Marketing 3000 Exam 2 Pool Items

Strategic plans require:
long-term resource commitments
_____ is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities
Strategic planning
Which of the following statements about a marketing plan is true?
A marketing plan is created so an organization can meet its marketing objectives.
____ is the process of anticipating events and determining strategies to achieve organizational objectives.
Planning
Marketing plans should be written to do all of the following EXCEPT:
control the elements of the external marketing environment
Which of the following is one of the elements of the marketing plan?
All of the choices (business mission statement, situation analysis, target market strategy, marketing mix)
The _____ answers the question, “What business are we in, and where are we going?”
mission statement
The focus of an organization’s mission statement should be on:
the market it wishes to serve
_____ occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it.
Marketing myopia
A popular technique for managing a large organization with different technologies and markets is to divide it into:
strategic business units
An SBU:
controls its business independent of other SBUs in the organization
After management agrees on a mission statement, it must set objectives. Which of the following is NOT a characteristic of a good objective?
profitable
__________ is defined as a statement of what is to be accomplished through marketing activities.
Marketing objective
When an organization creates a mission statement that is too narrow, ____ results.
marketing myopia
For marketing objectives to be realized, they must meet all of the following criteria EXCEPT:
be set within a one-year time frame
A ____ is a formal study conducted by an organization to ascertain its current status and capabilities and its future expectations.
situation analysis
The SWOT acronym refers to a firm’s analysis of its:
strengths, weaknesses, opportunities, and threats
_____ is defined as the collection and interpretation of information about forces, events, and relationships that may affect the organization.
Environmental scanning
____ show costs declining at a predictable rate as experience with a product increases.
Experience curves
Which of the following is NOT a source of a cost competitive advantage?
break-even analyses
Which of the following is a type of strategic alternative that matches products and markets?
market penetration
_____ is a strategy of increasing market share for present products in existing markets.
Market penetration
_____ is a strategy that attracts new customers to existing products.
Market development
_____ is a strategy that creates new products for present markets.
Product development
____ is a strategy of increasing sales by introducing new products into new markets.
Diversification
A(n) _____ describes and estimates the size and sales potential of market segments of interest to the firm and assesses key competitors in these market segments.
market opportunity analysis
The _________ is the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
marketing mix
The starting point of any firm’s marketing mix is the:
development of the good or service to be sold
Making sure products are available when and where customers want them is the job of which element of the marketing mix?
distribution strategies
Individuals and organizations utilizing a global vision to effectively market goods and services across national boundaries are engaged in:
practicing global marketing
Which of the following statements about global marketing is true?
All of these statements about global marketing are true. (Marketing to target markets throughout the world has become an imperative for business. Often a US firm’s toughest domestic competition comes from foreign companies. Marketing managers must develop a global vision not only to recognize and react to international marketing opportunities but also to remain competitive at home. Adopting a global vision can be lucrative for a company, and global marketing can offset weak domestic performance.
Which of the following statements about multinational firms is true?
Multinationals often develop their global businesses in stages.
A(n) _______ is a company that is heavily engaged in global trade and moves its resources, goods, services, and skills across national boundaries.
multinational corporation
Which of the following describes a common criticism of multinational companies?
the transference of the wrong kind of technology to a developing nation
A company that is capital-intensive:
spends more on equipment than on labor
With a _____, a firm produces standardized products to be sold the same way all over the world.
global marketing standardization approach
Global marketing standardization:
presumes markets throughout the world are becoming more alike
A business thinking of expanding into global markets needs to examine all of the following external environments EXCEPT:
its marketing mix
Central to any society is a common set of values shared by its citizens that determines what is socially acceptable. Marketers refer to these values collectively as a country’s:
culture
Which of the following is an important cultural factor that should be considered by global marketers?
language
Which of the following statements about the political environment is true?
The countries with the least across-the-board regulations and political structures foster the strongest economies.
A tax levied on the goods entering a country is called a(n):
tariff
A(n) ____ is a limit on the amount of a specific product that can enter a country.
quota
An exclusion of all products from certain countries or companies by a government or group is called a(n):
boycott
A(n) ______ is a law that compels a company earning foreign currency from its exports to sell it to a central bank rather than sending the money out of the country.
exchange control
____ are trade alliances in which several countries agree to work together to form a common trade area that enhances trade opportunities among those countries.
Market groupings
Negotiations (such as GATT or the Uruguay Round) between countries that are made to stimulate global exchange and remove barriers are called ____ agreements.
trade
____ is a trade agreement that include Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay. This agreement eliminated the tariffs among these trading partners.
Mercosur
The latest round of WTO talks has been contentious. A major goal of this ____ is to bolster the developing economies of Africa, Asia, and Latin America where up to 2/3 of the population works in agriculture.
Doha Round
The ___ of trade negotiations created the ____, which replaces GATT. This trade agreement dramatically lowers trade barriers worldwide.
Uruguay Round; World Trade Organization
The ____ is the most ambitious global trade agreement ever negotiated; the agreement has reduced tariffs by 1/3 worldwide.
Uruguay Round
The North American Free Trade Agreement (NAFTA) did NOT:
substantially reduce economic growth in Mexico
The goal of the Central America Free Trade Agreement (CAFTA) is to:
establish a free trade agreement between the United States and certain Latin American countries
Which of the following statements about the European Union is true?
None of these statements about the EU is true.
A multinational company that makes a labor-intensive product would be interested in the ___ makeup of countries. Factors such as median ages, gender, and literacy rates would determine the success of its global expansion.
demographic
Vast differences in natural resources create all of the following EXCEPT:
export opportunities for countries with no natural resources
Which method of entering the global marketplace would be LEAST risky?
exporting
A(n) ____ is a global intermediary that operates primarily in agriculture and raw materials by bringing the buyer and seller together.
export broker
___ are foreign sales agents — distributors who live in a foreign country and represent a domestic company in sales situations. They perform the same functions as a domestic manufacturers’ agents who help with financing and shipping.
Export agents
The ____ is an intermediary in the global market who assumes all risks and sells globally for its own account. The domestic manufacturer usually treats it like a domestic customer.
buyer for export