Question 1

By considering technical,economic,sociocultural,and political factors,a firm is most likely able to ________.&#10;A) identify inadequate marketing mix elements&#10;B) monitor changing marketing objectives&#10;C) simplify a value delivery network&#10;D) determine a market's potential

Accepted Answer

By considering technical factors, a firm can determine a market's potential in terms of the feasibility of producing and delivering a product. By considering economic factors, a firm can assess the purchasing power and demand of the market. By considering sociocultural factors, a firm can identify cultural preferences and societal trends that may affect the market. By considering political factors, a firm can assess regulations and government policies that may affect the market. All of these factors can help a firm determine a market's potential.

Question 2

A firm with a ________ strategy would most likely emphasize standardization over adaptation.&#10;A) multinational&#10;B) marketing&#10;C) contextual&#10;D) global

Accepted Answer

A global strategy is focused on achieving efficiency through standardization across different markets. Therefore, a firm with a global strategy would place more emphasis on standardization rather than adaptation to local market conditions.

Question 3

Which of the following is a political factor that a company should consider before deciding to enter an international market?&#10;A) business norms&#10;B) trade regulations&#10;C) industrial infrastructure&#10;D) population size and growth

Accepted Answer

Trade regulations are a political factor that a company should consider before entering an international market. These regulations may include tariffs, import/export laws, and intellectual property rights protection. Failure to comply with these regulations can result in legal and financial penalties, as well as damage to the company's reputation. Therefore, it is essential for a company to understand and abide by the political factors that govern the international market they plan to enter.

Question 4

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

Accepted Answer

The introduction of the iPhone created a new technological environment that allowed for the development and widespread use of smartphone applications. This led to a booming market for apps and created new business opportunities.

Question 5

Extensive customization of a product offered in different international markets would most likely defeat which of the following benefits of global trade?&#10;A) lower labor costs&#10;B) lower production costs&#10;C) higher quality materials&#10;D) higher consumer consumption

Accepted Answer

Lower production costs are one of the benefits of global trade due to economies of scale and specialization. However, extensive customization of a product offered in different international markets would result in higher production costs, nullifying this benefit.

Question 6

Economic communities,which are also known as ________,have developed as a result of political changes in the last half-century.&#10;A) free trade zones&#10;B) open market channels&#10;C) international entities&#10;D) productivity communities

Accepted Answer

Economic communities refer to groups of countries that have established free trade zones among themselves. These are also known as customs unions or regional trade agreements. The formation of economic communities has been driven by political changes such as the end of colonialism, the breakup of the Soviet Union, and the globalization of trade. Free trade zones allow member countries to trade with each other without tariffs or other barriers, which can lead to increased economic growth and development.

Question 7

In a brief essay,discuss the advantages and disadvantages of standardization strategies and adaptation strategies in a global environment.

Accepted Answer

The answer of In a brief essay,discuss the advantages and...

Question 8

The ________ environment consists of factors that affect consumer purchase ability and buying behavior.&#10;A) social&#10;B) political&#10;C) economic&#10;D) technological

Accepted Answer

The economic environment includes factors such as inflation, employment rates, income, and overall financial stability, which impact consumers' ability to purchase goods and services and influence their buying behavior. The social environment includes factors such as culture, demographics, and social values, while the political environment includes government regulations and policies that affect businesses and consumers. The technological environment refers to innovations and advancements that impact marketing and advertising strategies, distribution channels, and consumer behavior.

Question 9

Which type of company would most likely experience countercyclical sales?&#10;A) auto parts retailer&#10;B) boat manufacturer&#10;C) furniture retailer&#10;D) pharmaceutical manufacturer

Accepted Answer

The answer of Which type of company would most likely...

Question 10

A firm that adapts its marketing mix to local environments benefits from lower production costs.

Accepted Answer

Adapting the marketing mix to local environments may actually increase production costs due to the need for customization and localized production. However, it can lead to higher sales and market share as it aligns with local preferences and needs.

Question 11

A PEST analysis is most useful when a marketer needs to ________.&#10;A) develop appropriate marketing objectives&#10;B) analyze a firm's marketing portfolio&#10;C) categorize a business environment&#10;D) implement a new marketing mix

Accepted Answer

The answer of A PEST analysis is most useful when...

Question 12

The retail industry has embraced the globalization of markets more than any other industry.

Accepted Answer

The answer of The retail industry has embraced the globalization...

Question 13

Cultures are dynamic,so marketers must constantly monitor the values,norms,attitudes,and tastes of a marketing context.

Accepted Answer

The answer of Cultures are dynamic,so marketers must constantly monitor...

Question 14

Your marketing department is currently researching the values,attitudes,and norms of your target market.Which environment is being researched?&#10;A) competitive&#10;B) economic&#10;C) political&#10;D) social

Accepted Answer

The answer of Your marketing department is currently researching the...

Deck 2: Note : Context: Pest Analysis