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Int. Business Chap 3
Chapter 3
| Question | Answer |
|---|---|
| Global Presence | When a country is recognized internationally for its reliability, the fairness and integrity of its business dealings, and the standards of its goods and services. |
| Competitive Advantage | - partnership with suppliers - customer demand and loyalty - distribution - service - support systems - skilled and knowledgeable workers |
| Why is GDP an important measure of competitiveness? | It suggests less productivity and that leaves other countries in a better position to compete internationally. |
| How does a country achieve competitive advantage? | Outperform their competitors around the world by improved or superior products, better pricing, high quality, better service, uniqueness or by profit. |
| What is: Utility? Economic utility? Form utility? Place utility? | Utility - value in terms of benefit/usefulness, Economic utility - product’s ability to satisfy the needs and wants of the customer, Form utility - when raw materials are converted into finished products, Place utility - product has more value if readily |
| What is Opportunity Cost? | Cost and potential benefit of an opportunity that is deferred or sacrificed in order to act on another opportunity. |
| What is Absolute Advantage? | Full advantage over competitors, or the lack of competitors, that enables a company or country to set prices and policies without fear of competition |
| What is Comparative advantage? | An advantage usually created when a company or country becomes more efficient, has better technology, and has easier access to resources than its competitor |
| What is kaizen? | The concept of continual improvement as used by the Japanese. It is the belief that to obtain a competitive advantage there must be a commitment to quality. Promotes everyone working together to make improvements. |
| GDP | The total value of goods and services produced in a country over a specific period. |
| Economies of Scale | The tendency of a cost of item to go down when items are produced in large quantities |
| Standard of Living | A measurement based on kinds and quality of goods and services people can afford |
| Transparency | An open sharing of information within an organization or company |
| Capital | Money or other assets that are available for investment purposes |
| Developed Countries | Countries with a high standard of living |
| Developing Countries | Countries that are in the process of becoming industrialized |
| Price and avalibility are determined by a countries what? | Productivity |
| Hypercompetition | A state in which the rate of change in the competitive rules are fluctuating so much that only the most adaptive organziations survive. |
| 80% of your sales come from 20% of your clients | Pareto Principle |
| Productivity | The amount of work accomplished in a unit of time. |
| Stockless system is also called? | Kanban, just in time inventory |
| Knowledge Economy | Reliance on information, technology, and ideas |
| A change in the way something is made will often result in it being made faster, better, or at a lower cost | Manufacturing |
| Protects products or ideas so that others cannot steal them | Patent |
| Protects literary, dramatic, music, artistic and intelelctual works as well as software | Copyright |
| Permission from patent or copyright owners that allows others to use their idea or invention for a fee or royalty | Licensing |
| Foreign Investments | The purchase of land, shares, or any asset with the potential for financial return by non-resident |
| Marketing research method that determines relationships between the personal info and purchasing behaviours of consumers | Data Mining |
Created by:
XIIIHour
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