IB 200 UW Madison Final Exam Review - Sachin Tuli UPDATED Actual Exam Questions and CORRECT Answers
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Course
IB 200 UW Madison
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IB 200 UW Madison
IB 200 UW Madison Final Exam Review -
Sachin Tuli UPDATED Actual Exam
Questions and CORRECT Answers
First mover advantage - CORRETCT ANSWER- can get closer w government and
establish high switching costs for the consumers to establish loyalty and recognition
what's included/non included in i...
IB 200 UW Madison Final Exam Review -
Sachin Tuli UPDATED Actual Exam
Questions and CORRECT Answers
First mover advantage - CORRETCT ANSWER✔✔- can get closer w government and
establish high switching costs for the consumers to establish loyalty and recognition
what's included/non included in incoterms? - CORRETCT ANSWER✔✔- INCLUDED:
-determine at what point do responsibilities pass from seller to buyer (pay for
freight/insurance)
-how costs risks and responsibilities are divided
NOT INCLUDED:
-specify when ownership of title is transferred
-only deal with tangible goods
-is NOT a contract!
3 factors leading to price escalation for exporters (examples) - CORRETCT ANSWER✔✔-
Licensing
Tariffs/shipping costs
Packaging (to avoid damage during transport)
Insurance
Security (export/import compliances)
Transport (depends on from where to where)
Use of intermediaries (exports, agents, wholesalers, distributors)
,What two things are needed for a joint venture? - CORRETCT ANSWER✔✔- -shared vision
for the future
-complementary skill set (each partners is bringing capabilities set that the other doesn't have)
Two reasons us ports are considered uncompetitive? - CORRETCT ANSWER✔✔- Don't
have naturally deep ports + with increasing size of freight we can't accommodate!
Not highly advanced tech - many US ports are old and use old tech
Us has more imports than exports - shipping companies lose money in transporting empty
containers to other ports when they're in storage(#1 export is air)
Lack of automation
Product components to be tailored for international distribution ? - CORRETCT
ANSWER✔✔- 1. product attributes
2. distribution strategy
3. advertising + promo strategy
4. pricing strategy
examples for how this is carried out:
Change the packaging
Design features
Services
Name
Functional features
China update lecture - CORRETCT ANSWER✔✔- -China approaches world with *soft
power* approach like the *one belt one road* - they do lots of development projects whereas
country like US uses military forces around the world for stronger power
, -China as top: population, foreign reserves, manufacturer, energy consumer, carbon emitter,
net savings rate, cinema market, etc
-Fifth year plan 2017-2022- want to *bring cities to the rural people* to stem the rapid
immigration in their own country from rural --> nonrural
-*politicians are paid WAY FREAKING MORE than US politicians* - society isn't really fair
-theyre trying to buy more global brands to increase outward FDI
-1 in 5 Chinese billionaires want to emigrate
International marketing mix - *place/distribution* - CORRETCT ANSWER✔✔-
*place/distribution*- most locally responsive element of marketing mix b/c distribution
channels vary dramatically across countries. [long channel = price escalation + less agile!]
-example: *Cargill + feed!* had to completley change the way they operate (go into smaller
amount for purchase) to op in Vietnam
International marketing mix - *pricing* - CORRETCT ANSWER✔✔- options:
1. *cost plus* - price according to the cost of serving individual markets (diff in transport
costs + tarrifs + intermediaries etc) [*demand in just that market determines price* and you
maintain *same margin in all markets*]
*multipoint pricing* - pricing in one market has impact in another. subsidizing low pricing in
one market from profits in another. [ex - pharmaceuticals] [pay attention moreso to overall
firm strategy; *forgo profits/margin in one country to pursue profits in another; NOT
maintaining same margins across markets*]
*global pricing* - premium pricing to take advantage of global elites / position brand as
premium [based off of consumer willingness to pay] [often luxury goods for image, or B2B
goods for uniform price in negotiations]
*OVERALL - CONSUMERS DON'T LIKE PRICE CHANGES!!*
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