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MKT*311 Chapter 2
Terms in this set (61)
Which of the following refers to the movement of goods and services between countries?
Why might a firm decide it is time to globalize a business?
The domestic market has peaked
___________ occurs when countries trade goods by using other items instead of cash.
A firm is considering going global and is determining if it should standardize or localize its market strategy. These tasks are at which step of the going global decision-making process?
___________ is the flow of goods and services among different
value of all the exports and imports of the world's nations.
In terms of the globalization decision described in the text, which of the following is one of two critical factors for a firm deciding whether or not to go global?
Which of the following is defined as the flow of goods and services among different
total value of all the exports and imports of the world's nations?
The _____ consisted of a series of anti-government protests and uprisings in a number of Arab countries that were largely aided by new social media tools, gave hope to many that dictatorships in countries in the Middle East would become democracies and bring a better life to peoples of the countries.
Firms consider four steps when determining whether or not to go global. Which of the following is the third step in the process?
Market-entry strategy and commitment
What is the purpose of the International Monetary Fund (IMF)?
Controlling fluctuations in exchange rates
The main function of ___________ is to ensure that trade flows as smoothly, predictably, and freely as possible.
the World Trade Organization (WTO)
___________ is/are an extreme quota that prohibits commerce and trade with a specified country altogether.
The U.S. belongs to which of the following economic communities?
Protectionism can be best defined as when a country ___________.
enforces rules on foreign firms to give home companies an advantage
Which of the following terms refers to limitations set by a government on the amount of a product allowed to enter or leave a country?
The price of one country's currency in terms of another country's currency is known as the _____.
France, Germany, Greece, Ireland, and Italy are all members of which economic community?
Which of the following countries make up the economic community known as NAFTA?
Canada, Mexico, and the United States
Which of the following is used to measure the "health" of a country's economic environment?
Gross domestic product
Which business cycle indicates falling demand, employment, and income?
According to Table 2.2, the total ___________ of the United States was $17.97 trillion, which includes the total dollar value of goods and services it produces within its borders in a year.
In 2009, the U.S. economy experienced falling demand, employment, and income. Which phase of the business cycle was the country experiencing?
The airline industry requires substantial investments in equipment or technology to produce a product. As a result, there are a relatively small number of sellers, each holding substantial market share, in a market with many buyers. Because there are few sellers, the actions of each directly affect the others. This is an example of ___________.
Nationalization occurs when ___________.
a domestic government takes control of a company or industry, generally occurring without compensation for the loss of the net worth of seized assets and potential income
Which of the following is the MOST commonly used measure of a country's economic health?
An economy experiencing falling demand, employment, and income is in which stage of the business cycle?
Which term refers to the process of gathering and analyzing publicly available information about rivals?
Which competitive macroenvironment do many athletic shoe manufacturers, including Nike, New Balance, Adidas, and more recently, Under Armour, vigorously compete with one another for consumers?
Which law prohibits harmful practices in the production of beef meant for human consumption?
Food and Drug Act
Which of the following would be considered a developing or newly industrialized country?
Which of the following refers to a form of protectionism that stipulates a certain proportion of a product must consist of components supplied by industries in the host country or economic community?
Local content rules
Which of the following terms indicates ways to dress, how to speak, what to eat, how to eat, and how to behave?
What type of agreement is used when one group is given the right to use an entire way of doing business from another?
Which product strategy works on the premise that people in different cultures have strong and different product preferences?
A firm seeking to find a local firm to adopt its entire business model is utilizing a(n) ___________ market entry strategy.
In South Korea, the Dunkin' Donuts menu offers Korean fare such as black rice donuts, jalapeño sausage pie donuts, and rice sticks. Dunkin' Donuts is utilizing which of the following product strategies?
Product adaptation strategy
___________ is an unethical and often illegal practice in which a company prices its products lower than it offers them at home. This removes excess supply from home markets and keeps prices up there.
Free trade zones are best described as ___________.
designated areas where foreign companies can warehouse goods without paying taxes or customs duties until they move the goods into the marketplace
Which term refers to a market entry strategy involving two or more firms creating a new entity, allowing the partners to pool their resources for common goals?
Which of the following market entry strategies involves an agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for royalties?
If a firm retains the same product for domestic and foreign markets, the company is demonstrating which type of product strategy?
Straight extension strategy
Which term refers to items that are imported without the consent of the trademark holder?
Gray market goods
The idea that one should do the most good and the least harm is the _____ approach to decision making.
What are the basic values and rules of conduct that guide the employees within an organization?
A marketer asking, "Which option will produce the most good and do the least harm?" is utilizing which philosophical approach?
A marketer utilizing the rights approach to make an ethical marketing decision would ask which of the following questions to make a decision?
Which option best respects the rights of all who have a stake?
___________ occurs when someone in authority extracts payment under duress.
Which of the following is NOT one of the ethical values included in the Highlights of the American Marketing Association Statement of Ethics?
_____ occurs when someone voluntarily offers payments to get an illegal advantage.
Which of the following occurs when someone in authority extracts payment under duress?
What is the goal of price strategies for sustainable marketing practices?
Prices that are close to prices of other products
Which of the following encourages organizations to pay workers in developing countries an equitable wage instead of a minimum wage?
The ___________ sustainability metric measures the pounds of pollutants emitted in the process of creating organizational output.
pollutant (greenhouse gas) emissions
The ___________ sustainability metric uses BTUs to measure net fuel energy consumed by an organization for heating and power requirements.
___________ refer(s) to actively looking for products that come from farms within 50-100 miles of where one lives.
Consumers can be an important part of ___________ when they become knowledgeable about environmental concerns and environmentally friendly products.
sustainable marketing practices
What part of the sustainable marketing mix involves producing more environmentally friendly products, such as electric automobiles?
Which of the following refers to a sustainability metric that refers to the net fuel energy in BTUs consumed to provide organizational heat and power requirements?
Which of the following is a sustainability metric that refers to pounds of pollutants emitted in the process of creating organizational output?
Pollutant (greenhouse gas) emissions
Within the food industry, a growing trend is locavorism, which means consumers actively look for products that come from farms within _____ miles of where they live.
50 to 100
Which of the following are developed in order to coordinate trade policies and increase the flow of products between countries?
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