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Description
Flashcards by Matthias Kocur, updated 4 months ago
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Created by Matthias Kocur
4 months ago
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| Question | Answer |
| What are exports? | Goods and services made in one country and sold to others. |
| What are imports? | Goods and services bought from other countries. |
| What is Trade Balance? | The difference between a country's exports and imports. |
| Define Trade Surplus. | A situation where a country exports more than it imports. |
| Define Trade Deficit. | A situation where a country imports more than it exports. |
| How does free trade differ from protectionism? | Free trade involves no tariffs or trade barriers, while protectionism uses tariffs to protect domestic industries. |
| What are the six environmental forces in international marketing? | Political, economic, social, technological, environmental, and legal forces. |
| What role does global trade play? | The exchange of goods and services across international borders, enhancing global economic integration. |
| What two economic items might firms adjust for a market? | Pricing strategies and payment terms. |
| What does GDP measure and what is GDP per capita? | GDP measures a country's economic output; GDP per capita is GDP divided by the population. |
| How is currency value measured and why is it important? | Through foreign exchange markets; it influences international trade and investments. |
| What happens when a currency appreciates? | It makes imports cheaper and exports more expensive, affecting trade balances. |
| What leads to currency depreciation? | It makes a country's exports cheaper and imports more expensive, impacting economic sectors differently. |
| What are tariffs and their purpose? | Taxes on imported goods intended to protect domestic industries. |
| Define quotas in trade. | Limits on the amount of certain goods that can be imported. |
| What are exchange controls? | Government regulations on buying and selling foreign currency. |
| Define psychological empowerment. | A motivational state driven by feelings of self-efficacy, autonomy, and impact. |
| What is expectancy theory? | A theory that motivation is influenced by the belief that effort will lead to expected outcomes. |
| How do intrinsic and extrinsic motivation differ? | Intrinsic motivation comes from within, extrinsic motivation from external rewards. |
| What is goal setting theory? | The theory that specific and challenging goals improve performance. |
| Define equity theory. | Concerns perceived fairness in input-output ratios compared with others. |
| What are SMART goals? | Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. |
| What constitutes a brand? | A unique design, sign, symbol, or words representing a product or company. |
| Define brand equity. | The value a brand adds to a product beyond its functional benefits. |
| What is brand loyalty? | Customer's preference for and commitment to a brand. |
| What are producer brands? | Brands initiated by producers to ensure identification with their products. |
| Define reseller brands. | Brands owned by retailers or distributors. |
| What is a brand extension? | Using existing brand names to launch new products. |
| Explain co-branding benefits. | Partnership between two brands to leverage each other's strengths. |
| What is brand licensing? | Allowing another company to use one's brand name under specific conditions. |
| Define packaging in marketing. | The design and production of a product's container or wrapping. |
| What are the considerations in package design? | Functionality, cost, materials, sustainability, consumer convenience, branding, and regulatory compliance. |
| What are the types of company websites? | Transactional websites and brand-building websites. |
| How do online ads vary? | Display ads and search ads. |
| What role does email marketing play? | To communicate directly with potential or current customers through personalized content. |
| Explain the RACE acronym in digital marketing. | Reach, Act, Convert, Engage - stages in digital marketing communications. |
| What are key considerations in product strategy for digital marketing? | Product, placement, and promotion considerations in the digital realm. |
| How does social media benefit businesses? | Brand awareness, customer engagement, feedback, targeting, and analytics. |
| What challenges does social media present? | Maintaining authenticity, managing negative feedback. |
| Define mobile marketing and its benefits. | Engaging with customers through apps, providing value beyond the product. |
| What drives a country to increase its exports? | Competitive advantages and demand in international markets. |
| Effects of import restrictions on domestic markets? | Can lead to higher prices and less variety for consumers. |
| Key indicators of a healthy trade surplus? | Positive trade balance, employment growth, and strong currency. |
| Roles of imports in a balanced economy? | Stimulate competition, lower prices, and increase product variety. |
| Impacts of global trade policies on domestic industries? | May protect local jobs but can also lead to trade wars and higher prices. |
| Importance of environmental scanning in global marketing? | Identifies opportunities and threats in the external environment. |
| How do interest rates affect international trade? | Influence currency value and investment flows between countries. |
| Consequences of currency appreciation on exports? | Can make exports more expensive and reduce international competitiveness. |
| Benefits of a diversified global portfolio? | Reduces risk through geographic and market diversification. |
| Strategies for mitigating risks in international investments? | Using hedging strategies and diversifying investment locations. |
| Impact of digital transformation on global commerce? | Facilitates smoother transactions and broader market access. |
| Role of e-commerce in expanding global market access? | Lowers entry barriers, reaching wider audiences at lower costs. |
| Challenges of maintaining data privacy in digital marketing? | Involves navigating varying international laws and consumer expectations. |
| Effective strategies for cross-cultural marketing? | Requires understanding local customs, values, and consumer behavior. |
| Impact of social media on global consumer trends? | Shapes brand perceptions and influences purchasing decisions. |
| How does international logistics affect marketing strategy? | Determines distribution costs, efficiencies, and market reach. |
| Benefits of international trade shows for market expansion? | Enhances brand visibility and facilitates direct market feedback. |
| Role of consumer feedback in product development? | Guides improvements and innovations to meet market needs. |
| Strategies for building global brand loyalty? | Cultivating a consistent brand experience and values alignment. |
| Challenges in global supply chain management? | Involves managing risks related to delays, costs, and quality control. |
| How do tariffs influence international pricing strategies? | Adjusting pricing strategies to account for added costs and maintain competitiveness. |
| Benefits of corporate social responsibility in global markets? | Enhances brand reputation and supports long-term sustainability. |
| Effects of cultural differences on advertising strategies? | Requires adaptation to resonate with local beliefs and practices. |
| How to address legal variations in global marketing? | Ensures compliance with marketing regulations and protects brand integrity. |
| Role of global partnerships in business expansion? | Facilitates market entry, resource sharing, and local insights. |
| Challenges of content localization for global audiences? | Entails adapting messaging to meet cultural preferences and norms. |
| Importance of SEO in international digital marketing? | Crucial for improving visibility and ranking in local search results. |
| Strategies for enhancing global customer service? | Involves leveraging technology and local insights for superior support. |
| Impact of mobile marketing on global consumer engagement? | Engages customers through personalized content and promotions. |
| Benefits and risks of outsourcing marketing functions? | Offers cost savings but may introduce challenges in quality control and communication. |
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