International Trade and Service Quality Quiz

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Questions and Answers

What is the primary reason for implementing tariffs?

  • To simplify customs procedures
  • To increase government revenue
  • To encourage foreign investment
  • To protect local businesses (correct)

Which of the following is a characteristic of services?

  • Intangible (correct)
  • Infrequent
  • Tangible
  • Homogeneous

Which of the following is not a component of the global market assessment?

  • Economic Analysis
  • Environmental Analysis (correct)
  • Socio-cultural Analysis
  • Governmental Analysis

What happens when a country imports more than it exports?

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

What limits the amount of imported goods in a country?

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

Which of the following best describes an embargo?

<p>A prohibition on trade (D)</p> Signup and view all the answers

What is the highest possible return option for investment?

<p>Direct investment (D)</p> Signup and view all the answers

Which country is the U.S.'s top trading partner as of 2023?

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

What is the Delivery Gap?

<p>The difference between the firm's service standards and the actual service it provides. (C)</p> Signup and view all the answers

What impact does a prolonged service failure resolution have on customer satisfaction?

<p>It leads to increased customer irritation. (A)</p> Signup and view all the answers

Which of the following best describes a strategic alliance?

<p>Collaborative relationships between independent firms without creating equity partnerships. (D)</p> Signup and view all the answers

What does the Gini Index measure?

<p>GDP combined with the net income earned from investments abroad. (A)</p> Signup and view all the answers

What does the term 'culture' refer to in the context provided?

<p>The shared meanings, beliefs, morals, values, and customs of a group of people. (D)</p> Signup and view all the answers

What does GDP measure?

<p>The yearly value of all finished goods and services produced within a country's borders (D)</p> Signup and view all the answers

Which statement accurately describes a characteristic of sustainability KPIs?

<p>They focus on greenhouse gas emissions and energy consumption (D)</p> Signup and view all the answers

What is a key quality of data necessary for effective decision-making?

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

What defines a perfect order in supply chain management?

<p>An order where everything about the order is executed flawlessly (C)</p> Signup and view all the answers

What is OSHA concerned with?

<p>Safety and health issues (D)</p> Signup and view all the answers

Which market focuses primarily on consumer and competitor relationships?

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

Which of the following is NOT a component of a KPI?

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

What is the 'knowledge gap' in relation to customer expectations?

<p>The difference between what customers expect and what the firm perceives those expectations to be (D)</p> Signup and view all the answers

What is the primary feature of a weighted point scorecard?

<p>It provides weights for various performance categories. (D)</p> Signup and view all the answers

What does power distance refer to in cultural dimensions?

<p>The acceptance of social inequality as a norm. (C)</p> Signup and view all the answers

Which of the following options best defines the concept of culture in a communal context?

<p>The shared beliefs and values within a group. (A)</p> Signup and view all the answers

What is the primary purpose of understanding the internal differences of countries?

<p>To tailor strategies effectively to local contexts. (D)</p> Signup and view all the answers

How does infrastructure impact a society's functionality?

<p>It provides essential services and facilities for daily life. (A)</p> Signup and view all the answers

What type of actions are tariffs, quotas, and trade agreements considered to be?

<p>Government interventions. (D)</p> Signup and view all the answers

What is a significant challenge faced when importing goods?

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

Which strategy carries the highest risk when entering foreign markets?

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

Which of the following best characterizes a joint venture?

<p>Creating a new entity between companies (B)</p> Signup and view all the answers

What does a low Gini Index indicate about income distribution?

<p>Income is equally distributed (C)</p> Signup and view all the answers

How can companies effectively reduce the communication gap with customers?

<p>By managing customer expectations (D)</p> Signup and view all the answers

Which of the following aspects contributes to the zone of tolerance in service delivery?

<p>The minimum to desired level of service (B)</p> Signup and view all the answers

What is the main purpose of quotas in trade?

<p>To limit the quantity of imports (D)</p> Signup and view all the answers

Which component is NOT part of the global market assessment?

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

What does macro-influence typically refer to in a business context?

<p>Broader socio-economic and political factors (A)</p> Signup and view all the answers

What does GDP stand for in economic terms?

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

Which of the following best describes a key feature of sustainability KPIs?

<p>They include metrics like waste from production. (C)</p> Signup and view all the answers

What is the primary function of the Occupational Safety and Health Administration (OSHA)?

<p>To enforce safety and health regulations. (C)</p> Signup and view all the answers

Which measure defines a perfect order in supply chain management?

<p>An order where everything about it goes right. (D)</p> Signup and view all the answers

In the context of supply chain, what does the order fill rate measure?

<p>The number of orders that need to be filled compared to those that are filled. (A)</p> Signup and view all the answers

Which of the following best reflects a characteristic of the free market?

<p>Consumer and competitor relationships are central to market functioning. (B)</p> Signup and view all the answers

What is NOT considered a characteristic of effective metrics?

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

Which of the following represents an intangible service?

<p>Digital consulting services. (D)</p> Signup and view all the answers

What components are essential for establishing a Key Performance Indicator (KPI)?

<p>Starting benchmark, target achievement, and time frame. (D)</p> Signup and view all the answers

Which of these is considered a common sustainability KPI?

<p>Greenhouse gas emissions. (A)</p> Signup and view all the answers

What is the main benefit of using Foreign Trade Zones?

<p>Avoidance of customs duties (D)</p> Signup and view all the answers

Which of the following factors is crucial for ensuring effective international shipping?

<p>Proper management of a communication gap (B)</p> Signup and view all the answers

What characterizes the 'zone of tolerance' in terms of service delivery?

<p>The range between minimum and desired expectations (B)</p> Signup and view all the answers

Which component does NOT need to be in equilibrium for stable pricing between countries?

<p>Supply chain management (C)</p> Signup and view all the answers

Which of the following is a common barrier faced when importing goods?

<p>Complicated regulatory paperwork (C)</p> Signup and view all the answers

What does a high Gini Index indicate about a country's income distribution?

<p>Income is significantly concentrated among the wealthy (D)</p> Signup and view all the answers

What does the concept of a 'delivery gap' specifically refer to?

<p>Disparity between customer expectations and service received (A)</p> Signup and view all the answers

Which of the following represents the least risky strategy for entering foreign markets?

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

What primarily influences the amount of imported goods a country can accept?

<p>Government-imposed quotas (A)</p> Signup and view all the answers

What is the primary purpose of understanding culture within a market?

<p>To navigate shared beliefs and values that influence consumer behavior (C)</p> Signup and view all the answers

Which of the following factors does NOT contribute to the infrastructure requirements of a society?

<p>Cultural norms and practices (C)</p> Signup and view all the answers

How does power distance influence organizational structure in a business?

<p>It affects the willingness to accept and act on hierarchical differences (A)</p> Signup and view all the answers

Which type of scorecard attempts to quantify the total cost of doing business with a supplier over time?

<p>Cost-based Scorecards (A)</p> Signup and view all the answers

What is a strategic alliance primarily characterized by?

<p>An informal cooperation between firms without equity partnership (D)</p> Signup and view all the answers

Which statement correctly describes internal differences in countries?

<p>Different regions may have diverse economic conditions and cultural attitudes (D)</p> Signup and view all the answers

What does a 100% order fill rate indicate?

<p>All orders requested have been filled. (A)</p> Signup and view all the answers

Which of the following is NOT a characteristic of effective metrics?

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

What is measured by GDP?

<p>The yearly value of all finished goods and services produced within a country's borders. (C)</p> Signup and view all the answers

Which of the following best describes the concept of productivity in relation to labor costs?

<p>The output per unit of labor input. (A)</p> Signup and view all the answers

What does a knowledge gap refer to?

<p>The divergence between customer expectations and firm perception. (C)</p> Signup and view all the answers

What legislation focuses on Safety and Health Issues?

<p>OSHA (D)</p> Signup and view all the answers

Which attribute is essential for determining whether services can be stored?

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

What is the definition of a 'perfect order' in supply chain management?

<p>An order that meets all specified criteria perfectly. (B)</p> Signup and view all the answers

Which of the following is a key component of a Key Performance Indicator (KPI)?

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

What type of inventory management method would NOT be suitable for perishable services?

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

Flashcards

Foreign Trade Zones

Designated areas where imported goods can be stored, manipulated, or assembled without immediate payment of customs duties.

Customs Duty

A tax imposed on imported goods.

Tariff implementation main reason

To protect domestic industries and businesses from foreign competition.

Import challenges

Government regulations and paperwork errors are common issues faced when importing.

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Joint Venture

A business arrangement where two or more companies create a new company or entity to pursue shared business objectives.

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Trade Deficit

A situation where a country imports more goods and services than it exports.

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Gini Index

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

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Globalization

The increasing interconnectedness and interdependence of countries through the exchange of goods, services, and information.

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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

The only market type that focuses on consumer and competitor needs.

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OSHA

Legislation focused on safety and health issues.

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Order Fill Rate

Ratio of filled orders to total orders.

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Sustainability KPIs

Key Performance Indicators for environmental sustainability.

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Knowledge Gap

Difference between customer expectations and company perception.

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Service

A deed, performance, or effort that can't be physically possessed.

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Perfect Order

An order completed perfectly, with no issues.

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Delivery Gap

The difference between a company's promised service quality and the actual service delivered to customers.

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Service Failure Impact

The longer it takes to fix a service problem, the more frustrated customers become.

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Power Distance

A society's tolerance for inequality in power distribution.

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Strategic Alliance

Collaborative partnership between independent companies without creating a joint ownership structure.

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Categorical Scorecards

Performance measurement tools that use simple checkmarks to assess performance across various categories.

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Weighted Point Scorecards

Performance measurement tools that include a variety of performance categories and assign different weights to each category based on its importance.

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Tariff Purpose

Tariffs are primarily implemented to protect domestic businesses from foreign competition, similar to a fence protecting a garden.

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Import Paperwork

Accurate and complete paperwork is crucial for importing goods, as errors lead to delays and costly corrections.

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Embargo

A complete ban on trade with another country, usually due to political or economic reasons, like closing a border.

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Incoterms

International trade terms defining responsibilities and costs between buyers and sellers, indicating who handles what during shipping.

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Zone of Tolerance

A range of acceptable time for goods to arrive, between a minimum and desired expectation.

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Service Dominant Company

A company that primarily focuses on providing services rather than tangible products.

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Communication Gap in Service

The difference between promised service and actual customer experience, leading to potential dissatisfaction.

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Dense Area Needs

A densely populated area requires more resources like money, stores, and services to accommodate its residents.

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Universal vs. Local

Universal solutions apply to everyone, but their implementation varies depending on location and specific circumstances.

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Cost of Labor Factors

The cost of labor depends on factors like productivity, skill level, and the cost of living in a particular location.

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GDP Definition

GDP measures the total value of all goods and services produced within a country's borders in a year.

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Free Market Focus

A free market prioritizes the needs of consumers and competitors.

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OSHA's Role

OSHA (Occupational Safety and Health Administration) focuses on workplace safety and health regulations.

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Essential Data Qualities

Accurate, complete, and timely data are crucial for effective decision-making.

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Tariff Implementation

The main reason for implementing tariffs is to protect domestic businesses from foreign competition.

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What is a knowledge gap?

The difference between customer expectations and a company's understanding of those expectations.

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What makes services intangible?

Services cannot be touched, tasted, or seen.

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What does 'heterogenous' mean in the context of services?

Services are often varied and different, influenced by factors like technology, training, and automation.

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How are services perishable?

Services cannot be stored or saved for later use.

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What is GDP?

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

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What is a free market?

A market structure where consumer needs and competitor actions are primary concerns.

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What does OSHA do?

OSHA ensures workplace safety and health regulations are followed.

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What are the most important qualities of data?

Accurate, complete, and timely data are crucial for good decision-making.

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What are KPIs and how do they work?

Key Performance Indicators measure progress towards goals, with a starting point, target achievement, and timeframe.

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Can we manage things in the supply chain without measuring them?

No, measuring is vital for effective supply chain management.

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Study Notes

Foreign Trade Zones

  • Aim to reduce customs duty.
  • Tariffs are implemented to protect local businesses.
  • Government regulations can cause issues during import processes.
  • Inaccurate paperwork leads to delays and cost increases.

Trade Agreements & Influences

  • USMCA (United States-Mexico-Canada Agreement) is a significant macro-influence.
  • Geopolitical issues impact trade.
  • Embargoes halt trade.
  • Incoterms define responsibility shifts between buyers and shippers during international transactions.
  • Joint ventures create new entities from the merging of two international companies.
  • Mexico is a top trading partner with the US (2023).

Service Quality

  • Zones of tolerance determine acceptable arrival times.
  • Service-dominant companies (like doctor's offices) are increasing in the US.
  • Communication gaps between promised and received services can reduce customer satisfaction.
  • Service characteristics include: intangible, inseparable, heterogeneous, and perishable.
  • Delivery gaps emerge between actual service and service standards/policies.

Global Market Assessment

  • Infrastructure, economic, governmental, socio-cultural factors impact trade.
  • Exchange rates influence global markets.
  • Globalization allows for the flow of goods and services across borders.
  • Local vs. global considerations are crucial.
  • Gini Index measures income distribution in a country.
  • A low Gini Index means more equal income distribution.
  • Population density affects market needs.
  • Factors like labor cost, productivity, skill level, and cost need to be considered.

Performance Metrics & KPIs

  • GDP measures yearly value of a country's output.
  • Free markets focus on consumers and competition.
  • OSHA legislation addresses safety and health concerns.
  • KPIs for sustainability measure factors like greenhouse gas emission, energy, and waste.
  • Order fill rates indicate order fulfillment effectiveness.
  • Perfect order metrics assess overall order completion.
  • KPI components include accuracy, completeness, and timeliness.
  • Sustainability KPIs are significant aspects that need to be measured.

Business Practices

  • International trade and service delivery involves considering cultural factors such as Power Distance, Strategic Alliances, Language and other relevant cultural nuances.
  • Weighted point scorecards and cost-based scorecards are used to evaluate performance metrics in business operations.

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