QUESTION A global marketing strategy that views the world’s consumers as similar in their preferences is consistent with the mass production of a standardized output. Indicate whether the statement is true or false. ANSWER TRUE A global marketing strategy that views the world’s consumers as similar in their tastes and preferences is consistent with […]
QUESTION Which of the following was pioneered by Japanese firms during that country’s remarkable economic transformation during the 1960s and 1970s? A. Lean production B. Flexible manufacturing technology C. Dynamic capabilities D. Just-in-time inventory systems E. Global learning ANSWER D
QUESTION A critical aspect of the marketing function is identifying gaps in the market so that a firm can develop new products to fill those gaps. Indicate whether the statement is true or false. ANSWER TRUE A critical aspect of the marketing function is identifying gaps in the market so that the firm can […]
QUESTION Which of the following is true about firms using just-in-time (JIT) inventory system? A. A company is more likely to have excess unsold inventory that it has to write off against earnings. B. Parts enter the manufacturing process immediately; they are not warehoused. C. It is difficult to spot and fix defective inputs. D. […]
QUESTION Firms vary their marketing mix from country to country depending on differences in national culture. Indicate whether the statement is true or false. ANSWER TRUE The marketing mix is a set of choices that a firm offers to its targeted markets. Many firms vary their marketing mix from country to country, depending on […]
QUESTION Which of the following is an objective of logistics? A. Increase the cost of value creation B. Manage a firm’s global supply chain at a low cost C. Reduce inventory turnover D. Reduce a firm’s customer responsiveness E. Increase inventory holding costs ANSWER B
QUESTION Markets can be segmented by geography, demography, sociocultural factors, and psychological factors. Indicate whether the statement is true or false. ANSWER TRUE Markets can be segmented in numerous ways: by geography, demography (e.g., gender, age, income, race, education level), sociocultural factors (e.g., social class, values, religion, lifestyle choices), and psychological factors (e.g., personality).
QUESTION The basic philosophy behind just-in-time (JIT) inventory systems is to: A. economize on inventory holding costs. B. reduce inventory turnover. C. create a buffer stock of inventory. D. reduce costs by reducing quality. E. increase the total working capital requirement. ANSWER A
QUESTION According to Theodore Levitt, technology has resulted in the emergence of global markets for standardized consumer products on a previously unimagined scale of magnitude. Indicate whether the statement is true or false. ANSWER TRUE According to Theodore Levitt, a powerful force drives the world toward a converging commonalty, and that force is technology. […]
QUESTION The drawback of a just-in-time inventory system is that it: A. increases the total capital required by a firm. B. leaves a firm without a buffer stock of inventory. C. increases inventory holding costs, such as warehousing and storage costs. D. is less efficient than traditional system in spotting and fixing defective inputs. E. […]
