MARK 3000 test 3 UGA (mcmanus) Exam
Questions With Correct Answers.
What is Globalization? - answer✔✔Process by which goods, services, capital, people,
information, and ideas flow across national borders
What are economic metrics in global marketing? - answer✔✔Gross domestic product, gross
national income, purchasing power parity, and trade surplus or deficit
Why is it important to evaluate real income in the global market? - answer✔✔Firms can make
adjustments to an existing product or change the price to meet the unique needs of a particular
country market
What are some infrastructure and technology capabilities that are relevant in the global market? -
answer✔✔Transportation, communication, distributions channels, and commerce
What is a tariff? - answer✔✔A tax on foreign goods that artificially raises prices and lowers
demand for the foreign good
What is a quota? - answer✔✔A maximum limit on foreign goods that reduces the availability of
imported goods
What is the purpose of quotas and tariffs? - answer✔✔Benefit domestically made products
because it reduces foreign competition
What is a country's currency rate? - answer✔✔The measure of how much one currency is worth
in relation to another
Why are prices almost always lower in the country of origin? - answer✔✔There are no customs
or import duties to pay
What is the name of the different sociocultural factors we discussed in class? -
answer✔✔Hofstede's Cultural Dimensions
What is power distance? - answer✔✔comfort with talking to people in authority, the degrees to
which a society accepts unequal power dynamics
What is uncertainty avoidance? - answer✔✔The extent to which a society avoids uncertainty,
U.S. has very low uncertainty avoidance
What is individualism? - answer✔✔giving priority to one's own goals over group goals and
defining one's identity in terms of personal attributes rather than group identifications; very high
in the U.S.
What is masculinity social dimension? - answer✔✔The extent to which a society values
traditional gender roles; U.S. is very progressive
What is time orientation? - answer✔✔the extent to which members of a culture adopt a long-
term or a short-term outlook on work and life; U.S. values instant results and the value of time
What is indulgence social dimension? - answer✔✔The extent to which a society allows
individuals to enjoy themselves
What are important things to consider when choosing a global entry strategy (STP)? -
answer✔✔> Companies must understand cultural nuances and subcultures in their global
expansion
> Products and their roles may be viewed differently in different countries
> Companies must continually monitor economic and social trends to protect their position in the
market and adjust their products and marketing strategies to meet the changing needs of the
global market
What is an example of a global marketing mix in which the company sells the same
product/service in all markets? - answer✔✔Gillette razors are the same across countries
What is glocalization? - answer✔✔When a company sells similar products with some
modifications
What are examples of glocalization? - answer✔✔McDonald's menus across nations, pringles
with strange flavors
What is the least used marketing mix when companies are trying to market their product/service?
- answer✔✔Selling totally new products or services
What are some problems that marketers can run into with global distribution? - answer✔✔Some
global channels are long and complex; infrastructure issues can impact channels; in developing
countries many consumers shop at small family-owned stores
What are some problems marketers can run into with communication strategies? -
answer✔✔Literacy levels vary by country; differences in languages and customs can affect
communications; cultural and religious differences also matter
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