IM Final Study Guide

Which of the following is not a step in the Strategic/Consultative Selling model? A) develop a marketing mix B) develop a personal selling philosophy C) develop a product strategy D) develop a relationship strategy E) develop a presentation strategy

A) develop a marketing mix

Building a prospect base is typically part of which step of the Strategic/Consultative Selling model? A) development of a customer strategy B) development of a personal selling philosophy C) development of a product strategy D) development of a relationship strategy E) development of a presentation strategy

A) development of a customer strategy

British entrepreneur Richard Branson has built a global business empire by: A) relying on brand extension. B) being the first to use smart cards in major markets. C) developing local brands. D) avoiding consumer businesses with established leaders. E) restricting the "Virgin" name only to airlines

A) relying on brand extension.

Until recently, visitors to Web sites for most luxury goods purveyors were not given the opportunity to buy. The reason behind this was: A) luxury goods purveyors did not like to use online promotions. B) luxury goods purveyors strive to create a shopping experience. C) global audience do not go online for luxury goods. D) luxury goods purveyors prefer sending information on iPad. E) luxury goods are purchased by rich people who do not shop online.

B) luxury goods purveyors strive to create a shopping experience.

All of the following basic consideration questions are important for those whose responsibility includes setting prices on goods that cross borders except: A) Does the price reflect the product's quality? B) Is the price competitive given local market conditions? C) Does the local market use target costing? D) Should prices differ with market segment? E) Do the foreign country's dumping laws pose a problem?

C) Does the local market use target costing?

Amazon.com, the leading Internet bookseller, allows users to purchase books, CDs, and other products online. Amazon.com is primarily a(n) ________ site. A) promotion B) content C) transaction D) execution E) cyber

C) transaction

All of the following activities must be performed when goods cross international boundaries except: A) obtaining currency permit, if required. B) packaging goods for export. C) using the cost-based pricing method. D) arranging for ocean freight and preparation. E) obtaining marine insurance and certificate of the policy

C) using the cost-based pricing method.

A logo can be all of the following except: A) Word Mark B) Non-word Mark C) Brand symbol D) Brand equity E) Trade Mark

D) Brand equity

Websites that provide news and entertainment and support a company's PR efforts are known as: A) company sites. B) transaction sites. C) promotion sites. D) content sites. E) cyber sites.

D) content sites.

Boeing has reorganized its commercial transport design and manufacturing engineers from functional lines into a matrix organization. This new design is expected to have all of the following benefits except: A) lower costs and quick updates. B) facilitate problem-solving. C) unite engineering and manufacturing processes. D) provide customer contacts. E) enhance product consistency.

D) provide customer contacts.

Which of the following is not in the top five of the world's most valuable brands according to 2012 rankings? A) Sony B) Microsoft C) Coca-Cola D) GE E) Nokia

E) Nokia

In the six-step presentation plan, the first and last steps are respectively: A) presentation; demonstration. B) approach; close. C) presentation; negotiation. D) approach; presentation. E) approach; servicing the sale.

E) approach; servicing the sale.

Which pricing strategy has the advantage of being simple to calculate but has the disadvantage of ignoring demand and competitive conditions? A) gray marketing B) skimming C) penetration D) market holding E) cost-based

E) cost-based

During his years as chief executive of GE, Jack Welch discovered that many employees resisted his ideas about the need to globalize the company.

True

Analyzed in terms of Porter's five forces model, Walmart's ability to dictate terms to the music industry is one indication of the retail giant's supplier power.

False

As markets globalize, and as Japan opens its own market to more competition from overseas, more Japanese companies are likely to stick to the traditional organization patterns.

False

Microsoft and Intel are two companies that illustrate the concept of "bargaining power of suppliers" in Porter's five forces model of industry competition.

False

T/F: An exporter that is new to a particular market would do well to choose a middleman with a reputation for "cherry picking" products.

False

T/F: It is advisable to treat local distributors as temporary market-entry vehicles.

False

T/F: The first step in the guidelines to help newcomers in choosing a channel intermediary is to let the distributors select the business.

False

Jack Welch encountered resistance at GE and said that, "The lower you are in the organization, the less clear it is that globalization is great."

True

Recently, global companies have embraced a technique known as "pattern advertising" which is analogous to the concept of global product platforms.

True

Rivalry among firms refers to all the actions taken by firms in the industry to improve their position and gain advantage over each other.

True

The "extension versus adaptation" debate is essentially a debate over "standardized versus localized" advertising.

True

To counteract the negative perception and publicity about Coke, the company launched its own print ad campaign that featured smaller-format cans and bottles.

True

Uichiro Niwa, former president of Japan's ITOCHU Corp., took steps to ensure that more of the trading company's $115 billion in annual transactions were conducted online. He also radically changed the way he communicated with employees and began relying more on e-mail, a practice that until recently was virtually unknown in Japan.

True