mkt 3000 practice test lamb 1-5.doc

Marketing 3000 Practice Exam Lamb Chaps 1-5True/FalseIndicate whether the statement is true or false.____1.An exchange cannot take place unless each party in the exchange has something that the other party values.____2.Berkshire Hathaway Inc., a large property insurance company, owns a large chain of jewelry stores and has recently purchased Russell Corporation, a manufacturer of sporting goods. Berkshire Hathaway uses a market penetration strategy.____3.Strategic planning is most effective when managers view it as an annual exercise.____4.Ethical questions range from narrowly defined issues to broader philosophical, social questions.____5.Social change is perhaps the most difficult external variable for marketing managers to forecast, influence, or integrate into marketing plans.____6.The average teen earns about $45.00 per week.____7.Marketers need a thorough understanding of the laws established by the federal government, state governments, and regulatory agencies.____8.The same environmental factors that operate in the domestic market also exist internationally. These factors (culture, economic, political structure and actions, demographic makeup, and natural resources) should be examined regardless of the country.____9.In general, average family incomes are higher in more developed countries than in the less developed countries.____10.According to research done by the World Bank, countries with the greatest amount of business regulation foster the strongest economies.Multiple ChoiceIdentify the choice that best completes the statement or answers the question.____1.Fujifilm Computer Products has improved the efficiency and productivity of its plant, which manufactures printing technology. For the new fiscal year, the company projects a production increase of 25 percent. It has instructed its sales force to aggressively distribute and promote its printers. The CEO is sure the market will absorb more product if the sales force is determined and assertive. Fujifilm appears to have a _____ orientation.

a.market

b.production

c.sales

d.customer

e.marketplace

____2.Which marketing management philosophy focuses on the question, How can we sell more aggressively?

a.Production

b.Marketing

c.Sales

d.External

e.Internal

____3.A company that has a market orientation and adheres to the marketing concept does NOT:

a.integrate all the activities of the firm to satisfy customer wants

b.focus on consumer needs and wants

c.differentiate the firms products from its competitors products

d.fuel sales growth through the application of aggressive sales techniques

e.concentrate on long-term goal achievement (such as profits and growth) for the firm

____4.After hearing his company criticized for its failure to respond to consumer needs, the CEO of a bank realized that his company needs to adhere to the marketing concept and implement a market-oriented strategy. Which of the following actions would be the best approach to achieving this goal?

a.Reorganizing the company and making marketing its most important department

b.Hiring new salespeople to find new customers

c.Expanding the advertising budget to make potential customers more aware of its product offerings

d.Creating cross-functional teams and instructing them to focus on creating greater customer value

e.Hiring a new product development manager

____5.Life is good developed the Good Karma line of environmentally friendly 100% organic cotton apparel. The production of the Good Karma line is consistent with a _____ orientation.

a.societal marketing

b.supplier

c.sales

d.production

e.philanthropic

____6.Jewelry stores want to provide their customers with the highest quality of diamonds available at the lowest possible prices. Unfortunately, the lowest priced diamonds these days are sold by African rebels who use the profits to engage in genocide. Human rights organization have asked jewelers to buy diamonds that are conflict freethat is, from South Africa, Australia, or Canada. LeeBrant is one retail jewelry store that sells only diamonds that are certified to be from these countries. LeeBrant is exhibiting which marketing management orientation?

a.Production

b.Sales

c.Societal marketing

d.Direct

e.Omnipotent

____7.Ninety-six percent of USAA home insurance policy holders report that USAA representatives meet their commitment in calling back customers quickly about claims. The most likely result of USAAs efforts is:

a.management empowerment

b.retailer-customer synergy

c.customer satisfaction

d.transactional marketing

e.disintermediation

Circuses

As recently as 20 years ago, circuses came to town with tents, animals, clowns, and other performers. An advance man arrived about two weeks before the circus actually arrived, covered the community with posters, and gave out free tickets to schoolchildren. If the advance man had done a good job, when the circus arrived and opened its tent doors, 300 to 600 people would fill its seats. When the largest circus organizations merged, the newly formed Ringling Bros. and Barnum & Baileys Greatest Show on Earth began performing in 4,000-seat arenas. Attendance, however, has stagnated in recent years. People have stopped going to the circus because they miss the circus tent and the intimate atmosphere it created. The newest thing in circuses is a return to the tent atmosphere with an emphasis on the types of entertainment that were popular years ago. Antique circus wagons, calliope music, and cotton candy are replacing the exotic animals and the prima donna performers. To satisfy the needs of this new audience, the tent circus now sells lattes and wine.____8.Refer to Circuses. The circuss goal of redesigning the circus experience is being completed through the coordination of many marketing activities, such as value pricing, a product that includes exciting performances, tent venue locations, and promotion. These activities make up the _____ for the circuses.

a.opportunity analysis

b.value of marketing

c.marketing environment

d.target market

e.marketing mix

Starbucks Loyalty RewardsThe first Starbucks opened in 1970 in Seattle, Washington. The demand for its coffee grew, and Starbucks added more than 6,000 stores located in over 30 countries. In its more than 30-year history, Starbucks has never given out coupons for its coffee. Starbucks needed only to make its coffee and customers came. Recently, consumer quality perception of the Starbucks brand has started to fall. Starbucks started a consumer response blog to learn more about what consumers expect from Starbucks. One of the most common requests was for a customer rewards program. In response, Starbucks started My Starbucks Rewards, which offers free refills on brewed coffee, free beverage with whole bean purchase, beverage customization, and free Wi-Fi. Starbucks also put coupons in a national newspaper for those consumers who love coupons and created a new brew of coffee for those who prefer a milder coffee taste. Starbucks is hoping that these improvements will restore customers loyalty and confidence.____9.Refer to Starbucks. The fact that management realized that coffee drinkers had different needs, whether it be using coupons, wanting a milder brew of coffee, or using free Wi-Fi, shows that Starbucks is now using a _____-oriented approach.

a.sales

b.market

c.production

d.societal

e.product

____10.Clay Market began as a retailer of terra-cotta pots and garden figures imported from Turkey and Mexico. It has since added Turkish rugs and fabrics, leather-trimmed purses, and a line of womens clothes for its customers. These activities are indicative of a _____ strategy.

a.vertical integration

b.market penetration

c.diversification

d.product development

e.market development

____11.John R. Harland Company is best known for printing checks. Its Financial Solutions division develops software for mortgage companies, which is a growing industry. This division is currently not producing at the desired level of profitability, but Harland plans to turn the division into a success by acquiring other companies that develop similar software. To accomplish this, Harland will be engaging in a _____ strategy.

a.harvesting

b.diversification

c.divesting

d.holding

e.building

____12.Earl is starting a new bank. Before the opening day, Earl had a meeting with all employees. He discussed their mission, defined objectives for the bank for the coming years, and shared who their target market is. He talked about their product offerings and where their future branches would be located. Earl is sharing the banks:

a.reengineering

b.hierarchical restructuring

c.financial analysis

d.marketing plan

e.strategic contingency planning

____13.Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good customer service.

a.brand name strategy

b.niche competitive advantage

c.cost competitive advantage

d.marketing competitive advantage

e.synergistic competitive advantage

____14.Aldi is a no-frills grocery chain. It sells grocery staples right out of crates and boxes with emphasis on low-priced, private label brands. Aldi stores are typically about one-third the size of the traditional supermarket. By controlling expenses, Aldi enables its customers to save 30 to 50 percent compared to Kroger customers. The chain targets bargain hunters who are willing to rent a cart and bag their own groceries. Aldi has a:

a.market-homogeneous focus

b.cost competitive advantage

c.product aggregation strategy

d.revenue-based competitive advantage

e.profit-enhanced advantage

____15.Patents on prescription medications give pharmaceutical companies that own the patents a(n) _____ for 17 years until the patent expires.

a.targeted market position

b.sustainable competitive advantage

c.strategic focus

d.situational strength

e.opportunistic privilege

____16.All of the following are functions served by objectives EXCEPT:

a.communicating philosophies and provide direction

b.motivating employees

c.clarifying executives thinking

d.forming the basis for control

e.guaranteeing market performance

____17.InBev bought Anheuser-Busch. How will this purchase affect InBevs marketing mix?

a.It will only affect the product element of InBevs marketing mix.

b.It will only affect InBevs four Psnot its marketing mix.

c.It will affect all of InBevs marketing mix elements, either directly or indirectly.

d.It will not affect the promotion or distribution elements of the InBev marketing mix.

e.It will have no affect on InBevs marketing mix.

____18._____ provides the mechanisms for evaluating marketing results in light of the plans objectives and for correcting actions that do not help the organization reach those objectives within the budget guidelines.

a.Control

b.Implementation

c.Reengineering

d.Planning

e.Budgeting

____19.All of the following are common reasons why companies fail to achieve a marketing objective EXCEPT:

a.unrealistic marketing objectives

b.poor implementation

c.plan not formalized

d.inappropriate marketing strategies

e.changes in the environment after the objective was specified and the strategy was implemented

____20.Which of the following is an argument used to support corporate social responsibility (CSR)?

a.The free market, not companies, should decide what is best for the world.

b.CSR can be a profitable undertaking.

c.Businesses are not responsible for social or environmental problems.

d.Businesses dont have the expertise to make social decisions.

e.CSR is universally recognized, so there is no need for arguments to support CSR.

____21.Japanese law prohibits the storage of more than 50 pounds of explosive at any single site in the nation. Every night, Universal Studios Japan hosts a fireworks display. The theme park recently came under government investigation when allegations were made that the park was detonating more than 50 pounds of explosives in its nightly fireworks displays. If the allegations are true, in terms of the pyramid of corporate social responsibility, then Universal Studios Japan is not operating at a(n) _____ responsibility level.

a.Legal

b.philanthropic

c.ethical

d.economic

e.cultural

____22.In the future, electrical power may come from quantum nucleonics, a form of nuclear power that produces no residual radiation. The ability to use this form of power will require equipment adaptations, but it will solve the worlds need for clean and efficient power. Companies that replace inefficient sources of power with quantum nucleonics only after they are required to by the Environmental Protection Agency are operating at a(n) _____ responsibility level.

a.Legal

b.philanthropic

c.ethical

d.economic

e.cultural

____23.The external environment:

a.can be controlled in much the same manner as the internal marketing mix

b.cannot be influenced by marketing managers

c.does not change over time

d.does not have an impact on Fortune 500 companies

e.must be continually monitored by marketing managers

____24.The Michigan State Legislature tried to pass a bill requiring concert promoters and venue operators to print parental warnings on tickets and advertisements for concerts and shows by performers whose recordings had content advisory labels. Promoters and venue operators prevented the passage of this bill, arguing that it would require them to make value judgments for which they were ill equipped. The promoters and operators engaged in:

a.internal marketing

b.illegal practices

c.environmental management

d.reengineering

e.corporate espionage

____25.Kendra teaches high school science. She is also a wine expert, a PTA president, and an accomplished sculptor. Her other interests include scrapbooking, gourmet cooking, and NASCAR. Marketers would categorize Kendra as:

a.fitting into a caregiver segment

b.a member of the typical education-based target segment

c.not belonging to any target market

d.having a component lifestyle

e.having a conforming lifestyle

____26.One of the fastest growing tween markets is:

a.Technology

b.Home dcor

c.Energy drinks

d.entertainment

e.Athletic apparel

____27.Which type of research is also called pure research and attempts to expand the frontiers of knowledge but is not aimed at a specific, pragmatic problem?

a.Applied

b.Basic

c.Primary

d.Secondary

e.Synergistic

____28.People who are concerned about potential hazards surrounding natural dietary supplements should take their concerns to the _____.

a.Federal Trade Commission

b.Consumer Product Protection Commission

c.U.S. Justice Department

d.Food and Drug Administration

e.American Safety League

____29.Abetta, Royal King, Kincade, EquiRoyal, and Amadeus are all manufacturers and marketers of Western-style saddles for horses. Thus, the manufacturers are _____ factors in each others external environments.

a.component lifestyle

b.competitive

c.economic

d.social

e.legal and regulatory

E-cigarettes

Smoking inflames nonsmokers and claims the lives of more than 400,000 smokers each year, so the electronic cigarette is a welcomed alternative. Electronic cigarettes, called e-cigarettes, are battery-powered devices that emit a vapor from nicotine, flavorings, and other chemicals. It looks like a cigarette and allows smokers to inhale the nicotine vapor in places where smoking is not allowed. The product has been touted as a means to quit smoking as well. However, critics, especially the Food and Drug Administration (FDA), claim that vaping poses risks. In fact, the FDA claims its tests revealed a toxic chemical that is found in antifreeze as well as other carcinogens. The FDA blocked a shipment of the product from China and banned the sale of this product in the United States. In addition to the safety issue, the FDA is concerned that children might be attracted to this product because it comes in flavors other than traditional menthol, such as bubble gum, chocolate, and strawberry. The FDA wants this product to go through the same rigorous testing that drugs must go through before being marketed. However, the FDAs authority over this product is questioned. While Congress has recently given the FDA authority over tobacco products, this is not a tobacco product and the Electronic Cigarette Association is fighting the ban.____30.Refer to E-cigarettes. Marketers of the e-cigarette claim that they are not marketing the product to children, particularly because a starter kit costs over $100. Which economic factor are the marketers claiming will likely keep this product out of the hands of children?

a.Income

b.Inflation

c.Recession

d.Purchasing power

e.Interest rates

____31.Refer to E-cigarettes. The Food and Drug Administration is part of which environmental factor affecting the marketing of this product?

a.Demographic

b.Technological

c.Political and legal

d.Competitive

e.Economic

Dog Spa

Kelly Tumlin wants to open a dog grooming salon that will offer healthy, natural pet care and holistic pet products. All of the products sold at the salon will be of the highest quality and made of all-natural ingredients. Tumlin wants to pamper pets just like a spa pampers its owners. To determine the feasibility of the grooming salon, Tumlin hired a marketing researcher who studied all the market information available and determined that single, white-collar workers between the ages of 30 and 60 were the most likely people to use the services proposed by Tumlin. The researcher also determined that the West side of the city offers the best location for the enterprise even though zoning regulations are much stricter in that area.____32.Refer to Dog Spa. The fact that people would actually treat their dogs to a luxurious spa treatment reflects a change in _____ factors within the external environment.

a.demographic

b.social

c.technological

d.geographic

e.political

____33.H. J. Heinz, the ketchup company, gets over half of its revenue from international sales. This shows that:

a.U.S. citizens are using less ketchup.

b.their market share should increase.

c.Heinz needs to abandon the U.S. market.

d.sales need to be increased domestically.

e.adopting a global vision can pay off.

____34.Muslim countries are receptive to most Disney products, but they have asked Disney not to include Piglet when it sells its Winnie the Pooh characters because Muslims (as a part of their religious beliefs) contend that pork in any form is unclean. This is an example of a _____ factor that directly affects Disney's global operation.

a.political structure

b.cultural

c.technological

d.competitive

e.natural resource

____35.Since 1953, the United States has limited the amount of raw peanuts that can be imported to 1.7 million pounds a year. This is only about one-tenth of 1 percent of all domestic edible peanut consumption in the United States. This limitation is an example of a(n):

a.natural resource barrier

b.quota

c.tariff

d.exchange control

e.boycott

____36.The goal of the Central America Free Trade Agreement is to:

a.create free trade agreements between the United States and other industrialized nations.

b.eliminate all protectionism.

c.raise prosperity levels in all industrializing nations.

d.establish a free trade agreement between the United States and certain Latin American countries.

e.make sure all nations achieve the economic and technological development of a takeover economy or better.

____37.Which of the following statements about the European Union (EU) is true?

a.The EU creates a single Europroduct for a generic Euroconsumer.

b.The EU removes all internal trade barriers and standardizes regulations in European countries for easier trade.

c.The EU can correctly be called the United States of Europe because all European voters have agreed to these changes.

d.The existence of the EU eliminates protectionist movements by United Europe against the Japanese and the United States.

e.The EU is the largest economy in the world.

____38.The International Monetary Fund (IMF) was founded in 1945 to:

a.create a safe working environment for workers throughout the world.

b.promote trade through financial cooperation and eliminate trade barriers in the process.

c.create knowledge databases on a wide range of subjects for developing nations.

d.uncover economic fraud and corruption worldwide.

e.found micro-banks in developing nations.

____39.A multinational company that makes a labor-intensive product would be interested in the _____ makeup of countries. Factors such as median age, gender, and literacy rates would determine the success of its global expansion.

a.demographic

b.lifestyle

c.natural

d.cultural

e.economic

____40.AFLAC has had to ditch the AFLAC duck in its Japanese commercials because the Japanese consumer does not like to be yelled at. Since Japan is the source of about 70 percent of the insurance companys business, it had no trouble adopting a _____ strategy.

a.product substitution

b.market differentiation

c.promotion adaptation

d.product invention

e.market diversification

____41.Currency markets operate under a system in which the prices of different currencies move up or down based on the demand for and supply of each currency. This practice is called:

a.Countertrading.

b.floating exchange rates.

c.variable purchasing power.

d.flexible monetary policies.

e.purchasing power elasticity.

____42._____ is generally defined as the sale of an exported product at a price lower than that charged for the same or a like product in the home market of the exporter.

a.Export reengineering

b.Crossdocking

c.Boycotting

d.Dumping

e.Countertrading

Kit Kat

The popular Kit Kat chocolate bar was created by Rowntrees, a confectionary company in the United Kingdom, in 1935. By the 1940s, Rowntrees was exporting Kit Kats to Australia, New Zealand, South Africa, and Canada. The brand further expanded in the 1970s when Rowntree created a new distribution factory in Germany to meet European demand, and established agreements to distribute the brand in the USA and Japan, through the Hershey and Fujiya companies respectively. In June 1988, Nestl acquired Kit Kat through the purchase of Rowntrees, giving Nestl global control over the brandexcept in North America, where it is made under license by the Hershey Company. Variants in the traditional chocolate bar began to appear in the mid-1990s and have continued to develop ever since. Kit Kat Japan, in particular, has many unique flavors such as mango-flavored, cucumber, and wasabi Kit Kats. Today, Nestl produces Kit Kat bars in 21 countries and has expanded its marketplace in Japan, Russia, Turkey, and South America, in addition to markets throughout Europe.____43.Refer to Kit Kat. The Kit Kat manufacturing facilities in Egypt, Ukraine, Bulgaria, and 18 different countries are only small parts of the Nestl organization. Nestl can be called a(n):

a.domestic trader.

b.cultural trader.

c.multinational corporation.

d.export agent.

e.localized corporation.

____44.Refer to Kit Kat. Variants to the traditional chocolate Kit Kats are sold in various markets around the world. In Japan, for example, you can purchase a cheese or lemon-vinegar Kit Kat. Which strategy is Nestl using?

a.Dumping

b.Product adaptation

c.Promotion adaptation

d.Countertrading

e.Distribution

Wataniya MobileWataniya Mobile is offering cellular service in the Palestinian territories. It is only the second cell phone carrier in the region and is significant because it is owned by foreign companies and investors like the Qatari royal family and the Palestine Investment Fund. The new service is aimed at increasing cell phone penetration, which is only 35 percent, in this economically challenged area. It has not been easy for Wataniya, though. It took two years to gain the required license from Israel, which controls the Palestinian territories airwaves and bandwidth required for the service. Even though Wataniya is allowed bandwidth, it has only received 3.8 megahertz of bandwidth from Israel, which is not enough for it to offer 3G mobile services that enable Web browsing and e-mail.____45.Refer to Wataniya Mobile. In which stage of globalization is Wataniya Mobile?

a.Stage one

b.Stage two

c.Stage three

d.Stage four

e.Stage five

Marketing 3000 Practice Exam Lamb Chaps 1-5

Answer SectionTRUE/FALSE

1.ANS:TPTS:1OBJ:LO: 1-1TOP:AACSB: Reflective Thinking

KEY:CB&E Model: StrategyMSC:BLOOMS: Level II Comprehension

2.ANS:F

Berkshire Hathaway uses a diversification strategy.PTS:1OBJ:LO: 2-3TOP:AACSB: Reflective Thinking

KEY:CB&E Model: StrategyMSC:BLOOMS: Level III Application

3.ANS:F

Strategic planning requires creativity and an ongoing commitment, not just going through the motions once a year.PTS:1OBJ:LO: 2-12TOP:AACSB: Reflective Thinking

KEY:CB&E Model: StrategyMSC:BLOOMS: Level VI Evaluation

4.ANS:TPTS:1OBJ:LO: 3-1TOP:AACSB: Ethics



KEY:CB&E Model: StrategyMSC:BLOOMS: Level I Knowledge


KEY:CB&E Model: CustomerMSC:BLOOMS: Level II Comprehension




KEY:CB&E Model: International Perspective

MSC:BLOOMS: Level II Comprehension



MSC:BLOOMS: Level I Knowledge

10.ANS:F

Those with the least amount of business regulation foster the strongest economies.PTS:1OBJ:LO: 5-3TOP:AACSB: Reflective Thinking


MSC:BLOOMS: Level II ComprehensionMULTIPLE CHOICE

1.ANS:C

A sales orientation is based on the belief that people will buy more goods and services if aggressive sales techniques are used.PTS:1OBJ:LO: 1-2TOP:AACSB: Reflective Thinking


2.ANS:C

A sales orientation is based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.PTS:1OBJ:LO: 1-2TOP:AACSB: Reflective Thinking


3.ANS:D

Aggressive sales techniques are part of the sales orientation and are not needed if a company is meeting the needs and wants of its customers.PTS:1OBJ:LO: 1-2TOP:AACSB: Reflective Thinking

KEY:CB&E Model: StrategyMSC:BLOOMS: Level VI Evaluation

4.ANS:D

Market-oriented companies are successful in getting all business functions working together to deliver customer value.PTS:1OBJ:LO: 1-2TOP:AACSB: Reflective Thinking


5.ANS:A

Societal marketing orientation is the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve individuals and societys long-term best interests.PTS:1OBJ:LO: 1-2TOP:AACSB: Ethics


6.ANS:C

LeeBrant has a societal marketing orientation because it is not only trying to satisfy customers wants but also is trying to enhance societys long-term best interests. The other jewelers that continue to sell diamonds purchased from the rebels are more interested in satisfying their customers desire for lower prices than in serving society.PTS:1OBJ:LO: 1-2TOP:AACSB: Ethics


7.ANS:C

When customer expectations regarding product quality, service quality, and value-based price are met or exceeded, customer satisfaction is created.PTS:1OBJ:LO: 1-3TOP:AACSB: Reflective Thinking

KEY:CB&E Model: CustomerMSC:BLOOMS: Level III Application

8.ANS:E

Marketing mix elements include product, place, promotion, and price.PTS:1OBJ:LO: 1-3TOP:AACSB: Reflective Thinking

KEY:CB&E Model: Product | CB&E Model: Distribution | CB&E Model: Pricing | CB&E Model: PromotionMSC:BLOOMS: Level III Application

9.ANS:B

A market-oriented organization recognizes that different consumer groups want different features or benefits.PTS:1OBJ:LO: 1-3TOP:AACSB: Reflective Thinking


10.ANS:D

Product development stimulates new sales to existing markets. Since the question states the items are for the firms customers, they are aimed at existing markets (buyers).PTS:1OBJ:LO: 2-3TOP:AACSB: Reflective Thinking


11.ANS:E

If an organization has a strategic business unit that it believes has potential to be a star, building would be an appropriate strategy.PTS:1OBJ:LO: 2-3TOP:AACSB: Reflective Thinking


12.ANS:D

See Exhibit 2.4. All the listed activities are part of the marketing planning process.PTS:1OBJ:LO: 2-4TOP:AACSB: Reflective Thinking

KEY:CB&E Model: Marketing PlanMSC:BLOOMS: Level III Application

13.ANS:C

Having a cost competitive advantage means being the low-cost competitor in an industry while maintaining satisfactory profit margins.PTS:1OBJ:LO: 2-7TOP:AACSB: Reflective Thinking


14.ANS:B

A cost competitive advantage is a set of unique features of a company and its product that are perceived by the target market as significant and superior to the competition.PTS:1OBJ:LO: 2-7TOP:AACSB: Reflective Thinking


15.ANS:B

A sustainable competitive advantage is one that cannot be copied by the competition, in this case at least until the patent expires.PTS:1OBJ:LO: 2-7TOP:AACSB: Reflective Thinking


16.ANS:E

Objectives serve four functions: communicating, motivating, clarifying, and aiding in the control function.PTS:1OBJ:LO: 2-8TOP:AACSB: Reflective Thinking

KEY:CB&E Model: StrategyMSC:BLOOMS: Level IV Analysis

17.ANS:C

The purchase will directly change the companys product mix and indirectly affect its promotion, pricing, and distribution elements.PTS:1OBJ:LO: 2-10TOP:AACSB: Reflective Thinking


18.ANS:A

This is the definition of control.PTS:1OBJ:LO: 2-11TOP:AACSB: Reflective Thinking

KEY:CB&E Model: Marketing PlanMSC:BLOOMS: Level I Knowledge

19.ANS:C

Even a formalized plan can fail.PTS:1OBJ:LO: 2-11TOP:AACSB: Reflective Thinking


20.ANS:B

Smart companies can prosper and build shareholder value by tackling global problems.PTS:1OBJ:LO: 3-3TOP:AACSB: Ethics


21.ANS:A

Universal Studios Japan is not obeying the letter of the law.PTS:1OBJ:LO: 3-3TOP:AACSB: Reflective Thinking

KEY:CB&E Model: ProductMSC:BLOOMS: Level III Application

22.ANS:A

At the legal responsibilities level, the business obeys the law.PTS:1OBJ:LO: 3-3TOP:AACSB: Reflective Thinking


23.ANS:E

The goal in gathering the environmental data is to identify future market opportunities and threats.PTS:1OBJ:LO: 4-1TOP:AACSB: Reflective Thinking


24.ANS:C

Environmental management means attempting to influence external environmental factors.PTS:1OBJ:LO: 4-1TOP:AACSB: Reflective Thinking


25.ANS:D

A component lifestyle pieces together products and services that fit a variety of interests and needs and does not conform to any particular stereotype.PTS:1OBJ:LO: 4-2TOP:AACSB: Reflective Thinking


26.ANS:B

One of the fastest growing tween markets is home dcor. Boys and girls want their rooms to be more than just rooms.PTS:1OBJ:LO: 4-3TOP:AACSB: Reflective Thinking

KEY:CB&E Model: CustomerMSC:BLOOMS: Level II Comprehension

27.ANS:B

Basic research aims to confirm an existing theory or to learn more about a concept or phenomenon.PTS:1OBJ:LO: 4-6TOP:AACSB: Reflective Thinking

KEY:CB&E Model: ResearchMSC:BLOOMS: Level III Application

28.ANS:D

The Food and Drug Administration focused on the safety of food and drugs. See also Exhibit 4.2.PTS:1OBJ:LO: 4-7TOP:AACSB: Reflective Thinking


29.ANS:B

The competitive environment encompasses the competition a firm must face.PTS:1OBJ:LO: 4-8TOP:AACSB: Reflective Thinking


30.ANS:A

The purchaser of this product must have a large enough income to purchase this relatively expensive product.PTS:1OBJ:LO: 4-5TOP:AACSB: Reflective Thinking


31.ANS:C

The Food and Drug Administration is federal regulatory agency.PTS:1OBJ:LO: 4-7TOP:AACSB: Reflective Thinking


32.ANS:B

Social factors include our attitudes, values, and lifestyles.PTS:1OBJ:LO: 4-2TOP:AACSB: Reflective Thinking


33.ANS:E

Adopting a global vision can be very lucrative to a company.PTS:1OBJ:LO: 5-1TOP:AACSB: Reflective Thinking

KEY:CB&E Model: International Perspective | CB&E Model: Strategy

MSC:BLOOMS: Level III Application

34.ANS:B

Religious beliefs are part of the cultural environment.PTS:1OBJ:LO: 5-3TOP:AACSB: Diversity

KEY:CB&E Model: International Perspective | CB&E Model: Customer


35.ANS:B

A quota is a limit on the amount of a specific product that can enter a country.PTS:1OBJ:LO: 5-3TOP:AACSB: Reflective Thinking



36.ANS:D

The countries included in CAFTA are the United States, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua.PTS:1OBJ:LO: 5-3TOP:AACSB: Reflective Thinking


MSC:BLOOMS: Level IV Analysis

37.ANS:E

The EU encompasses most of Europe, making it the largest economy in the world.PTS:1OBJ:LO: 5-3TOP:AACSB: Reflective Thinking


MSC:BLOOMS: Level VI Evaluation

38.ANS:B

This was the founding purpose of the IMF.PTS:1OBJ:LO: 5-3TOP:AACSB: Reflective Thinking



39.ANS:A

Demographics include age and educational levels as well as ethnicity and gender.PTS:1OBJ:LO: 5-3TOP:AACSB: Reflective Thinking



40.ANS:C

AFLAC altered its promotional strategy to reach the Japanese market.PTS:1OBJ:LO: 5-5TOP:AACSB: Reflective Thinking

KEY:CB&E Model: International Perspective | CB&E Model: Promotion


41.ANS:B

This is the definition of floating exchange rates.PTS:1OBJ:LO: 5-5TOP:AACSB: Reflective Thinking

KEY:CB&E Model: International Perspective | CB&E Model: Pricing


42.ANS:D

This is the definition of dumping.PTS:1OBJ:LO: 5-5TOP:AACSB: Reflective Thinking

KEY:CB&E Model: International Perspective | CB&E Model: Pricing


43.ANS:C

Boeing is heavily involved in international marketing and sales worldwide and is a multinational organization.PTS:1OBJ:LO: 5-2TOP:AACSB: Reflective Thinking



44.ANS:B

Product adaptation involves slightly altering a basic product to meet local conditions.PTS:1OBJ:LO: 5-4TOP:AACSB: Reflective Thinking


45.ANS:C

Wataniya Mobile is operating an entire line of business in another country, which is characteristic of the third stage.PTS:1OBJ:LO: 5-2TOP:AACSB: Reflective Thinking

KEY:CB&E Model: International Perspective | CB&E Model: Strategy


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