In a subsistence economy, most people engage in simple agriculture.

An economic community is a group of nations organized to work toward

common goals in the regulation of international trade.

An emerging economy experiences rapid economic growth and

industrialization.

Industrial economies are major importers and exporters of manufactured

goods and services.

Product adaptation is described as changing a product to meet local

conditions or wants in foreign markets.

Straight product extension is marketing a product in a foreign market without

making any changes to the product.

Product invention is creating new products or services for foreign markets.

Communication adaptation is a global communication strategy of fully

adapting advertising messages to local markets

Joint ownership is a cooperative venture in which a company creates a local

business with investors in a foreign market firm, who share ownership and
control.

The whole-channel view consists of designing international channels that take

into account the entire global supply chain and marketing channel, forging an
effective global value delivery network.

Management contracting is a joint venture in which the domestic firm

supplies the management know-how to a foreign company that supplies the
capital.

An economic community is a group of nations organized to work toward

common goals in the regulation of international trade

Contract manufacturing is a joint venture in which a company contracts

with manufacturers in a foreign market to produce its product or provide
its service.
Licensing is entering foreign markets by developing an agreement with a
licensee in the foreign market.

Direct investment is entering a foreign market by developing foreign-based

assembly or manufacturing facilities.

Management contracting is a joint venture in which the domestic firm

supplies the management know-how to a foreign company that supplies the
capital; the domestic firm exports management services rather than products.

Population size and growth are considered demographic characteristics.

Country size is considered a geographic characteristic.

Income distribution is an example of an economic factor.

Language is considered a sociocultural factor

An emerging economy experiences rapid economic growth and

industrialization.

In a subsistence economy, most people engage in simple agriculture.

An economic community is a group of nations organized to work toward

common goals in the regulation of international trade.

Industrial economies are major importers and exporters of manufactured

goods and services.

An economic community is a group of nations organized to work toward

common goals in the regulation of international trade.

A global firm is a firm that, by operating in more than one country, gains R&D,
production, marketing, and financial advantages in its costs and reputation
that are not available to purely domestic competitors.

Standardized global marketing is a global marketing strategy, not a group, that

basically uses the same marketing strategy and mix in all of the company’s
international markets.
 Adapted global marketing is a global marketing approach, not a group, that
adjusts the marketing strategy and mix elements to each international target
market, which creates more costs but hopefully produces a larger market
share and return

1.
An economic community is ________.
CORRECT ANSWER:
a group of nations organized to work toward common goals in the regulation
of international trade
see more

2.
A(n) ________ is a group of nations organized to work toward common goals in the
regulation of international trade.
CORRECT ANSWER:
economic community
see more

3.
__________ refers to entering a foreign market by developing foreign-based
assembly or manufacturing facilities.
CORRECT ANSWER:
Direct investment
see more

4.
Contract manufacturing is __________.
CORRECT ANSWER:
a joint venture in which a company contracts with manufacturers in a foreign
market to produce its product or provide its service
see more

5.
A(n) ________ economy experiences rapid economic growth and industrialization.
CORRECT ANSWER:
emerging
see more

6.
Which of the following describes product adaptation?
CORRECT ANSWER:
Changing a product to meet local conditions or wants in foreign markets
see more

7.
Population size and growth are considered __________.
CORRECT ANSWER:
demographic characteristics
see more

8.
In a subsistence economy, ________.
CORRECT ANSWER:
most people engage in simple agriculture
see more

9.
Which of the following describes management contracting?
CORRECT ANSWER:
A joint venture in which the domestic firm supplies the management know-
how to a foreign company that supplies the capital; the domestic firm exports
management services rather than products
see more

10.
Joint ownership is __________.
CORRECT ANSWER:
a cooperative venture in which a company creates a local business with
investors in a foreign market firm, who share ownership and control
see more

11.
 __________ is a global communication strategy of fully adapting advertising
messages to local markets.
CORRECT ANSWER:
Communication adaptation
see more

12.
Which of the following is an economic factor?
CORRECT ANSWER:
Industrial infrastructure
see more

13.
__________ involves changing a product to meet local conditions or wants in foreign
markets.
CORRECT ANSWER:
Product adaptation
see more

14.
__________ is considered a sociocultural factor.
CORRECT ANSWER:
Language
see more

15.
__________ is a joint venture in which the domestic firm supplies the management
know-how to a foreign company that supplies the capital; the domestic firm
exports management services rather than products.
CORRECT ANSWER:
Management contracting
see more

16.
Which of the following describes adapted global marketing?
CORRECT ANSWER:
 A global marketing approach that adjusts the marketing strategy and mix
elements to each international target market, which creates more costs but
hopefully produces a larger market share and return
see more

17.
__________ is marketing a product in a foreign market without making any changes
to the product.
CORRECT ANSWER:
Straight product extension
see more

18.
Direct investment is __________.
CORRECT ANSWER:
entering a foreign market by developing foreign-based assembly or
manufacturing facilities
see more

19.
Designing international channels that take into account the entire global supply
chain and marketing channel, forging an effective global value delivery network
is known as __________.
CORRECT ANSWER:
the whole-channel view
see more

20.
A cooperative venture in which a company creates a local business with
investors in a foreign market firm, who share ownership and control is known as
__________.
CORRECT ANSWER:
joint ownership
see more

21.
In a(n) ________ economy, most people engage in simple agriculture.
CORRECT ANSWER:
subsistence
see more

22.
A global firm is ________.
CORRECT ANSWER:
a firm that, by operating in more than one country, gains R&D, production,
marketing, and financial advantages in its costs and reputation that are not
available to purely domestic competitors
see more

23.
________ economies are major importers and exporters of manufactured goods
and services.
CORRECT ANSWER:
Industrial
see more

24.
Product invention is __________.
CORRECT ANSWER:
creating new products or services for foreign markets
see more

25.
__________ is a joint venture in which a company contracts with manufacturers in a
foreign market to produce its product or provide its service.
CORRECT ANSWER:
Contract manufacturing
see more

26.
__________ is considered a demographic characteristic.
CORRECT ANSWER:
Population size
see more

27.
What is licensing?
CORRECT ANSWER:
Entering foreign markets by developing an agreement with a licensee in the
foreign market
see more

28.
Standardized global marketing is ________.
CORRECT ANSWER:
a global marketing strategy that basically uses the same marketing strategy
and mix in all of the company’s international markets
see more

29.
Which of the following is true of emerging economies?
CORRECT ANSWER:
There is rapid economic growth and industrialization.