MCS*1000 Final Exam Question and answers verified to pass
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Course
MCS 1000
Institution
MCS 1000
MCS*1000 Final Exam Question and answers verified to pass
Needs - correct answer States of deprivation
physical
social
individual
Wants - correct answer form that needs take as they are shaped by culture and individual personality
Demands - correct answer Wants backed by buying...
MCS*1000 Final Exam Question and
answers verified to pass
Needs - correct answer ✔States of deprivation
physical
social
individual
Wants - correct answer ✔form that needs take as they are shaped by culture
and individual personality
Demands - correct answer ✔Wants backed by buying power
Microenvironment - correct answer ✔consists of the actors close to the
company that affect its ability to serve its customers
Macroenvironment - correct answer ✔the larger societal forces that affect the
microenvironment - demographic, economic, natural, technological, political,
and cultural
Steps in strategic planning - correct 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 - correct answer ✔defines the business
in terms of satisfying basic customer needs
, Business Portfolio - correct answer ✔the collection of businesses and
products that make up the company
Strategic Business Unit (SBU) - correct 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? - correct answer ✔1. Internal
databases
2. Marketing research
3. Marketing intelligence
Marketing Intelligence - correct answer ✔the systematic collection and
analysis of publicly available information about consumers, competitors and
developments in the marketplace
Marketing Research - correct answer ✔the systematic design, collection,
analysis, and reporting of data relevant to a specific marketing situation facing
an organization
Marketing Research Process - correct 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 - correct answer ✔involves gathering primary data
by observing relevant people, actions, and situations
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