Question 1

In knowledge-based services such as consulting, engineering, education, and information technology, _____ is a key driver of success and failure.

Accepted Answer

A)  income taxes 
B)  intellectual property issues 
C)  free trade zones (FTZs) 
D)  exchange rate regulations 
E)  tariffs on the import of goods 
A)  income taxes 
B)  intellectual property issues 
C)  free trade zones (FTZs) 
D)  exchange rate regulations 
E)  tariffs on the import of goods B

Question 2

Which are the stages of Rostow's five-stage model of economic development?

Accepted Answer

The five stages of Rostow's five-stage model of economic development are:
Stage 1 (the traditional society), Stage 2 (preconditions for takeoff), Stage 3 (takeoff), Stage 4 (drive to maturity), and Stage 5 (the age of mass consumption).

Question 3

Which of the following is a factor that exacerbates the volatility in demand in industrial markets?

Accepted Answer

A)  Professional buyers in the market tend to act in concert. 
B)  The demand for industrial goods is independent of changes in economic development. 
C)  Small, noncyclical swings in demand are inherent in industrial markets. 
D)  Experienced purchasers tend to take buying decisions independently. 
E)  The demand for industrial goods is highly inelastic. 
A)  Professional buyers in the market tend to act in concert. 
B)  The demand for industrial goods is independent of changes in economic development. 
C)  Small, noncyclical swings in demand are inherent in industrial markets. 
D)  Experienced purchasers tend to take buying decisions independently. 
E)  The demand for industrial goods is highly inelastic. A

Question 4

Which of the following statements is true of universal standards in the sale of international products?

Accepted Answer

A)  The idea of universal standards has been resisted in developing countries. 
B)  Firms that adhere to universal standards find the costs to be greater than the benefits. 
C)  The international market for industrial goods uses the metric system as a universal standard. 
D)  Most governments mandate universal standards. 
E)  The lack of universal standards limits the expansion of an industry. 
A)  The idea of universal standards has been resisted in developing countries. 
B)  Firms that adhere to universal standards find the costs to be greater than the benefits. 
C)  The international market for industrial goods uses the metric system as a universal standard. 
D)  Most governments mandate universal standards. 
E)  The lack of universal standards limits the expansion of an industry.

Question 5

An important dimension of quality is how well the product:

Accepted Answer

A)  meets the specific needs of the buyer. 
B)  exceeds competitors' products. 
C)  conforms to manufacturer's specifications. 
D)  alters the marketing landscape. 
E)  saves time and labor. 
A)  meets the specific needs of the buyer. 
B)  exceeds competitors' products. 
C)  conforms to manufacturer's specifications. 
D)  alters the marketing landscape. 
E)  saves time and labor.

Question 6

Goods are likely to be standardized if:

Accepted Answer

A)  they are being produced by the same firm. 
B)  the cost of producing each unit is the same. 
C)  their uses are the same across markets. 
D)  they are being sold to different income groups. 
E)  they are being sold in different countries. 
A)  they are being produced by the same firm. 
B)  the cost of producing each unit is the same. 
C)  their uses are the same across markets. 
D)  they are being sold to different income groups. 
E)  they are being sold in different countries.

Question 7

Three factors affect the demand in international industrial markets differently than in consumer markets. What are these factors?

Accepted Answer

The three factors that affect the demand

Question 8

Country X is likely to be in the age of mass consumption according to Rostow's five-stage model of economic development if:

Accepted Answer

A)  its economy is primarily driven by natural resource extraction. 
B)  the economy is moving away from agriculture and toward manufacturing. 
C)  the economy is driven by low-cost manufacturing. 
D)  it is primarily a service economy. 
E)  its economy is primarily agrarian. 
A)  its economy is primarily driven by natural resource extraction. 
B)  the economy is moving away from agriculture and toward manufacturing. 
C)  the economy is driven by low-cost manufacturing. 
D)  it is primarily a service economy. 
E)  its economy is primarily agrarian.

Question 9

Along with industrial goods, the most rapidly growing sector of U.S. international trade today consists of:

Accepted Answer

A)  social services. 
B)  consumer products. 
C)  manufactured goods. 
D)  business services. 
E)  governmental services. 
A)  social services. 
B)  consumer products. 
C)  manufactured goods. 
D)  business services. 
E)  governmental services.

Question 10

Which of the following statements is true?

Accepted Answer

A)  Most business services companies enter international markets to service their local clients abroad. 
B)  Services are intangible and so cannot be produced in one country and exported to another. 
C)  The removal of trade barriers poses a serious threat to the continued expansion of international services trade. 
D)  Firms should avoid providing after-sales services as the costs do not justify the benefits. 
E)  The perception of quality depends on the average per capita income of the buyer's country. 
A)  Most business services companies enter international markets to service their local clients abroad. 
B)  Services are intangible and so cannot be produced in one country and exported to another. 
C)  The removal of trade barriers poses a serious threat to the continued expansion of international services trade. 
D)  Firms should avoid providing after-sales services as the costs do not justify the benefits. 
E)  The perception of quality depends on the average per capita income of the buyer's country.

Question 11

Some business services have intrinsic value that can be embodied in some tangible form; they can be produced in one country and exported to another. Which of the following is an example of this?

Accepted Answer

A)  Language schools. 
B)  In-flight services on an airplane. 
C)  Operating an automatic teller machine. 
D)  Data processing services. 
E)  Physicians' services. 
A)  Language schools. 
B)  In-flight services on an airplane. 
C)  Operating an automatic teller machine. 
D)  Data processing services. 
E)  Physicians' services.

Question 12

As compared to the ISO 9000 standards, the American Customer Satisfaction Index (ACSI) focusses on:

Accepted Answer

A)  differentiating a product based on its quality. 
B)  quality based on leadership, strategic planning, and customer and market focus. 
C)  the audit of a company's business processes in order to ensure quality. 
D)  results, that is, quality as perceived by product and service users. 
E)  the existence of a quality control system that can meet published quality standards. 
A)  differentiating a product based on its quality. 
B)  quality based on leadership, strategic planning, and customer and market focus. 
C)  the audit of a company's business processes in order to ensure quality. 
D)  results, that is, quality as perceived by product and service users. 
E)  the existence of a quality control system that can meet published quality standards.

Question 13

The _____ measures customers' satisfaction and perceptions of quality of a representative sample of America's goods and services.

Accepted Answer

A)  ISO 9000 
B)  loyalty business model 
C)  Net Promoter Score (NPS) 
D)  American Customer Satisfaction Index (ACSI) 
E)  American Price Index (API) 
A)  ISO 9000 
B)  loyalty business model 
C)  Net Promoter Score (NPS) 
D)  American Customer Satisfaction Index (ACSI) 
E)  American Price Index (API)

Question 14

Firms that sell industrial goods in the international market should focus on after-sales services because these services:

Accepted Answer

A)  are almost always more profitable than the actual sale of the good itself. 
B)  require high levels of investment in training and development. 
C)  need to be heavily advertised. 
D)  cost the firm almost nothing. 
E)  cannot be outsourced to other companies and must be provided by the firm itself. 
A)  are almost always more profitable than the actual sale of the good itself. 
B)  require high levels of investment in training and development. 
C)  need to be heavily advertised. 
D)  cost the firm almost nothing. 
E)  cannot be outsourced to other companies and must be provided by the firm itself.

Question 15

The sales of industrial goods are driven by the buyer's need to make profits.

Accepted Answer

A) True 
 B)False

Question 16

The U.S. Congress and businesses have been resisting conversion to the metric system because they fear:

Accepted Answer

A)  market competition from international firms already using the metric system. 
B)  consumer backlash and the substitution of international products. 
C)  that it will promote standardization. 
D)  that workers will not understand the system. 
E)  that it will be too costly to implement. 
A)  market competition from international firms already using the metric system. 
B)  consumer backlash and the substitution of international products. 
C)  that it will promote standardization. 
D)  that workers will not understand the system. 
E)  that it will be too costly to implement.

Question 17

Which of the following statements regarding the industrial goods market is true?

Accepted Answer

A)  Industrial goods are marketed through the same channels as consumer goods. 
B)  Industrial goods are more standardized than consumer goods. 
C)  Industrial goods are meant for consumption by the buyer. 
D)  The industrial goods market is highly concentrated. 
E)  Marketing efforts in the industrial goods market are highly customized. 
A)  Industrial goods are marketed through the same channels as consumer goods. 
B)  Industrial goods are more standardized than consumer goods. 
C)  Industrial goods are meant for consumption by the buyer. 
D)  The industrial goods market is highly concentrated. 
E)  Marketing efforts in the industrial goods market are highly customized.

Question 18

The process of total quality management (TQM) starts with:

Accepted Answer

A)  providing all customers with technologically advanced products. 
B)  signing trade agreements with other countries. 
C)  involving customers in the product development process. 
D)  reducing the time taken for the product to reach the market. 
E)  marketing the products at trade shows and fairs. 
A)  providing all customers with technologically advanced products. 
B)  signing trade agreements with other countries. 
C)  involving customers in the product development process. 
D)  reducing the time taken for the product to reach the market. 
E)  marketing the products at trade shows and fairs.

Question 19

A manufacturer who does not provide after-sales services and support could also be foregoing the opportunity of participating in a lucrative aftermarket.

Accepted Answer

A) True 
 B)False

Question 20

Trade shows are important channel of advertising for consumer goods.

Accepted Answer

A) True 
 B)False

In knowledge-based services such as consulting, engineering, education, and information technology, _____ is a key driver of success and failure.

Which are the stages of Rostow's five-stage model of economic development?

Which of the following is a factor that exacerbates the volatility in demand in industrial markets?

Which of the following statements is true of universal standards in the sale of international products?

An important dimension of quality is how well the product:

Goods are likely to be standardized if:

Three factors affect the demand in international industrial markets differently than in consumer markets. What are these factors?

Country X is likely to be in the age of mass consumption according to Rostow's five-stage model of economic development if:

Along with industrial goods, the most rapidly growing sector of U.S. international trade today consists of:

Which of the following statements is true?

Some business services have intrinsic value that can be embodied in some tangible form; they can be produced in one country and exported to another. Which of the following is an example of this?

As compared to the ISO 9000 standards, the American Customer Satisfaction Index (ACSI) focusses on:

The _____ measures customers' satisfaction and perceptions of quality of a representative sample of America's goods and services.

Firms that sell industrial goods in the international market should focus on after-sales services because these services:

The sales of industrial goods are driven by the buyer's need to make profits.

The U.S. Congress and businesses have been resisting conversion to the metric system because they fear:

Which of the following statements regarding the industrial goods market is true?

The process of total quality management (TQM) starts with:

A manufacturer who does not provide after-sales services and support could also be foregoing the opportunity of participating in a lucrative aftermarket.

Trade shows are important channel of advertising for consumer goods.

The Scope and Challenge of International Marketing

The Dynamic Environment of International Trade

History and Geography: The Foundations of Culture

Cultural Dynamics in Assessing Global Markets

Culture, Management Style, and Business Systems

The Political Environment: a Critical Concern

The International Legal Environment: Playing by the Rules

Developing a Global Vision Through Marketing Research

Economic Development and the Americas

Europe, Africa, and the Middle East

Asia Pacific Region

Global Marketing Management: Planning and Organization

Products and Services for Consumers

International Marketing Channels

Integrated Marketing Communications and International Advertising

Personal Selling and Sales Management

Pricing for International Markets

Negotiating With International Customers, Partners, and Regulators

Filters

Exam 14: Products and Services for Businesses

In knowledge-based services such as consulting, engineering, education, and information technology, _____ is a key driver of success and failure.

Which are the stages of Rostow's five-stage model of economic development?

Which of the following is a factor that exacerbates the volatility in demand in industrial markets?

Which of the following statements is true of universal standards in the sale of international products?

An important dimension of quality is how well the product:

Goods are likely to be standardized if:

Three factors affect the demand in international industrial markets differently than in consumer markets. What are these factors?

Country X is likely to be in the age of mass consumption according to Rostow's five-stage model of economic development if:

Along with industrial goods, the most rapidly growing sector of U.S. international trade today consists of:

Which of the following statements is true?

Some business services have intrinsic value that can be embodied in some tangible form; they can be produced in one country and exported to another. Which of the following is an example of this?

As compared to the ISO 9000 standards, the American Customer Satisfaction Index (ACSI) focusses on:

The _____ measures customers' satisfaction and perceptions of quality of a representative sample of America's goods and services.

Firms that sell industrial goods in the international market should focus on after-sales services because these services:

The sales of industrial goods are driven by the buyer's need to make profits.

The U.S. Congress and businesses have been resisting conversion to the metric system because they fear:

Which of the following statements regarding the industrial goods market is true?

The process of total quality management (TQM) starts with:

A manufacturer who does not provide after-sales services and support could also be foregoing the opportunity of participating in a lucrative aftermarket.

Trade shows are important channel of advertising for consumer goods.

The Scope and Challenge of International Marketing

The Dynamic Environment of International Trade

History and Geography: The Foundations of Culture

Cultural Dynamics in Assessing Global Markets

Culture, Management Style, and Business Systems

The Political Environment: a Critical Concern

The International Legal Environment: Playing by the Rules

Developing a Global Vision Through Marketing Research

Economic Development and the Americas

Europe, Africa, and the Middle East

Asia Pacific Region

Global Marketing Management: Planning and Organization

Products and Services for Consumers

International Marketing Channels

Integrated Marketing Communications and International Advertising

Personal Selling and Sales Management

Pricing for International Markets

Negotiating With International Customers, Partners, and Regulators

Filters