Question 1

Why is global trade important to the Canadian economy?

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Question 2

Describe the methods available for entering international markets.

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Question 3

Explain the significance of NAFTA and FTAA.

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Question 4

What is the World Trade Organization (WTO)? How does it resolve trade disputes among members?

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Question 5

Modifying the control panel of a washing machine to accommodate cultures that read right to left would be considered a form of select product invention.

Accepted Answer

Modifying the control panel of a washing machine to accommodate cultures that read right to left would be considered a form of cultural adaptation, not select product invention.

Question 6

Companies often adapt their pricing strategy from one foreign market to another and modify pricing when market conditions change.

Accepted Answer

Companies may adjust their pricing strategy when entering a new foreign market or when market conditions change to remain competitive and meet demand. This can involve modifying prices based on factors such as local competition, consumer preferences, currency exchange rates, and economic conditions.

Question 7

What are the six areas marketers must study before advising their company to enter a foreign market?

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Question 8

What are some ways to facilitate exporting to a foreign market?

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Question 9

Compare a free trade area, an economic union, and a customs market.

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Question 10

Outboard motors that are sold in Canada primarily as recreational products may be sold in a foreign country as basic transportation equipment.Such a practice would constitute product adaptation in the foreign market.

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Question 11

Explain the difference between a franchise and a foreign licensing agreement.Which arrangement do firms such as McDonald's use to enter foreign markets?

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Question 12

What is the European Union? Describe its goals, and discuss some of their successes and challenges.

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Question 13

Explain the difference between a protective tariff and a revenue tariff.What is dumping?

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Question 14

Discuss some factors that can influence environmental marketing strategies.

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Question 15

In a countertrade, products of one country are exchanged for products of another instead of cash.

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In countertrade, products are exchanged for other products instead of using cash as payment.

Question 16

What does ISO 9000 and ISO 14000 certification represent?

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Question 17

Product invention is an international marketing strategy that involves creating an entirely new product, or reinventing a product that is obsolete in the domestic market, to take advantage of unique foreign marketing opportunities.

Accepted Answer

Product invention is a valid international marketing strategy that involves creating or reinventing a product to target unique foreign market opportunities.

Question 18

Some of the largest direct investments by foreign companies in Canada have occurred in the automobile industry.

Accepted Answer

This statement is true. Many large foreign companies, such as Toyota and Honda, have made significant direct investments in Canada's automobile industry.

Question 19

Countertrading can be utilized as a way for a country to control its balance-of-trade problems.

Accepted Answer

Countertrading is a trade agreement in which one country agrees to purchase goods or services from another country in exchange for goods or services of equal value. This type of trade allows a country to boost its exports and reduce its imports, which can help to control balance-of-trade problems. Therefore, the statement is true.

Question 20

Foreign marketers consider Canada an attractive choice because it offers access to the North American market, high levels of discretionary income, and political stability.

Accepted Answer

Canada's access to the North American market, high levels of discretionary income, and political stability make it an attractive choice for foreign marketers.

Quiz 6: Serving Global Markets