QUESTION: 49

In some regions of the world, business is conducted more often through personal relationship building than through legal contracts. This is an example of a

Cultural factor.
Commercial factor.
Technical factor.
Legal factor.

Answer(s): A

Explanation:

In high-context cultures (e.g., Japanese, Chinese, Arabic, and Korean), much meaning is transmitted by nonverbal cues and situational circumstances. Thus, a person's status in a firm, rank in society, and reputation convey the primary message. In low-context cultures (e.g., Northern Europe and North America), primary messages are transmitted verbally. Hence, precise written contractual agreements are highly valued. In contrast, social events aremore highlyvalued in a high-context culture. Attitudes, tastes, behavior, and social codes are culturalfactors. Accordingly, a preference for personal relationships rather than precise writtencontracts is a cultural factor.

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QUESTION: 50

Edward T. Hall has distinguished between high-context and low-context cultures. Which culture is high-context?

United States.
Canada.
Germany.
Japan.

Answer(s): D

Explanation:

Hall drew a distinction between high-context and low-context cultures. In high-context cultures (e.g., Japanese, Chinese, Arabic, and Korean), much meaning is transmitted by nonverbal cues and situational circumstances. Thus, a person's status in a firm, rank in society, and reputation convey the primary message.

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QUESTION: 51

Which of the following is not a step in the establishment of a competitive intelligence system?

Data analysis.
Data collection.
Information dissemination.
Classification of competitors.

Answer(s): D

Explanation:

A competitive intelligence system is established to identify competitor strategies, monitor their new-product introductions, analyze markets for the firm's own new-product introductions and acquisitions, obtain information about nonpublic firms, evaluate competitor R&D activity, learn about competitors' senior executives, and perform other necessary information gathering tasks. Its establishment consists of setting up the system, collecting data, analyzing the data, and disseminating the information. Classification of competitors, however, is not a step in this process. Competitors are classified and targeted by a firm based on that classification following the results of a customer value analysis (CVA).

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QUESTION: 52

Which of the following are steps in a customer value analysis (CVA)?

I). Determining what customers value
II). Having customers rank the relative significance of the elements of customer value
III.Evaluating how well the firm and its competitors perform relative to the elements of customer value
IV). Focusing on performance with respect to each element of customer value

I, Ill, and IV only.
I, II, and Ill only.
I, II, and IV only.
I, II, Ill, and IV).

Answer(s): D

Explanation:

The steps in a CVA are to:
· Determine what customers value.
· Assign quantitative amounts to the elements of customer value and have customers rank their relative significance.
· Evaluate how well the firm and its competitors perform relative to each element. · Focus on performance with respect to each element, vis-a-vis an important competitor in a given market segment.
· Repeat the foregoing steps as circumstances change.

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QUESTION: 49

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QUESTION: 50

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QUESTION: 51

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QUESTION: 52

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