CH1 MdTerm Flashcards
Refers to the exchange of goods and services across national borders to meet requirements of the international customers and clients
Purpose: create availability and accessible good and services, not just for a country but globally, for customers/client use
International Business and Trade
Scope of IBT
- Global Web
- Licensing and Franchising
- Joint Ventures
- Direct Investment
- Export
Participants of IBT
- Multinational Corporations
- Exporters
- Importers
- Service Companies
Benefits of International Business and Trade
- expansion of business
- better market understanding
- sales promotion
- endurance building
- customer engagement
- diversification
- customer orientation
Governance of IBT
- World Trade Organization (WTO)
- General Agreement on Tariffs and Trade (GATT)
- Regional Comprehensive Economic Partnership (RCEP)
- Sustainable Development Goals (SDG)
The only global international organization dealing with rules of trade between nations.
Role: global system, forum, settle disputes and support needs.
World Trade Organization (WTO)
under the supervision of WTO, this governing body reduce tariffs and oter trade barriers.
Role: encourage global cooperation, ensure fair competition and expansion of trade.
Regional Comprehensive Economic Partnership (RCEP)
set of 17 goals adopted by all UNITED NATIONS member states in 2015
Purpose: adress global challenges and ensuring prosperity while protecting the planet
Sustainable Development Goals (SDG)
What do you think is the secret of a successful
PRODUCT/SERVICE LAUNCH?
Secrets of a Winning Product Launch…
- Matching Product Capabilities to Market Needs
- Clear Positioning
- Setting Clear Product Launch Goals
- Timing
Factors Influencing Customer Satisfaction
- Product quality
- Service quality
- Price
- Specific product features
- Personal factors
- Situational factors
refers to:
❖How well a product satisfies customer needs.
❖How well it serves its purpose.
❖How it meets industry standards.
❖The collection of features and characteristics that contribute to its ability to meet customer needs.
Product Quality
Customer’s judgment of overall excellence of the service provided in relation to the quality that was expected
❑Perception
❖It is the way a person interprets reality or quality
Service quality
DIMENSIONS OF SERVICE QUALITY
- Reliability
- Responsiveness
- Assurance
- Empathy
- Tangibles
❖Dependability
❖Accuracy
✓Provide services at promised time dependably and accurately
✓Perform services right the first time
Example: receive mail at same time each day
Reliability
❑Promptness
❑Helpfulness
✓Willingness to help customers promptly
✓Readiness to respond to customer’s request
Example: avoid keeping customer’s waiting.
Responsiveness
❖Credibility
❖Security
✓Ability to convey trust and confidence
✓Give a feeling that customers best interest is in your heart
Example: being polite and showing respect for customer
Assurance
❖Good communication
❖Customer understanding
❖Personalised attention
✓Ability to be approachable, caring, understanding and relating with customer needs
Example: being a good listener
Empathy
❖Physical evidence
✓ Appearance of physical facilities, Equipment and communication material.
Example: cleanliness of employee
Tangibles
Purpose of Service Quality
- Improved Service Performance
- Improved Customer Satisfaction
- Improved Customer Retention
- Increased Market Share
- Increased Profitability
“The group of features and characteristics of a saleable good which determine its desirability and which can be controlled by a
manufacturer to meet certain basic requirements defines ———-”.
- ——– is the product’s ability to fulfil the expectations and
needs set by the end user
PRODUCT QUALITY
PARAMETERS OF PRODUCT QUALITY
Eight Parameters can be used at a strategic level to analyse product quality characteristics. They are as follows:
- Performance
- Features
- Reliability
- Conformance
- Durability
- Serviceability
- Aesthetics
- Perceived Quality
refers to a product’s primary operating characteristics. This dimension of quality involves measurable attributes; brands can usually be ranked objectively on individual aspects of ————-.
PERFORMANCE
Features are additional characteristics that enhance the appeal of the product or service to the user. Secondary aspects of performance.
Ex :- Cruise control, Leather seats, Smart parking
FEATURES
- ——— is the likelihood that a product will not fail within a specific time period. This is a key element for users who need the product to work without fail.
- The likelihood that the product will not fail within a specific time period.
- The common measure of reliability is the failure rate per unit time
RELIABILITY
- ———- is the precision with which the product or service meets the specified standards.
- To what extent the product design and the operating characteristics meet the pre-established standards.
- Service businesses measures is of ———– normally focus on accuracy and frequent mistakes.
CONFORMANCE
- ——— measures the length of a product’s life. When the product can be repaired, estimating —— is more complicated. The item will be used until it is no longer economical to operate it.
- Reliability and —— are closely linked
DURABILITY
———— is the speed with which the product can be put into service when it breaks down.
- Means the consumer’s ease of obtaining repair service
- This includes:
- Responsiveness of service personnel
- Willingness of repair personnel
- Reliability of service
- Speed
SERVICE ABILITY
- ——- is the human perception of beauty, including sight, sound, smell, touch, taste, and movement.
- ——— refers to how the product looks, feels, sounds, tastes or smells.
- This is a matter of personal judgment.
AESTHETICS
- ——– is the quality attributed to a good or service based on indirect measures.
- Reputation is the primary stuff of ———
- The ——- may be base on images, advertising and brand names.
- —— is not always reality.
PERCEIVED QUALITY
Focus of Product Quality
Before Production: Must know the needs of consumers (designs & specifications)
During Production: Must have quality control on allstages of production process
After Production: Finished product must match design specifications and qulity in all aspects.
is a direct trade or exchange of goods and services without the use of money or any form of currency.
Modern Day Barter Activities = SWAP MARKETS and ONLINE AUCTIONS.
- Advantages: (1) It does not involve money. (2) It is a simple kind of trade/exchange. (3) Foreign
exchange rates and unbalanced economic power is non-existent. (4) Easy t0 dictate prices. - Disadvantages: (1) Difficult to find people who need what other people have. (2) Difficult to find the
value of what one has versus the value of what the other one has. – No standard measure or value.
(3) Time-consuming. (4) Unfair pricing strategies. (5) Some goods are perishable.
Barter
is a medium of exchange that facilitates transaction of goods and services.
*Money was introduced since there is lack of common value to measure the value of the majority in the Barter System.
- Money were in the form materials like salt, metal, farm animals, shells, feathers and animal teeth.
- They agreed specific values for these materials and used them for trade.
- However, it became difficult to carry and use materials so they wanted something that is not perishable and easy to carry as a medium of exchange.
- Thus, the use of metal pieces as Money.
Money
- Barter was also the means of trade long before Spaniards came to the
Philippines. - However, the inconvenience of the barter system led to the adoption of a
specific medium of exchange – the Cowries. - Barter Rings made in gold and the first local form of coinage called
“Pilancitos” are used for payments. - Piloncitos have a flat base with inscription of “MA” or “M”
Pre-Hispanic Era
Introduction of bronze, silver and copper coins.
Spanish Era
Introduction of paper currency in the Philippine Monetary System
Revolutionary Period, American Period, Japanese Period until the start of the Philippine Republic Era
money rendered for a product or service
through a portable electronic device like smartphones.
Mobile Payments
is a place, such as a checkout counter, where a customer makes the payment of purchased goods and services.
Point-of-Sale (POS)
is the technology that allows two devices – your phones and a payment terminal machine to process contactless payments.
Near Field Communication
represents a newer, cutting edge solution that has sound waves containing encrypted data about the payment on most mobile phones. PayPal’s SoundwaveTechnology in
Mobile Payment.
Sound Wave-Based (SWB) or Sound Signal-Based
stores payment information on a mobile device usually in an app that utilizes different technologies in the payment process.
Apple Pay, Samsung Pay and Google Play uses NFC for contactless payments.
Mobile/Digital Wallets
are trademark of a type of matrix barcodes readable by smartphones.
Advantages of ——: (a) Stores large data (b) Can be scanned from large screens, not just
on paper (c) Can be read even if part of QR is damaged (d) Safer because information can be
encrypted.
Quick Response (QR codes)
——— or payments of purchased products and/or services via a Text Message.
Short Messaging Service (SMS) Payments
a digital money (digitally stored and used for online transactions), with its own unique value and is not equal to real money, used for medium of exchange.
Crypto currencies/Virtual Currencies
digital representation of fiat currency (or real money) stored on digital wallets or e-wallets like GCASH, MAYA, PAYPAL, etc.
E-Money
