MKT 300 EXAM 2 |125 Answered Questions
Global marketing - -marketing that targets markets throughout the world
-Global vision - -recognizing and reacting to international marketing opportunities, using
effective global marketing strategies, and being aware of threats from foreign competitors
in all markets
-Absolute advantage - -when a country can produce a product or service at a lower cost
than any other country or when it is the only country that can provide the product or
service
-Gross Domestic Product - -the total market value of all final goods and services produced
in a country for a given time period
-outsouring - -sending U.S. jobs abroad
-In-shoring - -returning production jobs to the United States
-Stages of development for global business - -Operate in one country and sell into others
Set up foreign subsidiaries to handle sales in other countries
Operate an entire line of business in another country
Conduct global business via the Internet
-Tariff - -a tax levied on the goods entering a country
-Quota - -a limit on the amount of a specific product that can enter a country
-EU and WTO - -if an agreement cannot be reached, these matters should be referred to
the World Trade Organization. Offers a dispute-settlement panel and a more powerful
appellate body, account for nearly half of global economic output.
-Exporting - -least risky, selling domestically produced products to buyers in other
countries
-Licensing - -the legal process whereby a licensor allows another firm to use its
manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
-contract manufacturing - -private-label manufacturing by a foreign company
-joint venture - -when a domestic firm buys part of a foreign company or joins with a
foreign company to create a new entity
-Direct investment - -most risky, occurs when a business in one country invests in a
business interest in another country
, -Exchange Rate - -the price of one country's currency in terms of another country's
currency
-Dumping - -the sale of an exported product at a price lower than that charged for the
same or a like product in the "home" market of the exporter
-Internet trade impact - -Opening an e-commerce site on the Internet immediately puts a
company in the international marketplace
-multidomestic strategy - -when multinational firms enable individual subsidiaries to
compete independently in domestic markets
-Multinational benefits - -Drive productivity growth
Lift standards of living for everyone
Tap global financial, physical, and human resources and combine them economically and
profitably
Share the most up-to-date technology
-Multinational drawbacks - -Tend to focus on modern technology, resulting in employing
only a small proportion of the labor force
-global marketing standardization - -production of uniform products that can be sold the
same way all over the world
-culture - -customs and traditions
-China - -expected to become world's largest economy by 2030
-Half worlds consumption - -The retiring and elderly in developed countries
China's working-age population
North America's working-age population
-Marketers and marketing mix - -That consumer preferences are constantly changing
How consumers make purchase decisions
-Consumer Behavior - -processes a consumer uses to make purchase decisions, as well as
to use and dispose of purchased goods or services; also includes factors that influence
purchase decisions and product use
-value - -a personal assessment of the net worth one obtains from making a purchase, or
the enduring belief that a specific mode of conduct is personally or socially preferable to
another mode of conduct
-perceived value - -the value a consumer expects to obtain from a purchase
Global marketing - -marketing that targets markets throughout the world
-Global vision - -recognizing and reacting to international marketing opportunities, using
effective global marketing strategies, and being aware of threats from foreign competitors
in all markets
-Absolute advantage - -when a country can produce a product or service at a lower cost
than any other country or when it is the only country that can provide the product or
service
-Gross Domestic Product - -the total market value of all final goods and services produced
in a country for a given time period
-outsouring - -sending U.S. jobs abroad
-In-shoring - -returning production jobs to the United States
-Stages of development for global business - -Operate in one country and sell into others
Set up foreign subsidiaries to handle sales in other countries
Operate an entire line of business in another country
Conduct global business via the Internet
-Tariff - -a tax levied on the goods entering a country
-Quota - -a limit on the amount of a specific product that can enter a country
-EU and WTO - -if an agreement cannot be reached, these matters should be referred to
the World Trade Organization. Offers a dispute-settlement panel and a more powerful
appellate body, account for nearly half of global economic output.
-Exporting - -least risky, selling domestically produced products to buyers in other
countries
-Licensing - -the legal process whereby a licensor allows another firm to use its
manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
-contract manufacturing - -private-label manufacturing by a foreign company
-joint venture - -when a domestic firm buys part of a foreign company or joins with a
foreign company to create a new entity
-Direct investment - -most risky, occurs when a business in one country invests in a
business interest in another country
, -Exchange Rate - -the price of one country's currency in terms of another country's
currency
-Dumping - -the sale of an exported product at a price lower than that charged for the
same or a like product in the "home" market of the exporter
-Internet trade impact - -Opening an e-commerce site on the Internet immediately puts a
company in the international marketplace
-multidomestic strategy - -when multinational firms enable individual subsidiaries to
compete independently in domestic markets
-Multinational benefits - -Drive productivity growth
Lift standards of living for everyone
Tap global financial, physical, and human resources and combine them economically and
profitably
Share the most up-to-date technology
-Multinational drawbacks - -Tend to focus on modern technology, resulting in employing
only a small proportion of the labor force
-global marketing standardization - -production of uniform products that can be sold the
same way all over the world
-culture - -customs and traditions
-China - -expected to become world's largest economy by 2030
-Half worlds consumption - -The retiring and elderly in developed countries
China's working-age population
North America's working-age population
-Marketers and marketing mix - -That consumer preferences are constantly changing
How consumers make purchase decisions
-Consumer Behavior - -processes a consumer uses to make purchase decisions, as well as
to use and dispose of purchased goods or services; also includes factors that influence
purchase decisions and product use
-value - -a personal assessment of the net worth one obtains from making a purchase, or
the enduring belief that a specific mode of conduct is personally or socially preferable to
another mode of conduct
-perceived value - -the value a consumer expects to obtain from a purchase
