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Question 1:
A firm that moves from not exporting on a regular basis to establishing plants in foreign countries has
A. Globalized.
B. Nationalized.
C. Glocalized.
D. Internationalized.
Correct Answer: D
The internationalization process is of crucial interest to nations that wish to encourage local firms to grow and to operate globally. According to Swedish researchers, it involves the following steps:
(1)
Lack of regular exports;
(2)
export via independent agents with a few markets, with later expansion to more countries;
(3)
creation of sales subsidiaries in larger markets; (4) establishment of plants in foreign countries.
Question 2:
Which strategy for a global marketing organization is based on a portfolio of national markets?
A. reaction of a division to manage international marketing.
B. A multinational strategy.
C. A global strategy.
D. Creation of an export department
Correct Answer: B
International marketing efforts take three basic forms:creation of an export department, creation of a division to manage international marketing, or global organization. The latter encompasses genuinely worldwide functions, e.g., manufacturing, marketing, finance, and logistics. Thus, worldwide operations are the organization\’s focus, not merely that of a department or division of a national firm. A global organization may follow a multinational, global, or glocal strategy. A multinational strategy adopts a portfolio approach. Its emphasis is on national markets because the need for global integration is not strong. The product is customized for each market and therefore incurs higher production costs. Decision making is primarily local with a minimum of central control. This strategy is most effective given large differences between countries. Also, exchange rate risk is reduced when conducting business in this manner.
Question 3:
A firm that manufactures refrigerators sold ice boxes in urban areas of less developed countries. Many residents lacked electricity to power refrigerators but could purchase blocks of ice from local vendors for use in ice boxes. According to Keegan\’s model of adaptation strategies, this firm adopted a strategy of
A. Product adaptation.
B. Dual adaptation.
C. Backward invention.
D. Forward invention.
Correct Answer: C
Using a product invention strategy, a new product is created specifically for a certain country or regional market. A product may either include advancements for developed countries or have certain elements removed in places where a lower cost is a key selling point. Thus, an ice box, a precursor of the modern refrigerator, is a backward invention.
Question 4:
A firm sells its product in a foreign market for a much higher price than in the firm\’s home market. The reason is most likely:
A. Price elasticity of demand.
B. Dumping.
C. Gray market activity.
D. Price escalation.
Correct Answer: D
Price escalation is caused by an accumulation of additional costs, e.g., currency fluctuations; transportation expenses; profits earned by importers, wholesalers, and retailers; and import duties.
Question 5:
Managerial attitudes toward global operations are viewed by researcher HowardPerl mutteras a key to understanding multinational firms. A polycentric attitude is indicated by
A. An identification with the nationality of the owner.
B. Evaluation and control standards that are both local and global.
C. High information flow in multiple directions.
D. Relatively little decision making by the central administrative authority.
Correct Answer: D
A polycentric attitude assumes that cultural differences require local managers to make most decisions because they are more knowledgeable about local conditions than are central administrators. Thus, development of local managerial talent is crucial. Another result is that foreign operating performance is primarily evaluated based on results. As a consequence,methods, training, and incentives vary significantly among subsidiaries. Furthermore, control is predominantly local, the firm is identified with the nationality of the host nation, and relatively little communication occurs with central administration or among subsidiaries. One disadvantage is that local operations may have inefficiencies because of duplication of activities. Another disadvantage is loss of goal congruence between local entities and the firm as a whole. Advantages are more capable and motivated local managers, better results in local markets, local development of new product ideas, and stronger support by host governments.
Question 6:
According to research on path-goal leadership styles done in many countries, which styles are neither the most nor the least accepted internationally?
I. Directive
II. Supportive
III. Participative
IV.
Achievement-oriented
A.
l and II.
B.
l and Ill.
C.
II and IV.
D.
Ill and IV.
Correct Answer: C
The participative style, although not always the best, is the most widely accepted internationally. The directive style is the least accepted internationally. It was not deemed appropriate in the U.S., U.K., Canada, Australia, Germany, and Sweden. Theachievement orientedstyle was found unacceptable in such countries as Brazil, France, Italy, and Japan. The supportive style was not accepted in such countries as Brazil, France, India, and Sweden.
Question 7:
Dutch researcher Geert Hofstede has examined the cultural dimensions of organizational behavior in 40 countries. The United States ranked the highest in which dimension?
A. Power distance.
B. Uncertainty avoidance.
C. Individualism.
D. Masculinity.
Correct Answer: C
The individualism-collectivism dimension addresses whether the organization or individual must meet his/her own security needs.
Question 8:
In the Boston Consulting Group (BCG) growth-share matrix, which strategic business units generate large amounts of cash, need heavy investment to grow and maintain competitive positioning, but usually have modest net cash flow?
A. Cash cows.
B. Question marks.
C. Dogs.
D. Stars.
Correct Answer: D
A star is a business with a strong competitive position in a growth industry. It has a high relative market share, and the market growth rate is high. Thus, the industry is robust, and the SBU is highly attractive. Net cash flow is modest because investment is heavy, although stars generate large amounts of cash.
Question 9:
A strategic business unit (SBU) has a low relative market share (RMS) and a high market growth rate (MGR). According to the portfolio model for competitive analysis (thegrowth sharematrix) created by the Boston Consulting Group, the SBU is considered a
A. Star.
B. Question mark.
C. Cash cow.
D. Dog.
Correct Answer: B
Question 10:
General Electric (GE) portfolio model for competitive analysis of strategic business units (SBUs) is presented in a matrix format. This matrix
A. Has four quadrants.
B. Shows SBUs as circles directly proportional to their business strength.
C. Classifies its cells into nine zones.
D. Classifies each variable in one of three categories.
Correct Answer: D
The GE model is a multifactor portfolio matrix with two variables. Business strength or competitive position (BUS) is on one axis, and market attractiveness (MAT) is on the other. BUS is classified as strong, medium, or weak, and MAT is classified as high, medium, or low. Thus, the matrix in this model is 3 x 3 and has nine cells.
Question 11:
Prior announcements of moves have value as market signals in part because an announced move need not actually occur. Which of the following is true regarding the effects of prior announcements of moves on the market?
I. The effects may preempt competition
II. The effects may express pleasure or displeasure with a competitor\’s action
III. The effects may be a means of ending all external debate
IV.
The effects may test competitor sentiment
A.
I, II, and Ill only.
B.
I, II, and IV only.
C.
II, Ill, and IV only.
D.
I, II, Ill, and IV.
Correct Answer: B
Among other things, prior announcements of moves may preempt competition, threaten action, test competitor sentiment, express pleasure or displeasure with a competitor\’s action, and act as a means of ending internal debate. Moreover, prior announcements of moves may be a means of ending some external debate (i.e., if the announcement was aimed at the financial community in order to answer questions about the firm\’s liquidity). However, all external debate would be impossible to end, even by means of prior announcements of moves.
Question 12:
In which industry structure is differentiation absent, and all sellers charge the same price?
A. Monopoly.
B. Monopolistic competition.
C. Oligopoly.
D. Pure competition.
Correct Answer: D
An industry consists of firms selling products or services that are substitutes. One way to describe an industry considers the number of sellers and the extent of differentiation ofproducts and services. In pure competition, differentiation is absent, and the same prices are charged by all sellers.
Question 13:
Of the major processes affecting the evolution of an industry, which one affects rivalry, entry, expansion, and supply?
A. Long-run changes in the industry growth rate.
B. Changes in input costs.
C. Structural changes in suppliers\’ and customers\’ industries.
D. Government policies.
Correct Answer: A
Long-run changes in the industry growth rate affect rivalry, entry, expansion, and supply. These changes occur because of changes in five external factors:demographic traits (such as consumer ages and income levels), trends in needs of buyers (caused by changes in regulation, tastes,lifestyles), relative positions of substitute and complementary products, sales to new customers (market penetration), and product innovation, an internal factor, alters the industry\’s position regarding the external factors.
Question 14:
Ina product\’s life cycle, the first symptom of the decline stage is a decline in the
A. Firm\’s inventory levels.
B. Product\’s sales.
C. Product\’s production cost.
D. Product\’s prices.
Correct Answer: B
The sales of most product types and brands eventually decrease permanently. This decline may be slow or rapid. This first symptom of the decline stage of a product\’s life cycle triggers such other effects as price cutting, narrowing of the product line, and reduction in promotion budgets.
Question 15:
While auditing a marketing department, the internal auditor discovered that the product life cycle model was used to structure the marketing mix. Under such a philosophy, the price charged on a consistent basis for a specific product would probably be lowest during which life cycle stage?
A. Introduction stage.
B. Growth stage.
C. Maturity stage.
D. Decline stage.
Correct Answer: C
During the maturity stage, competition is at its greatest and costs are at their lowest. Moreover, firms are engaged in competitive price-cutting measures, resulting in some of the lowest prices seen during a product\’s life cycle.