marketing cengage quiz question for exam 1

Which of the following statements is a difference between a buyer for export and an export broker? a. A buyer for export sells internationally for its own account, while an export broker brings the buyer and seller together. b. A buyer for export operates as domestic manufacturers' agent in a foreign country, while an export broker operates as a domestic customer and sells internationally. c. A buyer for export acts as a hired distributor for foreign customers, while an export broker is usually treated like a domestic customer. d. A buyer for export operates only in his/her home country, while an export broker operates in foreign markets.

a. A buyer for export sells internationally for its own account, while an export broker brings the buyer and seller together.

_____ are people born between 1946 and 1964. a. Baby Boomers b. Generation X c. Generation Y d. Millennials

a. Baby Boomers

How should an organization identify its most valuable customers? a. By understanding what drives loyalty in customers b. By picking a specific age group and catering to their demands c. By introducing the need for change in component lifestyles d. By changing their marketing mix every subsequent year

a. By understanding what drives loyalty in customers

________ is the private label manufacturing by a foreign company. a. Contract manufacturing b. Direct foreign investment c. Licensing d. Joint venture

a. Contract manufacturing

__________ provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines. a. Control b. Marketing audit c. Implementation d. Evaluation

a. Control

____ was the first generation of latchkey children—products of dual-career households or, in roughly half of the cases, of divorced or separated parents. a. Generation X b. Generation Y c. Generation Z d. Baby Boom generation

a. Generation X

Which of the following statements is true of ethics training? a. Giving employees a long list of dos and don'ts does not really help employees navigate the gray areas or adapt to a changing world market. b. A detailed code of ethics that is given as a part of ethics training programs causes confusion among employees. c. Ethics training helps employees commit unethical acts that are beneficial to the company. d. According to the Ethics Resource Center's National Business Ethics Survey (NBES), ethics training programs do not yield effective results.

a. Giving employees a long list of dos and don'ts does not really help employees navigate the gray areas or adapt to a changing world market.

____ is a country's gross domestic product (GDP) together with its income received from other countries less similar payments made to other countries. a. Gross national income b. Gross domestic income c. Total personal income d. Per capita income

a. Gross national income

Which of the following statements is true of corporate social responsibility (CSR)? a. It is demonstrated by companies that consider their relationship to the society in which they operate. b. It refers to the exclusive duties of nonprofit organizations to deal with environmental and social issues. c. It is typically directed at employees and shareholders instead of the outer environment. d. It refers to the legal duties that corporations must follow in order to avoid lawsuits.

a. It is demonstrated by companies that consider their relationship to the society in which they operate.

Which of the following statements is true of a market opportunity analysis? a. It is used to identify the market segments a company needs to focus on. b. It excludes information about competitors operating in the market. c. It is limited to analyzing the pricing strategies of a company. d. It provides an assessment of the internal environment of a firm

a. It is used to identify the market segments a company needs to focus on.

In the context of Ansoff's strategic opportunity matrix, which of the following statements is true of the market penetration alternative? a. It tries increase market share among existing customers. b. It is riskier than other alternatives in Ansoff's strategic opportunity matrix. c. It decreases product quality to offer products at low prices. d. It creates new uses for old products manufactured by an organization.

a. It tries increase market share among existing customers.

____ is the legal process whereby a firm allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge. a. Licensing b. Importing c. Exporting d. Contract manufacturing

a. Licensing

Which of the following is not true about cause-related marketing? a. Most cause-related marketing is done by small companies. b. Cause-related marketing does not always target the company's customers. c. Cause-related marketing is a marketing relationship, not just a donation. d. The popularity of cause-related marketing is growing.

a. Most cause-related marketing is done by small companies.

Which of the following factors leads to a product/service differentiation competitive advantage? a. Providing product with uniqueness b. Incurring high overhead costs c. Providing low-quality products d. Removing frills from products and services

a. Providing product with uniqueness

_____ is measured by comparing income to the relative cost of a standard set of goods and services in different geographic areas. a. Purchasing power b. Final consumption expenditure c. Household debt d. Disposable income

a. Purchasing power

_____, an American value that strongly influences attitudes and lifestyles, states that every person should stand on his or her own feet. a. Self-sufficiency b. Individualism c. Achievement orientation d. Upward mobility

a. Self-sufficiency

_____ states that social responsibility is paying attention to the interest of every affected stakeholder in every aspect of the firm's operation. a. Stakeholder theory b. Act utilitarianism c. Stakeholder principle d. Rule utilitarianism

a. Stakeholder theory

Which of the following strategies should a company adopt to stimulate innovation? a. Talking to early adopters b. Refraining from conducting basic research c. Discouraging employees from pursuing their personal projects d. Limiting research to areas that they are already familiar with

a. Talking to early adopters

Which of the following statements is true regarding companies engaged in relationship marketing? a. They are focused on improving rapport with current customers. b. They are focused on increasing sales volume. c. They are focused on attracting new customers. d. They are focused on developing a competitive advantage.

a. They are focused on improving rapport with current customers.

When someone gives up something in order to receive something else they would rather have, it is called: a. an exchange. b. a substitute. c. a purchase. d. a transaction.

a. an exchange.

Some manufacturers are developing costly buffer stocks in order to a. avoid shutting down production lines and failing to make timely deliveries. b. shift to expensive but less dependable modes of transport. c. break the price and promotion barriers that exist in manufacturing companies. d. guarantee product adaptation and invention.

a. avoid shutting down production lines and failing to make timely deliveries.

According to Ansoff's strategic opportunity matrix, a product development strategy entails a. creating new products for present markets. b. introducing new products to new markets. c. attracting new customers to existing products. d. attracting present customers to existing products.

a. creating new products for present markets.

The relationship between the benefits a consumer receives from a product or service and what they give up to obtain those benefits is known as: a. customer value. b. an exchange. c. customer satisfaction. d. sacrifice.

a. customer value.

When a business asks "What business are we in?" they are: a. defining their business mission. b. conducting an environmental analysis. c. writing a marketing plan. d. determining how many SBUs to create.

a. defining their business mission.

In the context of the marketing mix, the goal of distribution strategies is to a. ensure that products arrive in usable condition at designated places when needed. b. identify market segments. c. advertise products or services. d. determine appropriate prices for products taking into consideration the prices of competitors' products.

a. ensure that products arrive in usable condition at designated places when needed.

Collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan is called: a. environmental scanning. b. cost competitive advantage. c. competitive advantage. d. SWOT analysis.

a. environmental scanning.

In the context of the marketing mix, distribution strategies are concerned with a. making products available when and where customers want them. b. advertising and organization of a product in order to promote sales. c. what a buyer gives up in order to obtain a product. d. informing and educating target markets about products.

a. making products available when and where customers want them.

The ethical theory that does not believe in absolute rules and states that during an ethical dilemma, the most appropriate decision is made by considering all the alternatives and choosing the lesser of the evils as the resolution is a. moral relativism. b. casuist ethical theory. c. rule utilitarianism. d. act utilitarianism.

a. moral relativism.

All of the following are reasons for failing to achieve a marketing objective except: a. objectives were too specific. b. unrealistic marketing objectives. c. changes in the environment. d. poor implementation.

a. objectives were too specific.

The _____ classifies each strategic business unit (SBU) by its present or forecast growth and market share. a. portfolio matrix b. General Electric model c. SWOT analysis model d. opportunity matrix

a. portfolio matrix

At the level of _____, people are less concerned about how others might see them and more concerned about how they see and judge themselves over the long run. a. postconventional morality b. ethnocentric morality c. preconventional morality d. conventional morality

a. postconventional morality

In the context of marketing management philosophies, a sales orientation aims at a. pushing manufacturers' products more aggressively to achieve high profits. b. integrating all organizational activities to satisfy customer wants. c. understanding the needs and wants of the marketplace. d. assessing the internal capabilities of a firm.

a. pushing manufacturers' products more aggressively to achieve high profits.

The Foreign Corrupt Practices Act (FCPA) has been criticized for: a. putting U.S. corporations at a competitive disadvantage in international trade. b. stopping U.S. corporations from making any long-term international business deals. c. inhibiting foreign governments from luring U.S. corporations into establishing businesses in foreign lands. d. allowing U.S. corporations to make illegal payments to foreign governments to obtain business rights.

a. putting U.S. corporations at a competitive disadvantage in international trade.

The pyramid of corporate social responsibility a. states that a business is expected to do what is right in addition to making profits. b. has four similar and interdependent components. c. implies that the legal responsibility of organizations is more important than any other responsibility. d. stresses that organizations should give more importance to charity than to achieving profits.

a. states that a business is expected to do what is right in addition to making profits.

Companies who seek a B Corp certification likely do so because: (Check all that apply) a. they believe companies have a responsibility to help address social issues. b. they know that social responsibility positively impacts companies. c. they want to focus on making a profit. d. of pressure from government and advocacy groups.

a. they believe companies have a responsibility to help address social issues. b. they know that social responsibility positively impacts companies. d. of pressure from government and advocacy groups.

Individualism, one of America's core values, asserts that a. no one should be treated differently from anybody else. b. each person is unique and special in their own way. c. every person should stand on his or her own two feet. d. individuals should exercise their rights to frugality.

b. each person is unique and special in their own way.

The _____ is aimed primarily at children's products, which are defined as those used by individuals 12 years old or younger. a. Sarbanes-Oxley Act b. Consumer Product Safety Improvement Act c. Human Rights Commission d. Sherman Commission

b. Consumer Product Safety Improvement Act

LG, a South Korean electronics company, has four divisions: Home Entertainment, Mobile Communications, Home Appliance & Air Solution, and Vehicle Components. In order for each of these divisions to be considered strategic business units, which of the following must be true? a. The divisions share the same competitors. b. Each division plans independently of the others. c. They share a single mission and target the same consumers. d. LG corporate determines resources allotted to each division.

b. Each division plans independently of the others.

Which of the following is a benefit of outsourcing for the developing countries? a. Crushing competition b. Global export markets and advanced technology c. Declining standards of living d. Shrinking development

b. Global export markets and advanced technology

Which of the following is true of social media marketing? a. It is free of the old brick-and-motor rules, regulations, and habits, thereby providing unlimited access. b. It differs from culture to culture; and, hence, cultural differences should be kept in mind while marketing. c. It separates the companies from the international marketplace. d. It has decreased the product sales of majority of the companies that used social media platforms.

b. It differs from culture to culture; and, hence, cultural differences should be kept in mind while marketing.

Which of the following is true of an organization's code of ethics? a. It is an effective external control of behavior. b. It helps employees identify what their firm recognizes as acceptable business practices. c. It excludes employees from the process of its formulation. d. It is unwritten and is developed by employees through their personal experiences.

b. It helps employees identify what their firm recognizes as acceptable business practices.

Which of the following statements is true of a competitive advantage based on product/service differentiation? a. It serves only a limited geographic market that is not crucial to other competitors. b. It is relatively longer lasting than cost competitive advantages. c. It is the only viable option for small companies with limited resources. d. It can be achieved by increasing production costs.

b. It is relatively longer lasting than cost competitive advantages.

Which of the following statements is true of gross domestic product (GDP)? a. It is a measure of the value of goods and services in an area, an industry, or a sector of an economy. b. It is the total market value of all final goods and services produced in a country for a given time period. c. It is the number of goods produced multiplied by the number of goods consumed in an economy. d. It is a measure of the income from a standard set of goods and services in different geographic areas.

b. It is the total market value of all final goods and services produced in a country for a given time period.

In the context of relationship marketing, which of the following statements is true of empowerment? a. It refers to working together as cooperators instead of competitors. b. It refers to having the authority to solve customer problems on the spot. c. It refers to getting trained in customer service as an employee of a firm. d. It refers to the innate ability of building relationships with customers.

b. It refers to having the authority to solve customer problems on the spot.

In the context of a sales orientation, which of the following statements is true of marketing? a. Marketing is concerned with focusing on customer relationship management. b. Marketing is concerned with selling things and collecting money. c. Marketing is concerned with achieving customer satisfaction using minimal advertising. d. Marketing is concerned with customer wants and needs while meeting organizational objectives.

b. Marketing is concerned with selling things and collecting money.

Shelby is looking to purchase a new car. She knows from her marketing class, that she should research the different models she is interested in and evaluate the alternatives before making such a large purchase. This demonstrates which reason to study marketing? a. Marketing offers outstanding career opportunities b. Marketing is part of everyday life c. Marketing plays an important role in society d. Marketing is important to businesses

b. Marketing is part of everyday life

Which of the following refers to the rules people develop as a result of cultural values and norms? a. Laws b. Morals c. Self-regulations d. Social-regulations

b. Morals

Which of the following statements is a difference between preconventional morality and postconventional morality? a. Preconventional morality is based on loyalty and obedience to the organization, while postconventional morality is based on whether a proposed action is legal. b. Preconventional morality represents the most basic level of morality, while postconventional morality is the morality of a mature adult. c. Preconventional morality is concerned with how one judges oneself, while postconventional morality is concerned with whether a proposed action is legal. d. Preconventional morality moves from an egocentric viewpoint toward the expectations of society, while postconventional morality is self-centered.

b. Preconventional morality represents the most basic level of morality, while postconventional morality is the morality of a mature adult.

Which of the following is not true about effective strategic planning? a. Strategic planning is effective when it is based on creativity. b. Strategic planning should be done on a yearly basis. c. Constant monitoring of the firm's environment is helpful in effective strategic planning. d. Effective strategic planning requires the support and participation of top management.

b. Strategic planning should be done on a yearly basis.

In the context of competitive factors in the external business environment, which of the following statements is true? a. Competition is irrelevant to businesses in the field of technology. b. The availability of resources for businesses has declined. c. Global competition has been decreasing drastically. d. Marketers are now required to concentrate only on domestic competitors.

b. The availability of resources for businesses has declined.

In the context of relationship marketing, which of the following statements is true of employees who are empowered? a. They refrain from dealing directly with customers. b. They develop ownership attitudes. c. They lack the power of solving customer problems. d. They tend to take less risks.

b. They develop ownership attitudes.

Which of the following statements is true of moral relativists? a. They believe that arson is always wrong. b. They emphasize the pressure of the moment and whether the pressure justifies the action taken. c. They compare a current ethical dilemma with examples of similar ethical dilemmas and their outcomes. d. They focus on adhering to absolute rules like law.

b. They emphasize the pressure of the moment and whether the pressure justifies the action taken.

Which of the following statements is true of firms that succeed in competitive markets? a. They hope that the product they produce is something that customers want. b. They first determine what customers want and then produce it. c. They believe that using aggressive sales techniques are sufficient to gain high profits. d. They focus on what the management thinks should be produced.

b. They first determine what customers want and then produce it.

Asian Americans are sometimes called a marketer's dream because they a. tend to be more open-minded about relationships than their parents. b. are younger, better educated, and have higher incomes than average. c. tend to spend more on groceries and hair care products than on technology. d. are more likely to patronize convenience, drug, and dollar stores.

b. are younger, better educated, and have higher incomes than average.

A production orientation philosophy focuses on a. choosing the best promotional strategy. b. assessing the resources of a firm. c. advertising a product aggressively. d. adopting aggressive pricing strategies for a firm's products.

b. assessing the resources of a firm.

CVS Health engaged in strategic planning when it: a. closed five locations for two days during Hurricane Irma. b. decided to no longer sell tobacco products in its stores. c. ran an advertisement in the Sunday paper which included a coupon. d. made a one-time donation to the Alzheimer's Foundation of America.

b. decided to no longer sell tobacco products in its stores.

Active ownership of a foreign company, of overseas manufacturing, or of marketing facilities is called _____. a. licensing b. direct foreign investment c. joint venture d. contract manufacturing

b. direct foreign investment

A production orientation philosophy a. does not apply to services. b. does not consider whether the goods and services that a firm produces most efficiently meet the needs of the marketplace. c. is based on the belief that people will buy more goods and services if aggressive sales techniques are used irrespective of their needs. d. overlooks the internal capabilities of an organization.

b. does not consider whether the goods and services that a firm produces most efficiently meet the needs of the marketplace.

To avoid cultural problems in international marketing, _____. a. the websites of the home country can be used irrespective of the location of subsidiaries b. firms require a thorough understanding of a country's culture c. free software can be solely relied on for translating languages d. firms can follow global marketing standardization

b. firms require a thorough understanding of a country's culture

Strategic planning: a. requires managers to set short-term goals to increase market share. b. is the process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities. c. involves integrating all of the promotional and marketing tools the firm plans to use to market their products and services. d. evaluates a firm's marketing activities and strategies using metrics and compares results with the goals or standards set for the market activities.

b. is the process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

When thinking about modes of social control, acceptance of standards established by advocacy groups and trade associations: a. causes unnecessary pressure on companies. b. is voluntary self-regulation by companies who wish to act ethically. c. is recommended for companies that wish to obey the law. d. is required for companies to be considered ethical.

b. is voluntary self-regulation by companies who wish to act ethically.

Studying marketing is important because: (multiple) a. marketers earn higher salaries than other business areas. b. it allows students to become better informed citizens. c. marketing contributes directly to a company's profits and growth. d. regardless of your major, it is important to have a basic understanding of all business areas.

b. it allows students to become better informed citizens. c. marketing contributes directly to a company's profits and growth. d. regardless of your major, it is important to have a basic understanding of all business areas.

According to Ansoff's strategic opportunity matrix, _____ means attracting new customers to existing products. a. product development b. market development c. market penetration d. diversification

b. market development

Equality, one of America's core values, is a value that means a. success would come to anyone who has an education and who worked hard. b. no one should expect to be treated differently from anybody else. c. hard work, dedication to family, and frugality are moral and right. d. every person should stand on his or her own feet regardless of their background.

b. no one should expect to be treated differently from anybody else.

Which of the following is an example of a market segment? a. A group of individuals with different product needs b. A group of companies producing similar products c. A group of individuals aged between 60 and 75 years d. A group of business units belonging to the same organization

c. A group of individuals aged between 60 and 75 years

Which of the following is an example of cause-related marketing? a. Walmart makes a one-time charitable donation to the Ronald McDonald House. b. CVS Stores provide free bottled water to those affected by Hurricane Irma. c. Aveda donates $4 for each specially-branded hand crème with pink cap to the Breast Cancer Research Foundation. d. Nationwide Insurance's sponsorship of NASCAR driver Dale Earnhardt Jr.

c. Aveda donates $4 for each specially-branded hand crème with pink cap to the Breast Cancer Research Foundation.

The sole purpose of the _____ is to protect the health and safety of consumers in and around their homes. a. Human Rights Commission b. Consumer Privacy Protection Act c. Consumer Product Safety Commission d. Patient Protection and Affordable Care Act

c. Consumer Product Safety Commission

The _____ was enacted because Congress was concerned about U.S. corporations' use of illegal payments and bribes in international business dealings. a. Children's Online Privacy Protection Act (COPPA) b. Prevention of Corruption Act (PCA) c. Foreign Corrupt Practices Act (FCPA) d. Corruption of Foreign Public Officials Act (CFPOA)

c. Foreign Corrupt Practices Act (FCPA)

_____ are people born between 1979 and 1994. a. The silent generation b. Generation X c. Generation Y d. The Baby Boomer generation

c. Generation Y

Which of the following is a reason for firms to adopt a societal marketing orientation? a. Low profits from sustainable development b. The increased use of green marketing c. Growing environmental concerns d. The urge to earn more profits

c. Growing environmental concerns

Which of the following are NOT true of marketing? a. It entails processes that focus on delivering value and benefits to customers. b. It is a philosophy or perspective that stresses customer satisfaction. c. It focuses solely on selling the goods, services, or ideas that the company produces. d. It involves building long-term, mutually beneficial relationships.

c. It focuses solely on selling the goods, services, or ideas that the company produces.

Which of the following statements is true of the pyramid of corporate social responsibility? a. It states that even if companies do not make profits, other responsibilities have to be fulfilled. b. It portrays philanthropic performance as the foundation for the other three responsibilities. c. It has four components that are distinct but together constitute the whole. d. It states that governments have more social responsibility than nongovernment organizations.

c. It has four components that are distinct but together constitute the whole.

Which of the following statements is true of globalization? a. It encourages the monopoly of protected domestic traders. b. It raises the standard of living of high-wage families. c. It increases the productivity and growth of businesses. d. It increases the restrictions on free trade.

c. It increases the productivity and growth of businesses.

Which of the following defines the DISC of inshoring? a. It is the practice of sending U.S. jobs abroad. b. It is the strategy of using more capital than labor in a production process. c. It is the practice of returning production jobs to the United States. d. It is the strategy of marketing standardized products all over the world.

c. It is the practice of returning production jobs to the United States.

Which of the following is a problem associated with conducting global market research to create a marketing mix? a. There is often too much data available to draw the samples. b. The type of marketing research used for global marketing is completely different from the ones used in domestic market. c. The questions a marketer can ask may differ between cultures. d. A global market research cannot be conducted in a real environment.

c. The questions a marketer can ask may differ between cultures.

Which of the following statements is true of production-oriented firms? a. These firms predominantly focus on the needs of customers. b. These firms consider whether the goods produced meet the needs of the marketplace. c. These firms survive and prosper where competition is weak. d. These firms fail in a market where demand exceeds supply.

c. These firms survive and prosper where competition is weak.

In the context of external environment, which of the following is true of natural resources? a. Steep declines in the price of oil had a positive impact on America's oil producers. b. The past decade has witnessed an abundance of natural resources. c. Vast differences in natural resources result in major shifts of wealth among countries. d. Petroleum is the only natural resource that affects international marketing.

c. Vast differences in natural resources result in major shifts of wealth among countries.

African Americans in the United States a. comprise the largest percentage of population among different minority groups in the United States. b. acculturate into mainstream America forgetting their cultural heritage. c. are more likely to patronize convenience, drug, and dollar stores than other groups. d. are inclined to spend less on groceries and hair care products as compared to other cohorts.

c. are more likely to patronize convenience, drug, and dollar stores than other groups.

A company that suffers from marketing myopia: a. creates a single product targeted to a single market. b. expects to see an increase in profits immediately after pursing a strategic alternative, rather than after increasing their market share. c. defined their business in terms of goods and services rather than in terms of the benefits customers seek. d. has both low market attractiveness and low business position as illustrated by the GE model.

c. defined their business in terms of goods and services rather than in terms of the benefits customers seek.

According to Ansoff's strategic opportunity matrix, _____ is a strategy of increasing sales by introducing new products into new markets. a. hedging b. product development c. diversification d. market penetration

c. diversification

Rather than salmon, salad chain, Sweetgreen, features steelhead trout on their menu because it is farmed in more sustainable ways. This is an example of: a. green marketing. b. economic sustainability c. environmental sustainability. d. social sustainability.

c. environmental sustainability.

When a company develops a single product and follows the same means of promotion all over the world, it is said to be involved in _____. a. global marketing localization b. promotion specialization c. global marketing standardization d. product decentralization

c. global marketing standardization

All of the following are conditions of an exchange except: a. at least two parties are required. b. each party has something that might be of value to the other party. c. money is the medium of exchange. d. each party is free to accept or reject the exchange offer.

c. money is the medium of exchange.

The greater the _____, the more likely it is that marketers will recognize a problem as unethical. a. disagreement among managerial peers that an action is unethical b. length of time between the action and the onset of negative consequences c. number of people affected by negative consequences d. extent of ethical problems within an organization

c. number of people affected by negative consequences

If a target market is international, _____. a. marketing mix should be independent of cultural influences b. psychographics of the target market need not be assessed c. political structures affecting the market plan should be described d. it should be approached with a marketing mix similar to the local culture

c. political structures affecting the market plan should be described

In the context of global marketing, _____ can be taken to mean either creating a new product for a market or drastically changing an existing product. a. promotion adaptation b. product distribution c. product invention d. product adaptation

c. product invention

When a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition, a _____ exists. a. production competitive advantage b. cost/revenue competitive advantage c. product/service differentiation competitive advantage d. niche competitive advantage

c. product/service differentiation competitive advantage

The price of one country's currency in terms of another country's currency is called _____. a. a denomination b. an exchange control c. the exchange rate d. the face value

c. the exchange rate

Which of the following statements is true of a strategic business unit (SBU)? a. It has a generic mission and universal target market. b. It does not have competitors in its market. c. Its plans are dependent on other SBUs. d. It has control over its resources.

d. It has control over its resources.

Which of the following is a difference between a code of ethics and morals? a. A code of ethics is different for different people, while morals are structured uniformly. b. A code of ethics is governed by legal norms, while morals are governed by social norms. c. A code of ethics is developed as a result of cultural values, while morals are written guidelines that are used by marketing professionals for decision making. d. A code of ethics is a culmination of principles that help in making the decision of what is good or bad, while morals are the beliefs of the individual or group as to what is right or wrong.

d. A code of ethics is a culmination of principles that help in making the decision of what is good or bad, while morals are the beliefs of the individual or group as to what is right or wrong.

In the context of the marketing mix, which of the following statements is true of promotion? a. It works independently of the other Ps of the marketing mix. b. It ensures that products arrive in usable condition at designated places when needed. c. It encompasses pricing strategies for the products that are promoted. d. It includes advertising, public relations, and personal selling.

d. It includes advertising, public relations, and personal selling.

Which of the following statements is a difference between a production orientation and a sales orientation? a. A production orientation focuses on using aggressive techniques to gain customers, while a sales orientation focuses on a firm's resources to build a better product. b. A production orientation displays a lack of understanding of the marketplace, while a sales orientation has a good understanding of the needs and wants of the marketplace. c. A production orientation endorses marketing as a means of selling things and collecting money, while a sales orientation endorses marketing as a means of fulfilling a firm's short-term goals. d. A production orientation focuses on the internal capabilities of a firm, while a sales orientation focusses on increasing a firm's profits by using aggressive advertisements.

d. A production orientation focuses on the internal capabilities of a firm, while a sales orientation focusses on increasing a firm's profits by using aggressive advertisements.

Which of the following is the first step in creating a global marketing mix? a. Identifying local suppliers and distributers b. Analyzing the effects of product and promotion on international consumers c. Gathering information about current product prices d. Developing a thorough understanding of the international target market

d. Developing a thorough understanding of the international target market

The _____ is a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce. a. U.S. Securities and Exchange Commission b. Consumer Financial Protection Bureau c. Federal Trade and Development Agency d. Federal Trade Commission

d. Federal Trade Commission

Which of the following activities is not correct about the marketing concept? a. Satisfying customer wants and needs legally and responsibly. b. Implementing effective and high-quality sales techniques to sell goods and services. c. Integrating all the organization's activities to satisfy customer wants. d. Focusing on internal capabilities rather than on customer wants and needs.

d. Focusing on internal capabilities rather than on customer wants and needs.

_____ is a measure of the decrease in the value of money, generally expressed as the percentage reduction in value since the previous year. a. Recession b. Disposable income c. Cost of living d. Inflation

d. Inflation

Which of the following is true of an international joint venture? a. It tends to be relatively less risky than exporting and franchising. b. The firm that initiated the joint venture owns the title of the goods produced. c. Joint ventures are rarely permitted by a government as a mode of entry into its country. d. It enables a local firm to acquire managerial skills and new technology.

d. It enables a local firm to acquire managerial skills and new technology.

Which of the following statements is true of a multidomestic strategy? a. It presumes that the markets throughout the world are becoming more alike. b. It achieves lower production and marketing costs and increased profits through uniform production. c. It encourages firms to produce globally standardized products to be sold the same way all over the world. d. It occurs when multinational firms enable individual subsidiaries to compete independently in local markets.

d. It occurs when multinational firms enable individual subsidiaries to compete independently in local markets.

Which of the following statements is true of a company in the first stage of global business development? a. It establishes its core corporate functions in different countries. b. It sets up foreign subsidiaries to handle sales in one country. c. It diversifies its business in another country. d. It operates in its home country and sells its products in another country.

d. It operates in its home country and sells its products in another country.

According to traditional economic theory, which of the following statements is true of globalization? a. It increases poverty in countries that involve in global marketing. b. It provides limited access to foreign capital. c. It lowers the productivity and living standards of people in countries that open themselves to the global marketplace. d. It relies on competition to drive down prices and to increase product and service quality.

d. It relies on competition to drive down prices and to increase product and service quality.

Which of the following is a difference between outsourcing and inshoring? a. Outsourcing provides natural resources to a foreign firm, whereas inshoring acquires natural resources from a foreign firm. b. Outsourcing involves the sending of home country employees abroad, whereas inshoring involves the bringing of foreign employees into the home country. c. Outsourcing does not incur fuel and transportation costs, whereas inshoring is associated with increased fuel and transportation costs. d. Outsourcing is the sending of home country jobs abroad, whereas inshoring is the returning of outsourced jobs to the home country.

d. Outsourcing is the sending of home country jobs abroad, whereas inshoring is the returning of outsourced jobs to the home country.

Which of the following statements is a difference between preconventional morality and conventional morality? a. Preconventional morality moves from an egocentric viewpoint toward the expectations of society, while conventional morality is self-centered. b. Preconventional morality represents the morality of a mature adult, while conventional morality is the most basic level of morality. c. Preconventional morality is more concerned with how a proposed action will be viewed by others, while conventional morality is more concerned about how people judge themselves. d. Preconventional morality is based on what will be immediately punished or rewarded, while conventional morality is based on whether a proposed action is legal.

d. Preconventional morality is based on what will be immediately punished or rewarded, while conventional morality is based on whether a proposed action is legal.

Which of the following statements is an argument against corporate social responsibility? a. Corporate social responsibility produces an indirect profit and sometimes no profit at all. b. Corporate social responsibility has shown a decrease in the number of its supporters. c. Recent research has found that being socially responsible leads to negative impact on the firm. d. Some analysts believe that a business should focus on making a profit and not environmental issues.

d. Some analysts believe that a business should focus on making a profit and not environmental issues.

SWOT analysis stands for: a. Strengths, Worries, Opinions, Target market b. Strategies, Weaknesses, Organization, Threats c. Skills, Wants, Objectives, Technologies d. Strengths, Weaknesses, Opportunities, Threats

d. Strengths, Weaknesses, Opportunities, Threats

Which of the following statements refers to the target market strategy? a. Target markets should not be selected by appealing to multiple market segments. b. Objectives can be inconsistent as long as they summarize the target market strategy. c. Managers should develop target market objectives that exceed the company's ability to achieve them. d. Target markets can be selected by appealing to the entire market with one marketing mix.

d. Target markets can be selected by appealing to the entire market with one marketing mix.

Which of the following is the definition of marketing? a. The practice of persuading or seeking to persuade a consumer or organization to purchase a product or service. b. The methods employed by a firm to demonstrate to consumers a product or service's value. c. The process of communicating through various print and online media in order to notify the public about a firm's goods and services. d. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

d. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Which of the following statements is true of Asian Americans? a. They are less educated compared to all other groups. b. Their population is declining. c. They are older than all other ethnic groups. d. They have the highest average family income of all groups.

d. They have the highest average family income of all groups.

Carefully stated objectives serve all of the following functions except: a. serve as the basis for control to which managers will measure objective performance. b. communicate the firm's overall philosophies and objectives. c. serve as a motivator for employees to work towards. d. allow managers to set ambiguous goals with room for adjustment

d. allow managers to set ambiguous goals with room for adjustment

A company that produces running shoes specifically for customers with low arches, utilizes a market-orientation approach and likely: a. focuses on selling what the company makes rather than making what the market wants. b. uses personal selling as a primary means of generating sales. c. defines its business in terms of the goods and services it offers. d. employs customer relationship management strategies.

d. employs customer relationship management strategies.

In a direct foreign investment, direct investors a. oppose any controlling interest. b. have low minority interest in a foreign firm. c. possess the lowest potential reward. d. have the highest potential risk.

d. have the highest potential risk.

According to Ansoff's strategic opportunity matrix, a company is most likely to be using a market development strategy when a. it introduces a new product to its customers. b. it sells its business units to other companies. c. it increases the prices of all its products. d. it sells existing products to new and existing buyers.

d. it sells existing products to new and existing buyers.

In the context of the marketing mix, _____ is often the most flexible of the four Ps—the quickest element to change. a. promotion b. product c. place d. price

d. price

A(n) _____ is a period of economic activity characterized by negative growth. a. income boom b. inflation c. stagflation d. recession

d. recession`

Both large and small firms have embraced social media marketing because a. opening an e-commerce site results in a low chance of being involved in lawsuits and other legal affairs. b. the promise of "borderless commerce" and the global "Internet economy" is no longer restrained by the old brick-and-mortar rules, regulations, and habits. c. countertrade is possible only through social media and the Internet. d. sites such as Facebook, YouTube, and other social media are successful and are popular around the world.

d. sites such as Facebook, YouTube, and other social media are successful and are popular around the world.

The _____ is the idea that an organization exists not only to satisfy customer wants and needs but also to preserve individuals' long-term best interests. a. production orientation b. sales orientation c. promotional orientation d. societal marketing orientation

d. societal marketing orientation

Marketers are more likely to recognize a problem as unethical when: a. it affects a small number of people. b. it is less likely to result in a damaging outcome. c. there are more ethical problems within their organization. d. there is greater consensus that the action is harmful.

d. there is greater consensus that the action is harmful.