach - ANStrained observers watch and interact with customers in their natural
environment
Survey Research - ANSmost widely used method - best for descriptive information
Focus Groups - ANS6-10 people with trained moderator
Simple Random Sample - ANSevery member of the population has a known and equal chance of
selection
Stratified Random Sample - ANSpopulation is divided into mutually exclusive groups and random
samples are drawn from each group
Cluster Sample - ANSpopulation is divided into mutually exclusive groups and the researcher draws a
sample
