Question 1

A critical aspect of the ______________ function is identifying gaps in the market so that new products can be developed to fill those gaps.

Accepted Answer

The marketing function is responsible for conducting market research to identify gaps in the market, analyzing consumer behavior and preferences, and developing new products that meet the needs and wants of consumers. This is essential for creating a competitive advantage and driving sales growth.

Question 2

A(n)_____________ marketing strategy that views the world's consumers as similar in their tastes and preferences is consistent with the mass production of a standardized output.

Accepted Answer

A global marketing strategy assumes that consumers across the world have similar tastes and preferences, and therefore a standardized output can be produced and marketed to them. This approach is consistent with mass production and economies of scale, which are typically associated with global companies. Domestic marketing strategies are designed for the domestic market only, while national marketing strategies consider cultural and regional differences within a country. Multinational marketing strategies develop localized products and campaigns for different countries or regions. Indigenous marketing strategies are developed for specific ethnic or cultural groups.

Question 3

In the opening case,Burberry was able to create a unified global brand by doing what?

Accepted Answer

Burberry was able to create a unified global brand by acquiring partners and buying licensing rights back. They identified the misuse of their brand and stopped the production of counterfeit products by taking back licensing rights from manufacturers. They also acquired partners to ensure consistent brand messaging and strategic alignment across all franchises. These efforts helped them to maintain brand value and create a unified global brand.

Question 4

The four elements that constitute a firm's marketing mix include

Accepted Answer

The marketing mix includes the four Ps: product attributes, distribution strategy, communication strategy, and pricing strategy. These four elements are essential to create a successful marketing plan for any firm. Choice B and C include some elements that are not part of the marketing mix, such as transportation strategy, warehousing strategy, and availability of financing. Choice D includes transportation strategy, which is not one of the four Ps. Choice E includes logistics mix and sales and pricing mix, which are not part of the traditional marketing mix.

Question 5

The ______________ is the set of choices the firm offers to its targeted market.

Accepted Answer

The marketing mix is the set of choices that a firm offers to its targeted market. It comprises the four Ps: product (or service), price, promotion, and place (or distribution). These elements are combined in a way that allows the firm to meet the needs and wants of its customers while achieving its own objectives. The marketing mix is a key tool in designing a marketing strategy and developing a marketing plan.

Question 6

______________ refers to the process of identifying distinct groups of consumers whose purchasing behaviour differs from others in important ways.

Accepted Answer

Market segmentation refers to the process of identifying distinct groups of consumers whose purchasing behavior differs from others in important ways. This process helps businesses to target their marketing efforts more effectively by tailoring their messaging and offerings to specific segments of the market. By understanding the unique characteristics and preferences of each segment, businesses can develop more effective marketing strategies and achieve greater success in reaching their target audience.

Question 7

Segments that transcend national borders exist in certain _____________ markets,but are rare in _____________ markets.

Accepted Answer

Segments that transcend national borders are more common in industrial markets than in consumer markets. This is because industrial markets often involve specialized products or services that are not as influenced by cultural differences, making it easier for these segments to exist across different countries. Consumer markets, on the other hand, are more likely to be influenced by local tastes, cultures, and preferences, making transnational segments rarer.

Question 8

According to the textbook,the most important aspect of a country's cultural differences is the impact of

Accepted Answer

The answer of According to the textbook,the most important aspect...

Question 9

When markets are divided up by sex,age,income,race,or education,they are segmented by:

Accepted Answer

Segmentation by sex, age, income, race, or education are demographic factors because they are based on quantifiable characteristics of a population, such as gender, age, and income level. Demographic segmentation is a common practice among businesses to target specific groups of consumers with tailored marketing strategies.

Question 10

Levitt has argued that,due to the advent of modern communications and transport technology,consumer tastes and preferences are becoming ______________,which is creating global markets for standardized consumer products.

Accepted Answer

Levitt argues that due to modern technology, global markets for standardized consumer products are emerging, indicating that consumer tastes and preferences are becoming similar around the world. Therefore, the most appropriate choice is D, "global."

Question 11

When managers in an international business consider market segmentation in foreign countries,they need to be aware of two main issues.These are:

Accepted Answer

Managers need to consider the differences between countries in the structure of marketing segments, and whether there are segments that transcend national borders. This is important in order to effectively target and position products in each market. Tariff rates (B), barriers to entry (C), product standards (E), and consumer preferences (E) are also important factors to consider, but they are not specifically related to market segmentation. Cultural differences (D) can also impact market segmentation, but this is included in the first option as a part of the structure of marketing segments.

Question 12

If Sara decided the best way to divide her market is by lifestyle choices,she is using _____________ segmentation.

Accepted Answer

The answer of If Sara decided the best way to...

Question 13

Automobile companies tend to use ________________ segmentation.

Accepted Answer

The answer of Automobile companies tend to use ________________ segmentation.
...

Question 14

In his 1983 Harvard Business Review article,Theodore Levitt argued that due to the advent of modern communications and transport technology,consumer tastes and preferences are becoming more global,which is creating global markets for standardized consumer products.In regard to these arguments,the current consensus among academics seems to be that Levitt:

Accepted Answer

While Levitt's argument about the emergence of global markets was not entirely inaccurate, he did overstate the degree to which consumer preferences and tastes were becoming completely standardized across the world. Cultural differences and local preferences still play a significant role in consumer behavior, and global companies often have to adapt their products and marketing strategies to fit these nuances. Additionally, the rise of the internet has further complicated this issue, as it has allowed for more targeted marketing and made it easier for consumers to access niche products from around the world.

Question 15

Consumer needs vary between countries due to cultural differences and

Accepted Answer

The answer of Consumer needs vary between countries due to...

Question 16

A product can be viewed as a bundle of what?

Accepted Answer

A product can be viewed as a bundle of attributes, such as design, quality, functionality, and features that satisfy customer needs and wants. Attributes are the specific characteristics or properties of the product that differentiate it from competitors and create value for the customer.

Question 17

Research has long maintained that a major factor of success for new products is the closeness of the relationship between:

Accepted Answer

The relationship between marketing and R&D is crucial for the success of new products. R&D develops the product, while marketing provides insights into the needs and wants of customers, helping to ensure that the product is desirable and meets customer needs. This close collaboration also helps to speed up the development process and brings products to market faster.

Question 18

Only _____________ can tell R&D whether to produce globally standardized or locally customized products.

Accepted Answer

Marketing is responsible for understanding the needs and preferences of local consumers and determining whether to produce globally standardized or locally customized products based on market research and analysis.

Question 19

________________ is a powerful force that drives the world toward a converging commonalty.

Accepted Answer

Technology is a powerful force that drives the world toward a converging commonalty by enabling communication, connectivity, and the sharing of information across different cultures and regions.

Question 20

The continuing persistence of ________________ differences between nations acts as a major brake on any trend toward global consumer tastes and preferences.

Accepted Answer

Cultural and economic differences between nations are deeply rooted and shape consumer preferences and behavior. For example, dietary restrictions, religious beliefs, and local traditions vary greatly across cultures, influencing what people consume and how they shop. Economic factors such as income levels, purchasing power, and inflation rates also impact consumer behavior and limit the spread of global consumer trends. Therefore, these differences act as a major brake on the homogenization of consumer tastes and preferences across borders.

Quiz 14: Global Marketing and Randd