CSU MKT 305 Exam 1 answers new year 2024 with complete solution

After a company decides to go global what is there very next decision? - Answer-the next decision should be what is our level of involvement going to be? Customization - Answer-context of international marketing to a country-tailored product strategy which focuses on cross-border differences in the needs and wants of target customers, appropriately changing products in order for them to match local market conditions. International Levels of Involvement - Answer-Exporting Contractual Agreement Direct Foreign Investment What is the lowest level of involvement - Answer-Exporting What is the highest level of involvement - Answer-Foreign Direct Investment Two types of exporting - Answer-Export trading companies Export management companies What are Export trading companies - Answer-its a deal, contract, and the selling of excess inventory to the trading company. They buy %100 of products, ownership, and right from you. what are Export management companies - Answer-mainly consultants. They are your agent nd broker. What are the Types of contractual agreements - Answer-Franchising Licensing Contract manufacturingWhat is Licensing - Answer-a contractual agreement whereby a company may use another company's trademark in exchange for a royalty or fee What is contract manufacturing and who owns what? - Answer-when American companies manufacture their products in factories out of the country because of lower production and labor cost. The company does not own the plant/factory, but they make standards Types of Foreign Direct Investment and what are they? - Answer--Joint ventureship: partnership with a forging company -100% ownership/Wholly owned: the company owns it all, but the land (except in US) What is nationalization - Answer-a risk of going international and its when the government takes over the foreign company located in their country What are the types of international strategies? - Answer--Straight Extension -Promotion Adaptation -Product Adaptation -Dual adaptation -Product Invention What is straight extension and what else is called - Answer-where a company changes next to nothing because they feel their product has universal appeal -only change language or other small important changes ******It is also called universal or global approach What is product invention - Answer-the company creates and entirely new product and entirely new brand Characteristics of External Environments - Answer--uncontrollable -external to the firm, not internal-proactive rather than the reactive -dynamic -profound effect on marketing success what does SWOT stand for in marketing and which are external and internal factors. Of External factors which are positive and which are negative. - Answer-Internal S- strength W- weakness Eternal O-opportunity - Positives trends T-threats - Negative trends