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