Global Business Strategies Quiz

A business strategy that combines global and local considerations to tailor products, services, and marketing to specific regions while maintaining a global brand identity.

A set of external factors that influence a company's operations and decisions, including demographic, economic, socio-cultural, technological, ecological, and political factors.

A Swedish cultural tradition emphasizing taking breaks for coffee and socializing, with a focus on slowing down and enjoying the moment.

A strategy where businesses reduce the size or quantity of products while keeping the price the same, often as a way to manage rising costs without increasing prices.

The process of combining two or more companies, often with the goal of achieving growth, expanding market share, or accessing new resources.

A business arrangement where two or more companies pool resources and expertise to create a new, separate company for a specific purpose, like marketing or manufacturing. The goal is to share the risk and rewards of the venture.

A legal agreement where one company (licensor) grants another company (licensee) the right to use its patents, trademarks, copyrights, or know-how for a specific period of time. In exchange, the licensee typically pays royalties or fees.

A business model where a franchisor grants a franchisee the right to use its brand, trademarks, and products in exchange for a fee. The franchisee operates the business, while the franchisor provides training, support, and marketing resources.

Strategies companies use to collaborate with other businesses. This can involve sharing resources, expertise, and risks to achieve common goals and gain a competitive edge.

Reasons why companies might choose to cooperate with others. These include limited resources, the need to keep up with innovation, high research and development costs, a concentrated industry, or government incentives.

The perception of value for a product or service is influenced by the consumer's cultural and economic context.

International pricing involves considering extra costs like transportation, insurance, handling, and taxes in addition to domestic costs.

Competition from other companies selling similar products or services in the international market.

Fluctuations in exchange rates can significantly affect the price of a product in international markets.

Fast-moving consumer goods (FMCG) are more susceptible to currency fluctuations due to their frequent consumption and price sensitivity.

A business strategy focused on offering standardized products globally, aiming for economies of scale and rapid product diffusion.

A strategy where companies adapt their products and operations to suit local needs and cultural differences, aiming for local responsiveness.

A strategy that combines elements of global and multidomestic approaches, aiming for both global integration and local responsiveness.

A strategy where companies primarily focus on exporting, with limited need for local adaptation or global integration.

Emerging markets like Brazil, Russia, India, China, and South Africa, often characterized by rapid economic growth.

Emerging markets like Mexico, Indonesia, Nigeria, and Turkey, known for potential and contributing to economic development.

A framework that examines key aspects of an organization's effectiveness by analyzing both 'hardware' (tangible aspects) and 'software' (intangible aspects).

A method of market selection for SMEs that relies on gut feeling, existing knowledge, and limited risk taking.

A method of market expansion where a company enters a limited number of markets gradually, minimizing risk.

A method of market expansion where a company enters multiple markets simultaneously, aiming for quick economies of scale.

The purchase of goods, assembly, stock of inventory, promotion, physical distribution, warranty, and customer relationship management (CRM) are all elements that must be considered when deciding how to manage a company's international distribution strategy.

The challenges of international distribution include selecting foreign country intermediaries, building relationships, dealing with diverse retailing structures, maximizing new and innovative distribution forms, and managing physical distribution.

Physical distribution management is managing the flow of goods from the point of origin to the point of consumption. In international markets, this will be more complex and costly due to longer distances, new variables like different modes of transportation (air, sea, rail), documentation requirements, and greater market complexity.

Ocean and inland waterways are cost-effective options for transporting non-perishable, low-value goods in bulk. Containers are used for the majority of goods transported via water. Refrigerated containers (reefers) are used for perishable items.

Air transportation is used for high-value, low-bulk, perishable goods. It is more expensive than other modes of transportation, and includes additional costs for packaging and insurance.

Road transportation is a flexible and efficient option for short hauls, especially for high-value goods. However, border control restrictions and traffic can pose challenges.

Rail transportation is suitable for bulky goods over long distances. It is faster than shipping by sea and cheaper than air transportation.

Pipelines are used for transporting oil, gas, and chemicals. They offer a cost-effective and efficient method, but their use is limited to specific commodities.

The interconnected network of organizations, resources, activities, and information involved in creating and delivering a product or service to the end consumer.

The influence of political and geographical factors on business and economic activities.

The strategic importance of international marketing refers to the benefits an organization gains by expanding its business to new markets around the world, such as increased market reach, diversification of risks, cost efficiency, access to new technologies and resources, and strengthening of brand identity, all facilitated by globalization.

Entities like UNCTAD (United Nations Conference on Trade and Development) play significant roles in supporting developing nations, promoting sustainable trade, encouraging foreign investment, facilitating international collaboration, and regulating and analyzing global trade patterns.

The process of categorizing economies based on their level of development and GDP, encompassing traditional, transitional, developing, and developed economies.

Low-income economies rely heavily on agriculture with minimal industrialization, often experiencing limited trade, dependence on external factors, low innovation, and low income levels.

Resource-exporting economies rely on natural resources as their primary source of income. These economies can range from low income (dependent on natural resources), to middle income (moderate GDP per capita but volatile due to resource dependence), to high income (high GDP per capita due to the value of exports).

Developing economies are characterized by growing industrial sectors, technological advancements, increased foreign investment, exports of finished goods, improvements in infrastructure, and urbanization.

Developed industrial economies have advanced industrial sectors, high productivity, strong infrastructure, high living standards, and high levels of innovation.

Post-industrial economies place greater emphasis on services, knowledge, and technology compared to production, signifying a shift in economic focus towards innovation and information-based industries.

A demographic group that includes millennial mothers, characterized by a high level of connectedness, influence among their peers, a different perspective on motherhood, and a strong interest in sharing information about products and services.

A demographic group representing the older consumer segment, characterized by increasing numbers, transnational consumer behavior, high disposable income, influence on younger generations, and tech-savvy purchasing habits.

Consumers who are highly connected, influential, and actively engaged in sharing information about products and services, often serving as key advisors for their friends and colleagues.

Consumers are becoming increasingly aware of the importance of multiculturalism in marketing, leading to the adoption of personalized strategies and customized communication for various cultural groups. This approach respects diverse cultural values and preferences, leading to greater inclusivity and engagement.

Factors that influence marketing strategies and consumer behavior, including demographic trends, age group characteristics, and lifestyle preferences.