Marketing Midterm

Michael, David, and Jackson are planning to start a business. They are conducting a S.W.O.T analysis. In this context, what does 'S' stand for in S.W.O.T?

• Strength

• Silly

• Studio

• Seldom

What does SWOT analysis evaluate?

• A company's internal and external factors

• A company's mission and vision statement

• A company's financial performance

•  A company's management team

What is an example of an internal factor in a SWOT analysis?

• Market trends

• Experienced marketing team

• Government regulations

• Competitors

What is an example of an external factor in a SWOT analysis?

• Access to financial resources

• Organizational structure

•  Economic conditions

• Strong brand reputation

How can a company use the information gathered in a SWOT analysis?

• To identify areas where it has a competitive advantage

• To develop a plan to address weaknesses

• To develop a strategy to take advantage of new market opportunities

• All of the above

How can a company use the information gathered in a SWOT analysis to minimize threats?

• By developing a plan to differentiate its products or services

• By adjusting its marketing strategy to align with consumer preferences

• By cutting costs

• By increasing its prices

Which of the following is NOT a factor that can impact a company's marketing efforts in the global economy?

• Currency exchange rates

•  Political stability

• Weather patterns

• Cultural differences

Which of the following is a benefit of expanding a business into international markets?

• Access to new customers

• Diversification of revenue streams

• Increased competition

• Access to new customers and diversified of revenue streams

What is the role of tariffs in international trade?

• To decrease the cost of imports

• To increase the cost of imports

• To promote domestic production

• To decrease the cost of exports

How can a company adapt its marketing strategy to cultural differences in international markets?

• By using the same advertising and promotional materials across all markets

• By conducting market research and tailoring its marketing efforts to the cultural norms and preferences of each market

• By using a "one size fits all" approach

• By using only English language in all marketing materials