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Q:
For managers selling capital equipment and big-ticket industrial services, understanding the concept of ________ is absolutely fundamental to their success.
A) availability heuristic
B) bank effect
C) Baskerville effect
D) derived demand
E) catapult demand
Q:
What factor increases the volatility in demand in industrial markets?
A) Professional buyers in the industrial market tend to act in concert.
B) The demand for industrial goods is independent of changes in economic development.
C) Small, noncyclical swings in demand are inherent in industrial markets.
D) Experienced purchasers tend to make buying decisions independently.
E) The demand for industrial goods is highly inelastic.
Q:
What is a reason for marketing industrial goods abroad that does NOT necessarily apply to consumer goods?
A) bypassing import tariffs
B) avoiding sales tax
C) reducing the volatility of demand
D) acquiring ISO certification
E) acquiring ACSI certification
Q:
What statement is true in industrial markets?
A) Demand is nonvolatile by nature.
B) Markets are unaffected by derived demand.
C) Industrial sellers tend to have small numbers of customers upon which they are more dependent.
D) Sales of industrial goods are stable and do not fluctuate.
E) Professional buyers tend to undertake dissimilar investment actions to achieve the same goal.
Q:
Industrial markets differ from consumer markets in that
A) the demand for industrial goods is more volatile than the demand for consumer goods.
B) the market for industrial goods is insignificant in comparison to the market for consumer goods.
C) industrial goods are marketed domestically whereas consumer goods are marketed internationally.
D) industrial products are always more expensive than consumer products.
E) industrial products use the same level of technology for all products making it appropriate for all countries whereas consumer goods need to be customized for each market.
Q:
Mai is a new international sales representative for an industrial supply company that is focusing heavily on technology as a selling feature. She will learn that this strategy
A) will be a key selling feature in all markets.
B) will have the most impact in developing countries.
C) may not be appropriate for all countries.
D) will not make a big difference in the global market.
E) can be easily overcome by competitors.
Q:
Relationship marketing shifts the focus away from price to service and long-term benefits.
Q:
The sales of industrial goods are driven by the buyer's need to make profits.
Q:
In difficult economic and political circumstances or otherwise, online trade shows are a more than adequate substitute for physical trade shows or trade fairs.
Q:
Trade shows serve a much more important role in the U.S. than in other countries.
Q:
A company website is the most important vehicle for selling industrial products, reaching prospective B2B customers, and marketing in most countries.
Q:
Communism is the most serious threat to the continued expansion of international services trade.
Q:
A manufacturer who does not provide after-sales services and support could also be forgoing the opportunity of participating in a lucrative aftermarket.
Q:
For international users of heavy construction equipment, the manufacturer's country of origin is of primary importance in purchasing construction equipment.
Q:
For many industrial products, the revenue from associated services exceeds the revenue from the products themselves.
Q:
To receive ISO 9000 certification, a company requests a certifying body to conduct a registration assessment.
Q:
The ISO 9000 certification guarantees that each product or service produced by a company is of the highest quality.
Q:
The U.S. Department of Commerce has mandated that all U.S. government purchases use the metric system.
Q:
While countries have standards for products produced within its borders, there are no such standards that are applicable to imported goods.
Q:
The adoption of universal quality standards would mean that the perceptions of industrial product quality would also be standardized.
Q:
The lack of common standards for manufacturing highly specialized equipment is a problem in international sales of industrial products.
Q:
A product whose design reflects the needs and expectations of the buyerno more, no lessis a quality product.
Q:
A product that exceeds performance expectations can also be considered to be of poor quality.
Q:
Good quality as interpreted by a highly industrialized market is the same as that interpreted by standards of a less industrialized nation.
Q:
One of the interrelated trends that spurred the demand for technologically advanced products was the disintegration of the Soviet empire.
Q:
A country can leap several stages of economic development by using technology as economic leverage.
Q:
In Rostow's five-stage model of economic development, countries in Stage 5 (the age of mass consumption) are mostly service economies.
Q:
In Stage 1 (the traditional society) of Rostow's five-stage model of economic development, the most important industrial demand is labor.
Q:
The degree of economic development of a country can be used as a rough measure of the country's industrial market.
Q:
The most significant environmental factor affecting the international market for industrial goods and services is the degree of standardization.
Q:
One of the ways that an industrial firm should manage the inherent volatility of the industrial sector is by increasing advertising expenditure during booms.
Q:
Industrial demand is unaffected by changes in consumer demand.
Q:
Derived demand can be defined as demand that is not dependent on another source.
Q:
Managers need to understand the concept of derived demand, particularly when they are selling capital equipment and big-ticket industrial services.
Q:
The single most important difference between consumer and industrial marketing is the cyclical swings in demand inherent in the latter.
Q:
For firms producing products and services for industrial markets, the chief reason for venturing abroad is the prospect of high profits with no risk.
Q:
A company focusing its efforts on making its new innovation more user-friendly than before is working on the _______ of the product.
A) compatibility
B) trialability
C) complexity
D) discordancy
E) observability
Q:
Karyn, who is interested in marketing her company's diet products in Asia, studies the acceptable behavior, norms, and values in Asian markets as they relate to her product. In other words, Karyn is studying her product's ________ in the Asian markets.
A) observability
B) compatibility
C) dissidence
D) trialability
E) complexity
Q:
In terms of innovation characteristics, a product is said to be compatible if
A) it provides greater value to the manufacturers than to the consumers.
B) the degree of social repercussions associated with it is high.
C) its benefits can be communicated easily.
D) it has a higher degree of complexity compared with its counterparts'.
E) it complies with the accepted behavior, values, and norms of the local market.
Q:
Phineas is comparing the innovation characteristics of his company's water filters with those that are already being marketed in the local market. He believes there is lot of potential for his filters as they are functionally more advanced, have a longer life, and can also be marketed at a more competitive price than those of other sellers in the local market. The innovation characteristic of Phineas's product that will help in wide acceptance of his product in the local market is its
A) compatibility.
B) complexity.
C) trialability.
D) relative advantage
E) observability.
Q:
What is one of the extraneous variables that affects the rate of diffusion of an object?
A) the absolute marginal value of the innovation relative to the old
B) the actual attributes of the innovation
C) the climatic conditions in which the market is located
D) the method used to communicate the idea
E) the degree of actual novelty of the innovation
Q:
According to Everett Rogers, the goals of the diffusion researcher and the marketer are to shorten the time lag between
A) the dispatch of the product from the company and the time it takes to reach the customer.
B) the time that a budget is determined and the time needed for the funds to reach the communication channels.
C) initial investment and the profits obtained from those investments.
D) introduction of an idea or product and its widespread adoption.
E) introduction of an idea or product and when revisions can be made.
Q:
Innovation spreads by the process of
A) diffusion.
B) filtering.
C) dissolution.
D) flighting.
E) liquidation.
Q:
From a sociological viewpoint, any idea perceived as new by a group of people is considered as
A) a creation
B) an adaptation
C) a declension
D) a tradition
E) an innovation
Q:
An important first step in adapting a product to a foreign market is to determine the
A) degree of newness of the product as perceived by the intended market.
B) personal ethics of individuals in the target market.
C) regional political parties present in the domestic market.
D) language problem of the intended market.
E) product's compliancy to irrational beliefs of its potential foreign consumers.
Q:
What is a physical attribute of a motorcycle that is essential for its primary function?
A) color
B) price
C) mobility
D) design
E) popularity
Q:
As part of the "green movement," the European Commission has passed legislation to control all kinds of packaging waste throughout the European Union. Two critical issues that affect product development are the control of the packaging component of solid waste and
A) the prevalence of similar environmental standards across different member countries.
B) consumer demand for environmentally friendly products.
C) higher government subsidies for greener technologies.
D) the continuous availability of alternative energy resources for production.
E) the proven efficient management of inventory of conventional energy products.
Q:
Which country or group of countries has been at the forefront of the "green movement"?
A) The United States
B) Japan
C) Europe
D) OPEC countries
E) NAFTA countries
Q:
PG Autos introduces a new technology in its cars to improve their mileage and reduce carbon emissions. It also takes measures to improve its production facilities in order to reduce its carbon footprint. Actual introduction of green measures to meet the government guidelines rather than just through advertising and marketing shows that PG Autos engages in ________ marketing.
A) permission
B) recycle
C) green
D) black
E) greenwash
Q:
What is the definition of green marketing?
A) It refers to word-of-mouth marketing, where a company develops customers who become voluntary advocates of a product.
B) It refers to inbound marketing used on websites in the form of a banner, text, or graphic.
C) It refers to the type of marketing that takes place on the Internet, where all the marketing resources and assets are transferred online.
D) It is used to identify concerns with the environmental consequences of a variety of marketing activities.
E) It refers to nontraditional or stealth marketing campaigns.
Q:
A women's clothing company based in Singapore had to modify its clothes before introducing them in Iran, as it needed to meet the needs of the women who are generally expected to cover themselves completely as per societal norms. To adapt its clothes to Iranian markets, the company used opaque material and provided accessories like scarves. Which requirement has dictated the product adaptation?
A) legal
B) cultural
C) technological
D) economic
E) climatic
Q:
A television manufacturer in South Korea had to simplify its televisions before introducing them to the Nigerian markets, as the country lacked the skills to repair the product in case of a malfunction. The local salesforce also did not have the sufficient knowledge about the installation of the product. The requirement that is influencing product adaptation in this scenario is
A) legal
B) climatic
C) political
D) cultural
E) technological
Q:
A U.S. cosmetics company had to increase the SPF value of its sunscreen lotions marketed in the Middle East to provide more protection against UV radiation. Which requirement dictated the product adaptation?
A) legal
B) cultural
C) economic
D) climatic
E) political
Q:
Downward Dog Wines had to market its products with a different name in a foreign market as it was mandatory to translate the name into the local language. Which factor has most likely influenced the compulsory change of Downward Dog's product name in the foreign market in this scenario?
A) legal requirement
B) climatic requirement
C) technological requirement
D) monetary requirement
E) economic requirement
Q:
Bragster Bar, a brand of energy bars in Canada, sells its bars singly or in packs of two in South Asian markets instead of their regular multiple-item packaging that contains 10 or 20 bars. What requirement of the local market most likely influenced Bragster Bar's packaging decision?
A) legal
B) political
C) economic
D) technological
E) cultural
Q:
A European chocolate manufacturer received several complaints from customers about the quality of its products when it began selling them in a tropical country. The firm had to repackage its chocolate bars with an extra plastic wrapper to protect it from the heat and dust. Which factor in the local market is most likely to have dictated the company's product adaptation in this scenario?
A) legal requirements
B) economic requirements
C) political requirements
D) climatic requirements
E) technological requirements
Q:
Exercise Away Products found out it needed to shorten the legs of its treadmills sold in China owing to the height of the average Chinese person. By doing this, Exercise Away Products has achieved
A) product homologation.
B) global product standardization.
C) product dilution.
D) product obsolescence.
E) product disapprobation.
Q:
Product ________ is the term used to describe the changes mandated by local product and service standards.
A) localization
B) protectionism
C) disapprobation
D) dilution
E) homologation
Q:
What are the two dimensions that define the quality of a product or service?
A) consumer choice quality and process quality
B) market-perceived quality and performance quality
C) product quality and market quality
D) actual quality and assumed quality
E) absolute quality and relative quality
Q:
What is one of the top two criteria for global market consumers when making purchase decisions?
A) appearance
B) size
C) technology
D) quality
E) service
Q:
What impact has global competition had on business activities in the international marketplace?
A) It has shifted the focus from a consumer's market to a seller's market.
B) It has increased product life cycles.
C) It has put more power in the hands of the customer.
D) It has reduced the competitive spirit of most businesses in a marketplace.
E) It has limited the choices of the consumers.
Q:
Effective advertising and proper positioning of products can help brands to improve a less-than-positive country stereotype.
Q:
Products from developing countries have the highest quality image.
Q:
Brand image is at the very core of business identity and strategy.
Q:
In the context of global marketing, a product's country of origin does not affect its brand's image significantly.
Q:
Cultural barriers play a bigger role in services than in merchandise trade.
Q:
The majority of services enter foreign markets by licensing, franchising, or direct investment.
Q:
Services are distinguished from products on the basis of their durability, homogeneity, and separability.
Q:
Services such as insurance and dry cleaning typically are classified as tangible.
Q:
The support services component of the product component model contains such items as repair and maintenance and availability of spare parts.
Q:
In countries with low literacy rates, the pictures and symbols on products are taken literally as instructions and information.
Q:
One of the consistencies that marketers can look forward to when marketing products abroad is that almost all labeling laws worldwide are essentially the same.
Q:
According to the Product Component Model, the instructions for using the product and the warranty of the product are included under the packaging component.
Q:
One of the core components in the Product Component Model is the product platform.
Q:
The packaging component of the Product Component Model consists of the physical productthe platform that contains the essential technologyand all its design and functional features.
Q:
Product diffusion or acceptance is more rapid when product perceptions are similar to current cultural values.
Q:
In general, the rate of diffusion of a product is negatively related to its relative advantage.
Q:
One variable that affects the rate of diffusion of a product is the actual attributes of the innovation.
Q:
One of the three variables that affect the rate of diffusion of a product is the perceived attributes of product innovation.
Q:
According to Everett Rogers, the element of time differentiates elements in the diffusion of new ideas from other types of communication research.