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practice exam
| Question | Answer |
|---|---|
| cross docking: | 1minimizes inventory in the supply chain 2refers to unloading merchandise from suppliers and sending it out very quickly to customers/retailers, resulting in very short holding times 3.is often used for inventory of a perishable or fashion-oriented nature |
| An example(s)of an off-price retailer as discussed in class would be | TJ Maxx |
| Chris Anderson, the editor of Wired interviewed in the video, talked about: | The Wall Street Journal giving away its most popular content and its exclusives |
| Free is truly free | rarely |
| 5If a company’s objectives focus on a pricing strategy to generate the greatest topline revenue, it is said to use a _____ strategy. | sales-oriented |
| 6If a company’s objectives focus on a pricing strategy to generate the greatest return, it is said to use a _____ strategy. | profit-oriented |
| 7If a company’s objectives focus on a pricing strategy to discourage other companies from entering its market, it is said to use a _____ strategy. | competitor-oriented |
| 8Using a traditional, standard demand curve, ____. | A.demand increases as price decreases B.demand decreases as price increases both |
| 9If families cancel family vacations because of high gas prices, we can say that demand for family vacations is | elastic |
| 10If families buy toys for their kids regardless of economic conditions and resulting price hikes, we can say that demand for toys is | inelastic |
| 11If moms stop buying clothes for themselves because of the economy and higher prices, we can say that demand for women’s clothing is | elastic |
| 12Because conclusive research is often quantitative in nature, it offers a means to confirm ideas through: | surveys or experiments. |
| 13 Data collection begins: | only after completing the research design process. |
| 14Marketers often race into research studies to collect __________________ data because it is designed to address their specific questions, while _____________ data may exist, be cheaper to access, and sufficiently address the marketer's questions. | primary; secondary |
| 15Fixed costs | are unaffected by production volume |
| 16An example of fixed costs would be | a.Factory expense b.CEO salary c.The cost of a copier for the office d.CEO health insurance all of the above |
| 17An oligopoly | includes a few powerful firms |
| 18GDP (Gross Domestic Product) differs from GNI (Gross National Income) because GNI includes the economic impact of firms in that market that earn income from | a. their global operations and GDP does not b. GNI is gaining more attention because of so many global firms both a and b |
| 19For an indication of quality of life in a country, you would look at which of the following | human development index |
| 20Infrastructure capability(ies) that are of concern to a business entering a new country are all BUT | factory |
| 21Which of the following are used to restrict trade? | a. quotas b. tariffs a and b |
| 22Trading blocs such as the EU | a. encourage trade among members nations b. encourage other nations to form or join a trading bloc c. usually result in trade agreements among member nations all of the above |
| 23“Made in the USA” is an example of American | ethnocentrism |
| 25 Caroline needs to find information about income and age distribution in Orange County, California. The best source of secondary research of use to Caroline is likely to be: | Census data |
| 26When consumers are __________________, observation becomes particularly useful in understanding consumers' preferences. | unable to articulate their experiences |
| 27Today's huge growth in global markets is the result of many factors including all of the following EXCEPT: | A. reduced barriers to trade. B. easier transport of goods and services. C. standardization of laws across borders. D. globally integrated production. E. None – these are all factors (ANSWER) |
| 29The _________, agreed upon in 1948, was designed to lower trade barriers. | GATT |
| 31Chris is gathering information about the general economic environment in Nepal. He will look for information about the general economic environment, population size and growth rate, and: | real income |
| 32Developed countries are experiencing _______________ population growth. | zero or negative |
| 33 Exchange controls refer to the regulation of a country's: | currency exchange rate. |
| 34Because there are many firms with similar products in purely competitive markets: | price is determined by the laws of supply and demand. |
| 35 In ________________ competition, there are many firms providing differentiated products. | pure |
| 36When companies wish to form a type of partnership where they form a third legal entity, they do so by | forming a joint venture |
| 37When developing communications for a foreign market (other than the firm’s home market), you must consider | a. literacy levels b. language differences c. cultural differences d. religious differences ALL OF THE ABOVE |
| 38The most important and difficult step in a research project and the step you should devote the most time to is | defining business objectives |
| 39If you wish to gather open-ended information with no pre-conceived notions, you would choose | a. in-depth interviews b. focus groups c. exploratory research d. observation ANY OF THE ABOVE MAY WELL BE APPROPRIATE |
| 40Conclusive research _____ (all BUT which of the following) | A. examples are experiments and structured/quantitative surveys B. does not involve open-ended questions C. examples are focus groups and in-depth interviews (ANSWER) D. is used to draw conclusions E. is used to decide upon a final course of action |
| 41As discussed in class, the price of the Wet N Dry leaf rake was ____ (all BUT…) | A. a point of disagreement with sales B. raised above the suggested retail by the retailer C. higher than other leaf rakes on the market D. lower than other leaf rakes on the market (ANSWER) E. not a deterrant to sales to the consumer |
| 42As discussed in class, the UnionTools TrailBlazer snow tool innovation | C. was faster at removing snow than traditional snow shovels D. was priced higher than most other snow tools c and d |
| 43The break-even point is estimated by: | dividing fixed costs by contribution per unit. |
| 44 Labor, materials, and energy are typically __________ costs. | variable |
| 45 Marketers of products and services associated with the wedding industry know customers often do not care what the price is. They just want it and want it to be perfect. For these customers demand is likely to be: | price inelastic. |
| Jared has a background in IT. He has been working on EDI systems since then, and he has had more responsible positions in the field. he has been asked to build an EDI interface for his small firm. Jared has some reservations and explained to his friend: | this is a major investment in time, expertise and money, and it may not be worth it for a very small firm. |
| 50As the end model year approaches, automobile manufacturers are likely to use their electronic data interchange to provide information to dealerships about: | manufacturer promotions. |
| 51Typically, manufacturers and retailers exchange business documents through a(n) _______________________ system. | electronic data interchange |
| 52Supply chain management takes a ________________________ approach to coordinating the flow of merchandise. | system-wide |
| 53 As the logistics manager, Priscilla focuses on the movement and control of the company's physical products while her boss, the supply chain manager, focuses on: | awareness of and coordination of the relationships among supply chain members. |
| 54Stores like Home Depot and Costco act as wholesalers when they: | sell to contractors or restaurant owners. |
| 55Although services are intangible, and consumers can't touch or feel them at all, some service providers have done well on-line by using the Internet to: | provide consumers with access to a great deal of information to encourage purchases and reduce post-purchase regrets. |
| 56 _____________ provide a consistent experience for on-line customers who cannot touch and feel merchandise prior to purchasing it. | brands |
| 57Marilyn has a high-powered job that requires more than ten-hours a day, She has set rules which include no email or electronic communications at night. She has a fair amount of disposable income and other characteristics that make her attractive to ma | Catalogs |
| 58Retailers can gain valuable knowledge about their customers from the CRM databases and from: | the insights of store personnel. |
| 59Retailers use ____________________ to get customers to come to their stores. | mass media advertising |
| 60Paul's family has owned and operated a small chain of conventional supermarkets. Competition from a variety of other kinds of retailers has adversely affected the business. To address the new competitive reality, Paul wants to apply what he recently lea | merge with another small chain to create more leverage in dealing with food producers. |
Created by:
martin.2021