BUAD 332 PRACTICE EXAM QUESTIONS WITH 100% CORRECT DETAILED ANSWERS LATEST UPDATE
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Course
BUAD 332
Institution
BUAD 332
BUAD 332 PRACTICE EXAM QUESTIONS WITH 100% CORRECT DETAILED ANSWERS LATEST UPDATE
Assessing Information Needs - Answer-- a good MIS balances the information users would like against what they really need
- collecting and storing information using a MIS is expensive
- firms must decide whether ...
BUAD 332 PRACTICE EXAM QUESTIONS
WITH 100% CORRECT DETAILED ANSWERS
2024-2025 LATEST UPDATE
Assessing Information Needs - Answer-- a good MIS balances the information users
would like against what they really need
- collecting and storing information using a MIS is expensive
- firms must decide whether the value of the insights gained from more information is
worth the cost
secondary data - Answer-data that already exists somewhere
what users would like vs what they need and is feasible to offer - Answer-a good MIS
balances..
internal databases (secondary data) - Answer-electronic collections from within a
company
marketing intelligence (secondary data) - Answer-systematic collection and analysis of
publicly available information about competitors and developments in the marketing
enviroment
marketing research (primary data) - Answer-systematic design, collection, analysis, and
reporting of data relevant to a specific marketing situation
relevant, accurate, current, and unbiased - Answer-primary data must be:
qualitative - Answer-primary data gathered through observations, in-depth interviewing,
and focus groups
quantitative - Answer-primary data gathered through surveys and experiments
simple - Answer-in quantitative gathering of primary data, probability sampling, this
method of surveying means every member of the research population has an equal
chance of selection
stratified - Answer-in quantitative gathering of primary data, probability sampling, this
method of surveying means the population is divided into mutually exclusive groups and
each group is randomly sampled
, convenience - Answer-in quantitative gathering of primary data, non-probability
sampling, this method of surveying utilizes easy ways of asking for customer feedback
such as a survey link on a receipt
judgement - Answer-in quantitative gathering of primary data, non-probability sampling,
this method of surveying selects members who are good representatives of a population
Strategic business unit (SBU) - Answer-Separate mission and objectives planned
separately from business (EX: Apple, and their SBU for the Ipad)
need - Answer-state of felt deprivation=
societal marketing - Answer-the concept of trying to do what's best for the consumer's
long-run welfare (calls for sustainable marketing+ social and environmental
responsibility)
product concept - Answer-the idea that consumers will favor products that offer the most
quality, performance, and features; therefore, the organization should devote its energy
to making continuous product improvements
production concept - Answer-the idea that consumers will favor products that are
available and highly affordable; therefore, the organization should focus on improving
production and distribution efficiency
Cultural Environment - Answer-the institutions and other forces that affect a society's
basic values, perceptions, preference, and behaviors
Customers - Answer-5 types that purchase company's goods and services: Consumer,
Business, Reseller, Government., and International
Suppliers - Answer-provides resources needed to produce goods and services
Marketing Intermediaries - Answer-help promote, sell and, distribute goods to final
buyers
Resellers, physical distribution firms, marketing services agencies, financial
intermediaries (Amazon and Fedex)
Competitors - Answer-those who serve a target market with products and services that
are viewed by consumers as being reasonable substitutes for the firm's products or
services, company must gain strategic advantage against these organizations
Demographic Forces - Answer-the study of human populations in terms of size, density,
location, age, gender, race, occupation, and other statistics
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