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UNI Fall 2023 > COMM211 Quiz 1 > Flashcards

COMM211 Quiz 1 Flashcards

1
Q

Marketing mix decisions (2)

A
  • Adaptation
  • Standardization
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2
Q

Standardization

A

Same marking mix

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3
Q

Adaptation

A

Adjustment of marketing program to each market

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4
Q

Ways products can be sold (3)

A
  • Same form as the home market
  • With some adaptation
  • As a totally new product
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5
Q

Global marketing Pros (4)

A
  • Economies of scale in production and distribution
  • Lower marketing costs
  • Consistency in brand image
  • Uniformity of marketing practices
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6
Q

Global Marking Cons (3)

A
  • Diff. in consumer needs
  • Diff. in consumer response to marketing mix elements
  • Diff. in brand and product development and the competitive environment
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7
Q

Product extension (standardization) (2)

A
  • Cost saving (no additional R&D expense)
  • When consumers share the same desires/needs
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8
Q

Product adaptation

A
  • Alter product to appeal local culture
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9
Q

Levels of adaptation (3)

A
  • Regional version
  • Country version
  • City version
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10
Q

Product extension - Communication adaptation (3)

A
  • Same product, different communication
  • Different functions outside the home-country market (ex: bicycle and motor scooter)
  • Different positioning for the product (ex: Perrier)
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11
Q

Product invention (2)

A
  • Backward invention (reintroducing earlier products to well-adapted country)
  • Forward invention (creating new product for country’s needs)
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12
Q

Communication (5)

A
  • Interpretation of message (language, name colors)
  • Same theme but adapt the copy to each local country
  • Use of media (availability varies)
  • Change in sales-promotions
  • Change in personal selling tactics
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13
Q

Price (3)

A
  • Price escalation problem
  • Can be charged with dumping
  • Gray market problem
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14
Q

Timing of entry (2)

A
  • Waterfall model
  • Sprinkler strategy
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15
Q

Waterfall model (3)

A
  • Introduce product in home market
  • Innovation launched in other advanced markets
  • Market product in less advanced countries
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16
Q

Sprinkler strategy (2)

A
  • Worldwide entry within 1-2 years
  • Major factors: Prominence of universal segment and concern of competition in foreign markets
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17
Q

When is the waterfall model better than the sprinkler strategy? (2)

A
  • Lifecycle of product in relatively long
  • Weak competitive climate in foreign market
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18
Q

Coca-Cola trick to global expansion (3)

A
  • Advertising
  • Sponsorship
  • Direct Sales
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19
Q

McDonald trick to global expansion (3)

A
  • Local adaptation
  • Competition “user”
  • Attraction power from leader
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20
Q

4Ps decisions (4)

A
  • Price
  • Product
  • Place
  • Promotion
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21
Q

Marketing mix influences (5)

A
  • Demographic
  • Economic
  • Technological
  • Political
  • Cultural
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22
Q

Demographic environment (2)

A
  • Different advertising strategy for each target market
  • Major interest to marketers
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23
Q

Economic environment

A

Affects buying power and spending patters (change in income, cost of living, interest rate, inflation…)

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24
Q

Technological environment (2)

A
  • Create new markets and opportunities
  • Need to keep up with technological change
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25
Q

Political environment (2)

A
  • Legislation Regulating Business (encourage competition and ensure fair market goods/services
  • Increased legislation (laws for competition, fair trade, environmental protection
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26
Q

Reason for business legislation (2)

A
  • Protect companies from each other and unfair competition
  • Protect consumers from unfair business practices
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27
Q

Cultural environment (3)

A
  • Cultures greatly differs and impact how business is conducted
  • Be aware of connotation of words, signs, symbol and expressions
  • Careful with logo advertisement
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28
Q

Why do companies make mistakes when expanding into foreign country?

A

A lack of knowledge of country local culture

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29
Q

Element of culture for international marketers (2)

A
  • Material life
  • Language
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30
Q

Material life

A

Difference in level and type of consumption of goods (ex: soft-drink industry, Coca-Cola in China/India)

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31
Q

Language (4)

A
  • Translating doesn’t always work
  • Names may carry different association
  • Inappropriate translation
  • Body language
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32
Q

Response to marketing environment (2)

A
  • Passively accept the environment
  • Change in environment (ex: Cathay Pacific Airlines)
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33
Q

Globalization

A

Shift to more integrated/interdependent world economy

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34
Q

Globalization of markets (3)

A
  • Merging of distinct market into 1 huge one
  • Fall of trade barrier -> easy to sell internationally
  • Consumer taste converge to global norm
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35
Q

Global institutions (4)

A
  • World trade organization (WTO)
  • International Monetary Fund (IMF)
  • World Bank
  • United nation (UN)
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36
Q

World trade organization (4)

A
  • Police world trading system
  • Ensure nation adhere to rules
  • Facilitate international agreements
  • Help manage/regulate global market
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37
Q

International Monetary Funds (IMF) (2)

A
  • Maintain order of int. monetary system
  • Lender of last resort
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38
Q

World Bank

A

Promote economic development

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39
Q

United nation

A

Preserve peace through int. cooperation and collective security

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40
Q

Globalization of production (3)

A
  • Sourcing good/services from around the world to take advantage of national difference
  • Compete more effectively
  • Optimal dispersion still difficult
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41
Q

Drivers of globalization (2)

A
  • Decline in barrier to the free flow of goods, service, capital, since WW2
  • Technological change in comm., info processing and transportation
42
Q

U.N basic purposes (4)

A
  • Maintain int. peace
  • Develp. friendly relation among nations
  • Coop in solving int. problems and promoting respect for human right
  • Center for harmonizing actions of nations
43
Q

Collectivism

A

Primacy of collective goals

44
Q

Individualism

A

Economic freedom (econ.. self-interest)

45
Q

Type of totalitarianism (4)

A
  • Communist
  • Theocratic
  • Tribal
  • Right-wing
46
Q

Economic systems (3)

A
  • Market
  • Command
  • Mixed
47
Q

Legal systems (3)

A
  • Common law
  • Civil law
  • Theocratic law
48
Q

Gross Nation Income (GNI)

A

Total income of all people

49
Q

Purchasing Power Parity (PPP)

A

Measure of price in different countries

50
Q

Human Development Index (HDI)

A

Quality of human life in different countries

51
Q

Criteria of HDI (3)

A
  • Life expectancy at birth
  • Education
  • Average income
52
Q

State in transition

A

Wave or democratic revolution around the world (1980-1990)

53
Q

Cause of spread of democracy (2)

A
  • Communication technologies
  • Prosperous middle class that push for democratic reforms
54
Q

Huntington theory

A

Non-western countries may return to traditional societies

55
Q

Nature of economic transformation (2)

A
  • Deregulation (removing restrictions)
  • Privatization (transfer of state property to private ind.)
56
Q

The need of legal system

A

Prevent organized crime / Protect property rights

57
Q

Implication of changing political economy (5)

A
  • Moves slowly
  • Supported by governments
  • Money losing
  • Ballooning budgets deficit -> hyperinflation
  • Shock therapy = best
58
Q

Cultures (2)

A
  • Rooted in values/norms
  • Evolves over time
59
Q

Folkway

A

Routine conventions of everyday life

60
Q

Mores

A

Norms central to functioning society and social life (No crime, incest, cannibalism)

61
Q

Can society have more than one culture?

A

Yes

62
Q

Is there a strict one-to-one correspondence between society and nation-state?

A

No

63
Q

Determinants of culture (5)

A
  • Religion
  • Political / Economic philosophy
  • Education
  • Language
  • Social structure
64
Q

Social culture (2)

A
  • Individual = basic unit of social org. (not group)
  • Society stratified into classes
65
Q

Individuals (social culture)

A

Emphasis on ind. performance

66
Q

Group (social culture)

A

Primary unit in non-western culture

67
Q

Social Strata

A

Hierarchical social categories based on family background, occupation and income

68
Q

Caste system

A

Social position determined by family

69
Q

Class system

A

Open stratification (can change position through achievements)

70
Q

Major religions (5)

A
  • Christianity (Catholic/Protestant)
  • Islam (free entreprise)
  • Hinduism (spiritual achievements)
  • Confucianism (loyalty/honesty)
  • Buddhism (no wealth creation, entrepreunial acceptance)
71
Q

Language (2)

A
  • Spoken language
  • Unspoken language (non-verbal comm.)
72
Q

Education (2)

A
  • Determinant of national competitive advantage
  • econ success from skilled/educated workforce
73
Q

Culture workplace (5)

A
  • Power distance
  • Ind. vs. Collec.
  • Uncertainty avoidance
  • Masculinity vs. femininity
  • Long-term vs. short-term orientation
74
Q

Critics of Hofstede (3)

A
  • Countries have more than one culture
  • Research culturally bound
  • Research focused on 1 industry
75
Q

Economic advancement = societal change?

A

Yes

76
Q

Tarrifs (3)

A
  • Tax levied on import
  • 2 types: Speciffic (fixed charge on unit of good) and Ad valorem (proportion of the value of the imported good)
  • Used to protect domestic produced from foreign competition
77
Q

Who suffer/gain from tariffs (3)

A
  • Govn. Gain
  • Domestic Producer gain
  • Consumer lose
78
Q

Conclusion on tariffs (2)

A
  • Pro-producer, anticonsumer
  • Reduce overall efficiency of world economy
79
Q

Subsidies

A
  • Govn. payment to domestic producer
  • Helps producer in 2 ways: compete against foreign import and gain export markets
80
Q

Import quota

A

Restriction to quantity of good imported

81
Q

Tariff rate quota

A

Lower tariff rate is applied to imports within a quota than those over quota

82
Q

Voluntary export restraint (VER)

A

Quota imposed by exporting country

83
Q

Export tariffs

A

Tax on exported goods to ensure sufficient supply within country

84
Q

Export ban

A

Policy that partially or entirely restrict export of a good

85
Q

Local content requirement (LCR)

A

Requirement that a fraction of good be produced domestically

86
Q

Administrative trade policies

A

Bureaucratic rules designed to make it difficult for import to enter a country
Japan = master

87
Q

Anti-dumping policies

A

Policies designed to punish form that engage in dumping (predatory behavior)
Also named countervailing duties

88
Q

Euro benefit (4)

A
  • More saving with 1 currency
  • Easier to compare price
  • Lower prod. cost
  • Support develp. of pan-European capital market
89
Q

Euro cost (3)

A
  • National autorities lost control over monetary policy
  • Establishment of independent European central bank
  • Set interest rate and determine monetary policies for euro zone
90
Q

How many countries in EU

A

27 after Brexit

91
Q

NAFTA

A

North America Free Trade Agreement
Firms will move prof to Mexico

92
Q

CUSMA

A

Canada United States Mexico Agreement
Compel automaker to outsource less part from car assembled in NA

93
Q

Andean community

A

Bolivia, Chile, Ecuador, Colombia, and Peru after Venezuela left
custom union

94
Q

Mercosur

A

Argentina, Brazil, Paraguay, Uruguay (Venezuela later)
Negotiate as a bloc

95
Q

BRICS

A

Brazil, Russia, India, China, South Africa
Largest economies outside of OECD

96
Q

Central American Common Market

A

Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua
1960-1969 War

97
Q

CAFTA

A

Central American Common Market + Dominican Republic
Trade freely with US

98
Q

CARICOM

A

Caribbean state attempting to establish custom union
2006: Caribbean single market and economy (CSME)

99
Q

ASEAN

A

Association of Southeast Asian Nation
Attempt to establish free trade area

100
Q
A

UNI Fall 2023 (22 decks)

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