Foreign Trade Zones and Service Issues
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Questions and Answers

What does the Delivery Gap measure?

  • The difference between internal and external service standards
  • The financial costs associated with service failures
  • The time taken to resolve customer complaints
  • The gap between service standards and actual service provided (correct)

    • Which of the following elements is not considered part of a country’s infrastructure?

  • Utilities and services
  • Cultural beliefs (correct)
  • Public transportation
  • Basic facilities

    • What does a strategic alliance entail?

  • Creating a new company between two firms
  • A formal merger of two independent companies
  • An agreement of exclusive supplier arrangements
  • A collaborative relationship without equity partnership (correct)

    • How does the Gini Index relate to economic performance?

    <p>It combines GDP with net income earned from investments abroad (D)</p> Signup and view all the answers

    Which statement correctly describes power distance in a cultural context?

    <p>The extent to which social inequality is accepted as natural (C)</p> Signup and view all the answers

    What is the primary reason for implementing tariffs?

    <p>To protect local businesses first (B)</p> Signup and view all the answers

    What does the term 'embargo' refer to in international trade?

    <p>A legal prohibition on trade with specific countries (C)</p> Signup and view all the answers

    Which of the following is NOT one of the four characteristics of services?

    <p>Tangibility (A)</p> Signup and view all the answers

    What is a trade deficit?

    <p>When a country imports more than it exports (C)</p> Signup and view all the answers

    Which analysis is NOT part of the global market assessment?

    <p>Environmental Analysis (A)</p> Signup and view all the answers

    Which country was the top trading partner of the U.S. in 2023?

    <p>Mexico (C)</p> Signup and view all the answers

    What does the Gini Index measure?

    <p>Income distribution within a population (A)</p> Signup and view all the answers

    What is identified as the most risky strategy when entering foreign markets?

    <p>Setting up a local branch (D)</p> Signup and view all the answers

    What measures the yearly value of all finished goods and services produced within a country's borders?

    <p>Gross Domestic Product (GDP) (B)</p> Signup and view all the answers

    Which market type focuses on the needs of consumers and competitors?

    <p>Free Market (C)</p> Signup and view all the answers

    What are the key characteristics of metrics?

    <p>Action-oriented, objective, results-oriented (B)</p> Signup and view all the answers

    What is not considered a KPI for sustainability?

    <p>Measuring the cost of sustainability (D)</p> Signup and view all the answers

    What is defined as achieving perfection in order processing?

    <p>Perfect Order (B)</p> Signup and view all the answers

    Which of the following accurately reflects components of a KPI?

    <p>Starting benchmark, Target achievement, Time frame (A)</p> Signup and view all the answers

    What does the knowledge gap in a business context reflect?

    <p>The difference between customers' expectations and the firm’s perception of those expectations (A)</p> Signup and view all the answers

    What type of scorecard is used to check performance categorically?

    <p>Categorical Scorecard (C)</p> Signup and view all the answers

    Flashcards

    Foreign Trade Zones

    Designated areas where imported goods can be stored, processed, or manufactured without paying customs duties until they're sold.

    Customs Duty

    A tax imposed by a country on imported goods.

    Tariffs

    Taxes imposed on imported goods to protect local businesses.

    Import Paperwork Errors

    Inaccurate or incomplete import paperwork causing delays and additional costs.

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    Trade Deficit

    A situation where a country imports more than it exports.

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    Globalization

    The process of increasing interconnectedness and interdependence among countries through trade, investment, and cultural exchange.

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    Gini Index

    A measure of income inequality within a country, ranging from 0 (perfect equality) to 100 (perfect inequality).

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    Embargo

    A government order that prohibits trade with a particular country or group of countries.

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    Delivery Gap

    The difference between a company's service promises and what customers actually experience.

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    Power Distance

    The extent to which a society accepts unequal power distribution.

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    Strategic Alliance

    A collaborative relationship between independent companies without creating a joint venture.

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    Categorical Scorecards

    Performance evaluation that uses check-offs to assess various categories.

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    GDP

    Yearly value of all finished goods and services produced within a country's borders.

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    Free Market

    Market where consumer and competitor concerns are considered.

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    OSHA

    Legislation dealing with workplace safety and health issues.

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    Order Fill Rate

    Percentage of orders successfully filled.

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    Sustainability KPIs

    Key performance indicators for measuring sustainability efforts.

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    Perfect Order

    Order with no problems; everything goes perfectly.

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    Knowledge Gap

    Difference between customer expectations and company perception of those expectations.

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    Service

    Tangible offering including deeds, performances, or efforts not physically possessed.

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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.

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