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Strategic Marketing (Mooradian/Matzler) Note 2: Context: PEST Analysis 1) A PEST analysis is most useful when a marketer needs to ________. A) develop appropriate marketing objectives B) analyze a firm's marketing portfolio C) categorize a business environment D) implement a new marketing mix Answer: C Diff: 2 Page Ref: 68 2) Economic communities, which are also known as ________, have developed as a result of political changes in the last half-century. A) free trade zones B) open market channels C) international entities D) productivity communities Answer: A Diff: 2 Page Ref: 69 AACSB: Global economy 3) By considering technical, economic, sociocultural, and political factors, a firm is most likely able to ________. A) identify inadequate marketing mix elements B) monitor changing marketing objectives C) simplify a value delivery network D) determine a market's potential Answer: D Diff: 2 Page Ref: 68 4) Which of the following is a political factor that a company should consider before deciding to enter an international market? A) business norms B) trade regulations C) industrial infrastructure D) population size and growth Answer: B Diff: 2 Page Ref: 68 AACSB: Global economy 1 © 2012 Pearson Education, Inc. publishing as Prentice Hall 5) Extensive customization of a product offered in different international markets would most likely defeat which of the following benefits of global trade? A) lower labor costs B) lower production costs C) higher quality materials D) higher consumer consumption Answer: B Diff: 3 Page Ref: 69 AACSB: Global economy 6) The ________ environment consists of factors that affect consumer purchase ability and buying behavior. A) social B) political C) economic D) technological Answer: C Diff: 1 Page Ref: 69 7) Which type of company would most likely experience countercyclical sales? A) auto parts retailer B) boat manufacturer C) furniture retailer D) pharmaceutical manufacturer Answer: A Diff: 2 Page Ref: 69 8) Your marketing department is currently researching the values, attitudes, and norms of your target market. Which environment is being researched? A) competitive B) economic C) political D) social Answer: D Diff: 1 Page Ref: 69 9) Since the introduction of the iPhone, a booming market for smartphone applications has emerged. It is most accurate to say that this new opportunity was created through changes in the ________ environment. A) political and legal B) technological C) sociocultural D) economic Answer: B Diff: 2 Page Ref: 70 2 © 2012 Pearson Education, Inc. publishing as Prentice Hall 10) A firm with a ________ strategy would most likely emphasize standardization over adaptation. A) multinational B) marketing C) contextual D) global Answer: D Diff: 3 Page Ref: 71 AACSB: Global economy 11) Cultures are dynamic, so marketers must constantly monitor the values, norms, attitudes, and tastes of a marketing context. Answer: TRUE Diff: 2 Page Ref: 69 12) A firm that adapts its marketing mix to local environments benefits from lower production costs. Answer: FALSE Diff: 2 Page Ref: 69, 71 AACSB: Global economy 13) The retail industry has embraced the globalization of markets more than any other industry. Answer: FALSE Diff: 1 Page Ref: 70 AACSB: Global economy 14) In a brief essay, discuss the advantages and disadvantages of standardization strategies and adaptation strategies in a global environment. Answer: The basic trade-off when making decisions about the adaptation of a marketing program is between accommodating differences in context and exploiting the benefits of standardization. The chief benefits of standardization are cost savings—savings realized by avoiding assembly-line changeovers and via the realization of economies of scale and other efficiencies. However, adaptations to accommodate local tastes and conditions—including local political/regulatory conditions, economic conditions, social/cultural conditions, and technical and infrastructure conditions—have costs and hinder the realization of benefits of scale. Still, marketing mixes are more effective when they are adapted to the distinct needs and demands of local markets. Thus, costs generally go up with marketing mix adaptation, but distinct markets are clearly more responsive to tailored offerings. Diff: 3 Page Ref: 71 AACSB: Analytic skills 3 © 2012 Pearson Education, Inc. publishing as Prentice Hall