GMS 522 Midterm Exam Questions with Verified Solutions Latest update

GMS 522 Midterm Exam Questions with Verified Solutions Latest update Global Marketing - Answers the systematic planning, coordination and implementation of the firm's marketing activities across national borders International Marketing - Answers extending the firm's domestic marketing strategies to international markets, ignoring the differences between foreign and domestic consumers Multi-domestic Marketing - Answers developing individual marketing strategies for each country in which the company does business Glocal Marketing - Answers firms seeks to balance global marketing with its emphasis on standardization & local marketing with its focus on catering to individual country differences Globalization - Answers is defined as the integration and inter-dependence of economies, national institutions, firms and individuals around the world Globalization of Markets - Answers the convergence of consumer tastes & preferences around the world Globalization of Production - Answers the ability of companies to shift the location of their manufacturing operations to any country around the world in response to wage rates and government incentives. 5 Drivers of Globalization - Answers -Market -Cost -Environment -Competitive -Technology Economic Integration - Answers Dimension examines factors such as the trade and investment flows between countries and the extent to which the country uses policy measures to restrict these flows Social Integration - Answers dimension reflects the flow and movement of ideas, people and info Political Integration - Answers Dimension captures the diffusion of government policies around the world. Benefits of Globalization - Answers allows both small & large firms to pursue opportunities outside their national borders and increase the range of products available to consumers. Anti-globalization Movement - Answers criticism on the poor, the environment and women, and the ability of sovereign states to make independent decisions. Culture - Answers determines the identity of human groups and represents a system of learned behaviour patterns that serve to distinguish members of one group from all others Enculturation - Answers everyone is encultured into his/her own culture, these lessons are imparted by family and friends, schools, places of worship, the government as well as clubs and other social institutions Acculturation - Answers in some circumstances individuals must adjust to the culture of others - a process referred to as acculturation Cultural Literacy - Answers detailed knowledge of the culture of the host country which allows us to live and work effectively in a new environment Ethnocentrism - Answers or the belief that one's own culture is somehow superior to that of others will blind the global marketer to potential foreign market opportunities and risk missteps in in the implementation of the firm's international marketing strategy Consumer ethnocentrism - Answers refers to the belief held by some individuals that purchasing foreign products is wrong or even immoral Eight Elements of culture - Answers -language -religion -values and attitudes -aesthetics -manners & customs -Education -Social institutions -The Material Language - Answers -how messages are conveyed -verbal -non verbal Religion - Answers -belief in a higher power -provides individuals with a sense of purpose Values & Attitudes - Answers -values are beliefs of norms that have been internalized and are shared -attitudes are evaluation of alternatives based on these values Aesthetics - Answers -what a society considers to be beautiful or in good taste Manners & Customs - Answers -these impact various aspects of international business such as cross-cultural negotiations & gift giving Education - Answers -important vehicle for cultural change & the transmission of cultural values Social Institutions - Answers -important determinant of consumption patterns The Material - Answers -important indicator of foreign market opportunities High Context - Answers the context surrounding the message is just as important as the actual message itself Low Context - Answers societies communication is much more explicit Hofestede's Framework - Answers countries classified based on four dimensions: -individualism -power distance -uncertainty avoidance -masculinity Individualism Dimension - Answers reflects the extent to which people in a given society are focussed on individual achievements & accomplishments as opposed to the overall success of the group to which they belong Power Distance Dimension - Answers reflective of the extent to which individuals are willing to accept inequality in their society Uncertainty Avoidance Dimension - Answers reflects the extent to which individuals in a society expect to be guided by formal rules & regulations Masculinity Dimension - Answers reflects the extent to which a society tends to emphasize and reward "masculine" values such as competition, success and performance as opposed to "feminine" values such as nurturing & caring for others Gannon's Metaphors - Answers descriptive metaphors used to conjure up a mental image that accurately image that accurately encapsulates the culture of the society under consideration Kluckhohn-Strodtbeck (KS) Framework - Answers cultural differences assessed from the standpoint of whether: a) people believe that they are in control of their environment b)whether individuals in society are future oriented or fixated on the past c) whether they can be relied upon to act freely & responsibly d)whether individuals in the society are more interested in material as opposed to spiritual goals e)whether people in the society believe that they are collectively responsible for each other's welfare f)whether people refer to conduct their affairs in private or in public Global Project - Answers The global leadership & organizational behaviour effectiveness (GLOBE) 9 Dimensions of culture - Answers -performance orientation -uncertainty avoidance -in group collectivism -power distance -gender egalitarianism -humane orientation -institutional collectivism -future orientation -assertiveness Cross-Cultural Management Process - Answers Romantic soujourner- foreign worker - skilled worker- partner Objective or Factual Knowledge - Answers the manager learns the meaning associated with different cultures' non-verbal symbols Experiential Knowledge - Answers manager lives in the foreign country and become immersed in its culture Culture & Ethics - Answers -society's core cultural values provide the basis for the assessment of alternatives and for decisions on whether some action is right or wrong -societies have different views on which issues fall in the moral domain requiring an ethical