Exam 21: Tapping Into Global Markets

After successfully exporting its products through export merchants, Boyes Inc. decides to take control of its exports. It sets up its own unit in the home country that takes care of all export-related activities. Boyes Inc. is most likely using ________.

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Question 1

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Finnish cellular phone giant, Nokia, customized its 6100 series mobile phone for every major market in which it is present. In Asia, for example, the series came with higher ring volume so that it could be heard on the crowded Asian streets. This is an example of ________.

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Question 2

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What are the various risks that a company must consider before making a decision to enter foreign markets?

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These risks are: (1) The company might not understand foreign customers' preferences and could fail to offer a competitively attractive product; (2) the company might not understand the foreign country's business culture; (3) the company might underestimate foreign regulations and incur unexpected costs; (4) the company might lack managers with international experience; and (5) the foreign country might change its commercial laws, devalue its currency, or undergo a political revolution and expropriate foreign property.

Contract manufacturing is one mode of licensing that allows a company to start faster, with the opportunity to form a partnership or buy out the local manufacturer later.

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Question 4

"No matter which nation a person belongs to, people's inherent needs and requirements are essentially the same."-Do you agree with this statement? How relevant is this statement in the context of marketing?

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A global firm is a firm that operates in more than one country and captures R&D, production, logistical, marketing, and financial advantages not available to purely domestic competitors.

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Question 6

In collectivist societies, ________.

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Question 7

Country-of-origin perceptions, once formed, are very difficult to change.

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Question 8

A company that is planning to go global must decide on how many countries to enter and how fast to expand. A company's entry strategy typically follows one of two possible approaches. What are those approaches?

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Question 9

According to Hofstede, cultures with weak uncertainty avoidance are best described as ________.

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Question 10

Cooperative organizations carry on exporting activities on behalf of several producers and are partly under their administrative control.

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Question 11

Companies can manage their international marketing activities in three ways: export departments, international divisions, or ________.

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Question 12

A market survey by LG revealed that Indians preferred not to mix vegetarian and non-vegetarian food items. Hence, LG refrigerators in India include a special convertible box with separate compartments to store and control the temperature of vegetarian and non-vegetarian food. This is an example of customizing ________ to local needs.

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Question 13

Commonwealth countries such as Hong Kong, Malaysia, and Singapore often choose the U.K. as their springboard into the European market: they feel more comfortable with its language, laws, and culture, which reflect the ________ between these countries and the U.K.

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Question 14

The international division that is responsible for a firm's worldwide marketing activities is headed by a division president who sets goals and budgets and is in charge of the company's international growth.

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Question 15

A standardized marketing program involves ________.

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Question 16

Most companies start small when they venture abroad. Some plan to stay small; others have bigger plans.

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Question 17

Regional economic integration has intensified in recent years, which makes it more difficult for marketers to expand globally.

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Question 18

Companies can run the same marketing communications programs as used in the home market or change them for each local market, a process called ________.

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Question 19

In an adapted marketing program, the company ________.

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Question 20

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Exam 21: Tapping Into Global Markets

After successfully exporting its products through export merchants, Boyes Inc. decides to take control of its exports. It sets up its own unit in the home country that takes care of all export-related activities. Boyes Inc. is most likely using ________.

Finnish cellular phone giant, Nokia, customized its 6100 series mobile phone for every major market in which it is present. In Asia, for example, the series came with higher ring volume so that it could be heard on the crowded Asian streets. This is an example of ________.

What are the various risks that a company must consider before making a decision to enter foreign markets?

Contract manufacturing is one mode of licensing that allows a company to start faster, with the opportunity to form a partnership or buy out the local manufacturer later.

"No matter which nation a person belongs to, people's inherent needs and requirements are essentially the same."-Do you agree with this statement? How relevant is this statement in the context of marketing?

A global firm is a firm that operates in more than one country and captures R&D, production, logistical, marketing, and financial advantages not available to purely domestic competitors.

In collectivist societies, ________.

Country-of-origin perceptions, once formed, are very difficult to change.

A company that is planning to go global must decide on how many countries to enter and how fast to expand. A company's entry strategy typically follows one of two possible approaches. What are those approaches?

According to Hofstede, cultures with weak uncertainty avoidance are best described as ________.

Cooperative organizations carry on exporting activities on behalf of several producers and are partly under their administrative control.

Companies can manage their international marketing activities in three ways: export departments, international divisions, or ________.

Commonwealth countries such as Hong Kong, Malaysia, and Singapore often choose the U.K. as their springboard into the European market: they feel more comfortable with its language, laws, and culture, which reflect the ________ between these countries and the U.K.

The international division that is responsible for a firm's worldwide marketing activities is headed by a division president who sets goals and budgets and is in charge of the company's international growth.

A standardized marketing program involves ________.

Most companies start small when they venture abroad. Some plan to stay small; others have bigger plans.

Regional economic integration has intensified in recent years, which makes it more difficult for marketers to expand globally.

Companies can run the same marketing communications programs as used in the home market or change them for each local market, a process called ________.

In an adapted marketing program, the company ________.

Defining Marketing for the 21st Century

Developing Marketing Strategies and Plans

Gathering Information and Scanning the Environment

Conducting Marketing Research and Forecasting Demand

Creating Customer Value, Satisfaction, and Loyalty

Analyzing Consumer Markets

Analyzing Business Markets

Identifying Market Segments and Targets

Creating Brand Equity

Crafting the Brand Positioning

Competitive Dynamics

Setting Product Strategy

Designing and Managing Services

Developing Pricing Strategies and Programs

Designing and Managing Marketing Channels and Value Networks

Managing Retailing, Wholesaling, and Logistics

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Managing Mass Communications: Advertising, Sales Promotions, Events, and Public Relations

Managing Personal Communications: Direct Marketing and Personal Selling

Introducing New Market Offerings

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