Final Exam Study Guide
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This 11 page Study Guide was uploaded by Jocelyn Knowles on Monday April 27, 2015. The Study Guide belongs to 21271 at University of Houston taught by Aleman in Spring2015. Since its upload, it has received 886 views.
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Date Created: 04/27/15
INTB 3354 Final Exam Study Guide Your nal exam will be held in class on April 29th from 1130AM 1245PM The exam will consist of 20 multiplechoice questions 3 points each and 5 short answer questions 8 points each You will write directly on the exam you do not need a scantron or a blue book When you turn in your exam please show your ID Cheating in any way will result in an automatic zero For the exam you are responsible for the material presented in Chapters 10 14 and 15 in the textbook and Connect assignments as well as any material presented in lecture In particular you should be familiar with the following topics 1 Product standards and technical standards Product standards quality and safety Examples US ban on toys with lead paint and the Blue Bell recall Technical Standards speci cations of a product Differences in electricity voltage plugs and sockets 2 Logistics Managing aspects of moving products management of transportation 3 Difference between multidomestic and home replication strategies Multidomestic strategy is a strategy that tailors a product to a speci c country Home replication strategy is a strategy that uses the same product in a different country making no changes to the product 4 Corporate identity The way consumers perceives a company 5 Apple s competitive strategy Smaller number of products Talk about the products themselves when they are advertised Long development cycles of their products Only when Apple was able to make a difference did it update or release a new product Peasing design of its products 6 quotGlocalquot Estabishing a global image or brand while being sensitive to cultural and legal differences for the local market 7 Sociocultural and legal forces provide examples Sociocultural culture religion language tradition Lega rules and regulations 8 Offshoring vs outsourcing Offshoring when a company moves some or all of its activities to another country Outsourcing when a company use people from other countries to work for them 9 Ma ng mix product price promotion lace the series of steps that marketers take to meet customer s needs to meet their demands 3910 Channel length short channel length 0 it prtects prduct margins 0 keep prices low 0 cuts out the middle man long channel length 0 Reduce some costs associated with a fragmented retail sector 0 Help a rm enter a more exclusive channel 11 Global sourcing arrangements Subsidiaries a company another one Inbound plant contractor sending someone else to put the products tog ether Overseas independent contractor when a cm pa nies use another company to make their product 12 International marketing and product attributes Product attributes may have to change depending on the needs 1 a particular market segment Cultural di erences and economic development Tradition fed and drink products 13 Market segmentation Consumers are not a homogenous group variety of factors im pact purchasing behavior Age gender eucation l ife stny e Pu r pse of market sementation is to help a rm determine the est marketing mix 14 Supply chain 1 Activities involved in making a product and getting it to the customer Includes 0 Purchasing 0 Ma nufiia ctu ring 0 Traportin g o Customerservice 15 Push vs pull strategy Push irect sellin pushi n your product to consumers Pull relies on mass media to get its message to its consumers pull in consumers 16 Retail concentratin The number of retailers that serve a market difference between fragmented concentration r Fragmented retail system a lot of small di e rent stores serving local neighborhoods sell speci c products developing countries Concentrated retail Walmart a big stores developed cou nt ri es 17 Vertical integration Be more efficient than anyone else Avoid dependency on another pa Protect proprietary product techonology Cmpanies becoming better at what they do in the long run Results in prd cost 18 Production location and country factors Primary goal is to minimize costs an maximize value r Country specific factors play major role 0 Resources Can give a country a comparative advantage 0 Economic and political condition High formal and informal trade barriers Regulations regarding FDI Expecte future movements of an exchange rate Example Philips 0 Operating factoring in China since 1985 Philips moved to China because of cheap labor educated wrkfprce and exanded ustrial sector 19 lmpa ct of source on nternational fi 1 Source effects a consumer base their opinion around the com pa ny39s image and reputation Example Joseph Bove and McDonald s France 0 19979 Bv organized the destruction of a new McDonald39s o Triggered by dispute between the U a WTO versus E u ropea n s o Objections to hormone fe beef 0 Attacked McDonald s for what it represented American cultural imperialism and globalization 20 Lea n prod uctionima n ufactu ring Lean prodiUCtion Manufacturing technologies intended to eliminate Waste Improved job scheduling reduced set up time and improved quality controls Exa mple Toyota Production System 0 quotJustIn Time production made the company one of the most ef cient in the world 0 Taiichi Ohno visite Ford prouction plants and saw lng Production runs and massive inventories that had to sit in warehouses where they added n value 0 How can Toyota ma ke shorter production runs more economical 0 They used techinques to reduce setup times for production equipment smaller production runs and avoid problems of defects and make them easier t track back to the source 21 Starbucks and the supply chain short answer distributors sucked delivers were late most money was going towards outsourcing rising cost sales decreasing Three prong plan 1 Reorganize and simplify their supply chain dividing everyone in the supply chain into four basic groups 2 Figure out how to reduce costs 3 Then plan for the future Solution Divided the supply chain into 4 basic functions plan source make and deliver Each department had to gure out how they were going to reduce costs Sourcing group developed a way to negotiate better prices Created on logisitics sysyem 0 Shared data better between company and suppliers 0 Showed everyone how supply chain was performing Saved Starbucks over 500 million 22 SWOT analysis and how it is used Strengths Weaknesses Opportunities and Threats adapt strategies speci c example Anahauser Busch beer it s on the slide 23 Porter s Five Competitive Forces Threat of substitutes Threat of new entrances Power of suppliers The power of consumers 24 Make vs buy decision Decision to carry out an activity or outsource it Outsourcing used to be about manufacturing CH 10 1 is the process by which an organization determines where it is going in the future how it will get there and how it will assess whether and to what extent it has achieved its goals A B Pro tability analysis C Competitive advantage D Budgeting 2 are broad guidelines issued by upper management for the purpose of assisting lowerlevel managers in handling recurring problems A B Procedures C Plans D Budgets 3 When a company is under strong pressure to adapt its products or services for local markets it uses a strategy A B global C transnational D home replication 4 The value chain refers to the set of valuecreating activities that the company is involved with ranging from sourcing of basic raw materials to the delivery of nal product or service A B False 5 Without a the management cannot formulate the production nancial and procurement plans A budget B C policy D procedure 6 Global strategic planning is a rigid and linear process A True 7 Which of the following de nes the purpose for a company39s existence including its business objectives and approach for reaching those objectives A B The vision statement C The value statement D Competitive strategy 8 Global strategic planning helps top management to identify opportunities and threats from all over the world formulate strategies to handle them and stipulate how to nance and manage the strategies39 implementation A B False 9 Strategic planning is done in seclusion and only by the company39s most senior executives A True B 10 The knowledge of an individual that is dif cult to express clearly and therefore dif cult to transmit to others is called knowledge A explicit B C descriptive D procedural 11 The top management of companies generally accepts the fact that to be effective strategic planning processes should permit A mainly the CEO and the head of planning to devise a corporate plan B projections to be based on historical conditions and performance C specialized planners in staff positions to formulate plans in seclusion D 12 The extent of local customization of product offerings tends to be limited for a company pursuing the home replication strategy B False 13 The ability of a company to have higher rates of pro t than its competitors is termed as A global strategic planning B pro tability analysis C D contingency planning 14 Some companies centralize product development functions in their home country After they develop differentiated products in the home market the innovations are transferred to foreign markets in order to capture additional values What is this strategy called A Multidomestic strategy B Global strategy C Translational strategy D 15 is concerned with the way rms make fundamental choices about developing and deploying scarce resources globally A Value chain analysis C Competitive advantage D Budgeting CH14 1 The is an intracorporate price or the price of a good or service sold by one af liate to another the home of ce to an af liate or vice versa A reservation price B spot price D affine price 2 is a set of strategy decisions made in the areas of product promotion pricing and distribution in order to satisfy the needs and desires of customers A Contract management B Market segmentation D Programmed management 3 involves the setting of prices for goods produced in one country and sold in another A Congestion pricing B Transfer price C Target marketing 4 In the Netherlands blue is considered warm and feminine but the Swedes consider it masculine and cold Hence products for women might be packagedin blue in the Netherlands but not in Sweden In this case forces are affecting the product offering A physical C legal D economic 5 When do marketers offer the same product and use the same promotional appeals in all markets A When the product serves the same function but must be adapted to different conditions B When the same product may satisfy a different need or be used differently elsewhere F D When customers in the target market cannot afford the product as manufactured for developed markets 6The approach is a middleground advertising strategy in which the home of ce and the foreign subsidiaries agree on marketing objectives after which each subsidiary puts together a tentative advertising campaign A international standardization B foreign national pricing D management contract 7Newman Shoes manufactures athletic footwear The company wants to set up a factory in Nova Scotia However the region has strict environmental protection laws and labor policies This is hampering the company39s efforts to set up the factory The company is facing that are affecting its product offering A B sociocultural forces C economic forces D physical forces 8 Pricing is the central focus of the marketing mix A True 9 When a product is sold for a particular purpose in one country but is used differently elsewhere the strategy that should be followed is A same productsame message B C product adaptationsame message D different product for the same usedifferent message 10 Public relations includes activities such as the preparation of pointofpurchase displays contests premiums trade show exhibits moneyoff offers and coupons A True 11 includes activities such as the preparation of pointof purchase displays contests premiums trade show exhibits moneyoff offers and coupons A Public relations C Advertising D Personal selling 12 The basic functions of domestic and international marketing are the same B False 13 Consumer products require greater adaptation for international sales than industrial products B False 14 The is a summation of the physical product brand name accessories aftersales service warranty instructions for use company image and package A dot product B direct product C marginal product 15 International pricing involves the setting of prices for goods produced in one country and sold in another B False CH15 1 The term is commonly used for a company39s decision to relocate activities to foreign locations A insourcing B homeshoring C inshoring 2 An arrangement in which facilities are established to manufacture inputs used in the production of a rm39s nal products is known as forward integration A True 3Production methods between capital and laborintensive methods are known as intermediate technology B False 4 are documented agreements containing technical speci cations or other precise criteria that will be used consistently as guidelines rules or de nitions of the characteristics of a product process or service A Patents B Copyrights D Trademarks 5 While logistics and distribution can be outsourced it is not possible to outsource activities such as product design or marketing A True 6 For manufacturing rationalization to be possible the rm must elect to produce products that are different worldwide or regionwide A True 7 Which of the following is the best de nition of outsourcing B Homecountry plant sends components to be machined and assembled or only assembled by a subsidiary in another country C Relocating some or all of a business39s activities or processes to a foreign locann D A change from a subsidiary39s manufacturing only for its own national market to its producing a limited number of components for use by all subsidiaries 8 Production methods that are between capitalintensive and labour intensivemethods are known as A B nonpro t technology C opensource technology D community technology 9 A branded garment rm with no production facilities enters into a contract with foreign manufacturers to make clothing to its speci cation with its labels What type of global sourcing arrangement will this be classi ed as A Whollyowned subsidiary B Overseas joint venture C lnbond plant contractor 10 The purchasing of goods and services that are not part of nished goods is termed indirect procurement B False 11 An automobile company purchasing a tyre company would be an example of A consolidation B horizontal integration D forward integration 12 is not a viable strategy when consumers39 tastes and preferences differ markedly among markets A Contract manufacturing B Backward integration C Forward integration 13 refers to managerial functions associated with the movement of materials such as raw materials work in progress or nished goods A Outsourcing C Procurement D Order ful lment 14 An importing company can protect itself from exchange rate risk by using techniques B folding C checking D cutting 15 Many US organizations buying capital goods such as manufacturing equipment use costing to analyze purchasing decisions from the time of purchase to the time the goods are scrapped B job C process D target
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