Test Bank For Business Marketing Management B2B, 11th Edition Michael D. Hutt

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B2B, 11th Edition Michael D. Hutt
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SAMPLE
Chapter 6—Business Marketing Strategies for Global Markets
MULTIPLE CHOICE
1. An industrial firm’s first encounter with an overseas market usually involves _____
because it involves the least commitment and risk.
a. contracting
b. licensing
c. exporting
d. franchising
e. a turnkey operation
ANS: C
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
2. Exporting is a viable international entry strategy when the firm:
a. wishes to maintain direct control of the marketing program.
b. lacks the resources to make a significant commitment to the market.
c. wants to form long-term relationships with international customers.
d. all of the above
e. none of the above
ANS: B
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
3. Included among the contractual modes of international market participation are:
a. licensing.
b. management contracts.
c. exporting.
d. all of the above
e. both (a) and (b)
ANS: E
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
4. As a mode of international market entry, licensing agreements pose the following
limitation(s):
a firm has less control over a license than over its own exporting or manufacturing
a.
abroad.
b.
licensing agreements include a time limit and additional extensions (beyond the
first) that may not be readily permitted by a number of foreign governments.
c. the licensee may become an important competitor in the future.
d. all of the above
e. (b) and (c) only
ANS: D
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
5. _____ involves sourcing a product from a producer located in a foreign country for sale
there or in other countries.
a. Contract manufacturing
b. Exporting
c. Franchising
d. A joint venture
e. A turnkey operation
ANS: A
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
6. This mode of international market participation permits a client to require a complete
operational system, together with skills sufficient to allow the unassisted maintenance
and operation of the system. Once the package agreement is on line, the system is
owned, controlled, and operated by the client. This provides an apt description of:
a. licensing.
b. a turnkey operation.
c. a joint venture.
d. contract manufacturing.
e. importing.
ANS: B
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
7. In pursuing international entry options, joint ventures often constitute a feasible option
because:
a. they provide the only path of entry into many foreign markets.
b.
they may provide for better relationships with local organizations (for example,
local authorities) and with customers.
c.
they may open up market opportunities that neither party to the venture could
pursue alone.
d. all of the above
e. (a) and (b) only
ANS: D
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
8. Consider this position: If you run a pharmaceutical company with a good product to
distribute in Japan but have no sales force to do it, find someone in Japan who also has
a good product but no sales force in your country. Why not join forces to maximize
contribution to each other’s fixed costs? This describes the logic of:
a. a joint venture.
b. exporting.
c. franchising.
d. importing.
e. global marketing.
ANS: A
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
9. Multinational firms have traditionally managed operations outside their home country
with an approach that permits individual subsidiaries to compete independently in
different country-markets. Here each subsidiary resembles a strategic business unit that
is expected to contribute earnings and growth to the organization. This describes:
a. a multidomestic strategy.
b. a differentiated strategy.
c. a global strategy.
d. an export-based strategy.
e. a coordinated strategy.
ANS: A
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
10. When a firm seeks competitive advantage with strategic choices that are highly
integrated across countries (for example, a standardized core product that requires
minimal local adaptation across country-markets), this describes:
a. a multidomestic strategy.
b. a differentiated strategy.
c. a global strategy.
d. an export-based strategy.
e. a coordinated strategy.
ANS: C
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
11. _____ is one in which a firm’s competitive position in one country is significantly
influenced by its position in other countries.
a. A multidomestic industry
b. A differentiated industry
c. A global industry
d. An export-based industry
e. A coordinated industry
ANS: C
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
12. In _____, firms pursue separate strategies in each of their foreign markets-competition in
each country is essentially independent of competition in other countries.
a. a multidomestic industry
b. a differentiated industry
c. a global industry
d. an export-based industry
e. a coordinated industry
ANS: A
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
13. The type of international strategy that concentrates as many activities as possible in one
country, serves the world market from the home base, and closely coordinates those
activities that must be performed near the buyer (for example, service) is referred to as:
a. a country-centered strategy.
b. an export-based strategy.
c. a purest global strategy.
d. a segmented international strategy.
e. a coordinated international strategy.
ANS: C
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
14. Concerning international strategy, a firm that concentrates manufacturing and support
activities in one country but gives local marketing subsidiaries significant latitude in each
region of the world is following which type of international strategy?
a. a country-centered strategy
b. an export-based strategy
c. a purest global strategy
d. a segmented international strategy
e. a coordinated international strategy
ANS: B
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
15. The choice of a particular international market entry mode depends on a range of factors
including the size of the market and its growth potential. Markets of limited size
surrounded by trade barriers may be supplied most cost effectively via:
a. licensing or contract manufacturing.
b. a local production and marketing subsidiary.
c. exporting.
d. selective distribution.
e. none of the above
ANS: A
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
16. In entering high-risk country-markets, firms can reduce their risk exposure by adopting
low-commitment modes of entry such as:
a. licensing.
b. wholly-owned subsidiaries.
c. contract manufacturing.
d. all of the above
e. (a) and (c) only
ANS: E
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
17. Which of the following modes of international market entry provides for greater potential
returns and a greater degree of control over operations?
a. licensing
b. wholly-owned subsidiaries
c. contract manufacturing
d. exporting
e. franchising
ANS: B
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
18. As an entry strategy, licensing requires:
a. capital investment.
b. marketing strength in foreign markets.
c.
a company to have less control over a licensee than over its own exporting or
manufacturing abroad.
d. all of the above.
e. (b) and (c) only.
ANS: C
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
19. Potential partners for a global alliance are evaluated based on:
a. resources.
b. relationships.
c. culture.
d. all of the above.
e. (a) and (b) only.
ANS: D
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
20. An advantages of joint ventures is:
a. they include the only path of entry into many foreign markets.
b.
they open up market opportunities that neither partner to the venture could purse
alone.
c. they transfer knowledge to the partner.
d. all of the above.
e. (a) and (b) only.
ANS: E
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
21. The home base for a business is the location where:
a. strategy is set.
b. core product and process technology is created and maintained.
c. a critical mass of sophisticated production and service activities reside.
d. all of the above.
e. (a) and (c) only.
ANS: D
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
22. Successful global companies achieve unified action by:
a. establishing a strategies that are independent across countries.
b. developing accounting systems that are country specific.
c.
encouraging personal relationships and the transfer of learning among subsidiary
managers across locations.
d. all of the above.
ANS: C
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
23. Research suggest that over _____ % of joint ventures are disbanded or fall short of
expectations.
a. 10
b. 20
c. 30
d. 40
e. 50
ANS: E
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
24. In high-risk markets, firms can reduce their equity exposure by adopting low commitment
modes such as:
a. licensing.
b. contract manufacturing.
c. joint ventures with a majority share.
d. all of the above.
e. (a) and (b) only.
ANS: E
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
25. Rather than modifying the firm’s product offerings from country to country, ____ strategy
requires a patient, long-term campaign to enter every significant foreign market while
maintaining and leveraging the company’s unique strategic position.
a. a global
b. an exporting
c. a joint venture
d. a licensing
ANS: A
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
26. Firms that quickly and intelligently seize global opportunities can secure which of the
following forms of competitive advantage?
a. Cost advantage.
b. Market access advantage.
c. Capabilities advantage.
d. All of the above.
e. (a) and (b) only.
ANS: D
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
27. A firm that includes rapidly developing economies (RDEs) in their global cost structures
can realize savings of _____ in the landed costs of their products.
a. 0 to 20 percent
b. 20 to 40 percent
c. 40 to 60 percent
d. 60 to 80 percent
ANS: B
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
28. The hidden costs in operating in rapidly developing economies include which of the
following?
a. One-time setup costs.
b. Risk management costs.
c. Exit costs.
d. All of the above.
e. (a) and (b) only.
ANS: D
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
29. Companies can use capabilities advantages to:
a. improve research and development.
b. address unmet customer needs.
c. further standardize products in the home country.
d. All of the above.
e. (a) and (b) only.
ANS: E
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
30. The decision to outsource business operations to rapidly developing economies is
affected by which of the following sets of factors?
a. Economic.
b. Competitive.
c. Environmental.
d. All of the above.
e. (a) and (b) only.
ANS: D
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
31. Factors that favor relocation of products or services to rapidly developing economies
include:
a. High labor content.
b. Low growth potential
c. Standardized manufacturing or service-delivery processes.
d. All of the above.
e. (a) and (c) only.
ANS: E
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
32. Factors that favor keeping products or services at home instead of relocating to rapidly
developing economies include:
a. Protection of intellectual property is critical.
b. High sensitivity to production location.
c. Very high technology content.
d. All of the above.
e. (a) and (c) only.
ANS: D
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
33. Which of the following issues pose challenges to business marketers considering
strategic alliance as a market entry mode?
a. Problems with maintaining alliances over time.
b. Difficult to implement alliances on a global scale.
c. Problems establishing coordination and trust.
d. All of the above.
e. (a) and (c) only.
ANS: D
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
34. Which of the following issues pose problems to firms trying to manage joint venture
relationships?
a. Disagreements over profit-sharing.
b. Opening up of new market opportunities.
c. Problems responding to changing market needs.
d. All of the above.
e. (b) and (c) only.
ANS: A
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
35. The choice of a foreign market entry mode depends upon:
a. the size of the market.
b. the market’s growth potential.
c. Both (a) and (b).
d. Neither (a) or (b).
ANS: C
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
36. _____ refers to how similar activities performed in various countries are couple with
each other.
a. Coordination
b. Configuration
c. The home base
d. The value network
ANS: A
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
37. The BCG Global AdvantageDiamond portrays the key elements that must be developed
and integrated tosecure a strong position in global markets. This framework includes
38. A market access element
39. A market relevancy element
40. A resource accuracy element
41. All of the above
42. None of the above
ANS: A
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
36. When moving to a RDE, suppliers must adjust their operating models to:
37. Maintain quality levels
38. Counter local suppliers offerings
39. To fullycapture the cost advantages.
40. Consider the increased transportation costs involved
41. Consider market research data on procurement preferences
ANS: C
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
TRUE/FALSE
1. Some research suggests that, compared to consumer goods, industrial and hightechnology products may be more appropriate for global brand strategies.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
2. An industrial firm’s first encounter with an overseas market usually involves the
formation of a wholly-owned subsidiary in another country.
ANS: F
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
3. Exporting involves giving up direct control of the marketing program, which often makes
it difficult to coordinate activities.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
4. As an entry strategy, licensing requires a major capital investment in a foreign market.
ANS: F
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
5. Problems often plague joint ventures and, as a result, many of them fall short of
expectations or are disbanded.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
6. A multidomestic strategy seeks competitive advantage with strategic choices that are
highly integrated across countries.
ANS: F
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
7. Upstream activities in the value chain involve those primary activities that are closely tied
to where the buyer is located.
ANS: F
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
8. In multidomestic industries, a firm’s competitive position in one country is significantly
influenced by its position in other countries.
ANS: F
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
9. The purest global strategy concentrates as many activities as possible in one country,
serves the world market from this home base, and closely coordinates those activities
that must be performed near the buyer.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
10. In high-risk foreign markets, firms can reduce their equity exposure by adopting lowcommitment modes of entry such as licensing or contract manufacturing.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
11. Markets of limited size surrounded by trade barriers may be supplied most cost
effectively by using the exporting mode of entry.
ANS: F
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
12. The home base for a business is the location where strategy is set and a critical mass of
sophisticated production and service activities reside.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
13. A single-country may not be large enough for a firm to realize economies of scale.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
14. The choice of a particular entry mode will also depend on the size of the market and its
growth potential.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
15. Coordination centers on where each activity is performed, including the number of
locations.
ANS: F
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
16. The need for a global strategy is determined by the nature of international competition in
a particular industry.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
17. For truly global industries, a firm’s position in one country significantly affects its position
elsewhere, so a multi-domestic strategy is required.
ANS: F
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
18. The two primary sources of cost advantages driving firm to implement operations in
rapidly developing economies are lower operating costs and lower capital investment
requirements.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
19. A factory in a rapidly developing economy can be built with 70% of the investment level
needed in a highly developed economy.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
20. A firm whose products are technically complex and are protected by U.S. patents is a
good candidate for relocating to a rapidly developing economy.
ANS: F
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
21. Arguments over profit-sharing and management styles are common problems
experienced in exporting.
ANS: F
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
22. Configuration centers on where each activity is performed, including the number of
locations.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
23. Multidomestic industries do not need a global strategy because the focus should be on
developing a series of distinct domestic strategies.
ANS: T
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
COMPLETION
1. The primary reason that companies are moving to sourcing from Rapidly Developing
Economies is due to very large and sustainable ____________________ from lower
operating costs and lower capital investment requirements.
ANS: cost advantages
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
2. The realized net savings after logistics costs, other management costs, and import
duties involved in moving the product from the RDE to the market destination is referred
to as ____________________costs.
ANS: landed
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
3. In China’s steel industry, their main source of competitive advantage is due not to cheap
labor, but rather massive government energy ____________________.
ANS: subsidies
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
4. An industrial firm’s first foray into an overseas market usually
involves____________________because it requires the least commitment and risk.
ANS: exporting
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
5. ____________________involves sourcing a product from a producer located in a
foreign country for sale there or in other countries.
ANS: Contract manufacturing
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
6. ____________________offer a number of benefits, such as access to markets or
technology, economies of scale in manufacturing and marketing, and the sharing of risk
among partners.
ANS: Strategic alliances
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
7. Multinational firms have traditionally managed operations outside their home country
with ____________________ that permit individual subsidiaries to compete
independently in their home country markets.
ANS: Multidomestic strategies
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
8. A global industry is one in which a firm’s ____________________ in one country is
significantly influenced by its position in other countries.
ANS: competitive position
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
9. Additional insights into international strategy can be gained by examining two
dimensions of competition in the global
market:____________________and____________________.
ANS:
configuration, coordination
coordination, configuration
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Managing strategy & innovation
ESSAY
1. Some experts emphasize that since customer needs are becoming increasingly
homogeneous worldwide, the opportunity exists to sell the same type of product across
countries and to use essentially the same marketing strategy around the globe. If
customers respond favorably to a strategy in St. Louis, will the same strategy work in
London or Tokyo? While a standardized approach might work for Coke or Levi’s, will it
work for business marketers like Dow Chemical or Hewlett-Packard? Explain.
ANS:
n/a
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Strategic & systems skills
2. To diagnose the sources of competitive advantage, domestic or international, Michael
Porter divides the chain of activities performed by a firm into distinct groups. Describe
Porter’s value chain concept and explore its relevance to international strategy.
ANS:
n/a
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Strategic & systems skills
3. Joint ventures assume a very prominent role in the global strategy of many business
marketing firms like Dow Chemical and Xerox. While offering significant benefits, joint
ventures often fall short of expectations or dissolve. Why?
ANS:
n/a
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Strategic & systems skills
4. Rather than modifying the firm’s product and service offerings from country to country, a
global strategy requires a patient, long-term campaign to enter every significant foreign
market while maintaining and leveraging the company’s unique strategic positioning.
Agree or disagree? Support your position.
ANS:
n/a
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Strategic & systems skills
5. While the location of the corporate headquarters is less important and may reflect
historical factors, a firm must develop a clear home base for competing in each of its
strategically distinct businesses. What role does a home base assume in forming a
global strategy and what factors should be considered in choosing a location? Under
what conditions might a firm create a home base for a different product line in another
country?
ANS:
n/a
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Strategic & systems skills
6. Rapidly developing economies (RDEs) are having a significant impact on the global
economy, both as attractive new markets but also as new competitors for firms in highly
developed economies. Explain the three forms of competitive advantage that firms can
achieve by moving operations to and marketing in RDEs. What products or services
make the most sense to relocate to RDEs?
ANS:
n/a
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Strategic & systems skills
7. Options for entry into foreign markets range from exporting to global strategies. Explain
how commitment, complexity, risk, and control changes as firms move across the
spectrum of involvement in international marketing. What factors should firms consider
when choosing entry modes?
ANS:
n/a
PTS: 1
NAT: AACSB Reflective Thinking | CB&E Model International perspective | R&D
Strategic & systems skills