BUS 498 - Chapter 16 Questions

1) _____ is/are an element of a firm's marketing mix.

Product attributes

2) _____ asserted in an article in the Harvard Business Review that modern transportation and communications technologies are facilitating a convergence of certain tastes and preferences among consumers in the more advanced countries of the world.

Theodore Levitt

3) Which of the following is true according to Theodore Levitt's article in the Harvard Business Review about the globalization of world markets?

Technology has led to the emergence of global markets for standardized consumer products

4) Which of the following is true according to Theodore Levitt's article in the Harvard Business Review about the globalization of world markets?

Global corporations operate at low relative costs

5) Which of the following is a statement made by Theodore Levitt about the globalization of world markets?

Global markets for standardized consumer products have emerged on a large scale of magnitude

6) Which of the following is true of Theodore Levitt's arguments concerning the globalization of world markets?

Modern transportation is facilitating a convergence of tastes and preferences among consumers in advanced countries of the world

7) Which of the following is a definition of market segmentation?

It refers to identifying distinct groups of customers whose needs, wants, and purchasing behavior differ from others

8) Which of the following is a goal of market segmentation?

to optimize the fit between the purchasing behavior of consumers in a given segment and the marketing mix

9) Which of the following contradicts Theodore Levitt's arguments for the globalization of world markets?

Consumers in most developed countries do not sacrifice preferred attributes for lower prices

10) _____ can constrain the globalization of markets.

Differences in technical standards

11) Which of the following is a factor that contributes to greater retail concentration in developed countries?

number of households with refrigerators and freezers

12) The number of intermediaries between the product (or manufacturer) and the consumer is referred to as?

channel length

13) Which of the following is the most important determinant of channel length?

degree to which the retail system is fragmented

14) Which of the following is a characteristic of fragmented retail systems?

long channels of distribution

15) What occurs when the retail sector is very concentrated?

It makes sense for a firm to deal directly with retailers, cutting out wholesalers

16) Which of the following is true about channel quality?

The quality of retailers is variable in emerging markets and less developed nations

17) _____ is one factor that determines the optimal distribution strategy.

Channel quality

18) Which of the following is true of choosing a distribution strategy?

The optimal distribution strategy is determined by the relative costs and benefits of each alternative, which vary from country to country

19) Which of the following is a drawback of longer distribution channels?

higher prices charged to consumers

20) Which of the following is an advantage of longer distribution channels?

greater market access

21) _____ is/are a potentially critical variable that can jeopardize the effectiveness of a firm's international communication.

Noise levels

22) In terms of communication strategy, _____ refers to the situation when the receiver of a message evaluates the message based on the status or image of the sender.

source effects

23) Source effects are damaging for an international business when?

potential consumers in a target country have a bias against foreign firms

24) In the context of barriers to international communication, _____ refers to the amount of other messages competing for a potential consumer's attention.

noise

25) Which of the following is true of the barriers to international communication?

Fewer firms vie for the attention of prospective customers in developing countries, thus the noise level is lower

26) Which of the following communication strategies relies primarily on personal selling rather than mass media advertising?

push strategy

27) Which of the following communication strategies relies primarily on mass media advertising as opposed to personal selling?

pull strategy

28) Which kind of strategy do firms in consumer goods industries that are trying to sell to a large segment of the market generally favor?

pull

29) If a firm favors a push strategy, using direct selling to educate potential consumers about the features of its products, what kind of products would it most likely sell?

industrial products

30) _____ allows a firm to educate potential consumers about the features of a product.

Direct selling

31) Which of the following is a drawback of a push strategy?

It can be expensive when the distribution channel is long

32) Which of the following marketing strategies relies on access to advertising media?

pull strategy

33) A push strategy is emphasized when?

distribution channels are short

34) Pull strategies tend to be emphasized?

for consumer goods

35) Which of the following is an argument in favor of standardized advertising?

Many brand names are global

36) Which of the following is an argument against standardized advertising?

Advertising regulations may block implementation of standardized advertising

37) _____ exists whenever consumers in different countries are charged different prices for the same product.

Price discrimination

38) Which of the following is true of price discrimination?

It involves charging whatever the market will bear

39) Which of the following is necessary for a firm to ensure profitable price discrimination?

The firm must be able to keep its national markets separate

40) If a firm is unable to keep its national markets separate, individuals or businesses may undercut its attempt at price discrimination by engaging in?

arbitrage

41) In which of the following conditions does arbitrage occur?

When a firm purchases products in a country where prices are lower and resells them in a country where prices are higher

42) A measure of the responsiveness of demand for a product to changes in price is known as?

price elasticity of demand

43) What kind of demand is seen when a small change in price produces a large change in demand?

elastic

44) What kind of demand is seen when a large change in price produces only a small change in demand?

inelastic

45) Which of the following is true of price discrimination as a part of international pricing strategy?

A firm may charge a higher price for its product in a country where competition is limited than in one where competition is intense

46) Which of the following is true of price elasticity of demand?

Price elasticity tends to be greater in countries with low income levels

47) _____ refers to the use of price as a competitive weapon to drive weaker competitors out of a national market.

Predatory pricing

48) _____ refers to the fact that a firm's pricing strategy in one market may have an impact on its rivals' pricing strategy in another market.

Multipoint pricing

49) Which of the following is true of multipoint pricing?

It involves aggressive pricing in one market to elicit a competitive response from a rival in another market

50) If a firm prices low worldwide in an attempt to build global sales volume as rapidly as possible, even if this means taking large losses initially, what kind of strategy is it pursuing?

experience curve pricing

51) Which of the following pricing strategies can run afoul of antidumping regulations?

experience curve pricing

52) In the context of strategic pricing, _____ takes place whenever a firm sells a product for a price that is less than the cost of producing it.

dumping

53) Which industry is often thought of as one in which global standardization of the marketing mix is the norm?

financial services

54) The _____ has resulted in a dramatic shortening of product life cycles.

acceleration of the pace of technological change

55) Other things being equal, the rate of new-product development seems to be greater in countries where?

competition between firms is intense

56) Which of the following factors creates a potential market for new products?

affluent consumers

57) One consequence of tight cross-functional integration between research and development (R&D), production, and marketing is?

keeping development costs in check

58) Which of the following is an important attribute for a product development team to function effectively and meet all of its development milestones?

It should be led by a "heavyweight" project manager who has high status within the organization

59) The members of a cross-functional team should have?

the ability to contribute functional expertise

BUS 498 - Chapter 16 Questions - Subjecto.com

BUS 498 – Chapter 16 Questions

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1) _____ is/are an element of a firm’s marketing mix.

Product attributes

2) _____ asserted in an article in the Harvard Business Review that modern transportation and communications technologies are facilitating a convergence of certain tastes and preferences among consumers in the more advanced countries of the world.

Theodore Levitt

3) Which of the following is true according to Theodore Levitt’s article in the Harvard Business Review about the globalization of world markets?

Technology has led to the emergence of global markets for standardized consumer products

4) Which of the following is true according to Theodore Levitt’s article in the Harvard Business Review about the globalization of world markets?

Global corporations operate at low relative costs

5) Which of the following is a statement made by Theodore Levitt about the globalization of world markets?

Global markets for standardized consumer products have emerged on a large scale of magnitude

6) Which of the following is true of Theodore Levitt’s arguments concerning the globalization of world markets?

Modern transportation is facilitating a convergence of tastes and preferences among consumers in advanced countries of the world

7) Which of the following is a definition of market segmentation?

It refers to identifying distinct groups of customers whose needs, wants, and purchasing behavior differ from others

8) Which of the following is a goal of market segmentation?

to optimize the fit between the purchasing behavior of consumers in a given segment and the marketing mix

9) Which of the following contradicts Theodore Levitt’s arguments for the globalization of world markets?

Consumers in most developed countries do not sacrifice preferred attributes for lower prices

10) _____ can constrain the globalization of markets.

Differences in technical standards

11) Which of the following is a factor that contributes to greater retail concentration in developed countries?

number of households with refrigerators and freezers

12) The number of intermediaries between the product (or manufacturer) and the consumer is referred to as?

channel length

13) Which of the following is the most important determinant of channel length?

degree to which the retail system is fragmented

14) Which of the following is a characteristic of fragmented retail systems?

long channels of distribution

15) What occurs when the retail sector is very concentrated?

It makes sense for a firm to deal directly with retailers, cutting out wholesalers

16) Which of the following is true about channel quality?

The quality of retailers is variable in emerging markets and less developed nations

17) _____ is one factor that determines the optimal distribution strategy.

Channel quality

18) Which of the following is true of choosing a distribution strategy?

The optimal distribution strategy is determined by the relative costs and benefits of each alternative, which vary from country to country

19) Which of the following is a drawback of longer distribution channels?

higher prices charged to consumers

20) Which of the following is an advantage of longer distribution channels?

greater market access

21) _____ is/are a potentially critical variable that can jeopardize the effectiveness of a firm’s international communication.

Noise levels

22) In terms of communication strategy, _____ refers to the situation when the receiver of a message evaluates the message based on the status or image of the sender.

source effects

23) Source effects are damaging for an international business when?

potential consumers in a target country have a bias against foreign firms

24) In the context of barriers to international communication, _____ refers to the amount of other messages competing for a potential consumer’s attention.

noise

25) Which of the following is true of the barriers to international communication?

Fewer firms vie for the attention of prospective customers in developing countries, thus the noise level is lower

26) Which of the following communication strategies relies primarily on personal selling rather than mass media advertising?

push strategy

27) Which of the following communication strategies relies primarily on mass media advertising as opposed to personal selling?

pull strategy

28) Which kind of strategy do firms in consumer goods industries that are trying to sell to a large segment of the market generally favor?

pull

29) If a firm favors a push strategy, using direct selling to educate potential consumers about the features of its products, what kind of products would it most likely sell?

industrial products

30) _____ allows a firm to educate potential consumers about the features of a product.

Direct selling

31) Which of the following is a drawback of a push strategy?

It can be expensive when the distribution channel is long

32) Which of the following marketing strategies relies on access to advertising media?

pull strategy

33) A push strategy is emphasized when?

distribution channels are short

34) Pull strategies tend to be emphasized?

for consumer goods

35) Which of the following is an argument in favor of standardized advertising?

Many brand names are global

36) Which of the following is an argument against standardized advertising?

Advertising regulations may block implementation of standardized advertising

37) _____ exists whenever consumers in different countries are charged different prices for the same product.

Price discrimination

38) Which of the following is true of price discrimination?

It involves charging whatever the market will bear

39) Which of the following is necessary for a firm to ensure profitable price discrimination?

The firm must be able to keep its national markets separate

40) If a firm is unable to keep its national markets separate, individuals or businesses may undercut its attempt at price discrimination by engaging in?

arbitrage

41) In which of the following conditions does arbitrage occur?

When a firm purchases products in a country where prices are lower and resells them in a country where prices are higher

42) A measure of the responsiveness of demand for a product to changes in price is known as?

price elasticity of demand

43) What kind of demand is seen when a small change in price produces a large change in demand?

elastic

44) What kind of demand is seen when a large change in price produces only a small change in demand?

inelastic

45) Which of the following is true of price discrimination as a part of international pricing strategy?

A firm may charge a higher price for its product in a country where competition is limited than in one where competition is intense

46) Which of the following is true of price elasticity of demand?

Price elasticity tends to be greater in countries with low income levels

47) _____ refers to the use of price as a competitive weapon to drive weaker competitors out of a national market.

Predatory pricing

48) _____ refers to the fact that a firm’s pricing strategy in one market may have an impact on its rivals’ pricing strategy in another market.

Multipoint pricing

49) Which of the following is true of multipoint pricing?

It involves aggressive pricing in one market to elicit a competitive response from a rival in another market

50) If a firm prices low worldwide in an attempt to build global sales volume as rapidly as possible, even if this means taking large losses initially, what kind of strategy is it pursuing?

experience curve pricing

51) Which of the following pricing strategies can run afoul of antidumping regulations?

experience curve pricing

52) In the context of strategic pricing, _____ takes place whenever a firm sells a product for a price that is less than the cost of producing it.

dumping

53) Which industry is often thought of as one in which global standardization of the marketing mix is the norm?

financial services

54) The _____ has resulted in a dramatic shortening of product life cycles.

acceleration of the pace of technological change

55) Other things being equal, the rate of new-product development seems to be greater in countries where?

competition between firms is intense

56) Which of the following factors creates a potential market for new products?

affluent consumers

57) One consequence of tight cross-functional integration between research and development (R&D), production, and marketing is?

keeping development costs in check

58) Which of the following is an important attribute for a product development team to function effectively and meet all of its development milestones?

It should be led by a "heavyweight" project manager who has high status within the organization

59) The members of a cross-functional team should have?

the ability to contribute functional expertise

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