Question 1

Cho, the international sales manager at a fashion house, is concerned that the euro is stronger than the U.S. dollar. This would be identified in the ________ section of a global market research report.

Accepted Answer

The strength of the euro compared to the U.S. dollar is an economic factor that would be included in the economic section of a global market research report.

Question 2

Firms that manufacture in a foreign market and maintain an extensive sales organization and distribution network but have a "domestic first" mind-set are probably engaged in ________ marketing.

Accepted Answer

Firms that manufacture in a foreign market and maintain an extensive sales organization and distribution network but prioritize their domestic market are engaged in international marketing. This approach involves adapting marketing strategies to meet the needs of international markets while still focusing on the firm's home country.

Question 3

Many countries base their court systems on those of former rulers. For example, the Spanish ruled many South American countries; therefore, the court system is based on code or civil law. This would be identified in the ________ section of a global market research report.

Accepted Answer

The political, legal section of a global market research report examines the legal and regulatory systems of a country, including its court system. This section also considers the political climate of a country and how it may impact business operations.

Question 4

Data on consumer spending per capita or industrial purchasing trends would be identified in the ________ section of a global market research report.

Accepted Answer

The economic section would typically contain data on consumer spending per capita or industrial purchasing trends, as well as other economic indicators such as GDP, inflation rates, and exchange rates.

Question 5

Phillippe needs to fire a manager of a French subsidiary of his company. He recently found that French law makes it difficult to terminate employees. This would be identified in the ________ section of a global market research report.

Accepted Answer

Political and legal factors are part of the business environment that are important to consider when conducting global market research. Laws and regulations can vary greatly between countries and can have an impact on business operations including hiring and terminating employees. In this case, the difficulty in terminating an employee in France is a legal factor that would be important to consider.

Question 6

________ is one of the most widely used measures of economic growth.

Accepted Answer

Gross domestic product (GDP) is a measure of the total value of goods and services produced within a country's borders during a specified period of time. It is considered a key indicator of an economy's strength and growth.

Question 7

An understanding of marketing beyond home markets develops over time as a company gets more international business experience. This process is referred to as the ________.

Accepted Answer

The global experience learning curve refers to the process by which a company develops an understanding of marketing beyond home markets over time as it gets more international business experience.

Question 8

The fastest-growing economy in the world in 2017 was ________.

Accepted Answer

The answer of The fastest-growing economy in the world in...

Question 9

In Serovia, most people eat dinner after 10:00 p.m. This would be identified in the ________ section of a global market research report.

Accepted Answer

The cultural and societal section of a global market research report typically covers aspects such as social customs, habits, and values of a population. The fact that most people in Serovia eat dinner after 10:00 p.m. is reflective of their cultural norms and practices, making it a relevant point to include in this section.

Question 10

Engaging in ethical business practices generally has little impact on marketing strategy and implementation.

Accepted Answer

Engaging in ethical business practices can have a significant impact on marketing strategy and implementation, as consumers are increasingly valuing ethical and socially responsible companies. Ethical practices can be used as a key selling point and can differentiate a company from its competitors. Additionally, unethical practices can damage a company's reputation and result in negative publicity and backlash from consumers.

Question 11

Sam is flying to Rio de Janeiro, Brazil, to meet with a prospective customer. He wants to learn the ethical standards, degree of formality, and gender biases of the country. Which of the following types of information will help Sam to accomplish his task?

Accepted Answer

Understanding the business environment of a country includes learning about its ethical standards, degree of formality, and potential gender biases in professional settings.

Question 12

MERCOSUR is a regional market zone in ________.

Accepted Answer

MERCOSUR stands for Mercado Común del Sur, which translates to the Common Market of the South. It is a regional market zone that comprises of countries in South America, including Argentina, Brazil, Paraguay, and Uruguay. Therefore, the correct answer is E, South America.

Question 13

Ethical issues related to product strategy begin with determining what markets should be targeted.

Accepted Answer

Ethical issues related to product strategy often involve deciding which markets to target and whether the product is appropriate for those markets. For example, marketing unhealthy foods to children or selling products that are known to be harmful to the environment may raise ethical concerns. Companies must consider the impact of their product strategy on various stakeholders, including customers, employees, shareholders, and society as a whole, and make decisions that are consistent with their values and principles.

Question 14

The color red means different things in different parts of the world. For example, in China, a bride traditionally would wear red but not white. White is a symbol of death. This would be identified in the ________ section of a global market research report.

Accepted Answer

The cultural and societal trends section of a global market research report would cover information about the meanings and symbolism behind colors in different regions of the world.

Question 15

The concept of sustainability includes all business practices that seek to balance business success and societal success over the long term.

Accepted Answer

The statement accurately defines the concept of sustainability as it emphasizes the need for balancing business success with societal success over an extended period.

Question 16

________ percent of the world's economic growth in the next 20 years is predicted to come from emerging markets, such as China and India.

Accepted Answer

According to studies, it is predicted that about 75% of the world's economic growth in the next 20 years will come from emerging markets like China and India, due to their population growth, increasing middle class and rapid industrialization.

Question 17

Which of the following is NOT one of the forces that drives countries to form regional market zones?

Accepted Answer

Religious values are not typically a driving force for forming regional market zones. The other options (geographic proximity, economic, cultural similarities, political) are often factors that contribute to the formation of such zones.

Question 18

Techel Electronics, a multinational company, manufactures its products in its home market, but treats the world as a single market with many segments in it. It sold televisions worth $47 million in 2017 in international markets, which was more than half of its total revenue. In the context of stages of global experience learning curve, the company is engaged in ________.

Accepted Answer

Techel Electronics is engaged in global marketing because it treats the world as a single market while having many segments, indicating a strategy that goes beyond merely selling internationally to integrating and coordinating marketing strategies across global markets.

Question 19

The triple bottom line metric is used for measuring the financial results of the company, but does not take into account equity, economic or environmental considerations.

Accepted Answer

The triple bottom line metric takes into account not only the financial results of the company, but also its social and environmental impact. It measures the company's performance in terms of people, planet, and profit.

Question 20

John, the CEO of Tresnel Inc., learns that the government of one of his company's foreign markets has enacted a new law that limits the amount of profit it can make. He projects that this will result in future losses. If John researches the ________ environment, he can plan a strategy to deal with this situation.

Accepted Answer

The fact that the government in one of Tresnel Inc.'s foreign markets has enacted a new law that limits the amount of profit it can make indicates a change in the political and legal environment. By researching this environment, John can plan a strategy to deal with the situation, such as lobbying for policy changes or exploring new markets. Economic, cultural and societal, business, and geographical environments may also influence the strategic planning process, but they are not directly relevant to the government's new law limiting profits.

Quiz 2: Marketing Foundations: Global, Ethical, Sustainable