MKT 4310 Exam 1 Questions and Answers Latest Update

MKT 4310 Exam 1 Questions and Answers Latest Update marketing - Answers the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have a value for customers, clients, partners, and society at large international marketing - Answers focuses resources on global market opportunities and threats; refers to marketing activities across multiple country markets goal of marketing - Answers surpass the competition at the task of creating perceived value for customers competitive advantage - Answers success over competition in industry at value creation; achieved by integrating and leveraging operations on a worldwide scale "better, cheaper, faster" standardization - Answers essence of mass marketing adaptation - Answers essence of segmentation; think globally, act locally when adapting or standardizing marketing mix: price and place are generally - Answers adapted when adapting or standardizing marketing mix: product and promotion can be - Answers adapted or standardized ethnocentric orientation - Answers - home country is superior to others - sees only similarities in other countries assumes products and practices that succeeded at home will be successful everywhere - leads to standardized approach - can either adapt or leave ex: Nissan from Japan polycentric orientation - Answers - each country is unique - each subsidiary developed its own unique business and marketing strategies - often referred to as multinational - leads to a localized or adaptation approach that assumes products must be adapted to local market conditions regiocentric orientation - Answers - a region is the relevant geographic unit ex: NAFTA - some companies serve markets throughout the world on a regional basis ex: General Motors geocentric orientation - Answers - entire world is a potential market - global or transnational company - retains association with headquarters country - leads to a combination of standardization and adaptation elements market - Answers people or organizations with needs or wants' both have willingness and ability to buy or sell 4 main types of economic systems - Answers market capitalism centrally planned socialism centrally planned capitalism market socialism market capitalism - Answers - individuals and firms allocate resources - production resources are privately owned - driven by consumers - government should promote competition among firms and ensure consumer protection - UK and US are closest to this centrally planned socialism - Answers - opposite of market capitalism - state holds broad powers to serve the public interest; decide what goods and services are produced and in what quantity - consumers can spend on what is available - government owns entire industries - demand typically exceeds supply - little reliance on product differentiation, advertising, pricing strategy centrally planned capitalism - Answers - economic system in which command resource allocation is used extensively in an environment of private resource ownership - examples: Sweden & Denmark - have high tax rates (45-60%) market socialism - Answers - economic system in which market allocation policies are permitted within an overall environment of state ownership - examples: China & Vietnam - more communist countries are moving towards this economic freedom - Answers rankings of economic freedom among countries range from "free" to "repressed" high income country GNI per capita - Answers $12,476 and up - also known as advanced, developed, industrialized, or postindustrial countries