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MKT 360 Exam 3 Questions And Answers Latest Update
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MKT 360 Exam 3 Questions And Answers Latest Update
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MKT 360 Exam 3 Questions And Answers Latest UpdateHow do Global companies differ from International companies? (Market) - correct answers Global: the world
International: individual country
How do Global companies differ from International companies? (Look For) - correct answers Global: similarities (needs)
International: differences (needs)
How do Global companies differ from International companies? (Marketing Strategy) - correct answers Global: standardization
International: adaptation
How do Global companies differ from International companies? (Satisfaction Goal) - correct answers Global: lowest common denominator
International: all needs / wants
How do Global companies differ from International companies? (Satisfaction Level) - correct answers Global: low
International: high
How do Global companies differ from International companies? (Pricing) - correct answers Global: low
International: high
How do Global companies differ from International companies? (Costs) - correct answers Global: low (economies of scale)
International: high (mfg/inv/mkt)
How do Global companies differ from International companies? (Image) - correct answers Global: global
International: local How do Global companies differ from International companies? (Advantages) - correct answers Global: integration of operations (optimization of the value chain)
International: customization
What are the benefits of a Global orientation? - correct answers Uniform Global Image
Integrate the Value Chain
Economies of Scale in Production and Marketing
Transfer of Experience and Know-How across Countries
Control and Coordination of Operations
The company takes each of the elements of the value chain and assigns it to the specific subsidiary that does it best. That way the company can optimize the value chain.
What is direct exporting? - correct answers the company sells to a customer in another country
What is indirect exporting? - correct answers the company sells to a buyer (importer or distribution) in the home country, who in turn exports the product
What are 2 advantages of exporting as a market entry strategy? - correct answers simplicity
minimum financial risk
What is a major disadvantage of exporting as a market entry strategy? - correct answers minimum marketing control
a low degree of control, once you ship it you have lost control over your marketing strategy because now your goods belong to the importer
What is licensing? - correct answers A contractual arrangement whereby one company (the licensor) makes an asset available to another company (the licensee) in exchange for royalties, license fees, or some other form of compensation
What is a licensor? - correct answers the one with the asset What is a licensee? - correct answers the one borrowing the asset for a fixed time period
What are some of the types of assets that can be licensed? - correct answers patent, trade secret, or company name
What are 2 advantages of licensing to the licensor? - correct answers Little initial investment required
Attractive return for the life of the contract
What are 2 disadvantages of licensing to the licensor? - correct answers Limited form of participating in foreign market
Licensees can turn into competitors in time
What is the difference between a license and a franchise? - correct answers a license is only for one item and a franchise
is where a franchisor provides a standard package of products, systems, and management services
and the franchisee provides market knowledge, capital, and personal investment in management
simple level big difference is the amount of support you can expect to receive
What is a joint venture? - correct answers a partnership of two or more participating companies that have joined forces to create a separate legal entity
What are the advantages of a joint venture? - correct answers Shared risk
Combined strengths of partners
Open doors to countries that favor local companies or prohibit foreign control
Avoid tariff and quota barriers
What are the disadvantages of a joint venture? - correct answers Differences in culture and management philosophies can lead to disagreements among partners and to divorce
Control and coordination of the venture can be very costly for the foreign partner
Local partners can evolve into strong competitors
What is consortia? - correct answers a joint venture for special situations
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