Mar 216 quiz | Marketing homework help

Question 1 (2 points)

 Question 1 Saved

Vac “N’ Sew will give customers $100 for a used vacuum cleaner, regardless of condition, when they purchase a new vacuum or sewing machine. This essentially reduces the price by $100. What is this type of discount called?

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captive product discount

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Question 2 (2 points)

 Question 2 Saved

With product bundle pricing, sellers can combine several products and offer the bundle ________.

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c) 

as a complete self-service package

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as a reward to loyal customers

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Question 3 (2 points)

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________ refers to selling below cost with the intention of punishing a competitor or gaining higher long-run profits by putting competitors out of business.

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Oligopolistic pricing

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Question 4 (2 points)

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Qriosity Inc. comes out with a new antivirus program and prices it at half price to attract buyers. The company is using ________.

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a) 

marketing-skimming pricing

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market-penetration pricing

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e) 

promotional allowances

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Question 5 (2 points)

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A company sets not just a single price, but rather a ________ that covers different items in its line that change over time as products move through their life cycles.

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Question 6 (2 points)

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The relationship between the price charged and the resulting demand level can be shown as the ________.

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Question 7 (2 points)

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When a manufacturer offers a ________, customers buy products from manufacturers’ dealers within a specified time period and the manufacturer sends the customer a check.

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Question 8 (2 points)

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Rent, electricity, and executive salaries are examples of ________ costs.

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Question 9 (2 points)

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________ prices are the prices that a buyer carries in his/her mind and refers to when looking at a given product.

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Question 10 (2 points)

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________ pricing is the approach of setting a low initial price in order to attract a large number of buyers quickly and win a large market share.

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Question 11 (2 points)

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Under ________, the market consists of a few large sellers who are highly sensitive to each other’s pricing and marketing strategies.

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monopolistic competition

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oligopolistic competition

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Question 12 (2 points)

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Producers use captive product pricing to set the price of the main product ________ and set ________ on the supplies necessary to use the product.

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moderately; moderate markups

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Question 13 (2 points)

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Which of the following is a reason for a company to raise its prices?

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a) 

to address the issue of overdemand for a product

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to win a larger share of the market

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to use excess capacity

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to boost sales volume

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e) 

to balance out decreasing costs

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Question 14 (2 points)

 Question 14 Saved

If Dell charges the same price for delivery of its product to any customer that is located within the Great Lakes states, the company is using ________.

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a) 

psychological pricing

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e) 

uniform-delivered pricing

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Question 15 (2 points)

 Question 15 Saved

Value-based pricing is the reverse process of ________ pricing.

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Question 16 (2 points)

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Consumers use price less to judge the quality of a product when they ________.

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lack skills to use the product

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have experience with the product

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are shopping for a specialty item

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e) 

cannot physically examine the product

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Question 17 (2 points)

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If demand hardly changes with a small change in price, we say the demand is ________.

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d) 

at break-even pricing

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e) 

penetrating the market

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Question 18 (2 points)

 Question 18 Saved

What type of pricing is being used when a company temporarily prices its product below the list price or even below cost to create buying excitement and urgency?

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b) 

psychological pricing

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Question 19 (2 points)

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Under ________, the market consists of many buyers and sellers trading in a uniform commodity such as wheat, copper, or financial securities.

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monopolistic competition

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oligopolistic competition

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Question 20 (2 points)

 Question 20 Saved

Under which type of geographic pricing strategy does each customer pay the same price for the product from the factory to its destination?

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freight-absorption pricing

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e) 

uniform-delivered pricing

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Question 21 (2 points)

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________ pricing involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for the company’s efforts and risks.

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Question 22 (2 points)

 Question 22 Saved

________ uses buyers’ perceptions of what a product is worth, not the seller’s cost, as the key to pricing.

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Customer value-based pricing

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Target return pricing

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e) 

Competition-based pricing

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Question 23 (2 points)

 Question 23 Saved

With an understanding of price elasticity, sellers should know that the less elastic the demand for their product is, the more advantageous it is for them to ________.

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c) 

leave the price where it is

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e) 

bundle the product with another product

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Question 24 (2 points)

 Question 24 Saved

When Glow Gift Card Shop offers a price reduction to customers who buy Christmas cards the week after Christmas, it is giving a(n) ________ discount.

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Question 25 (2 points)

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If demand changes greatly with a small change in price, we say the demand is ________.

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Question 26 (2 points)

 Question 26 Saved

Leonards, a leading French garment manufacturing company, is looking for ways to go global. Penny, a designer from California, wishes to open a fashion boutique in the neighborhood, and gain production expertise and name without having to invest significantly. She learns about Leonards’ global expansion plans, and buys the right to use its manufacturing process for a royalty fee. This allows it to gain entry into a foreign market at little risk. Leonards has used the ________ method of entering a foreign market.

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contract manufacturing

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management contracting

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Question 27 (2 points)

 Question 27 Saved

Which of the following is true of the Uruguay Round of the WTO?

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The Uruguay Round promoted short-term global trade growth.

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The Uruguay Round further reduced the world’s remaining merchandise tariffs by 50 percent.

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The Uruguay Round did not protect intellectual property.

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d) 

The Uruguay Round toughened the international protection of copyrights and patents.

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e) 

The Uruguay Round began in late 2001 and concluded in 2005.

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Question 28 (2 points)

 Question 28 Saved

Lemon N’ Honey is a juice manufacturing company in the U.S. It exports its products to Australia, licenses to China, has a joint ownership venture in France, and owns a subsidiary in Brazil. It will eventually create a(n) ________ to handle all its worldwide activities.

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international division

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truly global organization

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value delivery network

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Question 29 (2 points)

 Question 29 Saved

The difference between exporting and joint venturing is that joint venturing involves ________.

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b) 

production of goods mainly in the home country

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lesser changes in a company’s product lines

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d) 

association with a host country partner to sell abroad

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Question 30 (2 points)

 Question 30 Saved

________ is a method of going global in which the company makes agreements with producers in the foreign market to produce its product or provide its service.

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Contract manufacturing

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e) 

Management contracting

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Question 31 (2 points)

 Question 31 Saved

Licensing is a type of ________.

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contract manufacturing

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Greenfield investment

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d) 

management contracting

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Question 32 (2 points)

 Question 32 Saved

A country in South America has large reserves of copper and tin. Mining forms the pillar of its economy. A major part of its revenue is generated from exporting these resources. This country is poor in many other ways. It is a good market for large equipment, tools and supplies, and trucks. Since there are many foreign residents in this country and a wealthy upper class, it is also a market for luxury goods. This country has a(n) ________ economy.

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raw material exporting

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Question 33 (2 points)

 Question 33 Saved

Regardless of how companies go about pricing their products, their foreign prices probably will be higher than their domestic prices for comparable products.

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a) True

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b) False

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Question 34 (2 points)

 Question 34 Saved

Which of the following is a drawback of contract manufacturing?

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The chances of quickly starting the process are very low.

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There is decreased control over the manufacturing process.

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The risks involved are relatively high.

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There is little opportunity of forming a partnership.

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e) 

The scope of buying out the local manufacturer is limited.

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Question 35 (2 points)

 Question 35 Saved

Which of the following types of economies consumes most of its output and barters the rest for simple goods and services?

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b) 

industrializing economy

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e) 

raw material exporting economy

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Question 36 (2 points)

 Question 36 Saved

Which of the following is an advantage of management contracting?

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Management contracting involves the least change in the company’s product lines.

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The company can set up its own operations simultaneously.

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Management contracting is the simplest way to enter a foreign market.

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d) 

Management contracting yields income from the beginning.

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e) 

Management contracting gives the contracting firm an option to buy some shares in the managed company immediately.

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Question 37 (2 points)

 Question 37 Saved

Which of the following is true of raw material exporting economies?

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In raw material exporting economies, the vast majority of people engage in simple agriculture.

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b) 

Raw material exporting economies typically create a new rich class.

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c) 

Raw material exporting economies are major exporters of manufactured goods, services, and investment funds.

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d) 

Raw material exporting economies are rich in one or more resources but poor in other ways.

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e) 

Raw material exporting economies consume most of their output and barter the rest.

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Question 38 (2 points)

 Question 38 Saved

________ means marketing a product in a foreign market without making any changes to the product.

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b) 

Straight product extension

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e) 

Communication adaptation

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Question 39 (2 points)

 Question 39 Saved

Which of the following is true of free trade zones?

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Free trade zones are groups of nations organized to work toward common goals in the regulation of international trade.

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b) 

Free trade zones were replaced by the World Trade Organization.

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c) 

Free trade zones mediate global trade disputes.

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d) 

Free trade zones are established only among the United States, Mexico, and Canada.

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e) 

Free trade zones are countries that barter their output for simple goods and services.

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Question 40 (2 points)

 Question 40 Saved

Japan is a major exporter of manufactured goods, services, and investment funds. Japan also exports its goods to other types of economies for raw materials and semifinished goods. Japan has a(n) ________ economy.

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raw material exporting

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Question 41 (2 points)

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________ involves the least change in the company’s product lines, organization, investments, or mission.

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Contract manufacturing

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Question 42 (2 points)

 Question 42 Saved

When selling to less-affluent consumers in developing countries, companies can overcome the price escalation problem by ________.

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making better versions of their products with added features

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b) 

standardizing their international prices

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pricing at the same level across countries

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introducing slow-moving products in emerging markets

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making smaller versions of their products

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Question 43 (2 points)

 Question 43 Saved

Which of the following is true of exporting?

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a) 

Exporting is the most complex way to enter a foreign market.

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b) 

Exporting usually offers more control over pricing.

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Exporting typically requires products to be modified for the foreign market.

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d) 

Exporting involves the least change in the company’s product lines.

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e) 

Exporting involves a huge investment.

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Question 44 (2 points)

 Question 44 Saved

Communication adaptation is a global communication strategy of fully adapting advertising messages to international markets.

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a) True

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b) False

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Question 45 (2 points)

 Question 45 Saved

________ are a type of operating unit under an international division that are responsible for their own sales and profits.

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Geographical organizations

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International subsidiaries

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Question 46 (2 points)

 Question 46 Saved

Which of the following is an advantage of licensing?

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Licensing is the most economical method of going global.

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The firm has equal control over the licensee as it would over its own operations.

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The licensee gains a name without having to start from scratch.

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If the licensee is successful, the firm earns more profits than it would do on its own.

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The firm does not have the risk of creating a future competitor in the form of the licensee once the contract ends.

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Question 47 (2 points)

 Question 47 Saved

One of the disadvantages of adapted global marketing when compared to standardized global marketing is that ________.

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adapted global marketing results in more costs

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adapted global marketing produces a smaller market share

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the returns are lesser

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the strategies are not tailored to the needs of the target customers

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products and marketing approaches remain the same worldwide

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Question 48 (2 points)

 Question 48 Saved

Which of the following is a benefit of joint ownership?

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The companies merge their complementary strengths to develop a global marketing opportunity.

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Joint ownership is the simplest way to enter a foreign market.

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The risks involved are lesser as compared to those in exporting.

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The partners typically agree over investment, marketing, and other policies.

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Joint ownership involves lesser change in the company’s organization and investments as compared to other forms of joint venturing.

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Question 49 (2 points)

 Question 49 Saved

Which of the following is true of a global firm?

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A global firm typically operates from one country.

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A global firm has lesser advantages than purely domestic competitors.

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A global firm sees the world as many different markets.

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A global firm maximizes the importance of national boundaries.

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A global firm manufactures and markets goods wherever it can do the best job.

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Question 50 (2 points)

 Question 50 Saved

Which of the following is an advantage of direct investment?

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Direct investment involves lower risk as compared to joint venturing.

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Direct investment involves the least change in the company’s investments and mission.

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c) 

The firm keeps full control over the investment.

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d) 

Direct investment involves minimum investment.

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e) 

There is no risk of devalued or restricted currency.

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