MKTG 361 Chapter 09 study guide

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University Of Arizona *

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361

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Marketing

Date

Apr 3, 2024

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pdf

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Uploaded by MinisterKookabura344

___________ is the unconscious reference to one’s own cultural values, experiences, and knowledge. Q: Define cultural relativism (from class notes, not the book!) Regional Trade Alliances The regional trade alliance for the US, Canada and Mexico is called _________. Its intent is to act as a ________ market, removing ______ and creating a ________ area. What are its four benefits? The European Union (EU) is also known as the _________. What four things does it try to be that would be more than just a trade agreement? What three things does it accomplish in relation to free trade? ____________ is an entity that promotes free trade among member nations by eliminating trade barriers and educating individuals, companies, and governments about trade rules around the world. What are its three key elements? _________ is the practice of charging a lower price for a product (perhaps below cost) in foreign markets than in the firm’s home market. What are the three reasons some companies attempt to do this? Modes of Entry into the Global Marketplace A trading company is a simple entry into the market, as it links buyers and sellers, so it could also be called a _________. What one business activity does it not do? Licensing requires a licensee to pay ______ or ________ on sales or supplies. Companies license the use of what five things, on another company’s products or services? Franchising is a form of licensing. Understand the concept of franchising. What are the four benefits for a franchiser? Contract manufacturing is the practice of hiring another firm who _______________ to produce a designated volume of the company’s product or a component of it to ___________; the final product carries the _________ name. Outsourcing – _____________ functions or tasks to a third-party vendor (i.e., manufacturing goods or conduct business services) Offshoring – The practice of _________ a business process that was done domestically to a foreign country, regardless of whether the production accomplished in the foreign country is internal (subsidiary) or external (subcontractor). Why would a company do this? Offshore outsourcing – combination of both. When a company _______ a third-party organization in another country to perform business functions. ________ is a combination of two or more parties that seek the creation of a single, _______ enterprise or project for profit, sharing the risks associated with its development, for a specified time. When it comes to entering foreign markets, what is the key benefit of this arrangement? What is the key difference between strategic alliances and joint ventures? What is the key reason companies for forming a strategic alliance? What are the three types of alliances?

Direct foreign investment or ________ is active ownership of a foreign company, or of overseas manufacturing or marketing facilities. Can you think of a large industry who has several plants in the US? Q: Multinational corporations optimize the resources that they have in the countries where they do business. What are the five advantages of multinationals? Company Growth and Structure in International Markets Q: What is a born global and how does it differ from a traditional approach for companies entering the global marketplace? In contrast to born global, the first step for exports as extra sales is likely handled by the existing _________ department. Once a company sees exports as a growth opportunity, the company might form an ____________ department. With success, they might next build an ___________ division. If this proves fruitful and strategically necessary for the company, the company may move to international ________ structures where they are making major investments. They may even open _________ in key international markets. Q: Firms with internationally integrated structures are most likely to engage in direct ownership activities internationally. What are the three most common structures? Which is the most common? Which is focused heavily on location and logistics? Which is the most difficult to execute well? Traditionally, international marketing strategies have customized marketing mixes according to cultural, regional, and national differences; ___________ considers every market to be unique and customizes marketing mixes accordingly. Today, many firms strive to build their marketing strategies around similarities that exist instead of customizing around differences. ___________ is the development of marketing strategies that treat the entire world (or its major regions) as a single entity. Entails producing standardized products, distribution channels, promotion campaigns, and prices for all markets. A primary benefit of globalization is that productivity grows more quickly. This is largely due to ___________, when a country, based on skills, resources or location can produce products easier or cheaper than other countries.

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