Globalization Flashcards
To understand globalization, its impacts, foreign exchange, and global brands To revise for Final Exams (21 cards)
What is Globalization?
This is the process by which countries and people become more connected by communicating and transporting goods between each other.
What does TNC stand for?
Transnational corporation.
What is a TNC?
A TNC is a corporation or large company that operates in more than one country.
What is the Triad made up of?
The Triad is made up of the HICs in Europe as well as the United States such and Japan.
Companies is the Triad have had an advantage as many of these countries were once ______________ which grew richer through exploring the resources of their colonies.
Colonial Powers
What are 5 examples of HICs
USA, Norway, Switzerland, Denmark and Australia
What does HIC stand for?
High Income Country
China is an ___________ country but is emerging into an NEE
MIC
What does NEE stand for?
Newly Emerging Economy
Why do TNCs often manufacture products in LICs and MICs?
This is because the wages are lower.
What has led to economic growth in LICs and MICs?
Job opportunities
What is deindustrialization?
The decline in industrial activity in a particular country or region due to globalization, automation, high costs, or a shift to services.
There is improved access to _________________ as countries ___________ to another.
resources, trade
Overexploited means:
Something has been used a lot and may run out
What is global branding?
This is brand management in various parts of the world with the intention to maximize its strength and recognition in relevant markets.
What is another name for global branding?
International branding
Global branding means………………….
Determining how a brand wants to be perceived throughout the world and how it will position itself in the markets to achieve that vision.
What are the customer touch points?
Pricing, product, promotion, and place.
What should a company understand in launching its new brand in the market?
They should understand its local markets as cultural norms might be a barrier to creating a global brand strategy.
What can be used to help a brand grow?
Big data insights, carefully analyzing and keeping an eye on society’s cultural norms.
What difficulties do international brands face?
technical and cultural barriers and legal obstacles
