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Test: Contemporary Issues- 2 - B Com MCQ


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10 Questions MCQ Test - Test: Contemporary Issues- 2

Test: Contemporary Issues- 2 for B Com 2024 is part of B Com preparation. The Test: Contemporary Issues- 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Contemporary Issues- 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Contemporary Issues- 2 below.
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Test: Contemporary Issues- 2 - Question 1
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What does the term "global marketing environment" refer to?

Detailed Solution for Test: Contemporary Issues- 2 - Question 1
The global marketing environment encompasses all the factors and forces, both internal and external to an organization, that influence the development and execution of marketing strategies. This includes understanding customer needs, monitoring competitive dynamics, and staying updated on changes in the global business landscape to build successful relationships with customers.
Test: Contemporary Issues- 2 - Question 2
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Which element of the global business environment focuses on the management of international firms?

Detailed Solution for Test: Contemporary Issues- 2 - Question 2
International firm management involves understanding and implementing strategies to effectively manage the operations of a company in the global market. It includes making decisions related to international expansion, market entry, cultural adaptation, and optimizing resources for success in different regions.
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Test: Contemporary Issues- 2 - Question 3
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What are the two main types of marketing environment?

Detailed Solution for Test: Contemporary Issues- 2 - Question 3
The marketing environment is divided into two main types: the micro-environment, which consists of factors closely related to a company, and the macro-environment, which includes larger societal forces that influence the business environment.
Test: Contemporary Issues- 2 - Question 4
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What is a key challenge faced by marketing in developing economies?
Detailed Solution for Test: Contemporary Issues- 2 - Question 4
Over-regulation by the government can hinder marketing efforts in developing economies. Excessive regulations and interference in business activities can limit the flexibility and efficiency of marketing strategies, making it difficult for businesses to thrive.
Test: Contemporary Issues- 2 - Question 5
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Which of the following is considered a part of the micro-environment?
Detailed Solution for Test: Contemporary Issues- 2 - Question 5
The micro-environment includes elements like the company itself, suppliers, marketing intermediaries, customer markets, competitors, and various publics. Competitors are an important part of the micro-environment as they directly affect a company's ability to serve customers and create value.
Test: Contemporary Issues- 2 - Question 6
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Why do many developing countries prefer foreign products over locally-made goods?
Detailed Solution for Test: Contemporary Issues- 2 - Question 6
In many developing countries, there's a perception that imported goods are a status symbol for the elite, while locally-made goods are associated with lower quality and lack of fashion. This preference for foreign products, even when local alternatives are of comparable quality, affects the growth of local industries and marketing opportunities.
Test: Contemporary Issues- 2 - Question 7
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What impact does political instability have on marketing in a country?
Detailed Solution for Test: Contemporary Issues- 2 - Question 7
Political instability disrupts business operations, creates uncertainty, and reduces the attractiveness of the market for both local and foreign investors. Businesses find it challenging to plan and execute marketing strategies effectively in an environment of political turmoil.
Test: Contemporary Issues- 2 - Question 8
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Why is competition considered essential for effective marketing?
Detailed Solution for Test: Contemporary Issues- 2 - Question 8
Competition encourages businesses to constantly improve their products, services, and marketing strategies to stand out in the market. This drives innovation, quality improvement, and better value for customers.
Test: Contemporary Issues- 2 - Question 9
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What role does globalization play in the global marketing environment?
Detailed Solution for Test: Contemporary Issues- 2 - Question 9
Globalization increases international trade and interaction, opening up new markets for businesses. It also intensifies competition as companies from different countries compete for customers in various regions.
Test: Contemporary Issues- 2 - Question 10
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How does inadequate infrastructure impact marketing activities in developing countries?
Detailed Solution for Test: Contemporary Issues- 2 - Question 10
Inadequate infrastructure, such as poor transportation, power supply, and communication systems, increases the cost of doing business and hampers the efficiency of marketing activities. This can deter foreign investment and hinder the growth of local businesses.
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