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DRIVE Fall 2017

MK0018– International Marketing

1 Differentiate between GATT and WTO


Answer: GATT is a multilateral treaty among the member countries that lays down certain
agreed rules for conducting international trade. The member countries contribute together to
four-fifth of the total world trade. It is interesting to note that underdeveloped countries form a
sizable majority in GATT. The basic aim of GATT is to liberalise world trade negotiations
among members countries and, for the last forty seven years, it has been concerned with

2 Write short notes on the following:

A. International franchising
B. International contract manufacturing

Answer: a) Franchising is basically a specialized form of licensing in which the franchiser not
only sells intangible property to the franchisee, but also insists that the franchisee agree to abide

3 What are the stages in which international markets are screened and analysed?
4 Stages

Answer: Step One – Country Identification

The World is your oyster. You can choose any country to go into. So you conduct country
identification – which means that you undertake a general overview of potential new markets.
There might be a simple match – for example two countries might share a similar heritage e.g.

4 What is counter-trade? Describe the various types of counter-trade.

Explanation of the concepts

Answer: Counter trade constitutes an estimated 5-30 percent of total world trade. Counter-trade
greatly proliferated in the 80s. Counter-trade is one of the oldest forms of trade in the
government mandate to pay for goods and services with something other than cash. It is a
practice that requires a seller as a condition of sale to commit contractually to reciprocate and
undertake certain business initiative that compensate and benefit the buyer. In short, a good-for-
goods deal

5 Discuss the role of sales promotion and personal selling in international marketing.
Sales promotion
Personal Selling

Answer: Sales promotion is one of the most important aspects of marketing. Selling is as
important as producing. Every manufacturer has to sell his product in the market – domestic or
international. Selling products in the international market is more difficult than selling them in
the domestic market. The producer and the exporter cannot sell a bundle of physical attributes
known as

6 Write short notes on the following:

a. Bill of Exchange
b. Packing list
c. Air way bill
d. Certificate of origin
e. Consular invoice

Answer: a) When a draft bill is drawn on a foreign firm, it is termed as a foreign draft or bill of
exchange. It is prepared either in an international currency or Indian rupee depending on the
terms of contract. Accordingly, the bill is known by the name of currency in which it is drawn.

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