BBB4M1 Final Review - Economics of Trade, The Role of Government & Marketing

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Across
  1. 3. A marketing strategy where a company creates completely different products for each country, treating every market as unique and independent.
  2. 4. A marketing strategy where a company keeps a strong global brand but adapts its products to local tastes and cultures. Another name is the Glocal Strategy.
  3. 5. A trip where business and government leaders travel to another country to promote their products, build partnerships, and explore new markets.
  4. 7. A government official who helps Canadian businesses sell products and services abroad by providing market information and connecting them with international partners.
  5. 9. The EDC is a Canadian government organization that helps Canadian businesses sell their products abroad by providing financing, insurance, and support for international trade.
  6. 13. A smaller branch office located in a major tourist or business city that focuses on helping travelers with passports and visas.
  7. 14. Is what you give up when you choose one option instead of another. It is the cost of giving something up to gain something.
  8. 16. The exact same thing as an embassy, but it is the special name used when two Commonwealth countries (like Canada and the UK) do business together.
  9. 18. The monetary value of a product agreed upon by a buyer and seller, which directly impacts sales, profitability and must factor in foreign exchange rates.
  10. 21. The sum of all the activities involved in the planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants.
  11. 22. The edge that one company has over another company that produces a similar product.
  12. 23. The ability to produce more goods or services than another using the same resources, maximizing productivity.
  13. 24. Involves managing inventory and getting that inventory to the consumer: Distribution, Storage, Inventory Management
  14. 25. A business tool used to plan and market a product or service successfully, typically broken down into the 4 Ps: Product, Price, Place, and Promotion.
  15. 27. The combination of features such as the name, logo, packaging, and slogan that create a product’s unique identity and image.
Down
  1. 1. A marketing strategy where a company exports its domestic product to other countries with little or no changes, making it an easy way to sell surplus goods abroad.
  2. 2. Involves the marketing efforts that inform and persuade customers (such as advertising).
  3. 6. When a country focuses its resources on producing a specific good or service it makes best, trading globally for everything else.
  4. 8. A network of over 1,000 trade professionals operating under Global Affairs Canada, whose goal is to help Canadian businesses expand globally and access international markets.
  5. 10. The good or service offered for sale to satisfy customer needs, shaped by research, development, packaging, and branding.
  6. 11. The study of how people, businesses, and governments allocate limited resources to satisfy unlimited wants and needs through decision-making.
  7. 12. A marketing strategy where a company sells the exact same product the same way everywhere, using international factories to keep costs low and maintain consistency.
  8. 15. Paid professionals, businesses, or interest groups talk to government officials to persuade them to change laws, create new policies, or make decisions that help their cause.
  9. 17. A government base set up in another country to help Canadian companies sell their products there and to encourage foreign businesses to invest in Canada.
  10. 19. The ability to produce a good or service at a lower opportunity cost than another, forming the foundation for specialization and trade.
  11. 20. The mutual reliance between countries that depend on each other for goods, services, and resources through global trade.
  12. 26. The main diplomatic headquarters located in a foreign country's capital city, run by an Ambassador who handles big-picture government relations.