Question 1

Little m marketing refers to tactics and programs the firm uses to reach its stakeholders.

Accepted Answer

Little m marketing refers to the specific tactics and programs used by a firm to reach its stakeholders, as opposed to Big M marketing which refers to the overall strategic marketing plan of the firm.

Question 2

Of all the business fields,marketing is most visible to people outside the organization.

Accepted Answer

Marketing involves promoting and advertising the company's products or services to the general public. This makes it the most visible field to people outside the organization.

Question 3

Absolute dependency on domestic markets is essential for a company's long-term growth.

Accepted Answer

Absolute dependency on domestic markets can restrict a company's growth potential and limit its opportunities for expansion and diversification. Diversifying into international markets can provide access to new customers, resources, and growth opportunities, which can help a company sustain its long-term growth.

Question 4

Companies often begin direct foreign marketing when they follow existing customers into foreign markets.

Accepted Answer

Companies often prioritize direct foreign marketing to the countries where they already have existing customers or have conducted successful business operations. This approach helps them tap into a market they are already familiar with and leverage their brand reputation to build acceptance in new markets. Therefore, the statement is true.

Question 5

The international experience learning curve refers to the length of time it takes a company to export the first shipment of products into a foreign market.

Accepted Answer

The international experience learning curve refers to the process and time it takes for a company to gain expertise and efficiency in operating in international markets, not just the time to export the first shipment.

Question 6

Marketing is relevant only to people in the organization that work directly in the marketing department.

Accepted Answer

Marketing is relevant to all employees in an organization as it affects the overall success and profitability of the company. Every employee has a role in representing and communicating the company's brand and values to customers and stakeholders.

Question 7

A firm with a selling orientation assumes that "if you build it,they will come".

Accepted Answer

A firm with a selling orientation focuses on aggressive sales techniques to persuade customers to buy, rather than assuming that products will sell themselves.

Question 8

A company can do business with an international company and still not engage in direct foreign marketing.

Accepted Answer

Doing business with an international company may involve exporting or importing goods or services without necessarily engaging in direct foreign marketing, which involves actively promoting and tailoring products to foreign markets.

Question 9

Firms today are beginning to understand the importance of marketing metrics to assess marketing performance.

Accepted Answer

Marketing metrics help firms to track the effectiveness of their marketing strategies and make data-driven decisions. This has resulted in firms realizing the importance of marketing metrics in assessing their marketing performance.

Question 10

The concept of customer orientation needs to be understood by marketing and sales and service managers.Employees who work in accounting,finance,and manufacturing need to do their jobs well but rarely have an impact on customer service.

Accepted Answer

Customer orientation is important for all departments, including accounting, finance, and manufacturing, as their work can indirectly impact customer satisfaction and service quality.

Question 11

Walmart opened its first international store in Canada over 30 years ago.

Accepted Answer

Walmart opened its first international store in Mexico in 1991, which is less than 30 years ago.

Question 12

The scope of activities in direct foreign marketing is the same as in international marketing or global marketing and occurs with no modification.

Accepted Answer

The scope of activities in direct foreign marketing differs from international marketing or global marketing in that it involves the establishment of a physical presence in a foreign market through joint ventures, subsidiaries, or licensing agreements. In contrast, international marketing and global marketing may employ more indirect methods such as exporting, franchising, or contract manufacturing.

Question 13

Big M marketing refers to the strategic,long-term,firm-level commitment to investing in marketing for the purpose of enhancing organization performance.

Accepted Answer

Big M marketing involves a comprehensive and continuous investment in marketing activities to improve organizational performance over the long term. This approach focuses on building brand reputation, customer loyalty, and market position, rather than simply generating short-term sales or revenue.

Question 14

Don Peppers and Martha Rogers popularized the term one-to-one marketing.

Accepted Answer

Don Peppers and Martha Rogers are credited with popularizing the term one-to-one marketing in their book "The One to One Future" published in 1993.

Question 15

Gen Yers tends to value relationships with marketers like State Farm Insurance in exactly the same way their parents do.

Accepted Answer

According to research, Gen Yers tend to have different expectations and preferences when it comes to relationships with marketers, including a preference for authenticity, transparency, and personalized communication.

Question 16

The American Marketing Association defines marketing as "the activity,set of institutions,and processes for creating,communicating,delivering,and exchanging offerings that have value for customers,clients,partners,and society at large."

Accepted Answer

This is the exact definition of marketing given by the American Marketing Association.

Question 17

A patient's ability to come self-diagnosed and ready to self-prescribe to a doctor's clinic is an example of shift in information power.

Accepted Answer

The statement is true. With the availability of information online, patients have more access to information about their health conditions and treatments, leading to a shift in information power from solely being held by healthcare professionals to being shared with patients. This can lead to patients coming to appointments with a sense of self-diagnosis and self-prescribed treatments.

Question 18

"If it can't be measured,it can't be managed" refers to top management's need to quantify objectives and results.

Accepted Answer

This statement emphasizes the importance of using measurable metrics to track progress towards goals and to make informed decisions in managing an organization.

Question 19

Fred Wiersema's book The New Market Leaders states that marketers will continue to have more power than customers in both B2B and B2C markets.

Accepted Answer

This statement is incorrect. In today's market, customers have more power and control than ever before due to increased competition, transparency and access to information through technology. Marketers must now focus on meeting the demands and needs of customers in order to stay competitive.

Question 20

Substantiality refers to practices of socially responsible firms that incorporate doing well by doing good.

Accepted Answer

The answer of Substantiality refers to practices of socially responsible...

Quiz 1: Marketing in Todays Global Business Milieu