Understanding The Marketplace Penn Foster - 41350

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Marketers often use principles and theories from _______ to decipher many consumer actions and develop basic strategies for dealing with their behavior. 



A.    sociology and psychology

B.     English and mathematics

C.    history and archaeology

D.    physics and chemistry


In general, the _______ the wealth of people in a country, the better the opportunity a firm has in that particular country.


A.    more equal

B.    more diverse

C.    greater

D.    less stable


Tariffs, quotas, antidumping laws, and currency exchange policies affect global


A.    logistics

B.    pricing strategies

C.    advertising

D.    product design


The main function of the _______ is to ensure that trade flows as smoothly, predictably, and freely as possible. 


A.    IMF

B.    WTO

C.    European Union

D.    World Bank


Of the five strategies for entering new markets, direct investment creates the


A.    least investment cost.

B.    greatest potential risk.

C.    most franchisee control.

D.    opportunity for strong strategic alliances


Originally, offshoring focused on relocating _______ to lower-cost producer countries.


A.    manufacturing

B.    services

C.    countertrade

D.    franchising




The consumer decision process model represents 


A.    the predicted process consumers go through when shifting from an internal locus of control to an external locus of control

B.    the steps that consumers go through before, during, and after making purchases.

C.    the retrieval of an evoked set based on physiological needs.

D.    the concept of habitual decision making.


 For marketers, negative attitudes are typically difficult to change because 


A.    most consumers\' attitudes depend on prices. 

B.    consumers weigh performance risk against functional needs when assessing their attitudes.

C.    attitudes are learned and long lasting.

D.    attitudes shift consumers from limited to extended problem solving situations.

E.    consumers\' attitudes are derived from the compensatory decision rule.


Jennifer\'s spending decisions are heavily influenced by her family, her peers, and the beliefs and values she was exposed to in her religious education. Jennifer\'s spending decisions are heavily influenced by her 


A.    physiological needs.

B.    external social environment.

C.    assessment of psychological risk.

D.    cognitive needs.


After posting an RFP for telecommunication equipment, a firm received six proposals from qualified vendors. Next, that firm will most likely


A.    invite alternative suppliers to bid on supplying what\'s requested

B.    recognize proposal obstacles that the firm must comply with.

C.    revise need recognition through external sources.

D.    evaluate the proposals and likely narrow the choice to a few suppliers.


Unlike a firm\'s mission statement or employee handbook, a firm\'s culture often


A.    is captured in NAICS classification.

B.    forces customers to look elsewhere for value.

C.    is defined by a straight rebuy philosophy.

D.    comprises a set of unspoken guidelines.


Compared to the B2C process, the information search and alternative evaluation steps in the B2B process are


A.    more formal and structured

B.    less focused on customer value creation

C.    based on derived supply analysis

D.    centrally planned.


Gerald is assessing global entry strategies for his gourmet sandwich business. He doesn\'t want to take much risk, and he\'s willing to limit his control of international stores. Gerald is likely to use a _______ strategy. 


A.            franchising

B.            Joint venture

C.            strategic alliance

D.            direct investment


 In the consumer decision process, deciding how long and how much effort to expend searching for information depends on 


A. the postpurchase anxiety associated with the product or service being considered.

B. habitual decision making that most influences the alternative evaluation process.

C. the degree of perceived risk associated with the product or service being considered.

D. the cultural reference group that most influences the alternative evaluation process.


GDP is defined as 


A. the market value of goods and services produced in a country in a year

B. greater domestic product.

C. the value of a country\'s annual exports minus its imports.

D. national annual income minus national annual taxes.


The Big Mac Index is a novel measure of 



B. per capita GNI

C. purchasing power parity.

D. economic appetite


A(n) _______ is a need or want that\'s strong enough to cause the person to seek satisfaction.


A. perception

B. motive

C. attitude

D. price


23. When entering a foreign market, the least risky strategy is

A. franchising.

B. exporting.

C. joint venture.

D. direct investment.


24. Global STP is more complicated than local STP because in global STP,

A. most governments have rules against targeting consumers.

B. consumers may view their role differently in different countries.

C. consumer markets are almost totally homogeneous in global markets, making segmentation difficult.

D. there are fewer franchising opportunities in global markets.


25. Melissa is the director of human resources, but she\'s known throughout the firm as being one of the

first to hear about and use new kinds of communications technologies. When the firm wants to upgrade its communications with vendors through a private exchange, Melissa will probably function in what role in the firm\'s buying center?


A. Initiator

B. Influencer

C. User

End of exam


D. Decider

Solution Description

Marketers often use principles and theories from _______ to decipher many consumer actions and develop basic strategies for dealing with their behavior. 



A.    sociology and psychology


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