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Value proposition

MKT 505 MIDTERM Question 1 Renault and its rivals are racing to offer middle-class consumers a new value proposition by selling cars for the equivalent of $10,000 or less. On the heels of Renault’s success with Dacia Logan comes the $2,500 Nano from India’s Tata Motors. This illustrates that: A) consumers are looking for low price irrespective of quality. B) Renault is overcharging for their cars compared to their competitors. C) higher product development costs are a driving force behind globalization. D) market success depends on reaching a threshold of acceptable quality for consumers. E) cars are not very popular in emerging markets like India Question 2 When you call United Airlines for a reservation on a toll free number and get a response from an operator in Mumbai, this is an example of: A) anti-globalization. B) global marketplace. C) multilingual expression. D) discrimination. E) E-ticketing. Question 3 A fundamental difference between regular marketing and global marketing is: A) the lack of marketing mix. B) the scope of activities. C) the lack of strategic planning. D) the focus on resources. E) the lack of communication. Question 4 Based on 2011 rankings of Fortune Global 500 companies, the world’s most valuable car company is: A) GM. B) Daimler AG. C) Toyota. D) Ford. E) Chrysler. Question 5 Which of the following nations fall in the lower-middle-income category? A) Burundi B) Bangladesh C) China D) Venezuela E) none of the above Question 6 The greatest percentage of world GDP is in the following income group countries: A) high-income countries. B) upper-middle-income countries. C) lower-middle-income countries. D) low-income countries. E) BRIC countries Question 7 The Swedish government has significant holdings in key business sectors and has a hybrid economic system that incorporates: A) market capitalism and centrally planned socialism. B) centrally planned socialism and market socialism. C) centrally planned socialism and capitalism. D) market socialism and market capitalism. E) market capitalism and socialistic capitalism Question 8 The World Trade Organization, which came into existence on January 1, 1995, is the successor of another organization with the abbreviation: A) DSB. B) GATT. C) FTAA. D) NAFTA. E) ASEAN. Question 9 Which form of regional cooperation agreement, when fully implemented, entails creation of a unified central bank, the use of a single currency, and common policies on agriculture, social services and welfare? A) Free trade area B) Customs union C) Common market D) Economic union E) Dispute settlement body Question 10 With the global economic crisis as a backdrop, the first-ever Happiness Congress was held in: A) Sweden. B) Austria. C) Spain. D) Italy. E) Greece. Question 11 The introduction of the euro by EU resulted in multifaceted advantages which include: A) elimination of costs associated with currency conversion. B) fixed exchange rate worldwide. C) elimination of paper currency and coins. D) withdrawal of French Francs from circulation. E) a choice for using local or European currency Question 12 Adopter categories are classifications of individuals within a market on the basis of their innovativeness. Recently Apple introduced the iPhone for which people waited in long lines before the doors opened. According to experts these 2.5% of people who bought the iPhone are categorized as: A) early adopters. B) innovators. C) early majority. D) late majority. E) laggards. Question 13 The ________ the level of environmental sensitivity for a given product, the ________ the need for managers to address country-specific economic, regulatory, technological, social and cultural environmental conditions. A) greater; greater B) lower; greater C) greater; lower D) lower; lower E) stronger; greater Question 14 One of the basic elements of sociologist Everett Roger’s Diffusion theory is the concept of an “adoption process.” The first step in this adoption process is: A) interest. B) evaluation. C) trial. D) adoption. E) awareness Question 15 OPEC can be considered as a “cartel” which is a group of separate companies that collectively: A) sets prices, controls output, or takes other actions to maximize profits. B) dictates how other countries should use their products. C) produces more products in order to beat the competition. D) conducts activities that are considered illegal in United States. E) works on forming a union against management of other companies. Question 16 After Fidel Castro took power in Cuba in 1959, his government seized control of American property without paying compensation. Coca-Cola, DuPont, Texaco, and dozens of other American companies have filed claims against Cuba seeking financial settlements. Which of the following terms most specifically describes the action Castro took against these companies? A) nationalization B) confiscation C) expropriation D) internationalization E) deportation Question 17 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: A) intellectual property. B) antitrust. C) jurisdiction. D) licensing. E) arbitration Question 18 In many parts of the world, sales of unauthorized videos of Hollywood movies cost the movie studios billions of dollars. When illegal copies of movies are made, what form of intellectual property has been wrongly appropriated? A) patent B) copyright C) trademark D) trade secrets E) down loading Question 19 Potential markets can be subdivided into: A) latent and parallel markets. B) existing and incipient markets. C) latent and incipient markets. D) existing and latent markets. E) incipient and existing markets Question 20 Which of the following lists some of the steps in the market research process in the correct order? A) determine information requirement?problem definition?choose unit of analysis?examine data availability?assess value of research B) problem definition?assess value of research?determine information requirement?choose unit of analysis?examine data availability C) examine data availability?problem definition?choose unit of analysis?assess value of research?determine information requirement D) choose unit of analysis?assess value of research?problem definition?determine information requirement?examine data availability E) examine data availability?assess the value of research?problem definition?presentation Question 21 When the Coca-Cola Company convened focus groups in Europe and Asia to assess potential market acceptance of a contoured aluminum soft drink can, it was attempting to collect ________ data. A) primary B) secondary C) incipient D) quantitative E) MIS Question 22 A marketer of breakfast cereals might send researchers to preselected households at 6 A.M. to watch families go about their morning routines. The client could also assign a researcher to accompany family members to the grocery store to record their behavior under actual shopping conditions. This type of research method is considered as: A) focus group. B) invasion of privacy. C) consumer panel study. D) factor analysis. E) observation. Question 23 Global marketing authority Theodore Levitt has noted that many ethnic and regional foods?sushi, for example?are enjoying popularity in many countries of the world. This observation is known as: A) the pluralization of consumption. B) the ethnicitization of consumption. C) the democratization of consumption. D) the sophistication of consumption. E) the domestication of consumption. Question 24 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: A) targeting prospective customers. B) finding customers who can respond to advertisement. C) promoting products and services internationally. D) identifying customers who can help in promoting products. E) an effort to identify and categorize customers based on common characteristics Question 25 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 ________. A) competition B) niche C) quality/price D) attribute/benefit E) culture

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