Marketing 3000 Exam 2 Pool Items – Flashcards
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Strategic plans require:
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long-term resource commitments
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_____ is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities
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Strategic planning
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Which of the following statements about a marketing plan is true?
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A marketing plan is created so an organization can meet its marketing objectives.
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____ is the process of anticipating events and determining strategies to achieve organizational objectives.
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Planning
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Marketing plans should be written to do all of the following EXCEPT:
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control the elements of the external marketing environment
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Which of the following is one of the elements of the marketing plan?
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All of the choices (business mission statement, situation analysis, target market strategy, marketing mix)
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The _____ answers the question, "What business are we in, and where are we going?"
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mission statement
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The focus of an organization's mission statement should be on:
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the market it wishes to serve
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_____ occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it.
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Marketing myopia
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A popular technique for managing a large organization with different technologies and markets is to divide it into:
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strategic business units
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An SBU:
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controls its business independent of other SBUs in the organization
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After management agrees on a mission statement, it must set objectives. Which of the following is NOT a characteristic of a good objective?
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profitable
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__________ is defined as a statement of what is to be accomplished through marketing activities.
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Marketing objective
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When an organization creates a mission statement that is too narrow, ____ results.
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marketing myopia
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For marketing objectives to be realized, they must meet all of the following criteria EXCEPT:
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be set within a one-year time frame
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A ____ is a formal study conducted by an organization to ascertain its current status and capabilities and its future expectations.
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situation analysis
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The SWOT acronym refers to a firm's analysis of its:
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strengths, weaknesses, opportunities, and threats
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_____ is defined as the collection and interpretation of information about forces, events, and relationships that may affect the organization.
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Environmental scanning
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____ show costs declining at a predictable rate as experience with a product increases.
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Experience curves
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Which of the following is NOT a source of a cost competitive advantage?
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break-even analyses
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Which of the following is a type of strategic alternative that matches products and markets?
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market penetration
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_____ is a strategy of increasing market share for present products in existing markets.
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Market penetration
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_____ is a strategy that attracts new customers to existing products.
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Market development
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_____ is a strategy that creates new products for present markets.
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Product development
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____ is a strategy of increasing sales by introducing new products into new markets.
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Diversification
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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.
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market opportunity analysis
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The _________ is the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
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marketing mix
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The starting point of any firm's marketing mix is the:
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development of the good or service to be sold
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Making sure products are available when and where customers want them is the job of which element of the marketing mix?
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distribution strategies
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Individuals and organizations utilizing a global vision to effectively market goods and services across national boundaries are engaged in:
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practicing global marketing
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Which of the following statements about global marketing is true?
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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.
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Which of the following statements about multinational firms is true?
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Multinationals often develop their global businesses in stages.
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A(n) _______ is a company that is heavily engaged in global trade and moves its resources, goods, services, and skills across national boundaries.
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multinational corporation
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Which of the following describes a common criticism of multinational companies?
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the transference of the wrong kind of technology to a developing nation
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A company that is capital-intensive:
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spends more on equipment than on labor
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With a _____, a firm produces standardized products to be sold the same way all over the world.
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global marketing standardization approach
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Global marketing standardization:
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presumes markets throughout the world are becoming more alike
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A business thinking of expanding into global markets needs to examine all of the following external environments EXCEPT:
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its marketing mix
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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:
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culture
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Which of the following is an important cultural factor that should be considered by global marketers?
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language
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Which of the following statements about the political environment is true?
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The countries with the least across-the-board regulations and political structures foster the strongest economies.
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A tax levied on the goods entering a country is called a(n):
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tariff
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A(n) ____ is a limit on the amount of a specific product that can enter a country.
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quota
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An exclusion of all products from certain countries or companies by a government or group is called a(n):
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boycott
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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.
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exchange control
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____ are trade alliances in which several countries agree to work together to form a common trade area that enhances trade opportunities among those countries.
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Market groupings
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Negotiations (such as GATT or the Uruguay Round) between countries that are made to stimulate global exchange and remove barriers are called ____ agreements.
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trade
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____ 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.
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Mercosur
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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.
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Doha Round
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The ___ of trade negotiations created the ____, which replaces GATT. This trade agreement dramatically lowers trade barriers worldwide.
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Uruguay Round; World Trade Organization
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The ____ is the most ambitious global trade agreement ever negotiated; the agreement has reduced tariffs by 1/3 worldwide.
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Uruguay Round
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The North American Free Trade Agreement (NAFTA) did NOT:
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substantially reduce economic growth in Mexico
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The goal of the Central America Free Trade Agreement (CAFTA) is to:
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establish a free trade agreement between the United States and certain Latin American countries
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Which of the following statements about the European Union is true?
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None of these statements about the EU is true.
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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.
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demographic
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Vast differences in natural resources create all of the following EXCEPT:
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export opportunities for countries with no natural resources
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Which method of entering the global marketplace would be LEAST risky?
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exporting
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A(n) ____ is a global intermediary that operates primarily in agriculture and raw materials by bringing the buyer and seller together.
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export broker
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___ 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.
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Export agents
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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.
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buyer for export
