MKT 4310 EXAM 1 QUESTIONS WITH
VERIFIED ANSWERS. A+ GRADE
2025/2026.
Marketing - ANS 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 - ANS focuses resources on global market opportunities and threats;
refers to marketing activities across multiple country markets
goal of marketing - ANS surpass the competition at the task of creating perceived value for
customers
competitive advantage - ANS success over competition in industry at value creation;
achieved by integrating and leveraging operations on a worldwide scale
"better, cheaper, faster"
standardization - ANS essence of mass marketing
adaptation - ANS essence of segmentation; think globally, act locally
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,when adapting or standardizing marketing mix:
price and place are generally - ANS adapted
when adapting or standardizing marketing mix:
product and promotion can be - ANS adapted or standardized
ethnocentric orientation - ANS - 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 - ANS - 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 - ANS - 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 - ANS - entire world is a potential market
- global or transnational company
- retains association with headquarters country
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, - leads to a combination of standardization and adaptation elements
market - ANS people or organizations with needs or wants' both have willingness and ability
to buy or sell
4 main types of economic systems - ANS market capitalism
centrally planned socialism
centrally planned capitalism
market socialism
market capitalism - ANS - 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 - ANS - 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 - ANS - 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%)
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
VERIFIED ANSWERS. A+ GRADE
2025/2026.
Marketing - ANS 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 - ANS focuses resources on global market opportunities and threats;
refers to marketing activities across multiple country markets
goal of marketing - ANS surpass the competition at the task of creating perceived value for
customers
competitive advantage - ANS success over competition in industry at value creation;
achieved by integrating and leveraging operations on a worldwide scale
"better, cheaper, faster"
standardization - ANS essence of mass marketing
adaptation - ANS essence of segmentation; think globally, act locally
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,when adapting or standardizing marketing mix:
price and place are generally - ANS adapted
when adapting or standardizing marketing mix:
product and promotion can be - ANS adapted or standardized
ethnocentric orientation - ANS - 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 - ANS - 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 - ANS - 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 - ANS - entire world is a potential market
- global or transnational company
- retains association with headquarters country
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, - leads to a combination of standardization and adaptation elements
market - ANS people or organizations with needs or wants' both have willingness and ability
to buy or sell
4 main types of economic systems - ANS market capitalism
centrally planned socialism
centrally planned capitalism
market socialism
market capitalism - ANS - 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 - ANS - 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 - ANS - 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%)
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
