IBUS 430 MIDTERM 1 EXAM STUDY GUIDE SOLUTIONS

IBUS 430 MIDTERM 1 EXAM STUDY GUIDE SOLUTIONS TOP 5 U.S. Markets Goods Exports - ANSWER1.Canada 2. Mexico 3.China 4. Japan 5.UK 6. Germany Growing importance of international marketing - ANSWERGreater opportunities for enterprises of all sizes, including sole proprietorships, to sell to other countries; Increasing threats from companies and competitors in other countries; Importance of international sales in spreading risk, increasing profits, covering R&D costs, understanding emerging challenges; Increasing dependence of national and regional economic health on export sales. ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 2/32 Reasons for the Rapid Growth - ANSWERThe information revolution with technological advances and lowered costs in communications, the Internet and e-commerce, new communications networks allowing companies to interact effectively will all stakeholders. The further development of logistics and supply chain management - ANSWERincreasing the speed and efficiency of moving goods internationally Reasons for the Rapid Growth(2) - ANSWERThe increased importance of innovation as ideas and advances in technologies, strategies and business models spread more rapidly. The recognition that increasing incomes and the increasingly diverse populations in some countries have provided new and more segmented markets. Reasons for the Rapid Growth(3) - ANSWERThe lowering of governmental and other barriers to trade and investment, and great changes in international trade patterns. The increased competition and increased opportunities for companies of all sizes resulting from the greater mobility of goods, services, information and ideas due to all of the changes noted above. Turbulence in the International Marketplace - ANSWERCreation of new businesses, new markets, new ways of doing business, new methods of interacting with customers; Intensified competition; Diseases, terrorism, internal unrest, wars and threats of wars; ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 3/32 Pirating of goods, fakes, contaminated and/or dangerous products; Increased emphasis on ethics and social responsibility. Being effective: The Nature of International Marketing - ANSWERThe nature of international marketing and its unique requirements; The alternative approaches to organizing and carrying out international activities; The basic decisions that must be made; and The similarities and differences between domestic and international marketing. International marketing - ANSWERis the marketing of goods, services, and information across international boundaries. Same elements as domestic marketing: planning, promoting, distributing, pricing and support of the goods, services, and information Activities adjusted to accommodate differences in markets: - ANSWER(a) analysis of markets (b) planning and development of products and services (c) distribution channels (d) promotion ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 4/32 (e) setting prices (f) support before and after sales (g) organization structure, management, and remuneration of employees (a) analysis of markets (b) planning and development of products and services (c) distribution channels (d) promotion (e) setting prices (f) support before and after sales (g) organization structure, management, and remuneration of employees - ANSWERActivities adjusted to accommodate differences in markets: Internationalization viewed as - ANSWERa process, an end-results, a way of thinking. International marketing - ANSWERis a broad term for any type of marketing across national boundaries. ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 5/32 Multinational marketing - ANSWERimplies a strong commitment to international marketing differentiated products and marketing strategies for each of its markets. Adjusting=Higher costs Global marketing - ANSWERimplies that the company tries to standardize products and marketing practices worldwide. Economies of scale=Lower prices A combination approach - ANSWERthink globally, act locally Measuring the degree of internationalization - ANSWERin thinking about how international the company is now, how what potential it has, and where they want to be. Provide first step in determining what international strategy is appropriate for firm. 3 basic decisions in international marketing management - ANSWER(1) whether to engage in international marketing activities; (2) markets to be served; (3) methods or systems to be used. Major dimensions of international marketing - ANSWERexporting, importing, and management of international marketing operations to and in foreign countries. The marketing program/mix - ANSWERthe planned and coordinated combination of marketing methods or tools used to achieve a predetermined goa