Question 1

A backward invention is _ .

Accepted Answer

Backward invention refers to the strategy where a company simplifies or reduces the complexity of a product to meet the needs of a less developed market.

Question 2

A least developed country (LDC).

Accepted Answer

LDCs typically have economies that are heavily reliant on agriculture, often due to limited industrialization and economic development.

Question 3

A maker of cash registers had to develop hand- crank- operated cash registers to sell to Latin American and African countries where electricity is a luxury.The company used a strategy to enter those global markets.

Accepted Answer

Product invention involves creating a new product to meet the needs of a specific market, which is what the company did by developing hand-crank-operated cash registers for regions with limited electricity access.

Question 4

The was developed to eliminate monopolies and to guarantee free competition.

Accepted Answer

The Sherman Antitrust Act was developed to eliminate monopolies and to guarantee free competition.

Question 5

To successfully market the Corvette to the European market,General Motors had to make the automobile shorter and narrower.GM chose to use a strategy with the Corvette.

Accepted Answer

Product adaptation involves modifying an existing product to meet the needs or preferences of a specific market, such as making the Corvette shorter and narrower for the European market.

Question 6

An increasing number of firms around the globe engage in activities,the process of gathering and analyzing publicly available information about rivals.

Accepted Answer

Competitive intelligence involves gathering and analyzing publicly available information about competitors to inform business strategies.

Question 7

is the tendency to prefer products or people of one's own culture over those from other countries.

Accepted Answer

Ethnocentrism is the tendency to prefer products or people of one's own culture over those from other countries.

Question 8

Marketers engage in competition in which competitors offer different products attempting to satisfy the same consumers' needs and wants.

Accepted Answer

Product competition occurs when different products attempt to satisfy the same consumer needs and wants.

Question 9

Which of the following statements about world trade is NOT true?

Accepted Answer

World trade activity has generally been increasing over the years, despite fluctuations due to economic conditions, making statement A incorrect.

Question 10

The ,a United States regulatory agency enforces regulation that has a major impact on a manufacturer's materials and processes.

Accepted Answer

The answer of The ,a United States regulatory agency enforces...

Question 11

The most commonly used measure of economic health of a country is the .

Accepted Answer

Gross Domestic Product (GDP) is the most commonly used measure of a country's economic health, as it represents the total value of all goods and services produced over a specific time period within a nation's borders.

Question 12

The Act (1990)Limits the amount of commercials aired on children's programs..

Accepted Answer

The Children's Television Act of 1990 limits the amount of commercials aired during children's programming to protect young audiences from excessive advertising.

Question 13

To successfully market the Corvette to the European market,General Motors had to make the automobile shorter and narrower.GM chose to use a strategy with the Corvette.

Accepted Answer

Product adaptation involves modifying an existing product to meet the needs or preferences of a specific market, such as making the Corvette shorter and narrower for the European market.

Question 14

France,Italy,and Germany boast sophisticated marketing systems and are three good examples of .

Accepted Answer

France, Italy, and Germany are considered developed countries due to their advanced economies, high standards of living, and sophisticated marketing systems.

Question 15

In the macroenvironment there are several structures of industries.In a(n)structure,there are many sellers,each having slightly different products,with unique customer benefits.

Accepted Answer

Monopolistic competition is characterized by many sellers offering products that are similar but not identical, each providing unique customer benefits.

Question 16

Wrigley's chewing gum is the same product whether you buy it in Japan,Great Britain,Brazil,or the United States.Wrigley's sells the same products around the world.It has adopted a(n)_ strategy.

Accepted Answer

Wrigley's uses a straight extension strategy, meaning it sells the same product without changes in different markets around the world.

Question 17

The environment refers to the characteristics of a society,the people who live in the society,and the culture that reflects the values and beliefs of the society.

Accepted Answer

The sociocultural environment encompasses the societal characteristics, cultural values, and beliefs that influence the behavior and attitudes of people within a society.

Question 18

U)S.sugar import quotas have existed for more than fifty years and preserve about half of the U.S.sugar market for domestic producers.Why does the United States continue to have these quotas?

Accepted Answer

The U.S. maintains sugar import quotas to protect its domestic sugar industry by reducing foreign competition, ensuring that a significant portion of the market is reserved for domestic producers.

Question 19

Because consumers cannot buy everything and anything,marketers engage in competition.Marketers compete for the amount of money people have left after paying for necessities such as housing,utilities,food,and clothing.

Accepted Answer

Marketers compete for consumers' discretionary income, which is the money left after paying for necessities.

Question 20

The prohibits price discrimination unless cost- justified.

Accepted Answer

The Robinson-Patman Act prohibits price discrimination unless it can be justified by differences in cost.

Quiz 3: Thriving in the Marketing Environment: the World Is Flat

A backward invention is _ .

A least developed country (LDC) .

A maker of cash registers had to develop hand- crank- operated cash registers to sell to Latin American and African countries where electricity is a luxury.The company used a strategy to enter those global markets.

The was developed to eliminate monopolies and to guarantee free competition.

To successfully market the Corvette to the European market,General Motors had to make the automobile shorter and narrower.GM chose to use a strategy with the Corvette.

An increasing number of firms around the globe engage in activities,the process of gathering and analyzing publicly available information about rivals.

is the tendency to prefer products or people of one's own culture over those from other countries.

Marketers engage in competition in which competitors offer different products attempting to satisfy the same consumers' needs and wants.

Which of the following statements about world trade is NOT true?

The ,a United States regulatory agency enforces regulation that has a major impact on a manufacturer's materials and processes.

The most commonly used measure of economic health of a country is the .

The Act (1990) Limits the amount of commercials aired on children's programs..

To successfully market the Corvette to the European market,General Motors had to make the automobile shorter and narrower.GM chose to use a strategy with the Corvette.

France,Italy,and Germany boast sophisticated marketing systems and are three good examples of .

In the macroenvironment there are several structures of industries.In a(n) structure,there are many sellers,each having slightly different products,with unique customer benefits.

Wrigley's chewing gum is the same product whether you buy it in Japan,Great Britain,Brazil,or the United States.Wrigley's sells the same products around the world.It has adopted a(n) _ strategy.

The environment refers to the characteristics of a society,the people who live in the society,and the culture that reflects the values and beliefs of the society.

U) S.sugar import quotas have existed for more than fifty years and preserve about half of the U.S.sugar market for domestic producers.Why does the United States continue to have these quotas?

Because consumers cannot buy everything and anything,marketers engage in competition.Marketers compete for the amount of money people have left after paying for necessities such as housing,utilities,food,and clothing.

The prohibits price discrimination unless cost- justified.