MGMT chapter 7 TEST 3 - REVIEWER PDF

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Marketing Ch. 8 Terms in this set (90) Infrastructure includes basic facilities, services,

water and power lines, schools and post offices, and transportation systems

and installations needed for a community or society to function including...

A risk in using franchising as a global entry

the need to share profits

strategy is...

Since 1978, China's leadership has The number of middlemen that a seller deals

embraced market-oriented economic development

distribution channel

with in a network determines the complexity of the global...

An internal assessment of a firm's capabilities

the current market it serves, access to capital, and management's

includes...

commitment to proposed strategy

Prices are often different in the global

have the same positioning as they do in the home country

marketplace than they are in the home country because a firm's products may not...

A dramatic economic downturn caused by ______

political instability

can increase a foreign entrants risk considerably

What facilitates globalization?

A trading bloc comprises...

elimination of trade barriers

countries that have signed a particular trade agreement

Global marketing strategies include two

identification of the target markets and developing and implementing

elements:...

the marketing mix

What has a DIRECT impact on pricing in

tariffs and anti-dumping laws, and national rules governing the

the global marketplace?

competitive marketplace

The cross cultural value dimension that defines

power distance

how much the society respects those in authority by virtue of their social position is...

Global distribution networks form complex value chains that ultimatelythe final selling price of

Marketing Ch. 8 a product

increase

After firms have completed a____the are better

market assessment

able to make informed decisions about a potential country market.

Which two factors threaten Chinese growth?

What are the factors that have helped Brazil's

a rapidly aging population and a large migrant workforce with low paying jobs

a growing middle class and impositions of social programs

economy to grow?

Based on standardized metrics marketers can

countries

identify_____that are experiencing growth and increased globalization

In a franchising agreement, the franchiser

owns the overarching firm

Which of the following statements about metrics

they provide marketers with a good picture of the economic health of

is true?

a country despite different stages of economic development

What factors is contributed to the growth

a well-educated generation and a highly skilled work force

of India's economy?

Exchange control is a term that refers to the

currency exchange rate

regulation of a country's...

The components of a country market assessment

government actions and laws, sociocultural analysis, and infrastructure and

include...

technology

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Acme Corp. has altered its widely used

Only

localization

advertisement for its canned products in consideration of a certain country's cultural differences. this is an example of ______________________________________a communication strategy. Hofestede's cultural dimensions concept

individualism, power distance, and masculinity

believes cultures differ on which dimensions?

Which of the following are factors that firms

cultural differences between countries, differences in product and

consider when determining the need for and

technical standards, and the country's level of economic development

level of product adaptation in a foreign market? What are the factors that threaten

an aging population, economic sanctions, and widespread corruption

Russia's prospects for economic growth? Many firms choose the direct investment

potential profits are not shared with other firms, and it offers complete control

strategy when entering foreign markets because

over operations

...

Markets in which consumers earn low wages but still require goods and services are referred to as the...

Marketing Ch. 8

bottom of the pyramid

How have joint venture regulations changed in

foreign retailers are now allowed to own more than % of joint ventures

India, encouraging more foreign investment?

In a joint venture, a company ...

Some differences in communication strategies

shares the financial burden with a loval partner in a foreign market

literacy levels, the availability to the media, and variances in language

around the world are caused by...

____ refers to the strategy in which firms sell a

glocalization

standardized product around the world but develop different promotional campaigns for different countries.

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The level of economic development as well

Only

adaptation

as differences in product and technical standards help determine the need for and level of product

in a global product strategy

Firms spend millions of dollars to develop

marketers want to avoid potential embarrassment that language confusion can

brand names that have no preexisting meaning

cause

in any known language because

If the value of the Us dollar decreases

foreign goods and services imported to the US cost more, and the costs

significantly compared with other important

of American goods and services become cheaper to foreign buyers

world currencies:

Sociocultural factors are important because

how, where and when people shop, who in the family is in charge of buying

they tell marketers...

options, and why people buy certain products and services

As part of any foreign market assessment, firms

communication system, distribution channels, and commercial infrastructure

assess a country's infrastructure and...

Which of the following global entry strategies

exporting

involves least amount of control of a product or service in foreign markets?

Global STP is more complicated than domestic

foreign consumers view products and their roles differently

STP because...

Elements in a global communication strategy

adapted

usually need to be ___ to the local market to be effective.

T/F: To do business in less developed nations,

True

firms often adjust products or prices to maker offerings more affordable:

____ consists of GDP plus the net income earned

Gross National Product

from investments abroad.

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Why might a firm prefer to manufacture in

a trade surplus offers the chance to export to more markets

a country that has a trade surplus? When entering their first foreign markets, firms typically take a

less risky

approach.

Which of the following are the three potential global product strategies?

selling a completely new product in the host country, selling a product in the host country with minor adaptations from what is sold in the home country, and selling the same product or service in both the home and host country

Which of the following are current

rapid growth in less developed countries and stagnant or declining

population trends that affect marketing

population in developed countries

strategy? Depending on the country, joint ventures

shared ownership

sometimes require___ when entering a foreign market

Which of the following is an example of an

a central bank and the Federal Reserve

agency that sets the rules for currency exchange in a nation?

Exporting happens when a firm produces a

sells it in a foreign country

product in its domestic plants and then ...

A joint venture is formed when a firm____a new

enters; pools

market and_____it's resources with those of a local firm to form a new, shared company.

Which two of the following are franchises?

Holiday Inn and Mcdonalds

Which of the following are reasons marketers

it is difficult to transport products to retailers in remote areas and consumers

must adapt their global distribution strategies for

shop in small, family-owned retail outlets

developing countries?

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Direct investment exposes a firm to ___ risk. A strategic alliance is a type of ___ for a firm

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significant global entry strategy

to expand into the foreign markets.

Exporting is an entry strategy that requires the ___

least, limited

financial risk and allows_____return to the firm.

Joint ventures can be risky because...

The complex value chains inherent in global

governments might place restrictions on the entering firm and partners might disagree

exporters, middlemen, importers, and transportation systems

distribution networks include which of the

Marketing Ch. 8 In the US the market has evolved from a regional marketplace following? to international markets, a process known as...

globalization

When a firm enters into a joint venture

any profit gained, ownership , and control of business operations

agreement with a local firm, the two investors will then share...

T/F: Brazil is currently in the top ten of

True

the world's largest economies?

An exchange rate quantifies how much a

is worth in relation to another

currency ...

Although Brazil is the world's seventh largest

high inflation rates and political problems

economy, the country has projected economic declines due to

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Culture exists on several levels including... The___rate is the measure of how much one

Only

underlying values such as beliefs and thoughts exchange

country's currency is worth in relation to another.

A quota designates the highest quantity of a

over a specific time period

product that may be imported____

A tariff is a ___ imposed on a product imported

tax

into a country

The four key elements of a

transportation, distribution channels, communications and commerce

country's infrastructure are...

A risk in franchising as a global entry strategy is... Goods and services that serve the same needs

the need to share profits

require little or no adaptation in form or message

and wants on a global scale often...

The big mac index which uses exchange rates

Purchasing Power Parity (PPP)

to compare the cost of a big mac burger in US dollars in countries around the world is a method of evaluating which economic metric?

Overall, culture affects ___ aspect of

all

consumer behavior

Direct Investment is the ___ type of global

riskiest

entry strategy

Marketing Ch. 8 All of the following are potential negative

reduction of domestic competition

aspects of tariffs and quotas for a foreign firm entering the host market except... Upgrade to remove ads

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Which of the following is true of the

companies create products for specific markets and then expand into the

process known as revers innovation?

home market

Trade agreements are signed by different

manage and promote trade activities for a certain region

governments to...

When a firm ventures into a foreign market, it

fill an order for a product or service from another country

will often take a low risk step toward global expansion and will...

Reaching rural populations using long supply

costs

chains in which goods pass through many hands adds____to products

Which of the following best describes Russia's

multiple ups and downs

economy since the fall of the Soviet Union?

In the timeline for a firm's global expansion,

it has concluded its assessment analysis of the most viable markets

a firm conducts an internal assessment of the capabilities when ___

The global retail development index in China has

growing economic liberalization

recently improved, largely due to ...

Which of the following best describes Russian

consumers show strong demand for US products

consumers' attitudes towards US brands?

A firm chooses its_____after conducting internal

entry strategy

market assessments

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Franchising is a contractual agreement between

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franchisee

a firm, the franchisor, and another firm or individual known as the When a firm identifies its positioning within a

implement

market, it must decide how to ___ its marketing strategies using the marketing mix.

A country with a trade surplus ___

The number of middlemen that a seller deals

exports more goods than it imports

distribution channel

with in a network determines the complexity of the global____

Marketing Ch. 8 What is a major economic factor a firm

general economic environment

conducting an economic analysis of a country market must take into account?

A____ means that the country imports more

trade deficit

goods than it exports.

GDP is defined as a total market value of ______ produced by a country in a year.

all goods and services

Marketers might be less interested in countries with the highest purchasing power because of ______ growth and saturated markets

stagnated...