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