INTB 3354 FINAL CONNECT QUESTIONS

According to the video, one of the key driving forces for developing new flavors that appeal to Chinese consumers is that China is projected to become the second largest, if not the largest, consumer market in the world within what time frame?

5 years

What is a joint venture?

A cooperative effort among two or more organizations that share a common interest in a business enterprise or undertaking.

(country) Market screening steps in order

Basic needs, economic/financial, political/legal, sociocultural, competitive, final selection

Strategic Planning Steps Order they typically occur

External Analysis, internal analysis, define business, set objectives, quantify goals, formulate strategies, tactical planning

__________________________ is the most appropriate strategy when there are substantial differences across nations with regard to consumer tastes and preferences and where cost pressures are not too intense.

Localization strategy

Problems that could arise if MyBad Boards decided to source globally include all of the following except which?

MyBad Boards might avoid costs related to letters of credit.

________________________________ is unique to a firm, and if it enables the firm to produce a product containing superior features, it can give the firm a competitive advantage.

Proprietary product technology

Which of the following products is being marketed in China in an effort to gain a share of that country's $186 billion fast food and processed food industries?

Strawberry and milk Cheetos

Distribution is a key component to the successful growth of the Tampax brand. Which best describes the initial distribution channel in Monterrey, Mexico?

The channel was direct.

Which is not a reason that MyBad Boards might choose to source globally?

The potential for highly competitive local markets.

___________________________ is the most appropriate strategy when the firm simultaneously faces strong pressures for both cost reductions and local responsiveness.

Transnational strategy

Firms in consumer goods industries that are trying to sell to a large segment of the market generally favor ____________.

a pull strategy

Outsourcing may lower a firm's cost structure if making all or parts of the product in-house would result in _______________________.

an increase in the organization's scope, which would increase the organizational complexity and subsequent costs

The bureaucratic inefficiencies and resulting costs that arise when firms vertically integrate backward and produce their own components are avoided by ______________________

buying component parts from independent suppliers

An argument for producing all or part of a product in-house is that ________________________ results because it makes planning, coordination, and scheduling of adjacent processes easier.

cost saving

P&G's biggest hurdle to overcome when selling tampons in Latin American markets was ______________________________.

cultural barriers

P&G faced a challenge concerning consumer sophistication in the industry. Which is the best way to combat this challenge?

customer education

Which of the following was NOT identified in the video as one of the accomplishments of Ghana?

doubling GDP since 2004

In exchange for international contracts, garment manufacturers in Lesotho were supposed to adhere to strict guidelines for what?

environmental responsibility

Companies pursuing a multidomestic strategy

have high levels of local market customization.

Although personal selling is effective as a promotional tool, it requires ___________________________.

intensive use of a sales force and is relatively costly

A firm facing low pressures for local responsiveness and few pressures to contain costs might best pursue a(n) _______________________.

international strategy

Reasons for global standardization of manufacturing systems include all of the following except

it is more responsive to the demands of local governments.

What was mentioned as a challenge facing Ghana?

job creation for young people

Pressures for local responsiveness may make it difficult to ______________________________.

leverage skills and products associated with a firm's core competencies from one country to another

From the perspective of a major aerospace firm based in the U.S., what is NOT a potential benefit your company might gain from forming a joint venture with a Chinese partner?

loss of access to specialized expertise of the partner

Factors that determine the relative attractiveness of push and pull strategies include product type relative to consumer sophistication, channel length, and ______________________.

media availability

When there is strong pressure for a company to adapt its products or services for local markets, it should tend to use a

multidomestic strategy.

Markets are dynamic, and any firm will face competition. In time, international and localization strategies tend to become less viable, and managers need to ________________________________.

orientate their companies toward either a global standardization or transnational strategy

P&G hired counselors to educate and ultimately sell tampons to women. In doing so, what kind of communications strategy was P&G employing?

personal selling

Which of the following was mentioned as one of the reasons for the many new flavors being developed for the Chinese market by American food product companies?

poor taste tests on U.S. flavors

After being alerted to the problems identified at their overseas independent contractors in Lesotho, the clothing company Gap responded by _____.

putting one factory on notice

Which of the following items were NOT identified as dangerous elements found at the municipal dump in Lesotho?

scissors

When substantial investments in _________________________ are required, the firm will prefer to make the component internally rather than contracting it out to a supplier.

specialized assets to manufacture a component

Documented agreements containing technical specifications or other precise criteria that will be used consistently as guidelines, rules, or definitions of the characteristics of a product, process, or service are referred to as

standards.

From the perspective of a major aerospace firm based in the U.S., which is NOT a potential disadvantage or concern for your company if you were to form a joint venture with a Chinese partner?

the gaining of full control of profits

Advertisers in the US can use print media, broadcasting media, the Internet, cable outlets, and more. While this level of media sophistication is found in many other developed countries, ______________________.

this media availability is not universal

The longer the distribution channel, the more intermediaries there are that must be persuaded ______________________.

to carry the product for it to reach the consumer

What was identified as a key factor for Ghana's future?

using oil wealth wisely