Marketing Principles And Processes Questions!

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Marketing Principles And Processes Questions! - Quiz

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Questions and Answers
  • 1. 

    Marketing is:

    • A.

      About the invention of new markets, new products and new services

    • B.

      About the invention of new ways of distributing and reaching customers

    • C.

      About researching, finding, understanding and making new markets

    • D.

      About creating and changing market processes that change markets

    • E.

      All of the answers listed

    Correct Answer
    E. All of the answers listed
    Explanation
    The correct answer is all of the answers listed. Marketing involves not only the invention of new markets, products, and services, but also finding and understanding these markets. It also includes creating and changing market processes to adapt to changing markets. Additionally, marketing involves the invention of new ways of distributing and reaching customers. Therefore, all of the options mentioned in the question are correct in describing what marketing is.

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  • 2. 

    The presence of price and quality variance in markets means:

    • A.

      Markets are not efficient

    • B.

      Many consumers are ignorant

    • C.

      A few suppliers’ products and services are best buys. Most are not.

    • D.

      All of the answers listed

    Correct Answer
    C. A few suppliers’ products and services are best buys. Most are not.
    Explanation
    The presence of price and quality variance in markets indicates that some suppliers offer products and services that are considered the best buys, while most others do not. This suggests that not all suppliers are equal in terms of the value they provide to consumers. Therefore, the correct answer is "A few suppliers’ products and services are best buys. Most are not."

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  • 3. 

    Marketing is about:

    • A.

      Trading off between increased customer satisfaction and increased profits

    • B.

      Increasing customer satisfaction, which in turn increases profits

    • C.

      Increasing both customer satisfaction and company profits

    • D.

      All of the answers listed

    Correct Answer
    B. Increasing customer satisfaction, which in turn increases profits
    Explanation
    Increasing customer satisfaction is the correct answer because when customers are satisfied with a product or service, they are more likely to become repeat customers and recommend the company to others. This leads to increased sales and ultimately higher profits for the company. By prioritizing customer satisfaction, companies can create a positive reputation and build strong customer loyalty, which directly impacts their financial success.

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  • 4. 

    Product innovation and the diffusion of innovation create:

    • A.

      Customer satisfaction

    • B.

      Profits

    • C.

      Capital

    • D.

      All of the answers listed

    Correct Answer
    D. All of the answers listed
    Explanation
    Product innovation and the diffusion of innovation are key drivers of customer satisfaction, as they introduce new and improved products that meet customer needs and preferences. This, in turn, leads to increased sales and profits for the company. Additionally, successful product innovation and diffusion attract capital investment from stakeholders who recognize the potential for growth and returns. Therefore, all of the listed answers - customer satisfaction, profits, and capital - are outcomes of product innovation and the diffusion of innovation.

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  • 5. 

    Marketing is the business discipline responsible for:

    • A.

      Product innovation

    • B.

      The diffusion of innovation

    • C.

      Product innovation and the diffusion of innovation

    • D.

      None of the answers listed

    Correct Answer
    C. Product innovation and the diffusion of innovation
    Explanation
    Marketing is the business discipline responsible for product innovation and the diffusion of innovation. This means that marketing plays a crucial role in developing new and improved products as well as ensuring that these products reach and are adopted by the target market. By focusing on both product innovation and the diffusion of innovation, marketing helps businesses stay competitive and meet the ever-changing needs and preferences of consumers.

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  • 6. 

    The focus of companies needs to be on winning:

    • A.

      The product innovation race

    • B.

      The distribution innovation race

    • C.

      Both a and b

    • D.

      Either a or b

    • E.

      None of the answers listed

    Correct Answer
    C. Both a and b
    Explanation
    Companies need to focus on both the product innovation race and the distribution innovation race. Product innovation is important to stay ahead in the market by continuously improving and developing new products that meet customer needs. Distribution innovation is equally important as it ensures that the products reach the customers efficiently and effectively. By focusing on both aspects, companies can gain a competitive edge and increase their chances of success in the market.

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  • 7. 

    A responsibility of marketers is to sell new products and ideas to:

    • A.

      Their organization

    • B.

      Their existing customers

    • C.

      New customers

    • D.

      All of the answers listed

    Correct Answer
    D. All of the answers listed
    Explanation
    Marketers have the responsibility to sell new products and ideas to all of the mentioned groups. They need to promote and convince their organization to invest in and support the new products and ideas. They also need to target their existing customers to encourage repeat purchases and loyalty. At the same time, they should attract new customers by showcasing the benefits and features of the new products and ideas. Therefore, marketers have the task of selling to their organization, existing customers, and new customers.

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  • 8. 

    Excellence in advertising and promotions is most needed:

    • A.

      When your products and distribution are weak

    • B.

      When your products and distribution are strong

    • C.

      At all times

    • D.

      At no time

    Correct Answer
    B. When your products and distribution are strong
    Explanation
    Excellence in advertising and promotions is most needed when your products and distribution are strong because in such a scenario, you have a solid foundation to build upon. When your products are of high quality and your distribution channels are effective, it is crucial to effectively promote and advertise them to reach a wider audience and maximize sales. By leveraging strong products and distribution with excellent advertising and promotions, you can create a powerful marketing strategy that drives success and growth for your business.

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  • 9. 

    The United States market is no longer where the action is:

    • A.

      Because it is no longer the largest economy in the world

    • B.

      Because its economy is shrinking in size

    • C.

      Because it is growing much slower than Asia

    • D.

      All of the answers listed

    Correct Answer
    C. Because it is growing much slower than Asia
    Explanation
    The correct answer is "Because it is growing much slower than Asia." This is because the statement implies that the United States market is no longer the center of economic activity due to its slower growth compared to Asia.

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  • 10. 

    The future of the United States and Canada depends on their:

    • A.

      Product innovation skills

    • B.

      Service innovation skills

    • C.

      Marketing skills

    • D.

      Diffusion of innovation skills

    Correct Answer
    C. Marketing skills
    Explanation
    Marketing skills are crucial for the future of the United States and Canada because they play a vital role in promoting and selling products and services. Effective marketing strategies help businesses reach their target audience, create brand awareness, and generate sales. In today's competitive global market, having strong marketing skills is essential for businesses to stay relevant and competitive. Additionally, marketing skills are also important for attracting foreign investment, boosting tourism, and promoting economic growth. Therefore, the future of both countries depends on their ability to effectively market their products and services domestically and internationally.

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  • 11. 

    The British Trading Empire replaced:

    • A.

      The German Trading Empire

    • B.

      The Spanish Trading Empire

    • C.

      The French Trading Empire

    • D.

      None of the answers listed

    Correct Answer
    B. The Spanish Trading Empire
    Explanation
    The correct answer is the Spanish Trading Empire. This is because during the Age of Exploration, Spain was one of the dominant European powers and had a vast trading empire that spanned across the Americas, Asia, and Africa. However, due to various factors such as economic decline, military defeats, and competition from other European powers, the Spanish Trading Empire gradually declined and was eventually replaced by the British Trading Empire.

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  • 12. 

    For how long has trading dominated raiding as a way of obtaining wealth and power?

    • A.

      It is relatively new

    • B.

      For a thousand years

    • C.

      For three thousand years

    • D.

      For five thousand years

    Correct Answer
    A. It is relatively new
    Explanation
    The answer "It is relatively new" suggests that trading as a way of obtaining wealth and power has not been dominant for a long period of time. This implies that raiding was the more prevalent method in the past. However, without further context or information, it is difficult to determine the exact timeframe or when this shift occurred.

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  • 13. 

    The first ecological disaster that destroyed an early trading empire occurred in:

    • A.

      China

    • B.

      Africa

    • C.

      Central America

    • D.

      The Middle East

    • E.

      Europe

    Correct Answer
    D. The Middle East
    Explanation
    The first ecological disaster that destroyed an early trading empire occurred in the Middle East. This region was home to the Sumerian civilization, which thrived around 4000 BCE. The Sumerians heavily relied on agriculture and irrigation systems to sustain their empire. However, over time, the excessive use of irrigation led to salinization of the soil, making it infertile and unable to support crops. This ecological disaster ultimately led to the downfall of the Sumerian civilization, making the Middle East the correct answer.

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  • 14. 

    How many times has China closed down its trade with the world?

    • A.

      Once

    • B.

      Twice

    • C.

      Three times

    • D.

      Five times

    Correct Answer
    C. Three times
    Explanation
    China has closed down its trade with the world three times. This suggests that there have been three instances in history where China has halted its trade activities with other countries. The question does not provide any specific timeframes or reasons for these closures, but it indicates that China has taken such measures on multiple occasions.

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  • 15. 

    Wealth is created by:

    • A.

      Selling and buying

    • B.

      Invention

    • C.

      The additive combination of trading and invention

    • D.

      The dynamic combination of selling, buying and invention

    Correct Answer
    D. The dynamic combination of selling, buying and invention
    Explanation
    Wealth is created through a dynamic combination of selling, buying, and invention. Selling and buying refer to the exchange of goods and services in the market, which generates income and wealth. Invention, on the other hand, introduces new products, technologies, or ideas that can create value and generate wealth. The dynamic combination of these three elements implies that wealth creation is a continuous and evolving process, where innovation, trade, and exchange play crucial roles.

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  • 16. 

    Schumpeterian wealth is created by:

    • A.

      Selling and buying

    • B.

      Invention

    • C.

      The additive combination of trading and invention

    • D.

      The dynamic combination of selling, buying and invention

    Correct Answer
    B. Invention
    Explanation
    Schumpeterian wealth is created by invention. This refers to the creation of new ideas, technologies, and products that disrupt existing markets and create economic growth. Invention is seen as the driving force behind entrepreneurship and innovation, leading to the development of new industries and the destruction of old ones. This process of creative destruction is considered essential for economic progress and the accumulation of wealth in a Schumpeterian framework.

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  • 17. 

    Adam Smith described a process where wealth is created by:

    • A.

      Selling and buying

    • B.

      Invention

    • C.

      The additive combination of trading and invention

    • D.

      The dynamic combination of selling, buying and invention

    Correct Answer
    A. Selling and buying
    Explanation
    Adam Smith described a process where wealth is created by selling and buying. This is because in a market economy, individuals and businesses engage in voluntary exchange of goods and services, which leads to the creation of wealth. When people sell their products or services, they receive income, and when they buy goods or services, they contribute to the demand and stimulate economic activity. This continuous cycle of selling and buying allows for the accumulation of wealth and economic growth.

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  • 18. 

    The biggest example of the humanizing, welfare creating and civilizing benefits of world trade in inventions is:

    • A.

      The Internet

    • B.

      The steamship

    • C.

      Money

    • D.

      Antibiotics

    Correct Answer
    D. Antibiotics
    Explanation
    Antibiotics can be considered the biggest example of the humanizing, welfare creating, and civilizing benefits of world trade in inventions. Antibiotics have revolutionized the field of medicine by effectively treating bacterial infections and saving countless lives. The development and widespread availability of antibiotics have improved public health, increased life expectancy, and contributed to the overall well-being of individuals worldwide. Through international trade, antibiotics have been distributed globally, ensuring access to this life-saving medication for people in various countries. This exemplifies how world trade in inventions like antibiotics has had a significant impact on human welfare and civilization.

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  • 19. 

    When a nation’s trading ability declines:

    • A.

      It often resorts to raiding

    • B.

      People blame the leaders

    • C.

      It is because it becomes overconfident and arrogant

    • D.

      The whole culture loses its vitality and declines

    Correct Answer
    D. The whole culture loses its vitality and declines
    Explanation
    When a nation's trading ability declines, it can have a negative impact on the overall culture of the nation. The decline in trading ability often leads to a decrease in economic prosperity, which can result in a loss of vitality within the culture. This decline may manifest in various ways, such as a decrease in artistic and cultural expression, a decline in innovation and creativity, and a general sense of stagnation within the society. The loss of vitality and decline in the culture can be attributed to the economic hardships and challenges faced by the nation due to its declining trading ability.

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  • 20. 

    The good created by global free trade vastly outweighs the bad it has created.

    • A.

      This is a matter of opinion

    • B.

      This has been established by thousands of years of advancing civilization and prosperity

    • C.

      Is the sort of statement you would expect from a marketing textbook

    • D.

      This is simply not true

    Correct Answer
    B. This has been established by thousands of years of advancing civilization and prosperity
    Explanation
    The given answer suggests that the statement "The good created by global free trade vastly outweighs the bad it has created" is true because it has been proven over thousands of years of advancing civilization and prosperity. This implies that global free trade has contributed significantly to the progress and wealth of societies throughout history, outweighing any negative effects it may have had.

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  • 21. 

    What competitive advantage does North America have that is discussed in this section?

    • A.

      A superior higher education system

    • B.

      Most of the world’s capital

    • C.

      A superior distribution system

    • D.

      None of the answers listed

    Correct Answer
    C. A superior distribution system
    Explanation
    North America has a competitive advantage in terms of a superior distribution system. This means that the region has a well-developed infrastructure and logistics network in place, allowing for efficient and effective movement of goods and services. This advantage enables businesses in North America to reach their customers in a timely manner, reducing costs and increasing customer satisfaction.

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  • 22. 

    Walmart has increased the productivity of    .

    • A.

      Parts of the United States

    • B.

      The supermarkets in the United States

    • C.

      The whole of the United States

    • D.

      American workers

    Correct Answer
    C. The whole of the United States
    Explanation
    Walmart has increased the productivity of the whole of the United States. This suggests that the impact of Walmart's efforts to increase productivity extends to all parts of the country, rather than being limited to specific regions or industries. It implies that Walmart's strategies and initiatives have had a widespread and significant effect on the overall productivity levels in the United States.

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  • 23. 

    Economic history is hard on:

    • A.

      The timid who do not want to risk change

    • B.

      The conservatives who do not want change

    • C.

      The lazy

    • D.

      All of the answers listed

    Correct Answer
    D. All of the answers listed
    Explanation
    Economic history is hard on all of the mentioned groups because it requires adaptability, openness to change, and hard work. The timid individuals who are afraid to take risks may struggle to navigate the uncertainties and challenges of economic shifts. The conservatives who resist change may find it difficult to adapt to new economic systems and policies. The lazy individuals who lack motivation and effort may not be able to keep up with the demands and competition in the economic landscape. Therefore, all of these groups are likely to face difficulties and setbacks in economic history.

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  • 24. 

                    leads as the innovator and mass market trendsetter in reducing supply chain and distribution costs.

    • A.

      Walmart

    • B.

      Canada

    • C.

      Germany

    • D.

      Apple Computer

    Correct Answer
    A. Walmart
    Explanation
    Walmart is the correct answer because it is known for its innovative strategies and ability to reduce supply chain and distribution costs. Walmart has implemented various cost-saving measures such as efficient inventory management, centralized purchasing, and advanced logistics systems. Its large-scale operations and economies of scale also contribute to its ability to offer competitive prices and reduce costs in the supply chain. As a result, Walmart has become a trendsetter in the industry, setting the standards for other companies to follow in terms of cost reduction and efficiency in the supply chain and distribution.

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  • 25. 

    What created the mixing of cultures?

    • A.

      The invention of books

    • B.

      Trading route crossroads

    • C.

      Intermarriage between cultures

    • D.

      Global advertising

    Correct Answer
    B. Trading route crossroads
    Explanation
    Trading route crossroads created the mixing of cultures. When different trading routes intersected, it allowed for the exchange of goods, ideas, and people between different cultures. This led to the blending and assimilation of various cultural practices, beliefs, and traditions. Through trade, individuals from different backgrounds interacted, shared knowledge, and adopted elements from each other's cultures, resulting in a rich and diverse cultural landscape.

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  • 26. 

    In many parts of Europe a system of transportation as efficient as that of ancient Rome was not present until:

    • A.

      The 15th century

    • B.

      The 17th century

    • C.

      The 18th or even 19th century

    • D.

      The 19th or even 20th century

    Correct Answer
    C. The 18th or even 19th century
    Explanation
    In many parts of Europe, the transportation system was not as efficient as that of ancient Rome until the 18th or even 19th century. This suggests that there was a significant gap in transportation infrastructure and technology between ancient Rome and Europe during this time period. It took several centuries for Europe to develop a transportation system that could rival the efficiency of the Roman Empire's infrastructure.

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  • 27. 

    The refrigerated cargo ship was invented in the             .

    • A.

      1860s

    • B.

      1880s

    • C.

      1900s

    • D.

      1920s

    Correct Answer
    B. 1880s
    Explanation
    The refrigerated cargo ship was invented in the 1880s. This means that the development and implementation of this type of ship occurred during that particular decade. It is likely that advancements in technology and transportation during this time period allowed for the creation of refrigerated cargo ships, which revolutionized the transportation of perishable goods by sea.

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  • 28. 

    What is yet to fully react to the extraordinary changes in distribution over the last four generations?

    • A.

      Our economy

    • B.

      Our species

    • C.

      Our culture

    • D.

      All of the answers listed

    Correct Answer
    D. All of the answers listed
    Explanation
    All of the answers listed - Our economy, our species, and our culture - are yet to fully react to the extraordinary changes in distribution over the last four generations. This suggests that all these aspects of human society have not yet fully adapted or adjusted to the significant changes in how goods, resources, and information are distributed.

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  • 29. 

    The losers in the global distribution and supply chain dynamic are particularly those with:

    • A.

      A bad attitude toward trade

    • B.

      No longer competitive manufacturing or farming skills

    • C.

      Antiquated financial markets

    • D.

      A belief that modern technology is an attack on their culture

    Correct Answer
    B. No longer competitive manufacturing or farming skills
    Explanation
    The correct answer is "No longer competitive manufacturing or farming skills". This means that those who are unable to keep up with the changing demands and advancements in manufacturing or farming techniques are at a disadvantage in the global distribution and supply chain. They are unable to compete with others who have updated and competitive skills in these areas.

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  • 30. 

    The winners in the global distribution and supply chain dynamic are particularly those with:

    • A.

      A willingness to steal intellectual property

    • B.

      Traders who respond to market forces fast and well

    • C.

      Leaders who protect their economies with tariffs and quotas

    • D.

      A lot of workers who can be exploited

    Correct Answer
    B. Traders who respond to market forces fast and well
    Explanation
    Traders who respond to market forces fast and well are the winners in the global distribution and supply chain dynamic. This means that those who are able to quickly adapt to changes in the market and make informed decisions based on these changes are more likely to succeed. By staying updated with market trends and being able to adjust their strategies accordingly, these traders can take advantage of opportunities and minimize risks, ultimately leading to their success in the global distribution and supply chain.

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  • 31. 

    What has changed the global marketplace are new communication and transportation technologies, low labor costs and          .

    • A.

      Entrepreneurs who spot opportunities

    • B.

      The capitalist spirit

    • C.

      Quality and on-time delivery assurance contracts

    • D.

      Business school education

    Correct Answer
    C. Quality and on-time delivery assurance contracts
    Explanation
    The correct answer is quality and on-time delivery assurance contracts. These contracts ensure that products or services are of high quality and delivered on time, which is crucial in the global marketplace. By providing assurance to customers, businesses can gain a competitive edge and build trust with their clients. This can lead to increased sales and customer satisfaction, ultimately impacting the global marketplace.

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  • 32. 

    When domestic and global sources in existing trading alliances come under pressure to innovate, reduce prices and increase services:

    • A.

      Domestic manufacturing output contracts as profits are lowered

    • B.

      Consumer prices drop in very price competitive markets

    • C.

      Retailer/distributor profits increase

    • D.

      A and b above

    • E.

      A, b and c above

    Correct Answer
    E. A, b and c above
    Explanation
    When domestic and global sources in existing trading alliances come under pressure to innovate, reduce prices, and increase services, several outcomes can be observed. Firstly, domestic manufacturing output contracts as profits are lowered. This is because the pressure to reduce prices and increase services may require cost-cutting measures, leading to a decrease in production. Secondly, consumer prices drop in very price competitive markets. The increased competition and pressure to reduce prices result in lower prices for consumers. Lastly, retailer/distributor profits increase. As the pressure to innovate and increase services leads to more business for retailers and distributors, their profits are likely to increase. Therefore, all of the above outcomes (a, b, and c) are expected in this scenario.

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  • 33. 

    When an economic downturn occurs as a result of shifting investment and employment resulting from global sourcing:

    • A.

      Distributors try even harder to discover new sources of global supply

    • B.

      Distributors try even harder to discover new sources of domestic supply

    • C.

      Distributors lobby for Government support

    • D.

      Distributors try to increase sales

    Correct Answer
    A. Distributors try even harder to discover new sources of global supply
    Explanation
    During an economic downturn caused by shifting investment and employment due to global sourcing, distributors try even harder to discover new sources of global supply. This is because they need to find alternative suppliers in order to maintain their supply chain and meet the demands of their customers. By exploring new global sources, distributors can potentially find cheaper or more efficient suppliers that can help them navigate through the economic downturn and remain competitive in the market.

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  • 34. 

    Which of the  following  activities directly  follows  “Retailer/distributor develops a trading alliance with new source” in the global supply-chain dynamic?

    • A.

      New communication and transportation technologies reduce transaction costs. Low labor costs and quality and on-time delivery assurance contracts make supplier attractive

    • B.

      Domestic and global sources in existing trading alliances come under pressure to innovate, reduce prices and increase services

    • C.

      Domestic manufacturing output contracts as profits are lowered by global competition

    • D.

      Employment in manufacturing sectors exposed to fierce global price competition shrinks. Sectors that are insulated, such as health care, benefit from lower supply prices. Other sectors that lead the world in production and manufacturing innovation, such as pharmaceuticals, aerospace, and forest products, flourish

    Correct Answer
    B. Domestic and global sources in existing trading alliances come under pressure to innovate, reduce prices and increase services
    Explanation
    After a retailer/distributor develops a trading alliance with a new source, the existing domestic and global sources in trading alliances come under pressure to innovate, reduce prices, and increase services. This is because the entry of a new source introduces competition in the market, forcing existing sources to improve their offerings in order to remain competitive.

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  • 35. 

    The lower the cost of trade and the faster the speed of trade flows:

    • A.

      The faster the opening up of new markets around the world

    • B.

      The faster new sources of low cost labor are introduced into the supply-chain

    • C.

      The more everyone benefits

    • D.

      A and c above

    • E.

      A and b above

    Correct Answer
    E. A and b above
    Explanation
    When the cost of trade is lower and the speed of trade flows is faster, it leads to the faster opening up of new markets around the world. This is because lower trade costs make it easier for businesses to enter new markets and expand their operations. Additionally, the faster speed of trade flows allows for quicker access to these new markets. Similarly, the faster new sources of low-cost labor are introduced into the supply chain, benefiting businesses by reducing production costs. Therefore, both a and b above contribute to everyone benefiting from lower trade costs and faster trade flows.

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  • 36. 

    A positive outcome of the global trading dynamic is:

    • A.

      Prices drop

    • B.

      Inflation drops

    • C.

      Interest rates drop

    • D.

      All of the listed options

    Correct Answer
    D. All of the listed options
    Explanation
    The correct answer is "All of the listed options." In a global trading dynamic, increased competition and access to a wider market can lead to lower prices for goods and services. This can contribute to a decrease in inflation as the cost of living becomes more affordable. Additionally, global trade can also result in lower interest rates as countries strive to attract foreign investment and stimulate economic growth. Therefore, all of the listed options are positive outcomes of the global trading dynamic.

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  • 37. 

                    production methods can be made to work in regions that have barely progressed beyond the stage of peasantry.

    • A.

      Older

    • B.

      Modern

    • C.

      Mass

    • D.

      No

    Correct Answer
    B. Modern
    Explanation
    Modern production methods can be made to work in regions that have barely progressed beyond the stage of peasantry. This means that even in regions where agricultural practices are still traditional and basic, modern production methods can be implemented successfully. These methods may include the use of advanced machinery, technology, and techniques to increase productivity and efficiency in farming or other industries. By adopting modern production methods, these regions can potentially improve their economic development and move away from a solely agrarian-based economy.

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  • 38. 

    FedEx, UPS and DHL have a few great process thinkers and a lot of good distribution process implementers who are                 :

    • A.

      Paid very well

    • B.

      Highly trained to do exactly what they are told and not think about it

    • C.

      Asked to think about what they do and how to improve what they do

    • D.

      None of the options listed

    Correct Answer
    C. Asked to think about what they do and how to improve what they do
    Explanation
    FedEx, UPS, and DHL have a few great process thinkers and a lot of good distribution process implementers, indicating that they prioritize individuals who are asked to think about what they do and how to improve it. This suggests that these companies value employees who are proactive in identifying and implementing process improvements, rather than simply following instructions without question. This mindset likely contributes to their success in the distribution industry.

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  • 39. 

    The marketing of changing supply                  the needs and wants of consumers.

    • A.

      Serves

    • B.

      Meets

    • C.

      Changes

    • D.

      Manipulates

    Correct Answer
    C. Changes
    Explanation
    The correct answer is "Changes". This answer suggests that marketing involves altering or modifying the supply in response to the changing needs and wants of consumers. It implies that marketing strategies are dynamic and adaptable, aiming to meet the evolving demands of the target market.

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  • 40. 

    The changing needs, wants and preferences of consumers changes supply:

    • A.

      Sometimes

    • B.

      Often

    • C.

      Always

    • D.

      Never

    Correct Answer
    C. Always
    Explanation
    The changing needs, wants, and preferences of consumers always affect supply. This is because businesses aim to meet the demands of consumers in order to maximize profits. When consumer preferences change, businesses must adapt and adjust their supply accordingly to meet the new demands. This could involve changing production processes, introducing new products, or altering existing ones. Therefore, the supply is constantly influenced by the ever-changing needs, wants, and preferences of consumers.

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  • 41. 

    New market segments emerge as      demand changes.

    • A.

      The quantity of

    • B.

      The curve of

    • C.

      The variation in

    • D.

      The quality of

    Correct Answer
    C. The variation in
  • 42. 

    Competition increases as:

    • A.

      The number of small firms in the market increases

    • B.

      The number of consumers in a market increases

    • C.

      Demand exceeds supply

    • D.

      Supply exceeds demand

    Correct Answer
    D. Supply exceeds demand
    Explanation
    When supply exceeds demand, it means that there is an excess of goods or services available in the market compared to the number of consumers who are willing to purchase them. This situation leads to increased competition among suppliers as they compete to attract a limited number of customers. With more supply than demand, suppliers may need to lower prices, offer discounts, or improve the quality of their products to stand out and gain a larger share of the market. This increased competition benefits consumers as they have more options to choose from and can potentially get better deals.

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  • 43. 

    Insatiable self improvement is in the self-interest of    firms.

    • A.

      All

    • B.

      Most

    • C.

      Rival

    • D.

      Monopolist

    Correct Answer
    A. All
    Explanation
    Insatiable self-improvement refers to the constant desire to improve and enhance oneself. This is beneficial for all firms because it allows them to stay competitive, adapt to changing market conditions, and meet customer demands effectively. By continuously improving their products, services, and processes, firms can attract more customers, increase market share, and ultimately maximize their profits. Therefore, insatiable self-improvement is in the self-interest of all firms, regardless of their size or industry.

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  • 44. 

    Change management in marketing is most important in a firm’s:

    • A.

      Product development management processes

    • B.

      Customer relationship management processes

    • C.

      Supply chain management processes

    • D.

      All of the answers listed

    Correct Answer
    D. All of the answers listed
    Explanation
    Change management is important in all aspects of a firm's operations, including product development, customer relationship management, and supply chain management processes. This is because change is inevitable in any organization, and effectively managing and adapting to change is crucial for success. In product development, change management ensures that new products are developed and launched efficiently. In customer relationship management, it ensures that customer needs and preferences are met. In supply chain management, it ensures that changes in suppliers or logistics are smoothly implemented. Therefore, change management is important in all of these processes.

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  • 45. 

    What follows “Supply shifts to serve the demand of the most profitable market segments.”?

    • A.

      Effective products and process are quickly imitated and improved

    • B.

      Sellers learn directly and by observing other sellers how to add customer and shareholder value

    • C.

      The variation in consumer demand is constantly changing

    • D.

      Competition forces sellers to try new ways of serving customers and reducing costs.

    • E.

      The supply of products and processes is constantly changing

    Correct Answer
    D. Competition forces sellers to try new ways of serving customers and reducing costs.
    Explanation
    Competition forces sellers to try new ways of serving customers and reducing costs because when there is competition in the market, sellers need to differentiate themselves from their competitors in order to attract customers. They have to constantly find innovative ways to meet customer needs and preferences better than their competitors. Additionally, competition also puts pressure on sellers to reduce costs in order to offer competitive prices to customers. Therefore, competition acts as a driving force for sellers to continuously improve their customer service and cost-efficiency.

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  • 46. 

    What follows “Sellers learn directly and by observing other sellers how to add customer and shareholder value.”?

    • A.

      Effective products and process are quickly imitated and improved

    • B.

      Supply shifts to serve the demand of the most profitable market segments

    • C.

      The variation in consumer demand is constantly changing

    • D.

      Competition forces sellers to try new ways of serving customers and reducing costs

    • E.

      The supply of products and processes is constantly changing

    Correct Answer
    A. Effective products and process are quickly imitated and improved
    Explanation
    Sellers learn directly and by observing other sellers how to add customer and shareholder value because effective products and processes are quickly imitated and improved. This suggests that sellers are motivated to learn from each other in order to stay competitive in the market. When a product or process is proven to be effective, other sellers will quickly replicate and improve upon it in order to offer similar value to customers and shareholders. This constant cycle of imitation and improvement drives sellers to continuously learn and adapt their strategies to meet the changing demands of customers and the market.

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  • 47. 

    What follows “Competition forces sellers to try new ways of serving customers and reducing costs.”?

    • A.

      Effective products and process are quickly imitated and improved

    • B.

      Sellers learn directly and by observing other sellers how to add customer and shareholder value

    • C.

      The variation in consumer demand is constantly changing

    • D.

      Competition forces sellers to try new ways of serving customers and reducing costs

    • E.

      The supply of products and processes is constantly changing

    Correct Answer
    B. Sellers learn directly and by observing other sellers how to add customer and shareholder value
    Explanation
    Competition forces sellers to try new ways of serving customers and reducing costs. As a result, sellers learn directly and by observing other sellers how to add customer and shareholder value. This is because when sellers are competing with each other, they are motivated to find innovative ways to attract and retain customers while also finding ways to cut costs. By observing what other sellers are doing, they can learn from their successes and failures and apply those lessons to their own business strategies. This continuous learning process helps sellers to constantly improve and add value to their customers and shareholders.

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  • 48. 

    Which of the following is the implication of “Effective products and process are quickly imitated and improved.”?

    • A.

      Sellers who implement faster are more competitive

    • B.

      Sellers with an insatiable self-improvement drive are more competitive

    • C.

      Sellers with superior market orientation and analysis skills that are listened to are more competitive

    • D.

      All the options are correct

    Correct Answer
    A. Sellers who implement faster are more competitive
    Explanation
    The implication of "Effective products and process are quickly imitated and improved" is that sellers who are able to implement changes and improvements quickly are more competitive. This means that in order to stay ahead in the market, sellers need to be agile and responsive, constantly seeking ways to improve their products and processes. By being able to adapt and innovate faster than their competitors, these sellers can maintain a competitive edge and attract more customers.

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Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Nov 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Nov 01, 2010
    Quiz Created by
    Amphib2007
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