BUSI 3250 AUBURN: EXAM 3 WITH VERIFIED
QUESTIONS AND CORRECT SOLUTIONS| PASS
WITH THE BEST GRADES.
environmental scanning - Correct Answer-procedure in which the firm scans the
world for changes in the environmental forces that might affect it (broader than
market screening)
ex: world threats & opportunities
cluster analysis - Correct Answer-statistical technique that divides objects into
groups based on similarity, looking to group based on similar characteristics
ex: automotive industry or can look at consumer clusters
products that you do not need to adapt or change, but can still be successful abroad
- Correct Answer-industrial & luxury products
what % of products be successful abroad without changing anything? - Correct
Answer-~10%
marketing mix - Correct Answer-a set of strategy decisions made about the product
& its promotion, pricing & distribution in order to satisfy the needs & desires of
customers in a target market
marketing to millennials: 5 paradoxical trends - Correct Answer-
1. amortality
,2. shareconomy
3. cloaking
4. predictable consumer behavior
5. serendipity
amortality - Correct Answer-anti-aging trends for millenials
shareconomy - Correct Answer-also called shortcut society - MOOCs, uber,
airbnb, renting your car to someone else
cloaking - Correct Answer-creation of private pages or closed groups on social
media sites such as facebook, desharing & unselfies
predictable consumer behavior - Correct Answer-analyzing data to improve
marketing
serendipity - Correct Answer-enjoying surprised through coincidental discovers on
social networks though surprise boxes of cosmetics & skin care products, monthly
subscriptions for dog items, makeup or clothes
market screening - Correct Answer-modified version of environmental scanning in
which the firm identifies desirable markets by eliminating the less desirable ones
country screening - Correct Answer-screening that uses countries as the basis for
market selection (narrowing down to a country or more)
segment screening - Correct Answer-screening that uses market segments, a
within-country analysis of groups of consumers, as the basis for market selection
, initial screening: basic needs potential - Correct Answer-- influenced by climate,
geography & natural resources
- some needs easy to assess (industrial gods); others more difficult, especially
when they are desires (chocolate)
- data includes imports, local production
second screening: financial & economic forces - Correct Answer-- trends in
inflation, currency exchange, interest rates, credit availability, paying habits, rates
of return on similar investments
- market indicators include economic data used to measure relative market strength
of countries or geographic areas
- market factors include economic data that correlate highly with market demand
for a product
- trend analysis
- cluster analysis
trend analysis - Correct Answer-statistical technique used to estimate future values
by successive observations of a variable at regular time intervals that suggest
patterns
(using past information/data to predict the future)
third screening: political & legal forces - Correct Answer-- barriers to entry such as
import/export tariffs
- limits on foreign ownership
- limits on repatriation of earnings
- stable government policies (which differ from government stability)
standardization - Correct Answer-produces cost savings & consistent marketing
(not as easy as it sounds)
QUESTIONS AND CORRECT SOLUTIONS| PASS
WITH THE BEST GRADES.
environmental scanning - Correct Answer-procedure in which the firm scans the
world for changes in the environmental forces that might affect it (broader than
market screening)
ex: world threats & opportunities
cluster analysis - Correct Answer-statistical technique that divides objects into
groups based on similarity, looking to group based on similar characteristics
ex: automotive industry or can look at consumer clusters
products that you do not need to adapt or change, but can still be successful abroad
- Correct Answer-industrial & luxury products
what % of products be successful abroad without changing anything? - Correct
Answer-~10%
marketing mix - Correct Answer-a set of strategy decisions made about the product
& its promotion, pricing & distribution in order to satisfy the needs & desires of
customers in a target market
marketing to millennials: 5 paradoxical trends - Correct Answer-
1. amortality
,2. shareconomy
3. cloaking
4. predictable consumer behavior
5. serendipity
amortality - Correct Answer-anti-aging trends for millenials
shareconomy - Correct Answer-also called shortcut society - MOOCs, uber,
airbnb, renting your car to someone else
cloaking - Correct Answer-creation of private pages or closed groups on social
media sites such as facebook, desharing & unselfies
predictable consumer behavior - Correct Answer-analyzing data to improve
marketing
serendipity - Correct Answer-enjoying surprised through coincidental discovers on
social networks though surprise boxes of cosmetics & skin care products, monthly
subscriptions for dog items, makeup or clothes
market screening - Correct Answer-modified version of environmental scanning in
which the firm identifies desirable markets by eliminating the less desirable ones
country screening - Correct Answer-screening that uses countries as the basis for
market selection (narrowing down to a country or more)
segment screening - Correct Answer-screening that uses market segments, a
within-country analysis of groups of consumers, as the basis for market selection
, initial screening: basic needs potential - Correct Answer-- influenced by climate,
geography & natural resources
- some needs easy to assess (industrial gods); others more difficult, especially
when they are desires (chocolate)
- data includes imports, local production
second screening: financial & economic forces - Correct Answer-- trends in
inflation, currency exchange, interest rates, credit availability, paying habits, rates
of return on similar investments
- market indicators include economic data used to measure relative market strength
of countries or geographic areas
- market factors include economic data that correlate highly with market demand
for a product
- trend analysis
- cluster analysis
trend analysis - Correct Answer-statistical technique used to estimate future values
by successive observations of a variable at regular time intervals that suggest
patterns
(using past information/data to predict the future)
third screening: political & legal forces - Correct Answer-- barriers to entry such as
import/export tariffs
- limits on foreign ownership
- limits on repatriation of earnings
- stable government policies (which differ from government stability)
standardization - Correct Answer-produces cost savings & consistent marketing
(not as easy as it sounds)
