MKTG 315 Pre-test Essay

1. President Obama’s health care plan requires all U.S. citizens to purchase a minimum amount of health insurance or be fined 2. Suppose that from January 2011 to January 2012, the inflation rate was 6 percent 3. Fill out the table according the demographic information for each group 4. Which of the following approaches to innovation is Google Inc. using when it allows researchers to devote 20 percent of their time to pursuing their own ideas and projects? Can be D. 5. Examine the advertisement below to determine who the target market is for the product. Then, select as many descriptors that fit the qualities of that target market. 6. The local Pro Hardware store has recently run a number of ads featuring women doing household repairs and holds monthly workshops for women on basic home repair techniques. It has evidently not been lost on Pro Hardware that: B. Personal traits tend to vary in the U.S by region 7. Today, many infants are exposed from birth to technology such as Smartphones, laptops, netbooks, and tablets. In fact, Fisher-Price and LeapFrog do research into how infants and young toddlers interact with screens and touchscreens. 8. Research that attempts to expand the frontiers of knowledge but is not aimed at a specific, pragmatic problem is called: Basic research 9. Which of the following is an example of demographic information? C. Single, 18-25 year olds 10. When a coal mining company lobbies Congress for changes in environmental laws and regulations that result in the construction of more coal-burning power plants, the company has engaged in: Post Test 1. Match the product with the ethnic group it most likely targets. African American A new urban clothing line directed at young adults, Hispanic American Clean and fruity scented room freshener in a colorful container Asian American Brand new electronic device charger that also acts as a keyboard for the nearest charging device, Any ethnicity A package of flank steak, 2. Sharon is 60 years old and expects to continue working through her sixties. She lost a significant portion of her retirement savings during the recession. Sharon is a: Baby boomer 3.Randy is a sales rep at Speedy Printing. When Danyka expresses an interest in purchasing a new, high-speed copy machine for her office, Randy tells her that Speedy Printing requires all users of its copy machines to purchase all their paper and toner from the company as well. Fortunately, Danyka is well-versed in business legislation and informs Randy that his company’s policy is in violation of the: Incorrect. Among other things, the Clayton Act prohibits tying contracts (which require the buyer of one product to also buy another item in the line). 4. Match the American value with the product that most addresses that value. Self-sufficiency A book on year round vegetable garden management., Upward mobility BMW offers an entry-level sedan for much less than its super-luxury models Work Ethic ., Debit card that rounds up to the nearest dollar and puts the rounded change into a savings account., Conformity . Walmart offers everyday low prices for everyone 5. Joseph has an idea for a startup that will offer a mobile device that will also function as a social media hub, music center, and digital wallet. His idea is to offer slick designs in brilliant colors that shoppers can either subscribe to monthly or pay as they go for data access. Select all of the target market factors Joseph needs to consider as he finalizes design and designs on promotion strategies. a. Ethnicity b. How social media use has changed the way people communicate c. Consumer Privacy d. Purchasing power e. Size of the population f. Age demographic g. State Laws h. Inflation Answer 1: Correct. Answer 2: Correct. Answer 3: Correct. Answer 4: Correct. Answer 5: Incorrect. Answer 6: Correct. Answer 7: Incorrect. Answer 8: Incorrect. 6. A local bank has developed a new line of credit with a lower interest rate and large lines of credit. Of the following, what considerations will the bank have to take into account before granting a line of credit to an applicant? a. Recession b. Consumer income c. Competition d. Inflation e. Ethnicity f. Purchasing Power Answer 1: Correct. Answer 2: Correct. Answer 3: Incorrect. Answer 4: Incorrect. Answer 5: Incorrect. Answer 6: Correct. 7. Why are Asian Americans sometimes called a â€Å"marketer’s dream†? 8. Component lifestyles: Incorrect. Component lifestyles encompass a much wider range of interests (and needs) than traditional lifestyles. Increased buying power has also contributed to the evolution of component lifestyles. d. have developed because consumers can choose from a growing number of goods and services. 9. From the following, choose all of the following are methods companies are using to stimulate innovation. a. Enlisting the web b. Increasing efficiency c. Talking to early adopters d. Using marketing research e. Building scenarios Answer 1: Correct. The ways to stimulate innovation are: build scenarios, enlist the web, talk to early adopters, use marketing research, create an innovative environment, and cater to entrepreneurs. Answer 2: Incorrect. The ways to stimulate innovation are: build scenarios, enlist the web, talk to early adopters, use marketing research, create an innovative environment, and cater to entrepreneurs. Answer 3: Correct. The ways to stimulate innovation are: build scenarios, enlist the web, talk to early adopters, use marketing research, create an innovative environment, and cater to entrepreneurs. Answer 4: Correct. The ways to stimulate innovation are: build scenarios, enlist the web, talk to early adopters, use marketing research, create an innovative environment, and cater to entrepreneurs. Answer 5: Incorrect. The ways to stimulate innovation are: build scenarios, enlist the web, talk to early adopters, use marketing research, create an innovative environment, and cater to entrepren eurs. 10. After learning that many of its customers were shopping at a nearby health-food store for grass-fed beef and organic milk, REF:-Price Grocers began stocking more organic items. REF:-Price Grocers adjusted its marketing strategy based on: Environment management Chapter 5: Pre-Test The Pilcher Company manufactures tents and other canvas goods in its two factories, located in Kentucky and West Virginia. Seven years ago, Pilcher began exporting its goods to several countries in Latin America, and sales have been very good. At least 25% of Pilcher’s revenue comes from its foreign sales. The Pilcher Company can probably best be characterized as a _____ multinational corporation. a. first-stage b. second-stage c. third-stage d. fourth-stage e. fifth-stage Mari is in Brazil for a vacation and has stumbled upon the most beautiful Brazilian cedar chest inlaid with Brauna wood veneers. She desperately wants the trunk, but isn’t sure how much it actually costs. The shopkeeper is asking her for 2500 reals (the Brazilian currency). Mari’s husband knows that the exchange rate to the U.S. dollar is about 0.5 USD for 1 real. Calculate the cost of the trunk in U.S. dollars. $ Select all of the following that are true about globalization. a. Globalization has cost millions of Americans their jobs, particularly those in the manufacturing and tech industries. b. Globalization encourages political as well as economic freedom. c. Job outsourcing has decreased with globalization. d. Globalization raises the living standards of people in countries that embrace it. e. U.S. white-collar jobs are immune to being outsourced because they require a native speaker of English. 4. Select the table with the rest of the G-20 Member countries. Australia Japan Brazil Germany Turkey India Russia United Kingdom (or England) Saudi Arabia United States [or USA] 5, Select the methods of entering the Global Marketplace to the appropriate level of risk on the spectrum. Exporting Licensing and Franchising Contract Manufacturing Joint Venture Direct Investment 6. In Taiwan, the translation of the Pepsi slogan â€Å"Come alive with the Pepsi Generation† came out as â€Å"Pepsi will bring your ancestors back from the dead.† The managers at Pepsi evidently overlooked the importance of _____ factors in global marketing. a. demographic b. political c. technological d. cultural e. economic Incorrect. Language is a central part of culture and has created problems for many companies entering foreign markets. 7. Pillsbury advertisements on Indian television depict the familiar Doughboy pressing his palms together and bowing in the traditional Indian greeting. Pillsbury obviously understands the rewards of _____ marketing. a. sales b. guerilla c. regional d. global e. green 8. A Vietnamese textile factory sells its goods in the United States at a price 40% less than that charged in Vietnam. The textile factory may be engaging in: a. boycotting. b. price gouging. c. dumping. d. bouncing. e. countertrading 9. Campbell’s watercress and duck gizzard soup (which is popular in China) and Frito-Lay’s shrimp-flavored potato chip (sold in Thailand), are examples of: a. product standardization. b. promotion adaptation. c. product adaptation. d. competitive pricing. e. product invention. Incorrect. In the context of global marketing, product invention can be taken to mean either creating a new product for a market or drastically changing an existing product. Mercosur is the largest Latin American trade agreement, created in 1991 to promote free trade and the fluid movement of goods, peoples, and currency in South America. Select all of the following countries that are part of Mercosur. a. Venezuela b. Mexico c. Brazil d. Costa Rica e. Peru f. Uruguay Chapter 5: Post-test 1. Dynamo Industries spent $10 million on equipment in its new South Korean facilities last year, but only $3 million on labor. It is safe to say that Dynamo’s operations in South Korea a. are capital intensive. b. greatly increase employment in South Korea. c. are underfinanced. d. are labor intensive. e. have probably cost many South Koreans their jobs. 2. Match the company description with the stage of global business development. WRONG 3. The Camay soap you buy at your local grocery store is virtually the same as the Camay soap offered for sale in Great Britain, Italy, Mexico, and Taiwan. Procter & Gamble has moved toward _____ with this product. a. contract manufacturing b. global marketing standardization c. product adaptation d. competitive advantage e. product myopia After class one day, your friend Miguel says that he can foresee a time in the not too distant future when the European Union (EU) will essentially become â€Å"the United States of Europe.† Based on what you’ve read in your textbook, you: a. agree, because the EU has purchasing power almost equal to that of the United States. b. disagree, because the political instability in Europe will never allow that to happen. c. agree, because the EU is already the largest economy in the world. d. disagree, because Europe’s diverse languages and national cultures will make it almost impossible for marketers to develop single European products for generic European consumers. e. agree, because over the past few years labor productivity in the EU has equaled or exceeded that of the United States. Fill in the blanks of the paragraph using the drop down menu to select the choice that best fits each blank. Wilmari’s build your own homemade cupcake business is booming. She has received inquiries from all over the world about retailing her â€Å"Foolproof Bakery Style Cupcake Baker† toaster oven and her wide range of cupcake mixes, fillings, and frosting, which are Production adaptation for a global market. Wilmari knows that she has to make sure her electronics work in foreign outlets and she’s been researching retailers, distributors, and even flavors that other countries my enjoy. Wilmari’s E-commerce distribution is helping her make her first steps towards having a global business. For now, however, Wilmari directs all the international inquiries to her website, where her customers can use Currency exchange to order sets or mixes, as well as see the cost of international shipping. Wilmari also has a Money back guarantee that she offers only domestic customers, just in case there are regulations in other countries. For now, the web is her easiest road into the global market, but Wilmari’s research and diligence should enable her to be one of the few small promotion adaptations located in the United States! 6. Right Wedding dress designers change white to red for Chinese customers. Culture, P&G offers single use sizes of deodorant in India for much less than full size deodorants in the U.S. Economic Factors, Google is sued by a doctor in France for libel when search results for his name brought up an old malpractice suit that he had served time for. Legal and Political Factors, Up-and-coming diamond retailer Hearts of Fire fights with larger companies for limited diamonds from Africa. Natural Resources 7. Langdon Farms sends milk to Yinkers, a Canadian cheese maker; in payment, Yinkers sends Langdon Farms cheddar and Swiss cheese, which Langdon Farms in turn markets in the United States. Langdon Farms and Yinkers are engaging in: a. price fixing. b. dumping. c. countertrading. d. a quota system. e. bribery 8. Select all of the following that are product adaptation. a. Offering ketchup sized packets of Pantene 2-in-1 shampoo and conditioner in Bolivia for 5 cents. b. Campbell’s offering duck gizzard soup in China. c. Dunkin Donuts selling green tea donuts in Korea. d. H&M offering fringed burquas in Dubai. 9. Martin just gave a business presentation where he emphasized benefits to the bottom line, that his company would provide strong service support, and the product’s guarantee. Where is Martin giving his presentation? a. Sweden b. Germany c. Japan d. Hungary e. Peru Incorrect. These are all characteristics listed for giving successful business presentations in Germany. 10.Plast-eet, a Vermont manufacturer of plastic eating utensils, sells its products to Misha, who has an office in New York City. Plast-eet takes its money from Misha and goes away happy. Misha, in turn, sells the products to buyers in several African countries and keeps the revenues. Misha is most likely a(n): a. buyer for export. b. export broker. c. buyer for import. d. venture capitalist. e. export agent