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Exam 21: Tapping into Global Markets

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Question 51

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The creation of the European Union has benefited marketers wanting to enter Europe because they now have access to a homogeneous market consisting of 27 countries.

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Question 52

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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 53

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Various governments force companies to charge the ________ price, which is charged by other competitors for the same or a similar product.

Which of the following modes of entry into a foreign market involves the maximum commitment and risk?

Your firm has decided to enter the international market with your product called "Trema," a combination of a pocket organizer and cell phone. Even though the product has been a huge success in the home country, market research suggests some changes may be required before it can be introduced in Europe. Your CMO is of the opinion that the product requires certain extra features and the product will also have to be marketed differently. Your CMO is advocating ________.

Describe the whole-channel concept of international marketing.

Some types of products travel better across borders than others. What types of products are most likely to be successful as straight extensions.

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

Global firms plan, operate, and coordinate their activities on a worldwide basis.

A waterfall approach to entering foreign markets is described as entering countries simultaneously.

Explain how marketers are using the Web for international business.

When companies sell on the Internet, price becomes transparent, and price differentiation between countries declines.

"BRIC" is an acronym for ________.

Backward invention occurs when a firm ________.

In which of the following modes of licensing does the firm hire local producers to produce the product, giving the company less control over the manufacturing process?

What is a global firm?

Most brands are adapted to some extent to reflect significant differences in consumer behavior, brand development, competitive forces, and the legal or political environment. Identify the five international product and communication strategies available to firms that expand their businesses to foreign countries.

Regional free trade zones exist around the world. One of the oldest is the European Union, formed in 1957. Describe the purpose of the EU and discuss some of the benefits to firms engaged in trade within the European Union.

Which of the following is most likely to be successful when introduced in foreign markets as a straight extension?

Product adaptation not only involves altering the product to meet local preferences, but also calls for a change in the communication strategy.