1. Consumer products are purchased to ___________personal and family needs.
A. satisfy
B. satisfying
C. satisfied
2. The firm’s ___________covers all the products it offers for sale.
A. product line
B. product life
C. product mix
3. Labeling provides customers with product information, some of which is required by ___________.
A. law
B. customer
C. company
4. At the end of the road stands a stone building,___________history dates back to the 17th century.
A. Where
B. that
C. whose
5. Most product failures result ___________inadequate product planning and development.
A. of
B. in
C. from
6. A nation’s ___________is the difference between the flow of money into and out of the nation.
A. payment of balance
B. balance of trade
C. balance of payments
7. Big businesses enjoy certain___________that smaller ones do not have.
A. privileges
B. sequence
C. fragments
8. Under RCEP, tariffs will be ___________on around 92 percent of goods implemented progressively over the next 20 years.
A. unified
B. eliminated
C. pursued
9. You are free to go or not to go___________.
A. as you see
B. as you see fit
C. as you
10. A firm’s marketing program must be adapted to foreign markets to ___________differences in the business environment and target markets from nation to nation.
A. account for
B. account of
C. account on
11. Choose the correct word or words from the box to complete the following sentences, and write your choice on your Answer Sheet. A product is everything that one receives in an exchange, including all___________and expected benefits. A firm that does not introduce new products to___________declining products will eventually fail. Market analysis in the online space often leads to___________. Businesses expand internationally to offset the risk of___________stagnating growth in their home country as well as in other countries where they are operating. ___________are typically justified as being needed to protect a nation’s economy, industries, citizens or security. Understanding buying behavior helps marketers ___________how buyers will respond to marketing strategies. Marketing’s___________function is to promote and facilitate exchange. Financial institutions act as___________between lenders and borrowers. ___________analysis studies the ways in which a product or product group is brought to market. ___________is the study of how wealth is created and distributed.
12. Marketing is a process that involves directing the flow of goods and services from consumers to producers.
A. True
B. False
13. The primary function of marketing is to promote and facilitate exchange between parties.
A. True
B. False
14. Marketing can only occur in profit-oriented businesses and not in public institutions like hospitals or schools.
A. True
B. False
15. In marketing, exchange can occur even if one party is not free to accept or reject what the other party is offering.
A. True
B. False
16. Brand marketing has been a key element in advertising goods and services in both profit and nonprofit initiatives for centuries.
A. True
B. False
17. What is the primary reason Western multinationals expand into developing countries?___________
A. To reduce production costs
B. To acquire newer markets and expand sales
C. To access advanced technology
18. Why are developing and emerging countries attractive to Western multinationals in terms of resource acquisition?___________
A. They offer advanced technological resources
B. They have large deposits of minerals, metals, and land for agricultural production
C. They provide a highly skilled workforce
19. How do international expansions help companies minimize risk?___________
A. By operating in multiple countries to diversify political, economic, and societal risks
B. By investing only in their home country
C. By avoiding markets with any form of risk
20. What is one reason Western companies expand into emerging markets despite declining sales in their home regions?___________
A. To take advantage of lower labor costs
B. To benefit from government subsidies in emerging markets
C. To recoup losses by expanding into other markets
21. Why do many emerging markets and developing countries welcome Western multinationals?___________
A. To receive royalties and other payments to grow their economies
B. To improve their technological capabilities
C. To reduce their environmental impact
22. Even free-market economies often use some form of quota and/or tariff that affects the prices and quantities of foreign-made products in those nations. A quota restricts the total number of products of a certain type to that can be imported into a country. It indirectly raises the prices of those imports by reducing their supply.In contrast, a tariff is a tax charged on imported products. Tariffs directly affect the prices of products, effectively raising the price of imports to consumers who must pay not only for the products but also for the tariff. Tariffs may take either of two forms. A revenue tariff is imposed strictly to raise money for the government. But most tariffs in effect today are protectionist tariffs meant to discourage import of a particular product.
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