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Mkting Chapter 7
Test 2
| Question | Answer |
|---|---|
| Describe how Dell is expanding globally | -Tgt emerging econ (Asia, Africa, Latin Am) -Changed sales and Distribution (Designed low-cost personal computer for emerging econ) -Changed Direct Sales and Distribution Strategy ("Experience Centers" and quick distribution through electronics retailers) |
| What did Dell understand when they expanded globally? | Understood global customers & adapted to needs |
| 4 Major trends infl. world trade and global Market | 1. Decline of protectionism 2. Growing integration 3. Competition 4. Mkt Space (Internet) |
| What was the effect of the decline of protectionism? (4 major trends influ. world trade & global mkt) | Reduced tariffs & quotas |
| What were the effects of growing economic integration? (4 major trends influ. world trade & global mkt) | Free national trade 1. E.U. 2. NAFTA |
| What were the effects of global competition? and what are the 3 global firms? (4 major trends influ. world trade & global mkt) | Firms adapt by 1. global mkting strategies 2. promote global brands FIRMS: 1. international 2. multinational 3. transnational |
| 3 environmental forces that shape global mkting? | 1. Culture 2. Economic Forces 3. Political-Regulatory Forces |
| Culture consist of what? (4) (3 environmental forces that shape global mkting) | 1. values 2. language 3. customs 4. cultural symbols |
| Economic forces consist of what? (5) (3 environmental forces that shape global mkting) | 1. development 2. infrastructure 3. consumer income 4. purchasing power 5. currency exchange rate |
| Political-regulatory forces lead to what? (3 environmental forces that shape global mkting) | unfav or fav mkting efforts |
| There are 4 alternative approaches to global mkting. | 1. Exporting (direct & indirect) 2. Licensing 3. Joint Venture 4. Direct Investment |
| Mkting elements of program same globally | Standardization |
| One or elements is adapted to meet needs of other countries | Customization |
| What do companies try to do when it comes to standardization & customization? | Stand. when possible, customize when necessary |
| What are the 3 ways products can be sold globally? | 1. Prod. Extension 2. Prod. Adaptation 3. Prod. Innovation |
| Practice where a translated word or phrase is retranslated into the original language by a diff interpreter to catch errors. | Back translation |
| study of sim and diff among consumers in 2 or more nations | cross-cultural analysis |
| things that represent ideas or concepts in a specific culture | cultural symbols |
| price of one country's currency expressed in terms of another country's currency | currency exchange rate |
| What is considered normal and expected about what pple do | customs |
| comp offers the right of their comp to another in trade for royalty or fee | Licensing |
| domestic firm actually investing in and owning a foreign comp | direct investment |
| when a firm sells a product in foreign mkt below domestic price/actual cost | dumping |
| comp produces goods in one country and sells them in another country | exporting |
| a crime for U.S. corps to bribe an official of a foreign gov't to obtain or reobtain bus there | Foreign Corrupt Practices Act |
| brand mkted same NAME in mult countries | Global brand |
| when a firm originates, produces, and mkts their products/services world wide | global competition |
| consumer groups living in many countries w/ similar needs | global consumers |
| standardizing mkting activities when there are cultural similarities and adapting them when cultures diff | global mkting strategy |
| products sold through unauthorized channels | grey mkt |
| foreign comp & local firm invest together to create a local bus and share profits | joint venture |
| offering as many diff product variations etc as countries it does bus w/ | multi-domestic mkting strategy |
| practice of shielding on or more industries w/in a country's econ from foreign competition through the use of tariffs or quotas | protectionism |
| restriction placed on the amt of product allowed to enter/leave country | quota |
| gov't tax on goods or services entering a country ( raise prices on imports ) | tariff |
| society's personally or socially preferable modes of conduct or states of existence | values |
| permanent institution that sets rules governing trade btw its mebrs through panels of trade experts who decide on trade disputes btw mbrs & issue binding decisions | World Trade Organization |
Created by:
mwoltner
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