MGT 302

Heather's goal for the company this year is to sell its product line internationally. She feels this will increase profits within the next three years by as much as 30%. Heather is developing a ____ for the company. - Answer strategy What are the two ways a firm can create more value for its products? - Answer Make product more attractive to consumer Lower production costs Identify three components of a business that make up its operations. - Answer marketing human...

Culture - Answer Everything that people have (material possessions), think (ideas, values, attitudes) and do (expected patterns of behavior) as members of their society. Values - Answer what you believe in Attitudes - Answer reaction to certain objects Norms - Answer basic knowledge of what others do and think that they should do. Folkways - Answer the traditional behavior or way of life of a particular community or group of people. Mores - Answer ...

Tacit - Answer information that is intuitive and difficult to articulate or codify in writing Tacit - Answer -Can be gained through personal experience -Standard knowledge might be dispersed throughout the company Codified Knowledge - Answer Information that can be easily captured in the form of text, tables, or diagrams - Product specification, scientific formulas, and computer programs Strategic Commitments - Answer 1. Firm resources and capabilities 2. Co...

tacit knowledge - Answer is information that is intuitive and difficult to articulate or codify in writing. Codified Knowledge - Answer is information that can be easily captured in the form of text, tables, or diagrams. First Mover Advantages - Answer advantages accruing to the first to enter a market Pioneering Costs - Answer Costs an early entrant bears that later entrants avoid, such as the time and effort in learning the rules, failure due to ignorance, and ...

Exporting goal - Answer Increase market size and profits Exporting firms need to: - Answer Identify market opportunities Deal with foreign-exchange risk Navigate import and export financing Understand the challenges of doing business in a foreign market Improving export performance - Answer Market analytics, information opportunities, competition, culture, customer understanding. Assistance from countries and/or use of export management company. Export pitf...

Culture - Answer a system of values and norms that are shared among a group of people and that when taken together constitute a design for living Values - Answer ideas about what a group believes to be good, right, and desirable Attitudes - Answer beliefs/feelings/behaviors toward an object Norms - Answer Social rules and guidelines that prescribe appropriate behavior in particular situations Folkways - Answer routine conventions of everyday life More...

Globalization - Answer trend away from distinct national economic units and toward one huge global market Globalization of markets - Answer moving away from an economic system in which national markets are distinct entities, isolated by trade barriers and barriers of distance, time and culture, and toward a system in which national markets are merging into one global market Globalization of production - Answer trend by individual firms to disperse parts of their productiv...

Globalization - Answer the shift toward a more integrated and interdependent world economy. Components of Globalization - Answer Globalization of Production & Globalization of Markets Globalization of Production - Answer sourcing of goods and services from locations around the world to exploit national differences in the cost and quality of factors of production. Globalization of Markets - Answer merging distinctly separate national markets into a global market p...

General Agreement on Tariffs and Trades (GATT) - Answer International treaty that committed signatories to lowering barriers to the free flow of goods across national borders and let to the WTO World bank - Answer International institution set up by 44 nations in order to promote general economic development in the world's poorer nations, through investments in infrastructure and other initiatives International Monetary Fund (IMF) - Answer Often referred to as the lend...

MGT 302 CHAPTER 13 QUIZ 1. Profitability is calculated by dividing the total sales of the firm by total invested capital. False 2. Firms usually respond to pressures for cost reduction by trying to lower the costs of value creation. 3. Firms that pursue a transnational strategy are trying to simultaneously do many things. Which of the following is one of those things? Foster a multidirectional flow of skills between different subsidiaries. 4. Responding to pressures ...