BUAD 332 Final Exam Q&A 2023

The world is shrinking rapidly with the advent of faster (BLANK), (BLANK), and (BLANK). - Answer- communications transportation financial flows International trade is (BLANK) and makes up (BLANK) of the U.S. GDP. - Answer- booming 25% Global competition is (BLANK). - Answer- intensifying Higher (BLANK) come with globalization. - Answer- risks Major International Marketing Decisions - Answer- 1) looking at the global marketing environment 2) deciding whether to go international 3) deciding which markets to enter 4) deciding how to enter the market 5) deciding on the global marketing program 6) deciding on the global marketing organization The International Trade System - Answer- restrictions - tariffs, quotas, embargos, exchange controls, and non-tariff trade barriers The World Trade Organization (WTO) and GATT - Answer- helps trade - reduces tariffs and other international trade barriers - GATT replaces by WTO in 1995 - China joined WTO in 2001 Free Trade Agreements - Answer- groups of nations organized to work toward common goals in the regulation of international trade Industrial Structure - Answer- shapes a country's product and service needs, incomes levels, and employment levels - subsistence economies - raw materials exporting economies - industrializing economies - industrial economies Political-Legal Environment - Answer- - attitudes toward international buying - government bureaucracy - political