国际金融简答题及答案

Describe the global standardization —local adaptation debate. What are the drivers for globalization and for adaptation? Explain. Global standardization: refers first to standardization of products across markets and ultimately, to the standardization of the marketing mix worldwide. The main reason why firms favor global standardization: it is cheaper to have the same product and the same integrated marketing communication strategy worldwide. And standardization is possible because consumers increasingly have the same product preferences. Many global companies adapt their offerings to better meet the needs of the local market, thus performing a local, nonmandatory adaptation. Examples of multinational companies offering products aimed at local market abound. In most instance, the products result from a buyout.Gi ve example of mandatory and nonmandatory adaptations.(例子在203页下方和204页中下方)例子在205页上方T he different barriers to entry that international providers face worldwide: （1）the requirement to use national service. This requirement is a form of protectionism: company or government policies provide implicit or explicit preference for a domestic supplier, which makes it difficult for international service providers to survive.（2）the prohibition against the employment for foreign nationals or other barriers. (3) Direct competition from government providers, such as a local government monopoly over natural gas and electricity.(4)restriction on movement.(5) tariffs imposed on international service providers.W hat are the reasons behind counterfeiting? What efforts are taking place to combat it? Are they successful?Reason: using the famous brand to gain a higher profit with a lower cost.Effort: (1) lobbying the US government, as well as the governments involved, is first step.(2) Changing a product’s appearance to differentiate authentic products from fakes.Not entirely successfulD escribe the international product life cycle and the activities involved in developed and developing countries. Most products are introduced in developed countries, where consumers can afford the high costs charged by manufacturers to recoup product development costs. During growth, the international company faces increasing competition worldwide from products also produced in the developed country. At maturity, standardized products compete primarily on price; manufacturing moves overseas to take advantage of cheaper labor. The company has a sales focus on emerging markets. In a product’s middle and late maturity, competitors from developing countries enter the company’s world markets and compete for consumers. In the product’s decline stage, the company seeks new markets in countries of lower development levels.W hat are the activities involved at each stage of the new product development process? where are most new products developed? The new product development process starts with idea generation, in and outside the company; the next step is idea screening, followed by concept development and evaluation. product business analysis determines the extent to which the product is likely to be viable. The next stage is product design and development. Test marketing involves great expense on the part of the company; it also leaves the company vulnerable to competitive idea theft. Often, companies use international markets as testing grounds for new products. The final stage is launching, requires significant commitment to the product and to the target market.M any products are advertised in the US as “new and improved”. What does this mean in terms of new product classification. New product to existing market, new product to existing company: these categories account for 33.7% of products. New line: this category represents a new product or product line to a company, but for a company already operating in that market. It accounts for 16.8%of products. New item in an existing product line: this category accounts for 11.9% of products; these products are likely to have the highest success rate and the greatest impact on the company sales and profit. Modification: this categoryaccounts for 18.8% of products.De scribe the difference between lead and lagcountries in terms of adoption status andrate. Lead countries: countries where theproduct or service is first introduced andadopted. Lag countries: countries where theproduct or service is adopted at a later stage. Byanalogy, consumers in high-income,industrialized countries (lead countries) adoptthe product first, while in low-income (lagcountries) adopt the product later. The diffusionrate tends to be faster in lag countries. The laterin the product life cycle the product or service isintroduced in a lag countries, the faster theadoption rate.T he differences between firminternationalization philosophies:Ethnocentric companies consider domesticstrategies, techniques, and personal assuperior to foreign ones; these strategiesthen provide the framework for thecompanies’ overseas operations, which aresecondary to domestic operations.Companies with a polycentric orientationfocus on different international marketswithout coordinating between internationalactivities. Companies with a Regiocentricorientation coordinate their operationsregionally, whereas companies with ageocentric orientation coordinate theirmarketing and management policiesworldwide, fully integrating theiroperations and addressing uniformsegments worldwide.T he drivers in international businessenvironment that lead a firm to engagein international operation& some of thefirm-specific drivers leading tointernationalization: Businessenvironment drivers: competition, regionaleconomic and political integration,technology, improvements, in thetransportation and telecommunicationinfrastructure, economic growth, transitionto a market economy, convergingconsumer needs.Firm-specific drivers: product life-cycleconsiderations, high new productdevelopment costs, standardization,economies of scale, and cheap labor,experience transfers.T he ‘self-reference” criterion:Individuals’ conscious and unconsciousreference to their own national culture andto home country norms and values, as wellas to their knowledge and experience, inthe process of marketing decisions in thehost country.H ow governments and competitorsprevent a firm from entering aparticular market: Among formal methodused by national governments to restrict orimpede entrance of international firms inthe local market are tariffs and barrierssuch as import quotas.P30, 2-2bD escribe indicators of political risk.Examine current events and identifysome of the political risks thatmultinational companies face in theworld today:Several indicators signalpolitical risk: economic performance,political repression, multiple groups withincongruent interests, rampant nationalism,and political instability.2 home-country laws that affect USbusinesses operating internationally:Anticompetitiveness laws and corruptionlaws-and international laws, which couldbe laws of a regional governance body. It isadvisable that firms entering intoagreements agree on jurisdiction and on theprocedure need for conflict resolution.E xamples of violations of internationalproperty rights & counterfeiting:Product and sell one’s designs withoutallowing of designer; sell the production inother places but not the contract rules;distort and publish the paper withoutallowing of original writer.H ow religion affects internationalmarketing and business operation in atarget market: They have a significantimpact on consumer behavior andmarketing practices in general, delineatinggender roles, rules for gift giving andappropriate behaviors in a business setting;they also create rules for individualinteraction.W hat are the different cultural normsand values, and how do they differaround the world: Values are the enduringbeliefs about a specific mode of conduct ordesirable end-state. Members of a cultureshare a system of meaning, a set of beliefsabout what is right or wrong. The culturalnorms include imperatives (强制性),exclusives（排他性）, and a diaphoras（中立性）.女主是驻阿拉伯经商的,what are someof the cultural elements that willinfluence her performance? How can shebest prepare for this assignment?Elements of the culture: language, religion,cultural values, cultural norms andnational/regional character.（Self-conclusion）M any messages aimed at consumers in中欧和东欧have a status message, why?If you worked there, would you showsolidarity with the workers andsymbolically work alongside them in afactory, why? In this regard, it isinteresting to observe the changes takingplace in the transition economies of Centraland Eastern Europe. During the transitionperiod, however, attitudes toward riskmanifested themselves strongly, with someholding on to the status quo and rejectingprivatization and change, and with other,younger individuals taking unwarrantedrisks.H ow do managers use the globalconsumer culture to position their goodsin the local market:In response to anincreasingly global consumer culture,marketers have devised marketingprograms that appeal to individuals whowould like to feel one with this culture.Among such messages are “United Colorsof Benetton,” “ADM, Supermarket to theworld,” and Philips’ “Let’s Make ThingsBetter,” which feature individuals andsynopses from different countries. ---（全球化的顾客文化定位）Chevy trucks and Dr. Pepper have beenpositioned as part of the “American” wayof life. ---（当地消费者文化定位）T he scope of marketing research with afocus on promotion-related research:Industry, market characteristics, markettrends; Buyer behavior research; Productresearch; Distribution research; Pricingresearch; Promotion research 【studies ofpremiums, coupons and deals; Advertisingeffectiveness research; Media research;Sales force compensation, quota, andterritory studies:制定适合战略】.C onsumer segmentation studies: areconducted to identify market segment. Italso identifies profiles of heavy productconsumers and occasions for consumption.T he limitation of secondary dataavailable to international marketingresearch: Secondary data in one countryare not useful in the second country.C hallenges that researchers experiencewhen designing and administeringquestionnaires in countries that areculturally dissimilar: In certain countries,researchers may not have access to certainhousehold members.Using mail survey is problematic I manyinternational markets where mail isunreliable and slow.In most developing countries, there’s ahigh level of illiteracy, which rendersimpossible the use of mail surveys.T he quantitative data collectionmethods that can be used ininternational study and the problemsthey pose to the validity and reliability ofthe findings: It involves either descriptiveresearch, such as survey research (typicallyinvolves personal information,questionnaire), content analysis (aquantitative analysis that entails countingthe number of times preselected words,themes, symbols, or pictures appear in agiven medium such as printed material orany medium with verbal or visual content).Or causal research approaches, such asexperimental research: has the highestvalidity and reliability of all types ofresearch. //Problems见上题. It’s difficultto transfer the findings to other countrieswhere the control factors behavedifferently.D escribe the international forecastingmethods that marketing managers canuse to better monitor and moreefficiently react to information in thelocal environment: ①Sales forcecomposite estimates are based on thepersonal observations and “hunches” oflocal sales force. ②Forecasts from theJury of expert opinion are based on theopinions of different experts about futuredemand. ③The Delphi method entailsasking a number of experts to estimatemarket performance, aggregating theresults, and sharing this information withthe experts. ④Time series models use dataof past performance to predict futureI nternational strategic planning takesplace at different levels:Corporate level: the strategic plan allocatesresources and establishes objectives for thewhole enterprise worldwide.It has long-term focus involving thehighest levels of management.Division level: the strategic plan allocatesfunds to each business unit based ondivision goals and objectives.The company coordinates all localoperations.Business unit level: within each country,decisions are made regarding whichconsumer segment to target, using criteriadescribed.Product level: a marketing plan isdeveloped for achieving objectives.1.FB ases& strategies marketing managersuse for segmenting their internationalmarkets using macro andmicro-segmentation:Macro: ①Marketpotential; ②The political, legal, andfinancial environment of the country;③The marketing support infrastructure inthe country; ④Brand/company franchiserelative to competing products/companies;⑤Degree of market fit with companypolicies, goals, and resourcesMicro: ①Demographic segmentation: age, gender, race, income, education, job, social class; ②Psychographic segmentation: global youth segment, global elite, global gay and lesbian segment; ③Benefit segmentation: a useful tool for identifying uniform consumer segments; ④Usage and user status segmentation: non/occasional/medium/heavy users;non/ex-/1st/regular users; ⑤Geographic segmentation: country analysis, membership in international trade forums, regional blocks, ect.T he principal targeting strategies:Differentiated targeting strategy: identify/create market segments that want different benefits from a product and target them with different brands, using different marketing strategies.Concentrated targeting strategy: companies select only one market segment and target it with a single brand.Undifferentiated targeting strategy: the product is aimed at all market using a single strategy.T he differences between franchising andlicensing:Franchising: franchisor gives thefranchisee the right to use its brand nameand all related trademarks and its businessknow-how; the franchisee may provide thefranchisor with advertising and salespromotion support in return for royalties.Licensing: is a popular international entrymode. The licenser offers know-how,technology, and often shares a brand namewith the license. Licensee pays royalties inreturn. The licenser may license theproduct without the name, or it may licensethe product allowing the use of the brandname.T ypes of international entry modes,from exporting to wholly ownedsubsidiary, and address the risk andcontrol:Indirect exporting: 公司将产品出售给母国的intermediaries，中间商再销售海外。