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Chapter 7: Global Marketing Questions and Answers A+ 2023

Global Trade - - -Trade Feedback Effect - -import affects exports and vice versa -Comparative Advantage - -when one nation is able to produce something more effectively -Protectionism - -hind... ers world trade through tariffs and quotas policies of countries, raising prices and limiting supply -Cross Cultural Analysis - -to market effectively on a global scale, one must analyze the similarities and differences of consumers across global geographies in 5 key areas: 1. Values - represent personally or socially preferable modes of conduct or states of existence that tend to persist over time 2. Customs - what is considered normal and expected about the way people do things in a specific country 3. Symbols - things that represent ideas and concpets 4. Language - (Back translation - where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors) 5. Ethnocentricity/Ethnocentrism - the belief that regardless of quality, purchasing products from other countries is wrong; it's unpatriotic -Country of Origin Effects - -the belief that a product is superior based on specific attributes and/or rationale (ex. German cars vs. US cars vs. Japanese Cars) -Global Economic Considerations: Stages of Economic Development - -1. Economic Infrastructure a) communications b) transportation c) financial d) exchange rate [Show More]

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