Adv. Mark. Manag. Quiz 1

The most common foreign market entry strategy is joint venture. True or False

False

A firm with a production orientation assumes that if you have a great product, customers will come to you. True or False

True

According to the BCG matrix, a business that is classified as a cash cow has high market share and low growth True or False

True

"Little m" marketing refers to strategies the firm uses to reach its stakeholders. True or False

False

Societal marketing refers to practices of promoting products to entire consumer markets rather than to individuals. True or False

False

Jeremy runs a U.S.-based company. Recently, some of his customers with global operations have placed additional orders that require Jeremy to work with their foreign subsidiaries. As a result, Jeremy has developed local distribution and service reps in three foreign markets. What stage of the global experience learning curve is Jeremy experiencing? a. companies with foreign marketing b. companies with no foreign marketing c. international marketing d. global marketing e. domestic marketing

a. companies with foreign marketing

The most significant global economic trend in the past 15 years has been the ________. a. emergence of regional market zones b. power of the International Monetary Fund (IMF) c. degree to which banks have invested in one another d. global mortgage market e. emergence of the euro as a currency

a. emergence of regional market zones

Gen Y consumers are much more receptive than their parents and grandparents to electronic commerce as a primary means of receiving marketing communication and purchasing. The marketing change driver represented by this is a shift ________. a. in generational values and preferences b. in information power from marketer to consumer c. to product glut and customer shortage d. to demanding return on marketing investment e. to distinguishing "Big M" from "little m" marketing

a. in generational values and preferences

Every time Tabitha pays bills for her cell phone or car insurance, services that are important for her, she is practicing the central tenet of marketing called ________. a. value b. exchange c. growth d. sustainability e. pricing

b. exchange

It is important to remember that a marketing plan should be able to change as customers change, competitors develop new products, or there is a change in the external environment. In other words, a marketing plan should be ________ to be successful. a. general b. reliable c. flexible d. disposable e. preferable

c. flexible

A beer manufacturer has noticed that the cost of hops has increased four times in the last year. A description of this would be found in the ________ section of the SWOT analysis. a. strengths b. weaknesses c. opportunities d. threats e. operations

d. threats

Fun Time Corp. has decided to move production of its board games for children and adults from the United States to Mexico to realize cost savings. At the same time, the company has decided to make Spanish-language versions of the games and distribute them in Central and South America. Most likely Fun Time is pursuing a strategy of ________. a. retrenchment b. stability c. diversification via concentric means d. growth/concentration via vertical integration e. growth/concentration based on horizontal integration

e. growth/concentration based on horizontal integration

When a company is focused on uncovering needs that customers do not realize they have, it is using a ________ strategy. a. consumer b. market-driven c. research and development d. brand image e. market-driving

e. market-driving

A luxury car dealership assigns a service representative to each customer. This service rep handles all routine and emergency service appointments, writes thank-you letters, and advises the car owner when the next service date is anticipated. This dealership has adopted a ________ approach. a. market orientation b. mass customization orientation c. differentiation orientation d. product orientation e. relationship orientation

e. relationship orientation

Even if companies do not engage in direct foreign marketing, they may still sell abroad through intermediaries. True or False

True

The most widely used measure of economic growth is the strength of the currency. True or False

False

Value may be defined as the want-satisfying power of a good or service. True or False

False

Regional market zones usually form as a result of economic and political factors, geographic proximity, and cultural similarities. True or False

True

The GE Business Screen portfolio analysis uses three levels—high, medium, and low—to rank business position and market attractiveness True or False

True

The choice of generic strategy is usually driven by ________ capabilities of the firm, as well as the ________. a. financial; infrastructure b. human resource; culture of the company c. technology; human resources d. resource; competitive landscape e. product; customer

d. resource; competitive landscape