GM exam 1 UPDATED ACTUAL Questions and CORRECT Answers
0 view 0 purchase
Course
GM.
Institution
GM.
GM exam 1 UPDATED ACTUAL
Questions and CORRECT Answers
Ch 1 starts - CORRECT ANSWER-
Why is international trade is important? - CORRECT ANSWER- - Fuels economic
growth
- Supports jobs
- Raises standard of living
- Provides people with affordable goods and services
- Leads to faster produc...
GM exam 1 UPDATED ACTUAL
Questions and CORRECT Answers
Ch 1 starts - CORRECT ANSWER✔✔-
Why is international trade is important? - CORRECT ANSWER✔✔- - Fuels economic
growth
- Supports jobs
- Raises standard of living
- Provides people with affordable goods and services
- Leads to faster productivity growth
- Countries can specialize production
- Access to new and different goods and services
What can affect trade? - CORRECT ANSWER✔✔- - Financial and economic disruptions.
- Company scandals and layoffs.
- Wars and political unrest.
- Russia-Ukraine conflict reigniting Cold War tensions.
- Natural disasters and pandemics.
- High inflation following COVID-19 pandemic.
- Populist developments such as Brexit and Trump election
Globalization of business - CORRECT ANSWER✔✔- - Increased trade and investment,
which spurs economic growth and development
- Increased competition, lower prices for goods
- Can lead to job losses and displacement of businesses, increased inequality and
environmental degradation
- Interdependence with China economic realm, trade and investment ties
International Marketing defined - CORRECT ANSWER✔✔-
What are firm controllables? - CORRECT ANSWER✔✔- Product
Price
Place
Promotion
Research
What are domestic environment uncontrollables? - CORRECT ANSWER✔✔- - Political and
legal forces.
- Economic climate.
- Competition.
- Level of technology.
- Structure of distribution.
- Geography and infrastructure.
- Cultural forces.
What are foreign environment uncontrollables? - CORRECT ANSWER✔✔- - Political/legal
forces.
- Economic forces.
- Competitive forces.
- Level of technology.
- Structure of distribution.
- Geography and infrastructure.
- Cultural forces.
What is (SRC) Self-reference criterion? - CORRECT ANSWER✔✔- Unconscious reference
to own cultural values, experiences, knowledge
Problematic when used as basis for decisions
, How to be Vigilant of SRC and Ethnocentrism to Avoid Business Errors? - CORRECT
ANSWER✔✔- 1. Define the business problem or goal in home-country cultural traits, habits,
or norms.
2. Define the business problem or goal in foreign-country cultural traits, habits, or norms
through consultation with natives of the target country. Make no value judgments.
3. Isolate the SRC influence in the problem and examine it carefully to see how it
complicates the problem.
4. Redefine the problem without the SRC influence and solve for the optimum business goal
solution
What is ethnocentrism? - CORRECT ANSWER✔✔- One's own country, culture, or country
is best
Most problematic when affluent countries work with less affluent
What are the stages of International Marketing Involvement? - CORRECT ANSWER✔✔- 1.
No Direct Foreign Marketing
2. Infrequent Foreign Marketing
3. Regular Foreign Marketing
4. Multidomestic or International Marketing
5. Global Marketing
What stages of international marketing are more reactive and less strategic? - CORRECT
ANSWER✔✔- Stages 1 and 2
What stages of international marketing are more involved in strategic planning? - CORRECT
ANSWER✔✔- Stages 3, 4, and 5
Ch 2 - CORRECT ANSWER✔✔-
What are tariffs? - CORRECT ANSWER✔✔- A tax imposed by a government on imported
or exported goods
- trade barrier
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
