Absolute and Competitive Advantage
Countries engage in _______ trade to ensure that people and businesses across the world have access to the products they want and need.
global
Globalization has led to the creation of global markets, places where people gather to buy and sell goods _________.
internationally
Cultural, Social or Political?
When a country’s government enacts trade agreements or restrictions
Political
When marketers are involved in global trade, the most effective response to factors that affect the business environment is _____________.
communication
__________ is the amount one currency is worth in another form of currency.
Exchange Rate
________ advantage is when a business can create goods or services more efficiently than another business.
Absolute
Markets aren’t always _________ places—in today’s global landscape, the internet is perhaps the largest marketplace.
physical
Cultural, Social or Political?
Personal traditions and preferences that influence its relationship to other countries.
Cultural
Meaning can get lost easily when communicating across social, cultural, and linguistic ____________.
barriers
To _________ means to make something consistently similar. In a global market, trying to create unique products for each country a business sells to can lead to increased costs.
standardize
Absolute advantage means that one ________ produces products faster and better than another in the same amount of time.
country
As a result, businesses have much more __________ for customers as they compete with businesses from their own country and internationally.
competition
Cultural, Social or Political?
In 1962 the United States enacted an embargo against Cuba, making trade with the country impossible for many years.
Political
Marketers rely on cross-cultural communication, or the communication of people from different cultures, to effectively __________ messages in a global business environment.
deliver
An important part to marketing is place, including how a product will be ________ to the end-user.
shipped
_______ advantage is when countries specialize in products that they are comparably more efficient at producing.
Competitive
Businesses in different countries rely on varying amounts of trade. The difference between a country’s imports and exports is called____________.
balance of trade
Cultural, Social or Political?
People may or may not speak the same language when they engage in business relations, which may prevent business relations
Social
When corporations operate on an international scale, marketers may sometimes face issues ____________ the corporate culture across all sectors of an organization.
translating
The recession of 2008 left many consumers wary of overspending, changing the buying behaviors in the marketplace. This is known as:
Consumer Distrust
Competitive advantage exists when a company can make many products but chooses to ________ in one with the goal of generating a larger profit.
specialize
Increased competition means that marketers have to think _______ and ________ about how to reach their customers.
creatively
strategically
When businesses are involved in global trade, the most effective response to factors that affect the business environment is __________.
communication
Outside of domestic business operations, there may be people who look, act, and sound different than what a businessperson is used to. People who may differ from one’s self deserve courtesy and respect. Increased diversity may lead to misunderstandings and misinterpretations, but with an open mind and a willingness to learn, problems can be ________.
mitigated
People may or may not speak the same language when they engage in business relations. Learning some foreign language or other means of communication may be helpful to businesspeople. This helps breakdown what is known as a:
Communication Barrier