GMS 522 MIDTERM EXAM | ACTUAL QUESTIONS AND ANSWERS | 2024
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Course
GMS 522.
Institution
GMS 522.
GMS 522 MIDTERM EXAM | ACTUAL QUESTIONS
AND ANSWERS | 2024
Global Marketing - the systematic planning, coordination and implementation of the
firm's marketing activities across national borders
International Marketing - extending the firm's domestic marketing strategies to
international market...
GMS 522 MIDTERM EXAM | ACTUAL QUESTIONS
AND ANSWERS | 2024
Global Marketing - the systematic planning, coordination and implementation of the
firm's marketing activities across national borders
International Marketing - extending the firm's domestic marketing strategies to
international markets, ignoring the differences between foreign and domestic
consumers
Multi-domestic Marketing - developing individual marketing strategies for each country
in which the company does business
Glocal Marketing - firms seeks to balance global marketing with its emphasis on
standardization & local marketing with its focus on catering to individual country
differences
Globalization - is defined as the integration and inter-dependence of economies,
national institutions, firms and individuals around the world
Globalization of Markets - the convergence of consumer tastes & preferences around
the world
Globalization of Production - 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 - -Market
-Cost
-Environment
-Competitive
-Technology
Economic Integration - 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 - dimension reflects the flow and movement of ideas, people and info
Political Integration - Dimension captures the diffusion of government policies around
the world.
, Benefits of Globalization - allows both small & large firms to pursue opportunities
outside their national borders and increase the range of products available to
consumers.
Anti-globalization Movement - criticism on the poor, the environment and women, and
the ability of sovereign states to make independent decisions.
Culture - 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 - 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 - in some circumstances individuals must adjust to the culture of others -
a process referred to as acculturation
Cultural Literacy - detailed knowledge of the culture of the host country which allows us
to live and work effectively in a new environment
Ethnocentrism - 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
Consumer ethnocentrism - refers to the belief held by some individuals that purchasing
foreign products is wrong or even immoral
Eight Elements of culture - -language
-religion
-values and attitudes
-aesthetics
-manners & customs
-Education
-Social institutions
-The Material
Language - -how messages are conveyed
-verbal
-non verbal
Religion - -belief in a higher power
-provides individuals with a sense of purpose
Values & Attitudes - -values are beliefs of norms that have been internalized and are
shared
-attitudes are evaluation of alternatives based on these values
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