GMS 522 Midterm questions well
answered to pass (latest update)
Global Marketing - correct answer ✔✔the systematic planning, coordination and implementation of the
firm's marketing activities across national borders
International Marketing - correct answer ✔✔extending the firm's domestic marketing strategies to
international markets, ignoring the differences between foreign and domestic consumers
Multi-domestic Marketing - correct answer ✔✔developing individual marketing strategies for each
country in which the company does business
Local Marketing - correct answer ✔✔firms seeks to balance global marketing with its emphasis on
standardization & local marketing with its focus on catering to individual country differences
Globalization - correct answer ✔✔is defined as the integration and inter-dependence of economies,
national institutions, firms and individuals around the world
Globalization of Markets - correct answer ✔✔the convergence of consumer tastes & preferences around
the world
Globalization of Production - correct answer ✔✔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 - correct answer ✔✔-Market
-Cost
-Environment
-Competitive
-Technology
, Economic Integration - correct answer ✔✔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 - correct answer ✔✔dimension reflects the flow and movement of ideas, people and
info
Political Integration - correct answer ✔✔Dimension captures the diffusion of government policies
around the world.
Benefits of Globalization - correct answer ✔✔allows both small & large firms to pursue opportunities
outside their national borders and increase the range of products available to consumers.
Anti-globalization Movement - correct answer ✔✔criticism on the poor, the environment and women,
and the ability of sovereign states to make independent decisions.
Culture - correct answer ✔✔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 - correct answer ✔✔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 - correct answer ✔✔in some circumstances individuals must adjust to the culture of others
- a process referred to as acculturation
Cultural Literacy - correct answer ✔✔detailed knowledge of the culture of the host country which allows
us to live and work effectively in a new environment
Ethnocentrism - correct answer ✔✔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
answered to pass (latest update)
Global Marketing - correct answer ✔✔the systematic planning, coordination and implementation of the
firm's marketing activities across national borders
International Marketing - correct answer ✔✔extending the firm's domestic marketing strategies to
international markets, ignoring the differences between foreign and domestic consumers
Multi-domestic Marketing - correct answer ✔✔developing individual marketing strategies for each
country in which the company does business
Local Marketing - correct answer ✔✔firms seeks to balance global marketing with its emphasis on
standardization & local marketing with its focus on catering to individual country differences
Globalization - correct answer ✔✔is defined as the integration and inter-dependence of economies,
national institutions, firms and individuals around the world
Globalization of Markets - correct answer ✔✔the convergence of consumer tastes & preferences around
the world
Globalization of Production - correct answer ✔✔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 - correct answer ✔✔-Market
-Cost
-Environment
-Competitive
-Technology
, Economic Integration - correct answer ✔✔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 - correct answer ✔✔dimension reflects the flow and movement of ideas, people and
info
Political Integration - correct answer ✔✔Dimension captures the diffusion of government policies
around the world.
Benefits of Globalization - correct answer ✔✔allows both small & large firms to pursue opportunities
outside their national borders and increase the range of products available to consumers.
Anti-globalization Movement - correct answer ✔✔criticism on the poor, the environment and women,
and the ability of sovereign states to make independent decisions.
Culture - correct answer ✔✔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 - correct answer ✔✔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 - correct answer ✔✔in some circumstances individuals must adjust to the culture of others
- a process referred to as acculturation
Cultural Literacy - correct answer ✔✔detailed knowledge of the culture of the host country which allows
us to live and work effectively in a new environment
Ethnocentrism - correct answer ✔✔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
