Podcast
Questions and Answers
What does the Delivery Gap measure?
What does the Delivery Gap measure?
Which of the following elements is not considered part of a country’s infrastructure?
Which of the following elements is not considered part of a country’s infrastructure?
What does a strategic alliance entail?
What does a strategic alliance entail?
How does the Gini Index relate to economic performance?
How does the Gini Index relate to economic performance?
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Which statement correctly describes power distance in a cultural context?
Which statement correctly describes power distance in a cultural context?
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What is the primary reason for implementing tariffs?
What is the primary reason for implementing tariffs?
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What does the term 'embargo' refer to in international trade?
What does the term 'embargo' refer to in international trade?
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Which of the following is NOT one of the four characteristics of services?
Which of the following is NOT one of the four characteristics of services?
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What is a trade deficit?
What is a trade deficit?
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Which analysis is NOT part of the global market assessment?
Which analysis is NOT part of the global market assessment?
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Which country was the top trading partner of the U.S. in 2023?
Which country was the top trading partner of the U.S. in 2023?
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What does the Gini Index measure?
What does the Gini Index measure?
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What is identified as the most risky strategy when entering foreign markets?
What is identified as the most risky strategy when entering foreign markets?
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What measures the yearly value of all finished goods and services produced within a country's borders?
What measures the yearly value of all finished goods and services produced within a country's borders?
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Which market type focuses on the needs of consumers and competitors?
Which market type focuses on the needs of consumers and competitors?
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What are the key characteristics of metrics?
What are the key characteristics of metrics?
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What is not considered a KPI for sustainability?
What is not considered a KPI for sustainability?
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What is defined as achieving perfection in order processing?
What is defined as achieving perfection in order processing?
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Which of the following accurately reflects components of a KPI?
Which of the following accurately reflects components of a KPI?
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What does the knowledge gap in a business context reflect?
What does the knowledge gap in a business context reflect?
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What type of scorecard is used to check performance categorically?
What type of scorecard is used to check performance categorically?
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Study Notes
Foreign Trade Zones
- Customs duty (tariffs) aim to: protect local businesses
- Government regulations: present challenges during imports. Inaccurate paperwork causes delays and costs.
- USMCA: United States, Canada, Mexico trading bloc
- Macro-influence: Geo-political issues affect trade
- Embargo: Prohibits trade between countries
- Inco-terms: Define responsibility shifts during international shipping
- Joint-venture: Two or more international companies create a new entity
- Top U.S. trading partner (2023): Mexico
- Zone of tolerance: Acceptable time deviation for arrival
- Service sector employment: Increasing in countries like the U.S.
Reducing Service Issues
- Service issues: Communication gaps between promised service and what's received.
- Managing customer expectations: Can reduce gap
- Service characteristics: Intangible, inseparable, heterogeneous, perishable
- Delivery gap: Difference between the actual service and service standards/policies
Entering Foreign Markets
- Risky market entry strategies: Setting up a shop
- Least risky market entry strategy: Exporting
- Opportunities for growth: Brick nations (nations with strong consumer bases)
- Market limitations: Quotas limit imported goods
- Highest Return: Direct Investment
- Infrastructure concerns Impact trade
Global Market Assessment
- Four components: economic, infrastructure, government, and socio-cultural analysis
- Hofstede's framework: Examines cultural dimensions like power distance, individualism of nations (Brazil as an example)
- Globalization: Facilitates trade between nations
Global Trade
- Globalization allows goods & services to cross borders
- Globalization's Importance: Global rather than local focus in a growing world
- Gini Index: Measures income distribution (0-100) - Low Gini shows equitable distribution
- Population Density: More people in an area requires access to more resources
- Knowledge Gap, Locals: knowledge resources of the local
Metrics and Sustainability
- GDP: Yearly value of goods/services in a country
- Free Market: Focuses on consumers and competition
- OSHA: Legislation regarding Safety and Health
- Sustainability KPIs: Track metrics like greenhouse gas emissions, energy consumption, waste
- Order fill rate: Measuring the accuracy of order fulfillment
- Perfect order: Defining criteria for optimal order fulfillment
- KPI qualities: Accuracy, completeness, timeliness
- Sustainable KPIs are important: Yes
- Measuring sustainability: Not a KPI
Service Characteristics and Gaps
- Intangible service: Cannot be touched
- Heterogenous services: Vary based on experience and person
- Perishable services: Can't be stored after providing
- Knowledge gap: Difference between expected and perceived service
- Delivery gap: Difference between actual and expected service
Measuring Performance
- Weighted point scorecards: Performance evaluation with weighted categories
- Cost-based scorecards: Quantify costs associated with suppliers
- Categorical scorecards: Performance evaluation using check-offs
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Description
Explore the intricacies of foreign trade zones and the challenges associated with service delivery in international trade. This quiz covers customs duties, international regulations, and service management techniques. Understand economic relationships and factors affecting trade dynamics.
