Mkt 300 Exam 1 - Questions/answers

First-mover advantage {Ans: The ability of a company to achieve long-term competitive advantages by being the first to offer an innovative product in the marketplace}Globalization or Standardization {Ans: The development of marketing strategies that treat the entire world (or its major regions) as a single entity - with standardized products, prices, distribution channels, and promotion campaigns for all markets.}Which of the 4 P's are the hardest to change {Ans: probably the place(distribution) or the product.}Global Marketing {Ans: is a marketing strategy that consciously addresses customers, markets and competition throughout the world in an effort to sell more products in more markets. An increasingly globalized world opens up new opportunities for marketers to likewise develop and maintain global vision.}trading companies buy {Ans: products in one country and take title}total budget/market competitors {Ans: firms that compete for the limited financial resources of the same customers.}