KT 24: 4.3.2 Niche Markets, 4.2.5 Global Competitiveness, 4.3.3 Cultural/social Factors

Question 1

Global competitiveness

Answer 1

measures a business’ ability to compete both at home and abroad against foreign businesses. Internationally competitive firms are successful because they offer a better combination of price and quality than their rivals.

Question 2

Appreciating

Answer 2

when the value of a currency rises, i.e. it buys more of other currencies.

Question 3

Capital productivity

Answer 3

the efficiency with which capital is used.

Question 4

Depreciation

Answer 4

when the value of a currency falls.

Question 5

Poaching

Answer 5

poaching labour means hiring staff trained by other: they pay for the training but you benefit from it.

Question 6

Cultural and social factors in global marketing

Answer 6

different traditions, religions and social conventions lead to significant variation s in culture across the globe. Even a true global brand like Coca Cola has to make adjustments to its marketing to appeal to differing local tastes and attitudes.

Question 7

Culture

Answer 7

the commonly accepted values, beliefs and behaviours within a country.