Question 1

The change in volume demanded by customers as a result of changes in price is known as:&#10;A)price shift&#10;B)demand shift&#10;C)price elasticity&#10;D)price curve

Accepted Answer

The change in volume demanded by customers as a result of changes in price is known as price elasticity. It measures the responsiveness of demand to a change in price.

Question 2

Anthropological and ethnographic research are both relevant to international marketers.

Accepted Answer

Anthropological and ethnographic research can provide valuable insights into cultural norms, values, behaviors, and preferences that can inform international marketing strategies. Understanding the cultural context of a target market can improve the effectiveness of marketing campaigns and help avoid cultural faux pas.

Question 3

Which of the following is not one of the 'Four P's' of Marketing?&#10;A)price&#10;B)place&#10;C)promotion&#10;D)production

Accepted Answer

The four P's of marketing are typically referred to as price, place, promotion, and product (not production).

Question 4

Advertisers promoting products in multiple countries don't need to take account of advertising standards in each country, because these standards are the same everywhere.

Accepted Answer

Advertisers promoting products in multiple countries need to take account of advertising standards in each country because these standards vary from country to country. Failure to comply with local advertising standards can result in legal consequences and reputational damage.

Question 5

Customers are often interested in the &#34;total cost of ownership&#34;, which includes the purchasing price plus:&#10;A)sales taxes&#10;B)interest on loans taken out to purchase the items&#10;C)transaction costs&#10;D)cost of supplies needed to operate the item

Accepted Answer

The answer of Customers are often interested in the &#34;total...

Question 6

Which of the following is not an element of the triple-A of supply chain management?&#10;A)Agility&#10;B)Arbitrage&#10;C)Adaptability&#10;D)Alignment

Accepted Answer

Arbitrage is not an element of the triple-A of supply chain management. The triple-A of supply chain management includes Agility, Adaptability, and Alignment.

Question 7

The term supply chain refers to the ways a firm coordinates activities along its entire value chain from component suppliers to retailers.

Accepted Answer

This is the correct definition of supply chain. It involves managing and optimizing the flow of goods, services, and information from suppliers to customers, with the ultimate goal of delivering value to end consumers at the lowest possible cost while maintaining quality and timely delivery.

Question 8

Intra-logistics is the effective movement of goods across a continent.

Accepted Answer

Intra-logistics refers to the effective movement of goods within a facility, warehouse or factory. It does not involve movement across a continent.

Question 9

A neutral intermediary in the supply chain that provides logistics and other support services is known as:&#10;A)Postal services provider&#10;B)Shipping company&#10;C)Third party logistics provider&#10;D)Second party logistics provider

Accepted Answer

A third party logistics provider (3PL) is a neutral intermediary that provides logistical and other support services in the supply chain, such as transportation, warehousing, and distribution. They are not directly involved in the production or sale of goods, but rather assist in the movement of those goods from one point to another. Postal services providers and shipping companies may be part of the supply chain, but they do not necessarily provide the same comprehensive logistics services as a 3PL. A second party logistics provider (2PL) is a supplier that provides a specific component or service in the supply chain, and may not necessarily provide broader logistics support.

Question 10

A relationship orientation in marketing indicates a focus on maintaining and enhancing relationships with customers.

Accepted Answer

A relationship orientation in marketing places importance on building and maintaining long-term relationships with customers, rather than solely focusing on short-term transactions. This approach often leads to increased customer loyalty and repeat business.

Question 11

Single-tier branding enables companies to reach a large variety of different market segments.

Accepted Answer

The answer of Single-tier branding enables companies to reach a...

Question 12

The management of the purchasing of products and components is also known as:&#10;A)outbound logistics&#10;B)inbound logistics&#10;C)distribution management&#10;D)inventory management

Accepted Answer

The answer of The management of the purchasing of products...

Deck 17: Customers and Suppliers of the Mne