MARK 3000 test 3 UGA (mcmanus) |
Questions and Answers
What is Globalization? - -Process by which goods, services, capital, people,
information, and ideas flow across national borders
- What are economic metrics in global marketing? - -Gross domestic
product, gross national income, purchasing power parity, and trade surplus
or deficit
- Why is it important to evaluate real income in the global market? - -Firms
can make adjustments to an existing product or change the price to meet
the unique needs of a particular country market
- What are some infrastructure and technology capabilities that are relevant
in the global market? - -Transportation, communication, distributions
channels, and commerce
- What is a tariff? - -A tax on foreign goods that artificially raises prices and
lowers demand for the foreign good
- What is a quota? - -A maximum limit on foreign goods that reduces the
availability of imported goods
- What is the purpose of quotas and tariffs? - -Benefit domestically made
products because it reduces foreign competition
- What is a country's currency rate? - -The measure of how much one
currency is worth in relation to another
- Why are prices almost always lower in the country of origin? - -There are
no customs or import duties to pay
- What is the name of the different sociocultural factors we discussed in
class? - -Hofstede's Cultural Dimensions
- What is power distance? - -comfort with talking to people in authority, the
degrees to which a society accepts unequal power dynamics
- What is uncertainty avoidance? - -The extent to which a society avoids
uncertainty, U.S. has very low uncertainty avoidance
, - What is individualism? - -giving priority to one's own goals over group
goals and defining one's identity in terms of personal attributes rather than
group identifications; very high in the U.S.
- What is masculinity social dimension? - -The extent to which a society
values traditional gender roles; U.S. is very progressive
- What is time orientation? - -the extent to which members of a culture
adopt a long-term or a short-term outlook on work and life; U.S. values
instant results and the value of time
- What is indulgence social dimension? - -The extent to which a society
allows individuals to enjoy themselves
- What are important things to consider when choosing a global entry
strategy (STP)? - -> Companies must understand cultural nuances and
subcultures in their global expansion
> Products and their roles may be viewed differently in different countries
> Companies must continually monitor economic and social trends to protect
their position in the market and adjust their products and marketing
strategies to meet the changing needs of the global market
- What is an example of a global marketing mix in which the company sells
the same product/service in all markets? - -Gillette razors are the same
across countries
- What is glocalization? - -When a company sells similar products with some
modifications
- What are examples of glocalization? - -McDonald's menus across nations,
pringles with strange flavors
- What is the least used marketing mix when companies are trying to market
their product/service? - -Selling totally new products or services
- What are some problems that marketers can run into with global
distribution? - -Some global channels are long and complex; infrastructure
issues can impact channels; in developing countries many consumers shop
at small family-owned stores
- What are some problems marketers can run into with communication
strategies? - -Literacy levels vary by country; differences in languages and
customs can affect communications; cultural and religious differences also
matter
Questions and Answers
What is Globalization? - -Process by which goods, services, capital, people,
information, and ideas flow across national borders
- What are economic metrics in global marketing? - -Gross domestic
product, gross national income, purchasing power parity, and trade surplus
or deficit
- Why is it important to evaluate real income in the global market? - -Firms
can make adjustments to an existing product or change the price to meet
the unique needs of a particular country market
- What are some infrastructure and technology capabilities that are relevant
in the global market? - -Transportation, communication, distributions
channels, and commerce
- What is a tariff? - -A tax on foreign goods that artificially raises prices and
lowers demand for the foreign good
- What is a quota? - -A maximum limit on foreign goods that reduces the
availability of imported goods
- What is the purpose of quotas and tariffs? - -Benefit domestically made
products because it reduces foreign competition
- What is a country's currency rate? - -The measure of how much one
currency is worth in relation to another
- Why are prices almost always lower in the country of origin? - -There are
no customs or import duties to pay
- What is the name of the different sociocultural factors we discussed in
class? - -Hofstede's Cultural Dimensions
- What is power distance? - -comfort with talking to people in authority, the
degrees to which a society accepts unequal power dynamics
- What is uncertainty avoidance? - -The extent to which a society avoids
uncertainty, U.S. has very low uncertainty avoidance
, - What is individualism? - -giving priority to one's own goals over group
goals and defining one's identity in terms of personal attributes rather than
group identifications; very high in the U.S.
- What is masculinity social dimension? - -The extent to which a society
values traditional gender roles; U.S. is very progressive
- What is time orientation? - -the extent to which members of a culture
adopt a long-term or a short-term outlook on work and life; U.S. values
instant results and the value of time
- What is indulgence social dimension? - -The extent to which a society
allows individuals to enjoy themselves
- What are important things to consider when choosing a global entry
strategy (STP)? - -> Companies must understand cultural nuances and
subcultures in their global expansion
> Products and their roles may be viewed differently in different countries
> Companies must continually monitor economic and social trends to protect
their position in the market and adjust their products and marketing
strategies to meet the changing needs of the global market
- What is an example of a global marketing mix in which the company sells
the same product/service in all markets? - -Gillette razors are the same
across countries
- What is glocalization? - -When a company sells similar products with some
modifications
- What are examples of glocalization? - -McDonald's menus across nations,
pringles with strange flavors
- What is the least used marketing mix when companies are trying to market
their product/service? - -Selling totally new products or services
- What are some problems that marketers can run into with global
distribution? - -Some global channels are long and complex; infrastructure
issues can impact channels; in developing countries many consumers shop
at small family-owned stores
- What are some problems marketers can run into with communication
strategies? - -Literacy levels vary by country; differences in languages and
customs can affect communications; cultural and religious differences also
matter
