MCS*1000 FINAL EXAM QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTION.
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
WITH COMPLETE SOLUTION.
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
