Podcast
Questions and Answers
What does the Delivery Gap refer to?
What does the Delivery Gap refer to?
Which statement about cultural factors is true?
Which statement about cultural factors is true?
What distinguishes a Strategic Alliance from other types of partnerships?
What distinguishes a Strategic Alliance from other types of partnerships?
Which type of scorecard takes into account the costs associated with doing business over time?
Which type of scorecard takes into account the costs associated with doing business over time?
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Which of the following is an action that governments typically take to influence trade?
Which of the following is an action that governments typically take to influence trade?
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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 is the major issue faced when importing goods?
What is the major issue faced when importing goods?
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Which of the following best describes the concept of an embargo?
Which of the following best describes the concept of an embargo?
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What is indicated by a trade deficit?
What is indicated by a trade deficit?
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What shift occurs in responsibility during international shipping according to Inco-terms?
What shift occurs in responsibility during international shipping according to Inco-terms?
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What does the Gini Index measure?
What does the Gini Index measure?
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Which of the following characteristics is NOT associated with services?
Which of the following characteristics is NOT associated with services?
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What is the least risky strategy for entering foreign markets?
What is the least risky strategy for entering foreign markets?
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What does GDP measure?
What does GDP measure?
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What is the essence of a Free Market?
What is the essence of a Free Market?
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Which of the following is NOT considered a KPI for sustainability?
Which of the following is NOT considered a KPI for sustainability?
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What does high order fill rate indicate?
What does high order fill rate indicate?
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What are the three most important qualities of data?
What are the three most important qualities of data?
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What defines a 'Perfect Order'?
What defines a 'Perfect Order'?
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In the context of services, what does 'perishable' imply?
In the context of services, what does 'perishable' imply?
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What does a categorical scorecard measure?
What does a categorical scorecard measure?
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What effect does a lengthy resolution of service failure have on customers?
What effect does a lengthy resolution of service failure have on customers?
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Which of the following best describes the concept of infrastructure?
Which of the following best describes the concept of infrastructure?
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What does power distance represent in a cultural context?
What does power distance represent in a cultural context?
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What is a key characteristic of a strategic alliance?
What is a key characteristic of a strategic alliance?
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Which category of scorecard assigns weights to different performance metrics?
Which category of scorecard assigns weights to different performance metrics?
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What is the primary impact of foreign trade zones on customs duty?
What is the primary impact of foreign trade zones on customs duty?
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Which of the following is true regarding the characteristics of services?
Which of the following is true regarding the characteristics of services?
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Which country was the top trading partner for the U.S. in 2023?
Which country was the top trading partner for the U.S. in 2023?
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What is a major risk factor when entering foreign markets?
What is a major risk factor when entering foreign markets?
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What does the term quota refer to in international trade?
What does the term quota refer to in international trade?
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What is typically a direct outcome of inaccuracies in paperwork during importing?
What is typically a direct outcome of inaccuracies in paperwork during importing?
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Which index measures income distribution in a population?
Which index measures income distribution in a population?
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What are brick nations known for in the context of global markets?
What are brick nations known for in the context of global markets?
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What is the primary purpose of OSHA legislation?
What is the primary purpose of OSHA legislation?
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Which of the following is NOT a component of a KPI?
Which of the following is NOT a component of a KPI?
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What does the order fill rate measure?
What does the order fill rate measure?
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Which characteristic is essential for data to be effective?
Which characteristic is essential for data to be effective?
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What does it mean if a service is described as 'perishable'?
What does it mean if a service is described as 'perishable'?
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What are sustainability KPIs primarily used for?
What are sustainability KPIs primarily used for?
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What defines a perfect order in a supply chain context?
What defines a perfect order in a supply chain context?
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What is measured by GDP?
What is measured by GDP?
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Flashcards
Foreign Trade Zones
Foreign Trade Zones
Designated areas where goods can be imported, processed, and re-exported without paying customs duties immediately.
Customs Duty
Customs Duty
A tax levied on imported goods.
Tariffs (main reason)
Tariffs (main reason)
Taxes imposed on imported goods to protect domestic industries.
Import Issues (Regulations)
Import Issues (Regulations)
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Joint Venture
Joint Venture
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Trade Deficit
Trade Deficit
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Globalization
Globalization
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Gini Index
Gini Index
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Delivery Gap
Delivery Gap
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Service Failure Resolution Time
Service Failure Resolution Time
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Infrastructure
Infrastructure
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Power Distance
Power Distance
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Strategic Alliance
Strategic Alliance
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GDP
GDP
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Free Market
Free Market
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OSHA
OSHA
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Order Fill Rate
Order Fill Rate
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Perfect Order
Perfect Order
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Sustainability KPI's
Sustainability KPI's
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Knowledge Gap
Knowledge Gap
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Service
Service
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Dense Area
Dense Area
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Universal Application
Universal Application
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Productivity
Productivity
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What is a tariff?
What is a tariff?
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What is a trade deficit?
What is a trade deficit?
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What is the Gini Index?
What is the Gini Index?
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What is an embargo?
What is an embargo?
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What does a 'Zone of Tolerance' mean?
What does a 'Zone of Tolerance' mean?
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What are the four key characteristics of services?
What are the four key characteristics of services?
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What is a Joint Venture?
What is a Joint Venture?
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What's the difference between a 'service dominant' and a 'product dominant' company?
What's the difference between a 'service dominant' and a 'product dominant' company?
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What is a Delivery Gap?
What is a Delivery Gap?
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How does service failure time impact customers?
How does service failure time impact customers?
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What is a Free Market?
What is a Free Market?
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Study Notes
Foreign Trade Zones
- Aims to decrease customs duty (taxes)
- Main reason for implementing tariffs: Protect domestic businesses first
- Government regulations are a concern when importing
- Inaccurate paperwork results in delays and added costs
- USMCA includes the US, Canada, and Mexico
Macro-influences
- Geo-political issues are a factor
- Embargo: Trade restrictions imposed
- Incoterms: Define responsibility shifts during international shipping
- Joint ventures: Two or more international companies form a new entity
Trading Companies & Entities
- Mexico is the top trading partner for the US (2023)
- Zone of tolerance: Acceptable time allowance for arrival
- Service-dominant companies (e.g., doctor's offices) are increasing in the US
Reducing Service Gaps
- Businesses use trading to reduce service gaps
- Communication gaps exist between promised service and customer experience
- Managing customer expectations (promised vs. received)
- Key characteristics of services: Intangible, inseparable, heterogeneous, perishable
- Delivery gaps exist between the actual service and service standards/policies
Entering Foreign Markets
- Direct interaction with customers is important in service delivery (delivery gap)
- Entering foreign markets through brick-and-mortar is high-risk
- Exporting is the lowest-risk entry strategy for new markets
- Increased opportunity for market growth in brick-and-mortar nations
- Quota limits imported goods
- Direct investment is the highest possible return
Market Assessment
- Exchange rates are needed for equilibrium in global market assessments
- Economic, infrastructure, governmental, and socio-cultural analyses are important
- Hofstede's framework aids in understanding cultural dimensions (e.g., power distance, individualism)
- Globalization enables cross-border movement of goods and services
Global Economics
- GDP - Yearly value of finished goods and services in a country
- Global markets focus on consumer behavior and competitor analysis
- OSHA (Occupational Safety and Health Administration) oversees safety and health issues
- Sustainability KPIs include greenhouse gas emissions, energy consumption, and waste
KPI (Key Performance Indicator) Measurements
- Order fill rate: Orders filled vs. total orders
- Metrics should be actionable, objective, and focused on results.
- Perfect order: Achieving all aspects of an order correctly
- Key KPI qualities include accuracy, completeness, and timeliness
- Important elements of KPIs include benchmark, target, time frame
- Sustainability KPIs are essential in monitoring performance
- Categorical scorecards quantify performance
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Description
This quiz explores key concepts related to international trade, including foreign trade zones, macro-influences, and trading companies. Learn how government regulations and geopolitical issues impact trade dynamics and service gaps in the marketplace. Test your knowledge on major trading partners and the evolving role of service-dominant companies.