Quiz 1 - Marketing
when U.S. domestic firms attempt to take their business global, one of the biggest mistakes they make is to
believe that foreign consumers want the exact same products that are sold in the U.S. and want them marketed in the same way
the superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as
comparative advantage
if consumer reports publishes an issue that states that Uber offers the best overall service and price for all ride-share firms, this represents ____
competitive advantage
the activity of buyers and sellers trading things of value so that each is better off is referred to as an
exchange
typically the least risky option for entering international markets is
exporting
what is the premise behind the marketing concept
focusing on satisfying the needs of the custoemr
______is a legal process in which one firm pays to use or distribute another firms resources, including products, trademarks, patents, intellectual property, or other proprietary knowledge
licensing
which marketing strategy is being employed by a firm that is seeking to expand in foreign markets
market development
which marketing strategy would Ben and Jerry's ice cream be using if it decided to begin selling its ice cream in Mexico
market development
Adrienne decides to add new sales representative and increase advertising in her existing market for her current line of security systems. Adrienne is pursuing a ____growth strategy
market penetration
the marketing strategy that emphasizes selling more of existing goods and services to existing customers is called
market penetration
ABC pharmaceuticals has developed a patented medication that treats allergies more effectively than any other medications and causes fewer side effects, as far as SWOT analysis goes, this represents a:
strength
the internal considerations of a SWOT analysis are
strengths and weaknesses
as it pertains to a situational analysis, the term "market " refers to
the group of consumers that is interested in and able to buy a particular product
as a marketing strategy, what is diversification
offering new products that are unrelated to the existing products produced by a company
the activities a firm undertakes to create a certain perception of its product in the eyes of the target market is referred to as
positioning
marketers who design and offer new products and strives to their existing customers are pursuing a ____growth strategy
product development
which of the following is a risk of licensing in an international market? a. the licensor may create its own competition b. the licensor may misuse trademarks c. locally owned licensee dont know much about local customers d. licensor doesn't know enough about the brand e. licensor has to pay the licensee money to enter the arrangement
a. the licensor may create its own competition
