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MKT 302 Exam 4
Terms in this set (30)
exporting increases ______ ________ and ________
market size; profits
Lower trade barriers under the WTO and economic agreements such as the EU and NAFTA maek ______ easier
Many smaller firms export __________ because they are intimidated by the complexities of exporting
__________ firms need to
identify market opportunities
deal with foreign exchange risk
navigate import and export financing
understand challenges of doing business in a foreign market
japanese trading houses
You can improve export performance through __________ ______ companies
To improve export performance, information can be obtained from the US department of ________, the __________ trade administration, and the US and foreign __________ service.
commerce; international; commercial
Reduce the risks of exporting by
hiring an ____ of export consultant.
Starting on a ______ scale.
_______ the costs/Making a _________.
________ local resource
__________ prefer payment prior to shipping
_________ prefer to receive the goods prior to payments
________ as third party facilitators adds trust to the exporting process
The bank will pay a specific sum to exporter of money on presentation of documents
Letter of Credit
An order written by an exporter instructing an importer to pay a specific amount of $ at a specific time
Draft (Bill of exchange)
Is payable on presentation to the drawee
A promise to pay by the accepting party at some future time. This allows for a delay in payment.
We trust in a _________ way we can trust 1 thing and not another.
__________ = an alternative means of doing an international sale when means of payment are difficult, costly, or non-existent.
Countertrade is most attractive to ________, _________, ________-national companies who can use their worldwide network.
large; diverse; multi
Direct exchange of goods
_______________ =reciprocal buying agreement
_________ = greater flexibility to purchase the good that they want
_____ _______ = using a specialized 3rd party trading house
_________ = a firm builds a plant in a country and agrees to take a certain %age of output as partial payment for a contract
Theodore Levitt argued that world markets were becoming increasingly _______, making it unnecessary to localize the marketing mix. However this isn't possible because of cultural diffs, econ diffs, trade barriers, etc.
Product price place promotion
___________ ______________ = Identifying groups of consumers whose purchasing behavior differs from others in important ways
______ strategy emphasizes personal selling.
______ strategy emphasizes mass media advertising
Seth Godin video ("Be remarkable")
We want to focus on the innovators and early adopters in the product diffusion curve.
Talk to these people who have ______ meaning they are a person who is obsessed about a product and their excitement will then bleed out into others.
Other people will listen to those who are obsessed with something.
A ____________ cow gets noticed and talked about.
It is _______ to be safe **
otaku; purple; risky
Elastic= Price makes a ___ difference for consumers. They care.
Inelastic= Price makes _____ difference. They don't care
1. ______ rate= the spot exchange rate when the budget is adopted
2. __________ rate= the spot exchange rate Forecast for the end of the budget picture
3. ________ rate= the spot exchange rate when the budget and performance are being compared
Money management goals are to minimize ___ balances and reduce _____ costs.
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