Marketing Final Exam

For potential worldwide distribution and unique

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Unformatted text preview: MSC: BLOOMS Synthesis 10. Describe how a multinational corporation can most efficiently and effectively meet the needs of the global market. ANS: A firm that adopts a worldwide new-product development strategy is better able to develop products with specifications that are marketable in multiple countries. Ideally, products should be developed for potential worldwide distribution, and unique multinational market requirements are incorporated into the base product whenever technically feasible. A company could also design products to meet regulations and other key requirements in its major market and then meet smaller markets’ requirements on a country-by-country basis. The main goal of the global product development process is not to develop a standard product or product line, but to build adaptability into products that are expected to achieve worldwide appeal. PTS: 1 REF: 179 OBJ: 11-3 TOP: AACSB Communication KEY: CB&E Model Product | CB&E Model International Perspective MSC: BLOOMS Synthesis 11. There are five categories of adopters participating in the diffusion process. Name and briefly describe each of these five categories in the correct order from first adopter to last adopter. ANS: INNOVATORS represent the first 2.5 percent of adopters. They are venturesome and eager to try new products. They have higher incomes, better education, and more self-confidence than noninnovators and rely less on group norms. Moreover, they are active outside their communities. Innovators obtain information from scientific sources and experts. EARLY ADOPTERS represent the next 13.5 percent of adopters. They are reliant on group norms and values, oriented to the local community, and likely to be opinion leaders. THE EARLY MAJORITY is the next 34 percent to adopt. They are deliberate in their information collection and are likely to be the friends and neighbors of opinion leaders. THE LATE MAJORITY is the next 34 percent to adopt. They adopt to conform to social pressure. They tend to be older and below average in income and education. They rely on wordof-mouth communication rather than the mass media. Their dominant characteristic is skepticism. LAGGARDS are the final 16 percent to adopt. They are tradition bound and do not rely on group norms. Laggards have the lowest socioeconomic status, are suspicious of new products, and are alienated from a rapidly advancing society. Marketers typically ignore laggards. PTS: 1 REF: 179-180 Communication KEY: CB&E Model Customer OBJ: 11-4 TOP: AACSB MSC: BLOOMS Synthesis 12. Hemopure is a blood substitute developed by Biopure Corporation. It does not have to be refrigerated or blood typed like donated human blood that is currently being used in blood transfusions. It comes in bags just like donated blood, so it can be used with intravenous tubes and needles just like donated human blood. As a result, medical personnel will not have to make any adjustments if they adopt this product. Name and describe the five produc...
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This document was uploaded on 09/29/2013.

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