Question 1

Which of the following is true with regard to a global positioning strategy?

Accepted Answer

A global positioning strategy uses a unified message or image that resonates with the target customer across international borders. This can reduce marketing costs by eliminating the need for customizing advertising and promotional materials for different geographic regions.

Option A is incorrect because global positioning strategy aims to address the shared expectations of a global customer market segment by creating a consistent brand image across different markets.

Option B is incorrect because a well-executed global positioning strategy can enhance brand equity by creating a strong and consistent brand identity across international borders.

Option D is incorrect because many internationalizing firms aim for a global positioning strategy because it allows them to establish a consistent brand identity that can be leveraged across multiple international markets.

Question 2

Taken together, the key elements of a company's marketing program are known as the ________.

Accepted Answer

The marketing program of a company consists of several key elements such as product, price, promotion, and place (also known as the 4 P's of marketing). These elements make up the marketing mix, which is used by the company to achieve its marketing objectives and reach its target market. The product mix refers specifically to the range of products offered by a company, while the value chain refers to the set of activities involved in creating and delivering a product or service. The product lifecycle refers to the various stages that a product goes through from introduction to decline.

Question 3

Adaptation is defined as ________.

Accepted Answer

Adaptation in international marketing refers to modifying the marketing program to meet the specific needs and preferences of customers in a particular market. This could involve adapting the product, pricing, promotion, or distribution strategies to fit the local market conditions, cultural preferences, and regulatory requirements. Option A refers to standardization, which is the opposite of adaptation. Option B refers to organizational restructuring, which may or may not involve adaptation. Option D is about employee retention and has nothing to do with international marketing.

Question 4

Which of the following best characterizes the purpose of a global marketing strategy?

Accepted Answer

The purpose of a global marketing strategy is to guide firms in targeting the right customer segments in different markets around the world. It takes into account factors such as cultural differences, language barriers, and local regulations to create effective marketing campaigns and achieve business growth. Option A is more related to human resources management, Option B is more related to market research, while Option C is more related to employee retention strategies.

Question 5

A reputed American automaker competes in the premium car market segment. It targets affluent buyers with refined tastes who would not mind paying several thousand dollars for a premium car. This is an example of positioning.

Accepted Answer

Positioning refers to the way a brand or product is perceived by consumers in relation to its competitors, and the automaker's target market and pricing strategy is an example of positioning.

Question 6

Which of the following is true with regard to a global market segment?

Accepted Answer

A global market segment refers to a group of customers who share similar needs and preferences across different countries. Firms target these segments by using a different marketing strategy and programs that are tailored to meet their specific requirements. Therefore, option B is the correct choice as it states the fact that firms target global market segments using a relatively uniform marketing strategy and programs. Option A is incorrect because a generational group is not necessarily a global market segment. Option C is incorrect because buyers in a global market segment may have a high spending power as well. Option D is incorrect because buyers in global market segments may buy luxury and style products.

Question 7

A global market segment refers to ________.

Accepted Answer

A global market segment refers to a group of customers who share similar characteristics across many national markets. This means that they may have similar needs, preferences, and behaviors that transcend borders and cultures, and can be targeted by companies seeking to expand their reach and appeal to a wider audience.

Question 8

In international business, firms frequently formulate market segments by ________.

Accepted Answer

Grouping countries based on macro-level variables such as income, culture, and political systems is a common way for firms to formulate market segments in international business. This allows companies to tailor their marketing strategies to specific regions and better understand the needs and behaviors of their target customers. Options A, C, and D are not relevant to the process of market segmentation in international business.

Question 9

A furniture company that makes its marketing program elements uniform, targeting entire regions with similar products, is demonstrating ________.

Accepted Answer

The furniture company that makes its marketing program elements uniform, targeting entire regions with similar products, is demonstrating standardization. This means that they are using a standardized marketing approach for a specific region, which allows them to reduce costs and increase efficiency in their operations. This approach may involve using the same promotional materials, advertising messages, and pricing strategies across the region. By doing so, they can establish a consistent brand identity and improve their competitive position in the market.

Question 10

________ is the process of dividing the firm's total customer base into homogeneous clusters in a way that allows management to formulate unique marketing strategies for each group.

Accepted Answer

Market segmentation is the process of dividing the customer base into groups with similar characteristics or needs. This allows the firm to target each segment with unique marketing strategies that are more likely to result in a favorable response from each group. Brand management involves creating and maintaining a specific image or identity for the company or its products, while customer relationship management focuses on building and maintaining relationships with individual customers. Market diversification involves expanding into new markets or developing new products for existing markets.

Question 11

In which of the following industries is standardization more likely to be pursued?

Accepted Answer

Credit cards are a global industry with standardized practices and regulations to ensure consistency and security across multiple regions and countries.

Question 12

Frequent business travelers, who are also affluent and eager spenders, represent a global market segment.

Accepted Answer

The statement is true. Frequent business travelers, who often have high incomes, are a desirable market segment for businesses that sell luxury goods and services.

Question 13

In international business, marketing is concerned with ________.

Accepted Answer

Marketing in international business involves identifying, measuring, and pursuing customer needs and market opportunities abroad. It involves adapting to local cultures, languages, and preferences while maintaining the brand's identity. It also involves developing strategic plans for pricing, distribution, and promotion in foreign markets.

Question 14

Branding refers to the process of dividing a firm's total customer base into homogeneous clusters in a way that allows management to formulate unique marketing strategies for each group.

Accepted Answer

Branding is the process of creating a unique identity and image for a product or company in the consumer's mind, not dividing customers into clusters. The process described is market segmentation.

Question 15

Which of the following is true with regard to positioning?

Accepted Answer

Positioning involves emphasizing the unique and differentiated features of a product or service in order to stand out from competitors. It is not intended to dilute brand equity or scale up production, and may also evoke specific attributes associated with the product.

Question 16

In international business, marketing is concerned with identifying, measuring, and responding to market opportunities abroad

Accepted Answer

Marketing in international business involves identifying and analyzing market opportunities in foreign countries and developing strategies to respond to them. This includes conducting market research, adapting products and services to fit the needs of different cultures, and creating promotional materials to target international audiences.

Question 17

Explain the purpose of positioning. How does a global positioning strategy assist firms participating in international business? What benefit does a global positioning strategy offer?

Accepted Answer

The answer of Explain the purpose of positioning. How does...

Question 18

Explain the importance of a global market strategy. How does a global market strategy affect the choice of adaption versus standardization for an international marketing program?

Accepted Answer

The answer of Explain the importance of a global market...

Question 19

What is market segmentation? In a short essay, discuss how international firms use market segmentation.

Accepted Answer

The answer of What is market segmentation? In a short...

Question 20

________ refers to a marketing strategy in which the firm develops both the product and its marketing to evoke a distinct impression in the customer's mind, emphasizing differences from competitors' offerings.

Accepted Answer

Positioning is a marketing strategy that involves creating a distinct image or impression of a product in the customer's mind in order to differentiate it from competitors' products. This involves developing both the product and the marketing messages to emphasize its unique features and benefits. Standardization refers to the process of maintaining consistent product quality and features across different markets. Diversifying refers to expanding a company's product line or entering new markets. Adaptation refers to modifying a product or marketing strategy to meet the unique needs of a specific market or region.

Quiz 16: Marketing in the Global Firm