Question 1

Milly, the marketing manager for Nuance Cosmetics, believes that for the company to succeed in international markets, it has to address the choices surrounding product attributes, distribution strategy, communication strategy, and pricing strategy in its targeted markets. What is Milly specifically referring to?

Accepted Answer

Milly is referring to the marketing mix, which includes product attributes, distribution strategy, communication strategy, and pricing strategy.

Question 2

Jeremy created a simple bar graph to show the most popular times of day customers come into the store. Which application of business analytics does the bar graph represent?

Accepted Answer

The bar graph is a descriptive application of business analytics because it provides a visual representation of the data, showing the most popular times of day customers come into the store.

Question 3

Many elderly travelers find it hard to climb stairs to motel rooms that are not on the first floor. The Stay-Right Inn has catered to this specific group of customers via its motels, all of which have one floor of rooms with no stairs to climb. What did Stay-Right Inn use to identify distinct groups of consumers whose needs, wants, and purchasing behavior differ from others in important ways?

Accepted Answer

Stay-Right Inn used market segmentation to identify and cater to a specific group of consumers (elderly travelers) with distinct needs and preferences.

Question 4

Brettson Inc. is a major player in the U.S. consumer electronics markets. It sells radios, televisions, DVD players, and a number of similar products. Its CEO believes that the company can go into international markets with the same product line that it offers in the United States. What might limit Brettson Inc.'s ability to sell a standardized product to a global market using a standardized marketing strategy?

Accepted Answer

Differences in product and technical standards can limit the ability to sell standardized products globally, as different countries may have varying regulations and consumer preferences.

Question 5

Wentworth Hair Care has identified four distinct consumer groups to market their products to: teens, young adults, adult women, and adult men. What process did the company use to identify these groups?

Accepted Answer

Market segmentation is the process of dividing a broad consumer or business market into sub-groups of consumers based on some shared characteristics, which is what Wentworth Hair Care did by identifying distinct consumer groups.

Question 6

The goal of market segmentation is to

Accepted Answer

Market segmentation aims to tailor the marketing mix to align with the specific purchasing behaviors of consumers within a segment, optimizing the fit and effectiveness of marketing efforts.

Question 7

After receiving all of the data on customer purchases and supplier inventories, Sasha's job is to build a statistical model to help identify trends in sales and product demand. Which level of business analytics does this require?

Accepted Answer

Predictive analytics involves using statistical models and data to forecast future trends and behaviors, which aligns with Sasha's task of identifying trends in sales and product demand.

Question 8

Algonquin Cosmetics noticed that while India had a population of more than 1.2 billion people, the retail market was such that more than 95 percent of retail was through stand-alone stores that were not part of a chain. In other words, if Algonquin were to enter India, they would have to sell through thousands of independent retail stores. What kind of a retail system does India have for the products that Algonquin Cosmetics is trying to sell?

Accepted Answer

India's retail market is described as having a large number of independent stores, indicating a fragmented retail system.

Question 9

Viceroy Pharmaceutical decides to conduct a clinical trial on its tattoo removal cream. This trial is a ________ method for collecting data.

Accepted Answer

Clinical trials involve the collection of numerical data and measurements, making them a quantitative method for collecting data.

Question 10

White Pearl Cosmetics markets skin care products for teenage girls between 16 and 19. In approaching its international markets, White Pearl believes that its target segment spans multiple countries, transcending national borders. White Pearl Cosmetics' target segment is called a(n) ________ segment.

Accepted Answer

The answer of White Pearl Cosmetics markets skin care products...

Question 11

Manuel included statistical information he found on the Nielsen research company website in his report. These statistics are a type of

Accepted Answer

Secondary data refers to information that has been collected by someone else, such as a research company like Nielsen, and is used by others for their own research or analysis.

Question 12

The United States has a very concentrated retail market with a few large national chains dominating the market. What factor has contributed to greater retail concentration in a developed country like the United States?

Accepted Answer

Increased car ownership has allowed consumers to travel further distances to shop, supporting the growth of large national retail chains over local neighborhood stores.

Question 13

When analyzing the Central American market, Hudson Supply Inc. noticed that a few retailers supplied most of the market with all-cotton clothing. What kind of a retail system does this market have?

Accepted Answer

A concentrated retail system is one where a few retailers supply a large portion of the market, which matches the situation described for the Central American market.

Question 14

Theodore Levitt's arguments concerning the globalization of world markets can be supported by which of these facts?

Accepted Answer

Modern transportation and communication technologies have facilitated the convergence of consumer tastes and preferences, supporting Levitt's argument about the globalization of markets.

Question 15

While cultural differences should always be considered, which industry should be especially aware of traditions when trying to enter a foreign market?

Accepted Answer

The food industry must be especially aware of cultural traditions and preferences, as food is deeply tied to cultural identity and practices.

Question 16

A nation with thousands of retail stores and only one national chain store has a ________ retail system.

Accepted Answer

A fragmented retail system is characterized by a large number of small, independent retailers, which is the case when there are thousands of retail stores and only one national chain store.

Question 17

Majestic Hats, based in Ontario, is determining how to deliver its product to consumers in England. What strategy is the company working on?

Accepted Answer

Distribution is the process of getting a product from the producer to the consumer. In this case, Majestic Hats is working on a distribution strategy to get its hats from Ontario to consumers in England.

Question 18

What trend contradicts Theodore Levitt's arguments for the globalization of world markets?

Accepted Answer

Theodore Levitt argued that globalization would lead to homogenized consumer preferences, but the fact that consumers in developed countries prioritize preferred attributes over lower prices contradicts this idea, as it suggests that local preferences still matter.

Question 19

Kendrik was frustrated that his DVD player wouldn't play a DVD he purchased while on vacation in Great Britain. When he called the manufacturer to complain, he was told that European DVDs are formatted differently and won't play on all machines. This is evidence of how ________ can place a constraint on global markets.

Accepted Answer

Differences in technical standards, such as DVD region codes, can limit the compatibility of products across different global markets, as seen in Kendrik's situation.

Question 20

Based on his article in the Harvard Business Review, Theodore Levitt would agree that

Accepted Answer

Theodore Levitt argued that technology has created global markets for standardized products, reducing the significance of national differences.

Quiz 16: Global Marketing and RD