Standardization of marketing mix elements

MKT 505 FINAL EXAM PART 1
Coca-Cola achieved success in the Japanese market primarily by:Answerstandardization of marketing mix elements.
global localization.
vending machine operations.
selecting market mix options.
homogenization.Question 2
Slumdog Millionaire, a movie which received several awards and an Oscar in 2009, was filmed on a location in and around:Answer
London.
San Francisco.
Cancun.
Mumbai.
Moscow.Question 3
The essence of marketing worldwide is to surpass the competition in creating perceived value, which can be represented as:Answer
Value = Price/Benefits
Value = Benefits/Price
Value = Benefits x Price
Value = Benefits – Price
Value = Benefits + PriceQuestion 4
That Russia is being transformed by economic change can be witnessed in all of the following observations except:Answer
affluent Russians can shop at boutiques that offer Versace.
per capita gross national income in Russia is only $9370.
the banking system in Russia is robust.
Russian shoppers spend an estimated $4 billion each year on luxury goods.
the Russian government lifted all currency controls.Question 5
The greatest percentage of world GDP is in the following income group countries:Answer
high-income countries.
upper-middle-income countries.
lower-middle-income countries.
low-income countries.
BRIC countries.Question 6
The member of the Gulf Cooperation Council (GCC) with the largest economy and population size is:Answer
Bahrain.
Kuwait.
Oman.
Qatar.
Saudi Arabia.Question 7
In spite of having about 45% of the world’s known oil reserves, Saudi Arabia and other Middle Eastern countries post current-account deficits, largely because:Answer
of poor accounting practices.
of vast economic diversification.
they must import most of the goods and services.
most of the oil is exported.
new businesses are being developed.Question 8
The original six members of the ASEAN (Association of Southeast Asian Nations) included all of the following countries except:Answer
Singapore.
Thailand.
India.
Philippines.
Brunei.Question 9
A characteristic of a low-context culture which is prevalent in United States, Switzerland, and Germany is:Answer
less information is contained in verbal communication.
major emphasis on a person’s values and position in society.
messages are explicit and specific.
a person’s word is his or her bond.
negotiations are long and protracted.Question 10
The cultural environment of a country is best defined by which characteristics?Answer
standard of living and stage of economic development
production process and standards of measurement
attitudes, beliefs, and values
degree of nationalism and economic community membership
fast food culture and slow food cultureQuestion 11
Any Western country doing business in Malaysia or the Middle East should have understanding of:Answer
the French Civil Code.
Anglo-Saxon common law.
Islamic law.
the Uniform Commercial Code.
Roman law and the Napoleonic Code.Question 12
Located in The Hague, the International Court of Justice (ICJ) is the judicial arm of the:Answer
United States.
European Union.
United Nations.
Netherlands.
United Kingdom.Question 13
As part of their alliance relationship, Northwest Airlines and KLM Royal Dutch set air fare prices jointly and coordinate flight schedules. Normally, such behavior would be considered harmful to competition, but the U.S. government has granted the two airlines special exemptions from laws concerning:Answer
intellectual property.
antitrust.
jurisdiction.
licensing.
ArbitrationQuestion 14
The decision by Toyota executives to introduce the Sienna minivan in the U.S. market was based on their study of a(n) ________ market.Answer
existing
latent
parallel
incipient
globalQuestion 15
The international marketing manager of an office furniture company ordered a research report on global telecommunications equipment sales. The report noted that, in the early 1990s, AT&T was awarded a $4 billion contract to provide communication network products and services in Saudi Arabia. The manager took this as a cue to put Saudi Arabia on her information agenda, reasoning that office furniture sales would increase as the country’s telephone system was improved. As described here, the marketing manager is viewing Saudi Arabia as a(n):Answer
latent market.
incipient market.
cluster market.
existing market.
primary market.Question 16
A(n) ________ is a company’s private data network, accessible only by authorized persons inside the organization.Answer
EDI
internet
intranet
EPOS
ECRQuestion 17
The efforts of global companies to reach low-income consumers in emerging markets highlight the importance of skillful global market segmentation and targeting. Market segmentation represents:Answer
targeting prospective customers.
finding customers who can respond to advertisement.
promoting products and services internationally.
identifying customers who can help in promoting products.
an effort to identify and categorize customers based on common characteristics.Question 18
Some of Body Shop’s recent advertising has emphasized the difference between the company’s principles and those of “mainstream” cosmetics companies on such issues as animal testing. As described here, Body Shop’s ads illustrate positioning by ________.Answer
competition
niche
quality/price
attribute/benefit
cultureQuestion 19
The Swatch Group markets watches in all price ranges, from the Swatch brand at the low end to luxury brands such as Longines, Blancpain, and Breguet. Which target market strategy does this illustrate?Answer
standardized global marketing
concentrated global marketing
differentiated global marketing
psychographic global marketingQuestion 20
The international standard by which letters of credit (L/Cs) are interpreted is known as the ________ 500.Answer
UCP
NTR
FSC
NTB
HTSQuestion 21
Which of the following completely eliminates the risk of nonpayment by an importer or a bank in an international transaction?Answer
documentary credit (letter of credit)
documentary collection
cash in advance
sales on open account
draftQuestion 22
Which of the following financing methods would be used by an exporter that enjoys good relations with a buyer in a well-established market?Answer
letter of credit
cash in advance
sales on open account
barter
arrival draftQuestion 23
The president of a Mexican company recently remarked, “Business in Mexico is done on a consensus basis, very genteel and sometimes slow by U.S. standards.” A few months later, the Mexican company and its U.S. joint venture partner parted company. Judging by the president’s remark, one important reason for the “divorce” was:Answer
failure of one partner to live up to the terms of the contract.
cultural differences.
the cancellation of NAFTA.
the U.S. government’s insistence on quick negotiations.
the language barrier.
Question 24
As a general rule, the Chinese government allows foreign companies to participate in its market only if those companies agree to establish operations with local Chinese enterprises. Which market entry mode would be the appropriate choice under these circumstances?Answer
acquisition
licensing
joint venture
exporting
franchisingQuestion 25
Licensing as a market entry mode has several disadvantages and opportunity costs, which do not include:Answer
limited market control.
agreement may have short life.
leveraging and exploiting by licensee.
similar product or technology development by licensee.
adaptations by licensee to fit local tastes.

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