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Marketing Test 2 Study Guide Question and answers 100% correct

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Marketing Test 2 Study Guide Question and answers 100% correct World Trade - correct answer -flow of goods and services between countries -the world do not participate equally in world trade. World trade flows reflect interdependencies among industries, countries, and regions. -China wil...

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  • December 17, 2024
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  • marketing test 2 study guide

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Marketing Test 2 Study Guide Question
and answers 100% correct
World Trade - correct answer ✔-flow of goods and services between
countries
-the world do not participate equally in world trade.
World trade flows reflect interdependencies among industries, countries, and
regions.
-China will replace the United States as the biggest country measured by
trade.
-Asia will overtake Western Europe as the largest region measured by trade.


Imports - correct answer ✔goods purchased from another country


Exports - correct answer ✔goods produced in home country but sold in
another country


countertrade - correct answer ✔the practice of using barter rather than
money for making global sales


balance of trade. - correct answer ✔The difference between the monetary
value of a nation's exports and imports


surplus - correct answer ✔When a country's exports exceed its imports


Surplus = Exports - Imports


deficit - correct answer ✔When imports exceed exports

,Deficit = Imports - Exports


5. Has world trade increased or decreased over the last 60 years? What is the
major reason why? - correct answer ✔(1) Increased dramatically; (2)
reduction in tariff and non-tariff trade barriers...decline of protectionism


Porter's Diamond
(Factor Conditions, Demand Conditions, Related and Supporting Industries,
Company Strategy/Industry Structure/Rivalry) - correct answer ✔explain a
nation's competitive advantage and why some industries and firms become
world leaders


Factor conditions - correct answer ✔-a nation's ability to turn its natural
resources, education, and infrastructure into a competitive advantage.


-natural resources
-education
-wage rates


Demand conditions. - correct answer ✔-Size of Market
-Sophistication of customers
-Media exposure of products


Related and supporting industries - correct answer ✔industries seeking
leadership in global markets need clusters of world-class suppliers that
accelerate innovation


-existence of supplier clusters

, Company strategy, structure, and rivalry. - correct answer ✔-number of
companies in an industry
-intensity of competition at home
-the conditions governing the way a nation's businesses are organized and
managed


Protectionism - correct answer ✔-government actions and policies that
restrict international trade through the use of tariffs or quotas.
-often done with the intent of protecting local businesses and jobs from foreign
competition


quota - correct answer ✔a restriction placed on the amount of a product
allowed to enter or leave a country


Types of Global Companies - correct answer ✔All three employ people in
different countries, and many have administrative, marketing, and
manufacturing operations


International Firm, Multinational Firm, Transnational Firm


international firm - correct answer ✔-market their existing products and
services in other countries the same way they do in their home country.
-same product and same approach internationally and domestically


multinational firm - correct answer ✔-vary products and marketing strategy
by country - markets to each part differently.
- uses multidomestic marketing strategy

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