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BUSI 3250 Exam 3 Questions with Correct Answers
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BUSI 3250 Exam 3 Questions with Correct Answers
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BUSI 3250 Exam 3 Questions withCorrect Answers
Amortality - Answer-anti-aging trends for millennials (market dedicated to anti-aging in
the millennial market)
Share conomy - Answer-also called the Shortcut society (MOOCs, Uber, Air BNB,
renting your car to someone else)
Cloaking - Answer-Creation of private pages or closed groups on social media sites
such as Fb, de-sharing and un selfies - deleting or use of self-destructing messages
and use of anonymous website
Predictable Consumer Behavior - Answer-Analyzing data to improve marketing (as an
example)
Serendipity - Answer-Enjoying surprises through coincidental discovers on social
networks on through surprise boxes of cosmetics and skin care products, monthly
subscriptions for dog items, makeup, clothes
What is broader than market screening? - Answer-Environmental Screening
Environmental Screening - Answer-A procedure in which the firm scans the world for
changes in the environmental forces that might affect it. Example - world threats and
opportunities
Market Screening - Answer-A modified version of environmental scanning in which the
firm identifies desirable markets by eliminating the less desirable ones
Looks at a market's basic needs and external environmental forces. Application of
environmental scan to markets - Answer-Market Screening
True or False: is just because imports of a product are low, does not mean there isn't a
market for that product.....the product may be produced locally at a large scale,
therefore reducing the need for imports of a product. - Answer-True
A screening that uses countries as the basis for market selection. Narrowing down to a
country (or more). - Answer-Country Screening
A screening that uses market segments, a within-country analysis of groups of
consumers, as the basis for market selection (Within a country, for example China.
Might only look at the top 10 cities of China as a potential market.....or a region within a
country) - Answer-Segment Screening
, Type of screening that is influenced by climate, geography, and natural resources
(Snowmobile demand in Russia versus Costa Rica) - Answer-Initial Screening
Snowmobile demand in Russia versus Costa Rica is what type of screening? - Answer-
initial screening (basic needs potential)
Alabama's exports totaled _______ in 2019 - Answer-$20.7 billion
Second Screening is Financial and Economic Forces - Answer-True
In what screening phase would you see trends in inflation, currency exchange, interest
rates, credit availability, paying habits, rates of return on similar investments - Answer-
Second Screening
a statistical technique that divides objects into groups based on similarity; looking to
group based on similar characteristics - Answer-Cluster Analysis
a statistical technique used to estimate future values by successive observations of a
variable at regular time intervals that suggest patterns - Answer-Trend Analysis
Trend Analysis - Answer-Using the past information/data to predict the future
What phase of screening would you see barriers to entry such as import/export tariffs.
Local content laws (Limits on foreign ownership, limits on repatriation of earnings, stable
government policies) - Answer-Third Screening (Political and Legal Forces)
In what screening phase do you see more cultural forces? - Answer-Fourth Screening
Create difficulty for companies because culture is subjective and interpretive; Can
offend if don't do your research - Answer-Fourth Screening
In what phase is data difficult to assemble, particularly from a distance. Best to be on
the ground - if possible - to experience/witness/better understand the culture? - Answer-
Fourth
Fifth Screening is - Answer-competitive forces
Deals with the number, size, and financial strength of the competitors, their market
shares, their marketing strategies, the apparent effectiveness of their promotional
programs, the quality levels of their product lines, the source of their products—
imported or locally produced, their pricing policies, the levels of after-sales service, their
distribution channels, their coverage of the market - Answer-Fifth screening
In final selection of new markets, are there substitutes for personal visits to potential
markets? - Answer-NO - there are NO substitutes for personal visits to potential markets
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