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It is the foundation of marketing to create a sense of wants and needs in consumers by applying the four utilities to their marketing efforts.
What do marketers mean by the term "utility"?
The ability of a good or service to meet customer needs or wants
What is defined as "the process for creating, communicating, and delivering value to customers"?
Which of the following is an example of the utility of time in marketing a product or service?
Greta receives a notice on her phone when her ride-sharing driver is about to arrive.
Which of the following would illustrate the concept of the utility of ownership?
A woman buys a pair of earrings in a department store to wear to party that night.
When you buy a book you need for class at the campus bookstore, which utility or utilities are being addressed?
Form, time, place, and ownership
When a manufacturer converts raw materials into finished products, it is demonstrating the utility of place.
A new tech company in Austin, Texas decides to offer an on-site daycare program for their employees with young children. The president says, "Employees with young kids will be more inclined to make the long commute to our campus, so we'll attract better people." This is an example of which kind of utility?
What are the four types of utility that marketers seek to boost when marketing a product?
Form, time, place, and ownership
Price ________ is the method of setting profitable and justifiable prices.
The broad definition of ________ is communication to a company's buyers about their products.
Marketing strategies are built around four variables known as the ________.
What is the purpose of integrated marketing?
To provide the consumer with a consistent and coordinated promotional message in different outlets
What is a "product"?
A good, service, or idea
A company's ________ is the types of people the company believes will respond to its marketing efforts.
A company's price strategy can be affected by many things happening in the world that may not be directly related to their product.
When a company offers a coupon with an expiration date or a prize for the 100th customer of the week, they are engaging in a marketing channel.
Part of a company's distribution strategy is identifying the ________, such as retailers and wholesalers.
In the social era, how do marketers connect with consumers?
The internet and social networking sites
A sales orientation is based on the belief that ________.
creative advertising and personal selling persuades customers to buy
Which type of marketing builds on long-term, value-added associations with customers and suppliers?
In a seller's market, a company can increase sales by creating more of its product.
What is meant by a "buyer's market"?
More products than people willing to buy them
The marketing era can best be summed up by the phrase, "A good product will sell itself."
Before 1925, during the ________ era, most firms stressed creating quality products and then finding customers to buy them.
When did the marketing era begin with the concept of "find a need and fill it"?
An example of standardizing and grading is when a customer invests a lot of money in having a suit made to measure by a tailor rather than buying one in his or her size off the rack in a department store.
When your local drug store offers you a chance to win $100 if you fill out a survey about your experience in the store, they are working on which function of marketing?
Securing marketing information
Because retailers typically cannot stock everything they carry all at once, they rely on which one of the eight universal functions of marketing to solve the problem?
The ________ function of marketing provides credit for consumers, retailers, and wholesalers.
Companies take a risk when they predict which products will be the biggest sellers for the holidays and make those products available. They conduct research to try to minimize uncertainties.
When marketers communicate with customers about how their products create value, the ________ function of marketing is at work.
Marketers create place utility by making goods and services available where people want to buy them, which relies on the ________ function of marketing.
Which of the eight universal functions of marketing is about making sure that enough products are available to meet demand?
What is the meaning of "standardizing and grading" as one of the eight universal functions of marketing?
Ensuring that product offerings meet quality and quantity controls of size, weight, and other variables
Which of the following slogans is an example of person marketing?
"I am the greatest!"
A corporation's donation to environmental issues is an example of which type of marketing?
Advertising, social media, and word-of-mouth used to get people to come out to vote for a particular candidate on Election Day is an example of event marketing.
Of the six categories of marketing, product marketing is the most well-known and widely used.
When an office supply store and a children's charity combine forces to provide school supplies for kids in need, they overlap which three areas of marketing?
Product, organization, and cause
An athlete who uses social media to cultivate attention is using which type of marketing?
Which type of marketing focuses on the benefits of a particular good or service to persuade consumers to buy?
________ marketing involves efforts to influence others to support, receive, or accept their services.
When the Central New Hampshire Chamber of Commerce started using the state's area code in their tagline, "Heart of 603," they were engaging in ________ marketing.
________ is broadly defined as communication to a firm's buyers about their products, which could be directly through the sales force or indirectly through advertising.
Marketers develop promotional strategies to ensure that consumers find their products in the proper quantities at the right times and places.
Part of a company's ________ strategy could be to communicate directly with young people in their target market by using recognizable visual elements on various social media platforms.
Strategies to attract customers, such as one-day sales; coupons; and giveaways, are promotional tactics.
The basic elements of a marketing strategy are the target market and ________.
the marketing mix
________ strategy may involve decisions about customer service, package design, brand names, trademarks, patents, and warranties.
A marketing strategy begins with understanding the ________, the group of people toward whom marketing efforts and merchandise are aimed.
Once a company completes the research on its target market, it can determine the appropriate price point for its products. This is part of the company's ________.
Competition is one of the many factors that influence a marketer's ________ strategy.
Suki loves to read. Her favorite online bookstore sends her recommendations for new books based on her previous purchases. She responds by posting reviews on the bookstore's blog of the books she buys and then provides her a rebate on those books for doing so. This two-way ________ effort benefits both the online bookstore and its customers.
Relationship marketing moves customers up the loyalty ladder, from new customer to regular purchaser, to loyal supporter, to advocate.
Technology is useful in facilitating customer loyalty by providing ________.
interactivity and personalization
One advantage to building relationships with customers is that they develop a sense of ________ to the firm and its products and eventually recommend them to others.
A local ticketing agency uses _________ to contact customers about upcoming performances. Based on previous purchases, it can contact country music fans or those who prefer classic rock.
Social media platforms serve to process the encoding of data for security purposes.
Which of the following is key to developing good, long-term relationships with customers?
good customer service
Which of the following represents relationship marketing?
Sondra has been purchasing a particular brand of art supplies for years. When she gets a coupon in her email for a product she already has, she forwards the coupon to her friend, along with a note about how much she loves the product.
The term ________ marketing refers to development, growth, and maintenance of long-term, cost-effective, and mutually satisfying connections with customers, suppliers, employees, and other partners.
Studies show that market orientation combined with social responsibility keeps overall business performance static.
Approximately what percentage of an item's purchase price goes toward marketing costs?
Marketing is important to companies with products and services to sell. But it is also important to nonprofit organizations in order to ________.
fulfill their missions and goals
Which if the following is not considered one of the four types of utility?
What are some factors that have made marketing across national borders commonplace while stimulating global economic growth?
Advances in technology and universal desire for a higher standard of living
Marketing activities help business organizations to ________, and they help fuel the increasingly global economy.
Which of the following organizations is most likely to engage in marketing activities to obtain donations?
Marketing is the business function responsible for creating revenue to sustain the operations of the organization and to provide financial returns to investors.
The strategic process companies are using to connect and develop long-term relationships with consumers who are concerned about the natural environment is called ________.
Ethical marketing decisions involve which set of three factors?
Individual factors, opportunity, and organizational relationships
Marketing ________ is defined as marketers' standards of conduct and values.
Which of the following is an example of an illegal action on the part of a company?
Marketing directly to children has been seen as ethically questionable.
Sheila buys aspirin at the drugstore. She opens the large box, which contains a small bottle. Inside the bottle are four aspirin tablets. Sheila feels ripped off because of ________.
To eliminate unethical conduct, an organization must rid itself of "bad apples," or unethical employees, through screening techniques and enforcement of the firm's ethical standards.
________ raises ethical questions about product quality and lifespan.
________ means accurately reflecting a product's benefits and drawbacks, warranties, price, and availability.
Truth in advertising
Opportunity, when referring to ethical marketing behavior, refers to which of the following?
Conditions that limit barriers to unethical behavior or may provide rewards
Which area of marketing ethics is most regulated by law?
Which element of the marketing mix can raise ethical issues in relation to promotion?
Transparency about how products are produced, as well as how a firm's philanthropic activities give back to the community, creates trust and intentions to purchase.
Sales promotion activities such as games, contests, and other sales attempts must be communicated accurately and transparently to avoid bribery.
Reacting negatively to someone who cuts in line is considered a display of _____.
An ethical issue is an identifiable problem, situation, or opportunity that requires an individual or an organization to choose among several actions that ________.
must be evaluated as right or wrong
A marketing plan begins with the _________ and ends with _________.
executive summary; key performance indicators
The ethical question of pollution from manufacturing is related to the marketing area of ________.
Which of the following could become an ethical issue in marketing as it relates to distribution?
Fast-food franchises being required to purchase certain products from the company
The first dimension of social responsibility for companies is to be ________ responsible, that is, to produce goods and services that are valued by society and to maximize profits for its owners and shareholders.
Companies have an obligation to act ethically, but only if its owners or managers believe it is the right thing to do.
Socially responsible companies are those that ________.
consider how they contribute to the well-being of customers and society
Each marketing objective should have associated marketing strategies, tactics, and key performance indicators.
If Frito-Lay defines its mission as being in the corn chip business rather than the snack-food business, this is an example of which of the following?
What is the purpose of tracking key performance indicators?
To identify areas where performance can be improved
Once the marketing plan is complete, it is important to avoid changes in order to correctly implement the marketing strategy
Which aspect of the marketing planning process takes place at the corporate level?
Determine organizational objectives
Once the marketing plan is complete, the company can then formulate and implement their ________.
________ is a social force within the environment that aids and protects the consumer by exerting legal, moral, and economic pressures on business and government.
Activities undertaken by independent individuals, groups, and organizations to protect their rights as consumers are the hallmarks of ________.
Consumers' right to be informed means consumers should have access to and the opportunity to review all relevant information about a product before buying it.
A company that knowingly ignores potential hazards in one of their products jeopardizes consumers' right to choose.
What is the purpose of a public policy research manager in a corporation?
To study the effect of the changing societal environment on the company
What is meant by the customer's right to safety?
Marketers are obligated to avoid marketing a product they know could harm consumers.
Which of the following is NOT one of the "four rights" of consumerism?
Right to low prices
The ________ ensures that consumers' interests will receive full and sympathetic consideration in the formulation of government policy.
right to be heard
What consumer right is protected by competition between companies?
Right to choose
Which of the following is a national organization devoted to consumer service and business self-regulation?
The Council of Better Business Bureaus
The Children's Online Privacy Protection Act of 1998 prohibits adulteration and misbranding of food and drugs sold over the Internet.
A company gets the greatest value from a SWOT analysis when it uses the information to create strategies that build value and to spot and avoid major risks.
One of the first laws to maintain a competitive business environment was the Sherman Antitrust Act of 1890.
Which federal agency has the broadest powers to influence marketing activities?
Federal Trade Commission (FTC)
Which term refers to that part of the marketing environment dealing with laws and regulations to maintain competitive conditions and protect consumer rights?
Which 21st century law created the National Do Not Call Registry?
Amendments to the Telemarketing Sales Rule
What is the purpose of antitrust laws?
To prevent the concentration of industry power in the hands of a small number of competitors
What organization is responsible for stopping false and deceptive advertising?
Federal Trade Commission (FTC)
A company's strengths and weaknesses are considered ________ factors, while opportunities and threats are considered _________ factors.
Robinson & Robinson Corp. are eager to add a new product line based on a recent patent. They are concerned about the ___________ represented by the fact that their production facilities are out of date and labor costs are high
Strategic planning is the responsibility of _______
The value of a SWOT analysis is that it can be implemented at any time after the strategic plan is implemented.
Why would powerful customers be considered a competitive threat to consider in a strategic plan?
they may possess greater negotiating leverage to extract price concessions or other favorable terms.
A long-term course of action toward an identified marketing goal is a marketing __________.
In a SWOT analysis, which two factors are both external factors to the firm?
opportunities and threats
Porter's Five Forces identify ___________ forces that influence planning strategies.
Which threat might result in lower profits for a company, usually as a result of the other four forces?
Rivalry among competitors
To determine the description of the market segment that is appropriate for a firm's products, as well as to estimate the size and sales potential of that group of prospects, the firm should consider developing a(n) ________
market opportunity analysis
To successfully target a segment of the market, the marketer must be able to fully describe what the members of the segment are like in terms of demographics, psychographics, and buyer behavior.
What type of competitive advantage is enjoyed by companies whose products are valued by customers for reasons that go beyond price alone?
Product/service differentiation competitive advantage
Saira is starting a new business. In order to determine her marketing strategy, she needs to know the right __________, that is, those types of people who would want or need her product.
A small company with limited resources that faces potential competition from huge competitors would be wise to develop a ________ competitive advantage by focusing on a small segment of the market.
Which of the following refers to something that indicates that costs decline at a predictable rate as experience with a product increases?
A company has achieved niche competitive advantage when it has an advantage that competitors cannot copy.
Which of the following would NOT be a good strategy for selecting a target market?
Appeal to market segments made up of previous customers
A firm's ________ is the set of unique features that their target market perceives them to have and believes makes them superior to their competitors.
A firm that is entering a newly identified market with a new strategy for communicating with customers about the same product is using ________ adaptation.
Which of the following describes the cost competitive advantage?
Being the low-cost competitor while still maintaining desirable profit margins
To create a marketing mix, a marketer must balance form, time, place, and possession.
Dollar Shave Club markets shaving products to men and uses a slightly different marketing campaign to target women that sells the same product. This is an example of what aspect of the marketing mix?
Which of the following is a question that marketers should ask themselves when developing their marketing mix for a newly identified target market?
Do we change our product for this market?
Changes to ________, consisting of factors that influence consumer buying power and marketing strategies, can require changes to the marketing mix.
he economic environment
Within the marketing mix, ________ marketing communicates the benefits of a good or service.
The ________ involves the combination of product, price, distribution, and promotion.
The marketing mix is used to build marketing strategies
What can managers use to identify areas that, with additional resources, would improve performance?
key performance indicators
The business unit level is the appropriate corporate level at which to ________.
implement strategy through operating plans
After a company implements a marketing strategy using several potentially profitable tactics, what should happen next?
Results should be measured against key performance indicators
The part of a marketing plan that involves implementation is the marketing objective.
Key performance indicators must be quantifiable to provide useful data on the effectiveness of your marketing plan.
What is the purpose of key performance benchmarks in a marketing plan?
To identify quantifiable outcome measures to provide objective data on the success of strategies and tactics to meet objectives
Which section of the marketing plan involves short-term implementation?
For a hotel that wants to increase its conference business, which of the following would be a marketing tactic it might use?
Offer a special discount for new conferences booked during off-peak months
Which of the following could be a key performance indicator for quantifying the success of a marketing strategy for a restaurant in a mid-sized city?
Comparing the number of dinner reservations made on Friday and Saturday nights to one year previously
Leverage is a way for a company to gain an advantage over a rival by matching an internal strength with an external opportunity.
A company can make use of ____________ when it matches an external opportunity with an internal strength
A firm's core competencies can be determined by analyzing external factors such as opportunities and threats
Which of the following is an example of a strategic planning item?
In the acronym SWOT, the T stands for ________
Which of the following would fit in the category of strengths during a firm's SWOT analysis?
The third regulatory phase of antitrust laws focused on protecting consumers by regulating __________.
how products were made and sold
What type of analysis enables managers to best determine how to fulfill the company's basic mission?
Different SWOT combinations can result in leverage, constraints, vulnerabilities, or problems for a company. Which of the following SWOT factor combinations add up to a problem for the company involved?
Lack of management depth plus likely entry of new competitors
A well-formulated mission statement gives an organization a clear purpose and direction, distinguishes it from competitors, provides direction for strategic planning, and fosters a focus on customers
Cell phones have become part of normal daily life around the world. If a company that manufactures ____________ does a SWOT analysis, this fact would be considered an external threat
An organizational mission must be defined in order to proceed to which next step of marketing planning?
Determining organizational objectives
A marketing objective is a statement of what is to be accomplished through marketing activities
A marketing objective should be ___________, so that the organization is able to track progress and compare outcomes against beginning benchmarks.
Which of the following would be a marketing objective in a hotel's marketing plan?
Increase fully booked nights by 30% by the end of the fiscal year
A mission statement is a written statement with which purpose?
To set out the leadership's long-term view or vision of what the organization wants to be
Which level of an organization is responsible for developing its mission statement?
How many marketing strategies should there be for every marketing objective?
There should be as many as are necessary and feasible
Donating money to charitable causes or participating in community outreach are examples of an organization's ________ responsibility.
Organizations have an ethical responsibility to be profitable in order to pay employees and remain in business.
Which of the following would be considered socially responsible marketing?
A campaign to encourage people to avoid distracted driving
A company's ________ responsibilities involve doing what is right, beyond its economic and legal obligations.
Organizations have the responsibility to fulfill their economic goals ________
Which of the following is a benefit to the company that adheres to a socially responsible agenda?
Socially responsible companies gain trust and goodwill.
A marketing plan is a written plan that _______
outlines the strategic marketing goals of an organization
The __________ section of the marketing plan details specific goals to be achieved
Which of the following scenarios creates a conflict for a company in balancing its ethical and economic responsibility?
Whether to put a retail outlet in an underserved area, even if profits will be very small
Which best defines environmental scanning in relation to changes in the marketing environment?
A process to survey and interpret relevant data to identify external opportunities and threats
Which is NOT a good example of a threat or opportunity derived from an environmental analysis?
Stalled gross domestic product (GDP)
Environmental scanning focuses only on the external forces in the market place.
Within the overall marketing environment, which are the five interrelated dimensions that influence target markets?
Competitive, technological, political-legal, economic, and sociocultural
Which statement is most accurate?
An organization that views environmental forces as uncontrollable remains passive and reactive toward the environment.
Identifying marketing opportunities or extracting greater benefits relative to costs from existing marketing opportunities is a good example of a ______.
proactive attempt to influence and shape an environmental force
Changes in the marketing environment resolve uncertainty, threats, and opportunities for marketers.
The five dimensions of the marketing environment are dynamic and ________ each other.
In relation to a firm's performance, social responsibility involves accepting an obligation to give equal weight to_______ factors.
profits, consumer satisfaction, and social well-being
Which is a good example of indirect competition?
Pizza Hut versus DiGiorno pizza
Pure competition, if it existed at all, would entail an extremely small number of sellers, all of which could significantly influence price or supply.
Within competitive structures, products within a monopolistic competition environment would have which characteristics?
Products differentiated with many substitutes
Competition that provides very different products that solve the same problem or satisfy the same basic customer need would best be known as ________ competition.
Which best describes the difference between direct and indirect competition?
Direct competition occurs among manufacturers of similar products; indirect competition involves products that are easily substituted with others
Which of the following is the best example of a barrier that makes it difficult to enter a market and compete with oligopolies?
The cost is an enormous financial investment.
Which list best defines the four types of market competition?
Brand, product, generic, and budget
At a high level, which of the following is typically NOT a question that product marketing asks of their organizations when determining a competitive strategy?
With whom should we compete?
Brand competitors market products within the same product class, but with different features, benefits, and price.
Which segment of the United States population was born post World War II and still represents a very large selling and marketing opportunity?
To prepare for the changing societal environment and future impact on their organization, many companies have developed a consumerism task force.
Which of the following best outlines why marketers must remain sensitive to society's demographic shifts and changing values?
To determine how consumers will react to products and marketing practices
Which best defines consumerism?
A social force that aids and protects the consumer by exerting legal, moral, and economic pressures on businesses and governments.
Changes in a population's demographic characteristics—age, gender, race, ethnicity, marital and parental status, income, and education—have a significant bearing on relationships and individual behavior.
Which of the following best defines the sociocultural environment?
The relationship between marketing, society, and culture
Which market segment group relies more heavily on convenience foods, restaurants, travel, entertainment, and recreation?
What are three major issues that must be considered when examining sociocultural forces?
Demographic and diversity characteristics, cultural values, and consumerism
Which best defines sociocultural forces that influence society?
Forces that change people's attitudes, beliefs, norms, customs, and lifestyles
Deflation can be a long and damaging downward spiral. Which of these is NOT a result of deflation?
Increase in raw material costs
How is a recession defined as it relates to the national gross domestic product?
A recession is defined as occurring when the gross domestic product falls for two consecutive quarters.
Historically, the economy has tended to follow a cyclical pattern that alternates between shorter periods of expansion and longer periods of contraction.
Which element is NOT a component of buying power sources?
Which term describes the amount of money people have left to spend after buying necessities?
Which selection contains the business cycles, from a traditional view?
Prosperity, recession, depression, and recovery
Juan has the ability to buy goods, and a high inclination to purchase a product because of his expected satisfaction from said product. Which term best describes Juan's state?
He has a willingness to spend.
Employment rises during recessions and declines during economic expansions.
Which business cycle has high unemployment that declines and total disposable income that increases?
Which federal law established procedures to avoid unwanted telephone solicitations and prohibits marketers from using an automated telephone dialing system or an artificial or prerecorded voice to certain telephone lines?
Telephone Consumer Protection Act (1991)
Which federal agency most heavily influences marketing activities?
Federal Trade Commission (FTC)
The history of U.S. government regulations can be divided into four phases. In order, which best describes these
Antimonopoly, regulating competition, protecting consumers, and deregulating specific industries
Which best describes why the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was created?
To increase accountability and transparency in the financial industry
Which of the following is NOT a reason why marketing organizations strive to maintain good relations with elected and appointed political officials?
Government officials who believe companies are making honest attempts to address consumerism concerns are more likely to create and enforce laws.
One of the first pro-competition legislative acts was the development of the Federal Trade Commission (FTC).
In lieu of government regulation, industries sometimes self-regulate. Which is NOT an advantage of industry self-regulation?
The establishment of self-regulation enforces penalties for involuntary compliance with regulatory laws
Because of self-regulation, compliance laws, and private consumer-based agencies, the Federal Trade Commission allocates only a small portion of resources to curbing false advertising, misleading pricing, and deceptive packaging and labeling.
Which of the following is NOT an enforcement tool the Federal Trade Commission (FTC) uses for companies that violate laws or policy?
Who is responsible for funding most of the technology research that has been commercialized in the last several decades?
The federal government
Managers will try to foresee the effects of new products and processes on their firm's operations by completing what activity?
The rapid technological growth of the last several decades is expected to level off as innovation has slowed down.
Which is a developing technology that can help marketers obtain, store, and process data for marketing intelligence?
McKinsey and Company, a global consulting firm, recognizes four stages that an existing firm may go through when faced with disruptive technology. Which of the following is NOT one of the stages?
Change takes a leap
Which best defines disruptive technology?
Disruptive technology is one that displaces an established technology, or a product that creates a completely new industry.
Which is NOT a trend resulting from technology and innovation?
Consumers are moving away from the Internet and are more reliant on the mobile device.
Applied research attempts to develop new or improved products.
Regarding marketing and technology, which best defines the technological environment?
The application of knowledge based on discoveries in science, inventions, and innovations
Which of the following is one of the top imports into the United States
Importing is defined as purchasing __________.
foreign goods and services
Recognizing and creating a plan to address international marketing opportunities by using effective marketing strategies is called ________.
Without exports, a country would be limited to providing consumers with only the goods and services produced within its own borders.
Why would an American firm choose to manufacture its products in a developing country
Lower labor cost
Why is trade with foreign markets important for North American marketers?
Newer markets in developing countries create opportunity for North American products
What is defined as the marketing of domestically produced goods and services abroad?
Some of the benefits of importing goods into the United States include increased access to resources, lower prices, and expanded choices for consumers.
Which of the following could make it harder for a US exporter to another country to compete on price with a company already in that country?
Unfavorable exchange rate
What is meant by the term exchange rate?
The price of one nation's currency in terms of another country's currency
A nation's size, per-capita income, and ____________ determine what types of products will be successful there
stage of economic development
Quotas on imports are a type of ___________, which can be more subtle than tariffs.
administrative trade barrier
An inadequate infrastructure may constrain marketers' plans to manufacture, promote, and distribute goods and services in a particular country.
A US company is planning to expand its market into a developing country. Concerned about rumors of unrest, the company decides to conduct a(n) ____________ before enacting their plans.
political risk assessment
Before entering a foreign market, it is important to understand its language and ____________, which can take time.
Which term refers to the underlying foundation for modern life that includes transportation, communications, banking, utilities, and public services?
Legal requirements of host nations do not affect foreign marketers, only companies based within that country.
Which of the following is a 164-member organization that oversees trade agreements among its members?
World Trade Organization
World Trade Organization
Increased company profit
The best-known example of a multinational economic community is the _______.
Which of the following has created a roadblock to the World Trade Organization's (WTO's) progress?
Differences between developed and developing nations
Taxes levied against foreign goods are called ______
When member countries have disputes over trade, the decisions of the World Trade Organization (WTO) are binding on the parties.
What is the purpose of the North American Free Trade Agreement (NAFTA)?
Removing trade restrictions between the United States, Canada, and Mexico
Which of the following is one of the drawbacks of free trade between nations?
Workers in one country lose jobs as manufacturing moves to countries with cheaper labor.
Free-trade areas are places where goods and services are exchanged directly through barter rather than using currency or currency equivalents.
A publishing company hopes to save money when it decides to lay off its editing and marketing workers in its country of origin and __________ that work in a developing c
Most large companies have __________ with offices and/or factories in countries around the world
International direct investment can offer competitive advantages despite high levels of involvement and risk.
The acquisitions strategy gives the buyer a fully functioning operation in a new country, which usually requires significant investment.
When companies share the risks, costs, and management of the foreign operation with one or more partners, they are engaged in ________
When entering foreign markets, it is generally true that the more control a strategy offers, the _____
greater the risk required
Which type of organization buys products from domestic producers and resells them abroad?
Export trading company
A benefit of _____________ is that a proven concept helps reduce risk in a business
Which strategy allows companies to distribute their goods globally without setting up formal operations in those markets?
Which of the following questions would a marketer ask during an analysis of demand in the international marketing mix?
Is the demand curve similar internationally and domestically
What could an American fast-food restaurant do to increase market share in a developing country?
Offer locally familiar foods in addition to their original menu items.
In the international marketing mix, dual adaptation means ________.
changing both the promotion strategy and the product itself for the new market
A marketer for a soft drink company realizes they need to change their tagline for a new market because the translation has unfortunate implications. This change is a(n) _________ adaptation.
When a company realizes that its product will not work in a particular international market, no matter what promotion strategy they use, what can they do in order to enter that market?
Create a new product
Usually, the international marketing mix needs to be ________ according to cultural, regional, and national differences.
What is the difference between traditional international marketing and globalization?
Traditional international marketing is customized to new locations, while globalization treats the entire world market as a single entity
A globalized firm markets standardized products in the same way everywhere.
It is considered to be a violation of marketing ethics to market products in developing nations that are considered obsolete in industrialized countries.
Which of the following is one of the advantages of free trade between nations?
Increased company profits
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