Exam 3

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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	Created by Matthias Kocur 8 months ago