question

A company that sets its goals and strategies based on what its current equipment can manufacture, what its engineering can design, and what the company itself can do best has _____orientation.

answer

Production

question

Defines its mission in terms of the benefits its customers seek.

answer

A market-oriented firm:

question

Building long-term customer relationships.

answer

A sales-oriented firm places minimal emphasis on:

question

Extensively uses personal selling and advertising.

answer

A sales-oriented firm:

question

Libra Electronic Inc. has launched a new range of light-weight vacuum cleaners with enhanced features. Before developing the product, Libra Electronic conducted a thorough study about customer requirements. The company also studied the quality of its competitors' vacuum cleaners. Based on insights about customer wants and competitor strengths and weaknesses, Libra Electronic has designed vacuum cleaners that can be clearly distinguished from other brands. Libra Electronic most likely has a _____ orientation.

answer

Market

question

Researchers at PPG Industries Inc. spent considerable time, effort, and money developing a bluish windshield that would let in filtered sunlight but block out heat. PPG had not conducted market research before deciding to design the windshield. Moreover, the windshield is priced higher compared to the other brands. The company has now introduced the windshield in the market and is hoping that the customers will like it. PPG most likely has aNo_____orientation.

answer

Production

question

Which of the following is a difference between a market-oriented firm and a sales-oriented firm?

answer

Unlike a market-oriented firm, a sales-oriented firm targets its products at the average customer. A market-oriented organization aims at specific groups of people.

question

Which of the following questions which companies consider is best aligned with the production orientation philosophy?

answer

What can our engineers design? A production orientation means that management assesses its resources and asks these questions: "What can we do best?" "What can our engineers design?" "What is easy to produce, given our equipment?"

question

A company can gain a cost competitive advantage by:

answer

Reorganizing functional departments into cross-disciplinary teams.

question

A distinguishing feature of the product/service differentiation competitive advantage is _____.

answer

having a strong brand image

question

A marketing mix typically involves:

answer

distribution strategies.

question

Cost competitive advantage can be achieved by:

answer

avoiding marginal customers.

question

In the context of SWOT analysis, a strength of an organization can be:

answer

superior production technology.

question

In the context of a marketing mix, the product strategy involves:

answer

Warranty

question

In the context of marketing mix, promotion includes:

answer

Public Relation Activities

question

In the portfolio matrix, a _____ is in a low-growth market, but the product has a dominant market share; it is an SBU that generates more money than it needs to maintain its market share.

answer

Cash-Cow

question

MaxNutri sells cookies and nutrition bars. The marketers at MaxNutri are trying to come up with a new and attractive packaging design for its cookies. In this scenario, MaxNutri is working on its _____ strategy.

answer

product

question

Revel Inc., a cell phone manufacturer, launched its new range of smartphones that could only be purchased on the company's official Web site and not at retail outlets. This limitation may be attributed to the _____ element of Revel's marketing mix.

answer

Distribution

question

Strategic planning:

answer

should be based on creativity

question

Synergy Corp. is large seller of energy-efficient bulbs that uses extensive promotional strategies to stimulate sales. Synergy has noticed that a competitor is doing well and is steadily gaining a large market share. The marketers at Synergy want to counter the competitor immediately by increasing the sales of its bulbs. What quick step can Synergy take to stimulate the sales of its products?

answer

Change the pricing strategy

question

The heart of the marketing mix is the:

answer

product offering and product strategy

question

The price component of a marketing mix is:

answer

a competitive weapon for companies.

question

The product in the marketing mix:

answer

includes company image.

question

Thompson Crayons Ltd. is a manufacturer of crayons and colored pencils in Rhodia. The company has started packaging their products in vibrant colored boxes, as opposed to brown boxes used in the past, in order to increase their sales. In this scenario, Thompson Crayons Ltd. is using a _____ strategy.

answer

product differentiation

question

Varion Air offers its customers a complementary air ticket on the purchase of three business class tickets. Varion Air's strategy best represents the ____ element of its marketing mix.

answer

promotion

question

Which of the following actions is closely associated with the niche strategy?

answer

Choosing a target market that is not crucial for the success of major competitors

question

Which of the following can be considered as a business opportunity in the context of SWOT analysis?

answer

Favorable government regulations

question

Which of the following considered by marketers is most closely related to distribution strategies?

answer

How can we effectively store raw materials?

question

Code of ethics:

answer

should not be too detailed. Codes that are too detailed encourage employees to substitute rules for judgment. For instance, if employees are involved in questionable behavior, they may use the absence of a written rule as a reason to continue behaving that way, even though their conscience may be telling them to stop

question

Delta Inc. is a large organization that believes in serving the community it operates in. The organization conducts several campaigns about health awareness and also provides donations to nonprofit organizations working on such causes. Delta is illustrating _____.

answer

corporate social responsibility

question

In order to combat U.S. corporations' use of illegal payments and bribes in international business dealings, Congress enacted:

answer

the Foreign Corrupt Practices Act.

question

Marketers are most likely to recognize an action as unethical when:

answer

there is a greater degree of agreement among managerial peers that the action is harmful.

question

Nutri Star Corp. is a large food manufacturing corporation which is more profitable that its competitors. The company uses only organically grown grains and fruits. Nutri Star also promotes organic farming and helps nonprofit agencies who focus food and nutrition causes. The company has now decided launch a campaign that aimed at promoting healthy eating habits among youth. Nutri Star is most likely to have adopted the concept of _____.

answer

sustainability

question

The stakeholder theory of corporate social responsibility:

answer

considers the management of an organization as one of the stakeholders.

question

Which of the following statements is true about cause-related marketing?

answer

Any marketing effort for social or other charitable causes can be referred to as cause-related marketing.

question

Which of the following statements is true about the sustainability theory of social responsibility?

answer

It states that focusing on the world's social and responsible problems will help corporations outperform their peers

question

Baby boomers:

answer

have many health care expenses.

question

Gen Xers:

answer

spend more on food than any other cohort.

question

Governments can help all businesses by_____.

answer

protecting the interests of the society at large

question

Millenials:

answer

are now more in number than baby boomers

question

Which of the following is true of individuals belonging to the baby boom generation?

answer

They are willing to change brands and try new things

question

Which of the following statements is true about Generation Y?

answer

Its members are tech savvy but still use traditional media

question

Which of the following statements is true about the Great Recession?

answer

It began with the collapse of inflated housing prices.

question

Which of the following statements is true of members of Generation X?

answer

They were hit hard by the Great Recession

question

Cuisine Royale, a restaurant chain, has introduced many Asian and Mexican dishes in the menu. This was done because the top management had recognized that the number of their customers from minority groups was increasing. This scenario illustrates how _____ factors influence marketing decisions. Select one:

answer

demographic

question

The Federal Trade Commission's Bureau of Competition _____.

answer

seeks out and challenges anti-competitive conduct in the marketplac

question

A company is said to be a direct foreign investor in another country if it:

answer

acquires an active ownership of marketing facilities in that country.

question

Many people fear world trade because it:

answer

causes some people to lose their jobs due to production shifts abroad.

question

Once marketing managers have determined a global product and promotion strategy, they can select the remainder of the marketing mix. However, entry into many developing nations presents special pricing problems because:

answer

there is a lack of mass purchasing power.

question

One of the factors in the external environment that has become more evident in the past decade is the:

answer

shortage of natural resources.

question

Which of the following is a difference between product invention and product adaptation?

answer

Product invention involves drastically changing an existing product, while product adaptation involves slightly altering a basic product

question

Which of the following is true of globalization?

answer

It expands economic freedom and increases the living standards of people.

question

Which of the following stages in the development of multinationals is characterized by multinational firms setting up foreign subsidiaries to handle sales in a country?

answer

Stage two

question

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 is the system of _____.

answer

floating exchange rates

question

In the context of global marketing, when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity, it is known as a _____.

answer

joint venture

question

_____ is a fast-growing way to conduct global business in which all or part of the payment for goods or services is in the form of other goods and services.

answer

Countertrade

question

____ is 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.

answer

Dumping

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