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1、Chapter 11 Setting Global Prices ? True / False Questions ? 1. If a company is selling a commodity-type of product or service, then quality will be the driving factor determining sales. ? ? True????False ? 2. Companies that have a strong brand image relative to competition are often sub

2、jected to price pressures. ? ? True????False ? ? Multiple Choice Questions ? 3. To be price competitive in the Chinese toothpaste market, Proctor and Gamble _______________________________. ? ? A.? introduced a new product with lower manufacturing costs B.? reduced price and prof

3、it to meet Chinese consumer requirements C.? reduced the number of channel partners in China D.? significantly reduced the amount of toothpaste in each package ? 4. India-based Arvind Ltd. produces products for Wrangler and Tommy Hilfiger and also produces price-appropriate “Ruff & T

4、uff” jeans in India via _________________________________________________. ? ? A.? use of substandard fabric ? B.? a USD 6.00 ‘sew it yourself’ kit C.? cost reductions resulting from low levels of advertising D.? significantly reduced profits ? 5. The two dimensions of the c

5、onsumer's perceived price of a product include ________________________________. ? ? A.? core price and supplemental price B.? company and consumer prices C.? retail and wholesale prices D.? monetary and non-monetary prices ? 6. Lu-Ann has finally decided to join the ranks

6、of PC users after years of being a loyal Mac devotee. When she starts using her new PC she is uncomfortable with the differences in operation, and realizes she will have to spend several hours ‘re-learning’ her PC operating skills. Lu-Ann’s situation is representative of a __________________________

7、__________. ? ? A.? monetary price B.? non-monetary price C.? PC price D.? promotional price ? ? True / False Questions ? 7. Non-monetary price represents the idea the consumer’s perception of a price as cheap or expensive. ? ? True????False ? ? Multiple Choice

8、Questions ? 8. Max perceives himself to be a rational thinker. When determining which brand of flatscreen television to purchase, he analyzes the price of the item in relation to its specifications, and service warranties to find the product with the lowest total expected cost. Max applies the __

9、__________ choice strategy. ? ? A.? sale price B.? price-averse C.? best value D.? price-seeking ? 9. Emma’s selection of an $80.00 coffee maker instead of a $35.00 coffee maker with similar features marks her as a consumer who makes __________ choices. ? ? A.? price-s

10、eeking B.? best-value C.? price-averse D.? sale price ? ? True / False Questions ? 10. Globalization has resulted in a convergence of consumer price perceptions. ? ? True????False ? 11. Consumer rationality has been aided by the growing use of the Internet for shopping

11、. ? ? True????False ? ? Multiple Choice Questions ? 12. A combination of price and prestige sensitivity in China has contributed to _____________________________________. ? ? A.? a large black market for counterfeit brands B.? an inability for U.S. firms to be successful ther

12、e C.? large and rapid profitability for foreign firms entering the Chinese market D.? a lack of interest in prestige brands ? 13. Global price comparisons have been facilitated by ________________________________________________. ? ? A.? global price regulations B.? websi

13、tes such as NexT C.? efforts by multinationals to standardize global pricing D.? the convergence of global consumer purchasing behavior ? 14. GranitiFiandre tiles support their price positioning with communications that emphasize _____________________________. ? ? A.? product li

14、fe cycle pricing B.? pricing promotions C.? low-cost producer status D.? value creation ? 15. Isabella’s commissions to her foreign sales agent, as well as the costs of raw materials required to produce her product, are considered __________________________________. ? ? A.?

15、 total costs B.? export costs C.? variable costs D.? fixed costs ? 16. As Hans calculates his final price the introduction of his fishing gear into Australia, he assesses the impact of freight forwarding, import duties and country-of-origin marking. Hans is assessing ___________

16、___________. ? ? A.? fixed costs B.? product development costs C.? export-related charges D.? finance charges ? 17. The addition of channel intermediaries in an export transaction will usually result in ___________________________________. ? ? A.? increased consumer pr

17、ices or decreased profitability B.? increased profitability or decreased prices C.? an unprofitable export transaction D.? retail prices too high to generate sales ? 18. All of these constitute methods of lowering the producer’s retail price except _____________________________.

18、 ? ? A.? eliminating intermediaries B.? including additional distributors and dealers in the distribution channel to increase sales C.? reducing costly product features D.? shifting production to countries with lower labor costs ? 19. Coordination of prices across countries

19、 often results in the reduction of _________________________. ? ? A.? gray market imports B.? distribution channel partners C.? customs duties D.? profitability ? 20. When Ralph Lauren markets both its designer Ralph Lauren fashions to high end boutiques in global markets,

20、and also markets the less expensive Lauren by Ralph Lauren brand to department stores in North America it is utilizing a __________________. ? ? A.? wholesale pricing strategy B.? direct sales strategy C.? non-prestige pricing strategy D.? two-tiered pricing strategy ? ?

21、True / False Questions ? 21. Socio-economic and political country characteristics are among the controllable elements that can influence a company’s pricing strategies and policies. ? ? True????False ? ? Multiple Choice Questions ? 22. Marta is purchasing document scanners for her compa

22、ny’s Greek headquarters building. The U.S. company supplying her has quoted her in U.S. dollars. Marta is incurring ____________ in proceeding with the deal as specified. ? ? A.? import duties B.? exchange rate risk C.? distribution channel risk D.? non-currency risk ? 23.

23、Because the Danish Kroner is pegged closely to the value of the Euro, ___________________________. ? ? A.? Danish consumers pay considerably less for products produced in Europe than in Denmark B.? Danish consumers pay considerably more for products produced in Europe than in Denmark C

24、.? pricing in Kroner or Euro is almost equivalent D.? high volatility surrounds Kroner/Euro transactions ? ? True / False Questions ? 24. A credible floating exchange rate creates a threat to international trade. ? ? True????False ? ? Multiple Choice Questions ? 25. A peri

25、odic adjustment in the value of a currency in relation to other currencies is called a ____________________. ? ? A.? Special Drawing Rights B.? devaluation C.? fixed exchange rate D.? floating exchange rate ? 26. With respect to money supply, price levels and current accoun

26、t balances, floating exchange rates can be ________________. ? ? A.? excessively volatile B.? a stabilizing factor C.? regulated by the World Court D.? easily predicted ? 27. One benefit of a weakening domestic currency is ___________________________________. ? ? A.? a

27、n increase in?exports to foreign markets B.? the increased price of exports to foreign markets C.? greater stability in foreign currency transactions D.? the increased value of domestic assets ? 28. The Economist's Big Mac Index measures _______________________. ? ? A.? Pur

28、chasing Power Parity B.? exchange rate fluctuations C.? world economic health D.? the relative price of food in various countries ? 29. Jennifer is Accounting Manager with 5M Corporation in Pittsburgh. She wishes to purchase the equivalent of USD 500,000 worth of sprockets from

29、a firm in the UK. Her supplier insists on receiving payment in British pounds, and expects payment upon product delivery in three months.??Jennifer realizes that between the time her purchase order is received and her product arrives, the value of the British pound in U.S. dollars could increase con

30、siderably, and she could wind up paying far more than she’d anticipated due to currency exchange fluctuations. How can she employ hedging to mitigate this risk? ? ? A.? She can cross her fingers and hope for the best! B.? She can purchase $500,000 of British pounds now. C.? She can in

31、vest in Euros. D.? She can pay for the product immediately. ? 30. If inflation is high in a producer's country, _____________________________. ? ? A.? exit the market B.? plan on increased margin levels. C.? the company should implement a price increase D.? the company

32、 may be forced to absorb the added costs ? 31. The Venezuelan government’s application of government price controls on value priced, fresh ground coffee exports resulted in ________________________. ? ? A.? a shortage of premium priced and flavored coffees B.? a decrease in the price

33、 of value-priced coffee C.? a shift to sales of expensive, non-regulated coffee types D.? an increase in sales of value-priced coffees ? 32. Government subsidies are typically introduced in order to ___________________________. ? ? A.? increase a domestic firm’s competitiveness

34、 B.? increase the quantity of imported goods C.? increase local prices D.? increase prices in export markets ? ? True / False Questions ? 33. Centralized decision-making in international pricing leads to higher control of final prices and of their coordination across differe

35、nt countries. ? ? True????False ? ? Multiple Choice Questions ? 34. True Blue produces water treatment products. ?The firm has constructed several distribution centers in its EU markets that are specifically designed to accommodate the special tanker trucks used to transport the treatment

36、chemicals. Its increased ability to control pricing in these markets is related to __________________. ? ? A.? asset specificity B.? its large size C.? its prior experience in the international marketplace D.? market acceptance of the product ? 35. Eric’s supervisor advises

37、 that his prices for organic pet foods in the Japanese market must deliver a 40% gross profit margin per unit no matter what competitive and demand conditions are evident. Eric is thus forced to apply _____________ pricing. ? ? A.? market-based B.? cost-based C.? competition-based

38、 D.? marketing-mix based ? 36. Demand elasticity is taken into consideration when the __________________ method is applied. ? ? A.? export pricing B.? cost-based pricing C.? competition pricing D.? profit-contribution pricing ? 37. The difference between incremental

39、revenues and incremental cost of exporting in a foreign target market is represented by _________________. ? ? A.? domestic versus export pricing B.? profit contribution C.? D.? market-based pricing ? ? True / False Questions ? 38. A skimming strategy is based on the c

40、oncept that a company can charge some consumer segments higher prices for a product. ? ? True????False ? ? Multiple Choice Questions ? 39. Penetration pricing _________________________________________________. ? ? A.? is successful in a market where consumers are price sensitive B

41、.? sets a high price for new products in order to quickly pay back R&D costs C.? is not efficient in market share D.? is best applied to prestige products ? 40. Because BlendBest products price are marketed through retail chains that operate in numerous global markets, their pricing

42、 strategy should reflect _________________________. ? ? A.? price customization B.? price adaptation C.? price standardization D.? price modification ? ? True / False Questions ? 41. Low-income emerging markets often require price adaptation for successful market penet

43、ration and retention. ? ? True????False ? 42. Dumping is the practice of selling products in other countries’ markets below cost or below domestic prices. ? ? True????False ? ? Multiple Choice Questions ? 43. Bolton watches are sold for an average price of $30.00 per unit in Taiwan, b

44、ut typically command a price of $65.00 or higher in other global markets. When Bolton’s Taiwanese distributors resell the watches to Russia to obtain higher prices, it is an example of ________________________. ? ? A.? dumping B.? a parallel import C.? a tariff barrier D.? price

45、lining ? ? True / False Questions ? 44. The existence of differences in transportation costs and local economic and financial conditions and increasing globalization are factors that favor decentralized price decision-making. ? ? True????False ? ? Multiple Choice Questions ? 45.

46、 Pricing for the medical supply industry tends to be standardized across different countries.?Catronics, a maker of medical lab safety items, feels pressured by the pricing tactics of competitive global brands.?Catronics is an example of a __________________. ? ? A.? multi-local price follower

47、 B.? local price follower C.? global price follower D.? global price leader ? ? True / False Questions ? 46. Global price leaders often target and dominate a transnational segment where prices are homogeneous. ? ? True????False ? ? Multiple Choice Questions ? 47. T

48、he price set and paid for products shipped between units of the same organization is referred to as _____________ pricing. ? ? A.? transfer B.? unit C.? multinational D.? domestic ? 48. When Jim’s division is charged the same amount for the polypropylene he purchases from h

49、is sister division as the injection molding he competes with, his company is a proponent of _______________________. ? ? A.? competitive pricing B.? adaptive pricing C.? preferential pricing D.? arm's length pricing ? ? True / False Questions ? 49. The most secure meth

50、od of payment for an export order is advance payment. ? ? True????False ? ? Multiple Choice Questions ? 50. Banco de Roma has guaranteed that it will pay Giovanni 5,000 Euros upon receipt of documents confirming the transaction for which payment is expected. Giovanni is being paid via ____

51、_________________. ? ? A.? a letter of credit B.? cash in advance C.? open account D.? countertrade ? ? True / False Questions ? 51. Countertrade refers to the trading/exchange of goods or services without using currency. ? ? True????False ? Chapter 11 Settin

52、g Global Prices Answer Key ? True / False Questions ? 1. If a company is selling a commodity-type of product or service, then quality will be the driving factor determining sales. ? ? FALSE Price is generally the driving sales factor in a commodity product or service. ? 2. Companies

53、that have a strong brand image relative to competition are often subjected to price pressures. ? ? FALSE Companies with a strong brand image relative to competition are not often subject to price pressure. ? ? Multiple Choice Questions ? 3. To be price competitive in the Chinese toothpas

54、te market, Proctor and Gamble _______________________________. ? ? A.? introduced a new product with lower manufacturing costs B.? reduced price and profit to meet Chinese consumer requirements C.? reduced the number of channel partners in China D.? significantly reduced the amou

55、nt of toothpaste in each package Correct! ? 4. India-based Arvind Ltd. produces products for Wrangler and Tommy Hilfiger and also produces price-appropriate “Ruff & Tuff” jeans in India via _________________________________________________. ? ? A.? use of substandard fabric ? B.? a US

56、D 6.00 ‘sew it yourself’ kit C.? cost reductions resulting from low levels of advertising D.? significantly reduced profits According to your text, the company introduced a 'sew-it-yourself' kit to compete successfully in the Indian market. ? 5. The two dimensions of the consumer's p

57、erceived price of a product include ________________________________. ? ? A.? core price and supplemental price B.? company and consumer prices C.? retail and wholesale prices D.? monetary and non-monetary prices While these are pricing factors, consumer price perception is bas

58、ed both on the product's actual price (expensive or not) as well as sacrifice the consumer must make when purchasing a product; learning how to operate a new cell phone, for example. ? 6. Lu-Ann has finally decided to join the ranks of PC users after years of being a loyal Mac devotee. When she

59、starts using her new PC she is uncomfortable with the differences in operation, and realizes she will have to spend several hours ‘re-learning’ her PC operating skills. Lu-Ann’s situation is representative of a ____________________________________. ? ? A.? monetary price B.? non-monetary p

60、rice C.? PC price D.? promotional price This answer is incorrect, as the time she spends to learn how her new PC operates is not measured in currency, but rather, in sacrificing other, more enjoyable activities in which she could otherwise engage. ? ? True / False Questions ? 7.

61、 Non-monetary price represents the idea the consumer’s perception of a price as cheap or expensive. ? ? FALSE The consumer's perception of a 'cheap' versus 'expensive' product is monetary in nature. ? ? Multiple Choice Questions ? 8. Max perceives himself to be a rational thinker. When d

62、etermining which brand of flatscreen television to purchase, he analyzes the price of the item in relation to its specifications, and service warranties to find the product with the lowest total expected cost. Max applies the ____________ choice strategy. ? ? A.? sale price B.? price-avers

63、e C.? best value D.? price-seeking Even items on sale could be higher-priced than a comparative product, so 'sale price' is not a term that can define any one of the three consumer strategies used when facing uncertainty. ? 9. Emma’s selection of an $80.00 coffee maker instead of a $

64、35.00 coffee maker with similar features marks her as a consumer who makes __________ choices. ? ? A.? price-seeking B.? best-value C.? price-averse D.? sale price Correct! ? ? True / False Questions ? 10. Globalization has resulted in a convergence of consumer price p

65、erceptions. ? ? FALSE Even though Western multinational companies assume that Asian consumers have similar tastes and preferences, this is far from the truth, especially referring to the price-quality relationship. ? 11. Consumer rationality has been aided by the growing use of the Internet f

66、or shopping. ? ? TRUE Correct! ? ? Multiple Choice Questions ? 12. A combination of price and prestige sensitivity in China has contributed to _____________________________________. ? ? A.? a large black market for counterfeit brands B.? an inability for U.S. firms to be successful there C.? large and rapid profitability for foreign firms entering the Chinese market D.? a lack of interest in prestige brands Correct! ? 13. Global price comparisons