question

Strategic plans require:

answer

long-term resource commitments

question

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

answer

Strategic planning

question

Which of the following statements about a marketing plan is true?

answer

A marketing plan is created so an organization can meet its marketing objectives.

question

____ is the process of anticipating events and determining strategies to achieve organizational objectives.

answer

Planning

question

Marketing plans should be written to do all of the following EXCEPT:

answer

control the elements of the external marketing environment

question

Which of the following is one of the elements of the marketing plan?

answer

All of the choices (business mission statement, situation analysis, target market strategy, marketing mix)

question

The _____ answers the question, "What business are we in, and where are we going?"

answer

mission statement

question

The focus of an organization's mission statement should be on:

answer

the market it wishes to serve

question

_____ occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it.

answer

Marketing myopia

question

A popular technique for managing a large organization with different technologies and markets is to divide it into:

answer

strategic business units

question

An SBU:

answer

controls its business independent of other SBUs in the organization

question

After management agrees on a mission statement, it must set objectives. Which of the following is NOT a characteristic of a good objective?

answer

profitable

question

__________ is defined as a statement of what is to be accomplished through marketing activities.

answer

Marketing objective

question

When an organization creates a mission statement that is too narrow, ____ results.

answer

marketing myopia

question

For marketing objectives to be realized, they must meet all of the following criteria EXCEPT:

answer

be set within a one-year time frame

question

A ____ is a formal study conducted by an organization to ascertain its current status and capabilities and its future expectations.

answer

situation analysis

question

The SWOT acronym refers to a firm's analysis of its:

answer

strengths, weaknesses, opportunities, and threats

question

_____ is defined as the collection and interpretation of information about forces, events, and relationships that may affect the organization.

answer

Environmental scanning

question

____ show costs declining at a predictable rate as experience with a product increases.

answer

Experience curves

question

Which of the following is NOT a source of a cost competitive advantage?

answer

break-even analyses

question

Which of the following is a type of strategic alternative that matches products and markets?

answer

market penetration

question

_____ is a strategy of increasing market share for present products in existing markets.

answer

Market penetration

question

_____ is a strategy that attracts new customers to existing products.

answer

Market development

question

_____ is a strategy that creates new products for present markets.

answer

Product development

question

____ is a strategy of increasing sales by introducing new products into new markets.

answer

Diversification

question

A(n) _____ describes and estimates the size and sales potential of market segments of interest to the firm and assesses key competitors in these market segments.

answer

market opportunity analysis

question

The _________ is the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.

answer

marketing mix

question

The starting point of any firm's marketing mix is the:

answer

development of the good or service to be sold

question

Making sure products are available when and where customers want them is the job of which element of the marketing mix?

answer

distribution strategies

question

Individuals and organizations utilizing a global vision to effectively market goods and services across national boundaries are engaged in:

answer

practicing global marketing

question

Which of the following statements about global marketing is true?

answer

All of these statements about global marketing are true. (Marketing to target markets throughout the world has become an imperative for business. Often a US firm's toughest domestic competition comes from foreign companies. Marketing managers must develop a global vision not only to recognize and react to international marketing opportunities but also to remain competitive at home. Adopting a global vision can be lucrative for a company, and global marketing can offset weak domestic performance.

question

Which of the following statements about multinational firms is true?

answer

Multinationals often develop their global businesses in stages.

question

A(n) _______ is a company that is heavily engaged in global trade and moves its resources, goods, services, and skills across national boundaries.

answer

multinational corporation

question

Which of the following describes a common criticism of multinational companies?

answer

the transference of the wrong kind of technology to a developing nation

question

A company that is capital-intensive:

answer

spends more on equipment than on labor

question

With a _____, a firm produces standardized products to be sold the same way all over the world.

answer

global marketing standardization approach

question

Global marketing standardization:

answer

presumes markets throughout the world are becoming more alike

question

A business thinking of expanding into global markets needs to examine all of the following external environments EXCEPT:

answer

its marketing mix

question

Central to any society is a common set of values shared by its citizens that determines what is socially acceptable. Marketers refer to these values collectively as a country's:

answer

culture

question

Which of the following is an important cultural factor that should be considered by global marketers?

answer

language

question

Which of the following statements about the political environment is true?

answer

The countries with the least across-the-board regulations and political structures foster the strongest economies.

question

A tax levied on the goods entering a country is called a(n):

answer

tariff

question

A(n) ____ is a limit on the amount of a specific product that can enter a country.

answer

quota

question

An exclusion of all products from certain countries or companies by a government or group is called a(n):

answer

boycott

question

A(n) ______ is a law that compels a company earning foreign currency from its exports to sell it to a central bank rather than sending the money out of the country.

answer

exchange control

question

____ are trade alliances in which several countries agree to work together to form a common trade area that enhances trade opportunities among those countries.

answer

Market groupings

question

Negotiations (such as GATT or the Uruguay Round) between countries that are made to stimulate global exchange and remove barriers are called ____ agreements.

answer

trade

question

____ is a trade agreement that include Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay. This agreement eliminated the tariffs among these trading partners.

answer

Mercosur

question

The latest round of WTO talks has been contentious. A major goal of this ____ is to bolster the developing economies of Africa, Asia, and Latin America where up to 2/3 of the population works in agriculture.

answer

Doha Round

question

The ___ of trade negotiations created the ____, which replaces GATT. This trade agreement dramatically lowers trade barriers worldwide.

answer

Uruguay Round; World Trade Organization

question

The ____ is the most ambitious global trade agreement ever negotiated; the agreement has reduced tariffs by 1/3 worldwide.

answer

Uruguay Round

question

The North American Free Trade Agreement (NAFTA) did NOT:

answer

substantially reduce economic growth in Mexico

question

The goal of the Central America Free Trade Agreement (CAFTA) is to:

answer

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

question

Which of the following statements about the European Union is true?

answer

None of these statements about the EU is true.

question

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

answer

demographic

question

Vast differences in natural resources create all of the following EXCEPT:

answer

export opportunities for countries with no natural resources

question

Which method of entering the global marketplace would be LEAST risky?

answer

exporting

question

A(n) ____ is a global intermediary that operates primarily in agriculture and raw materials by bringing the buyer and seller together.

answer

export broker

question

___ are foreign sales agents -- distributors who live in a foreign country and represent a domestic company in sales situations. They perform the same functions as a domestic manufacturers' agents who help with financing and shipping.

answer

Export agents

question

The ____ is an intermediary in the global market who assumes all risks and sells globally for its own account. The domestic manufacturer usually treats it like a domestic customer.

answer

buyer for export

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