Liberty University BUSI 303 exam 2 complete solutions correct answers A+ workMore than 4 versionsCompanies often find motivational reasons to expand globally. These motivations can be categorized into 4 groups: primary, alternate, proactive and reactiveThe progressive stages of economic integration, in order of intensity are: Preferential Trade Area, Custom Union, Free Trade Area, Common Market, and EUA large portion of all FX market transactions are spot transactionsThe Euro is the world’s leading currencyEvery country may not necessarily have its own security exchangeThe intended outcome of regional economic integration is to promote economic prosperity and stability among signatory nationsThe initial goal of NAFTA was to increase investment and decrease tariffs between Mexico and the U.S. Decisions to move domestic operations and products into the global marketplace include the desire to increase sales and profitability and to realize cost savings and profitability as a result of a partial or whole relocation in a foreign nationTwo types of entry modes are available into a market: low intensity and high intensity. The main difference between the two depends on how much risk and/or control an entering business is willing to takeCapacity planning is suggested, but not necessary, within operations management to allow companies to succeedIn the U.S., the Federal Reserve Bank is responsible to regulate the growth of the economyThe intent of forming a trading bloc may range from the potential of trade creation to the desire for economic protectionismFirms with reactive motivation will most likely enter the international market because they want to take the initiative to be aggressive while proactive firms go international because they must in order to competeOne of the benefits of trading blocs is greater division of laborTwo major contributing circumstances of the demise of the gold standard were the Great Depression and the Vietnam WarEuropean Community established its Exchange Rate Mechanism (ERM) in 1979 and formed the initial steps for the creation of a single European currencyOperational bottleneck refers to the fact that capacity of a multistep production process is limited to the total output of the slowest processProduction related reasons seem to be a small motivation why some domestic firms expand globallyExport intermediaries are utilized to provide expertise to inexperienced exporters as they enter overseas marketsTotal quality management stresses the importance of teamworkMake or buy decisions can be taken lightlyThe reasoning behind layout of a facility is to maximize the work environment for customers, employee and the building itselfMercosur was initiated to expand the markets of Argentina, Brazil, Iran, and IndiaA license is an agreement that allows one party to use an industrial property right in exchange for payment to the other party. The party giving the license is the licensee, while the party that gets to use the right is the licensorTotal quality management must be based on ethics, integrity and trust in order to have a solid foundationTax on imports is one example of a tariff barrierA facilitator is an individual whose job is to help to manage a process of information exchangeThe following factors are reactive motivations for firms to expand into the global economy: Competitive pressure, Excess capacity, Underproduction, Saturated or declining home marketThe futures market allows smaller traders to participate in a tradeIn a Free Trade area, member nations are allowed to determine their own trade policies with non-membersSubsidies are special privileges that governments provide to the businesses in order to attract them to a region or simply to have funds required to operate successfullySome firms would rather remain domestic, but the market forces them global in order to remain profitableThe adoption of the floating exchange rate resulted from the conclusion of the Bretton Woods AgreementCentralization allows decisions making authority to occur where the decisions are to be madeThe necessary conditions for expansion into global market, which drive global expansion, include expanding markets, gaining access to resources, increasing costs, and capitalizing on special feature of locationIn formulating a strategic global market entry plan, business managers should focus on: identifying the most attractive foreign markets to the firm; determining the best time to enter the global market; and whether to enter a potential market utilizing a large or small scale strategyThe core element of regional economic integration is the trading blocFirms are not at risk if they decide not to carefully examine, assess and evaluate a country’s organizational, social, cultural, political, judicial, market, economic, technological and industry trends prior to determine whether entry into an international market is financially feasible, unfavorable, or risky.The major disadvantage to the new form of centralization is that it does not allow for innovative thinking, nor does it engender employee initiative for problem solvingThe World Bank was established to help finance economic development in poor, under developed countriesCentralization allows decision making authority to occur where the decisions are to be madeThe intent of forming a trading bloc can range from the potential of trade creation to the desire for economic protectionismThe four categories of motivational reasons why companies expand globally are: primary, alternate, proactive and reactiveTwo major contributing circumstances to the demise of the gold standard were the Great Depression and the Vietnam WarOPEC was founded in 1960 in BaghdadExport intermediaries provide expertise to inexperienced exporters as they enter overseas marketsThe greater division of labor is a benefit of trading blocsIn the U.S., the President sets exchange rate policiesCompetitive pressure, excess capacity, underproduction, and a saturated or declining home market are reactive motivational factors that propel firms to expand into the global economyThe initial goal of NAFTA was to increase investment and decrease tariffs between Mexico and the U.S.An ISO is, in actuality, a codification or assurance of quality and ISO is an internationally recognized certification system or processTrading blocs are the core elements of regional economic integrationTotal Quality Management (TQM) should be based, trust in order to establish a solid foundationLow intensity and high intensity are the two types of entry modes used to access marketsA large portion of all FX market transactions are spot transactionsThe convergence of international and domestic pricing also indicates the era of the global producerNational customer preferences is a market expansion risk variable that occurs when the firm may not understand foreign customer preferences and fail to offer “localized” products and services.Firms are better off selecting non-equity, low-investment entry modes in countries that have high environmental uncertaintyThe adoption of the floating exchange rate system resulted from the conclusion of the Bretton Woods AgreementProduction related reasons seem to be relatively small motivational factors for domestic firms expand globallyFirms with reactive motivation will most likely enter the international market because they want to take the initiative, while proactive firms expand internationally by necessity to remain competitiveThe major disadvantages to the new form of centralization are that it does not allow for innovative thinking, nor does it engender employee initiative for problem solvingA license is an agreement that allows one party to use an industrial property right in exchange for payment to the other party. The party giving the license is the licensee, while the party that gets to use the right is the licensorThe SBA will provide prospective businessmen with “face to face” services at one of their approximately 73 regional offices located within the United StatesFirms are not at risk if they decide not to carefully examine, assess and evaluate a country’s organizational, social, cultural, political, judicial, market, economic, technological and industry trends prior to determining whether the entry into an international market is financially viableDecisions to move domestic operations and products into the global marketplace include the desire to increase sales and profitability and cost reductions from full or partial operational relocation to a foreign nationContinuity is an important aspect of the KANBAN cluster, which holds the distance between the supplier and the manufacturing hub as a key focus in the acquisition of raw materialsIn a Free Trade Area, member nations are allowed to determine their own trade policies with non-membersIn process planning, make or buy decisions can be taken lightlyThe main difference between low intensity and high intensity entry modes depends on how much risk and/or control an entering business is willing to accept or forgoItaly, Japan, and Turkey are all members of the OEDCCompetitive pressure, excess capacity, underproduction, and a saturated or declining home market are reactive motivational factors that propel firms to expand into the global economyThe reasoning behind the layout design of a facility is to maximize the work environment for customers, employees, and the overall buildingTechnological turbulence and market dynamism are the two dimensions of environmental turbulenceTwo major contributing circumstances to the demise of the gold standard were the Great Depression and the Vietnam WarThe Euro is the world’s leading currencyFirms are not at risk if they decide not to carefully examine, assess and evaluate a country’s organizational, social, cultural, political, judicial, market, economic, technological and industry trends prior to determining whether the entry into an international market is financially viable.Export intermediaries provide expertise to inexperienced exporters as they enter overseas marketsMERCOSUR was initiated to expand the markets of Argentina, Brazil, Iran, and IndiaWhen pursuing a mass customization strategy, demand for different features or options may be based on climate, culture, location, or personal preferenceCentralization allows decision making authority to occur where the decisions are to be madeAn Economic Union consists of several nations, each maintaining their own currencyA large portion of all FX market transactions are spot transactionsIn the U.S., the Federal Reserve Bank is responsible for regulating the growth of the economyContinuity is an important aspect of the KANBAN cluster, which holds the distance between the supplier and the manufacturing hub as a key focus in the acquisition of raw materialsTrading blocs are the core elements of regional economic integrationThe progressive stages of economic integration in order of intensity are: Preferential Trade Areas, Custom Unions, Free Trade Areas, Common Markets, and EUsThe New York Stock Exchange itself does no business and keeps no record of transactionsOnly governments can issue bondsEvery country may not necessarily have its own security exchangeGreenfield investments require only process adaptation, not product adaptationThe adoption of the floating exchange rate system resulted from the conclusion of the Bretton Woods AgreementCapacity planning is used in operations management and is suggested, but not a necessity, to help companies facilitate successful operationsThe intended outcome of regional economic integration is to promote economic prosperity and stability among signatory nationsMany industrial firms choose to export for their first international entry modeNational customer preferences is a market expansion risk variable that occurs when the firm may not understand foreign customer preferences and fail to offer “localized” products and servicesA license is an agreement that allows one party to use an industrial property right in exchange for payment to the other party. The party giving the license is the licensee, while the party that gets to use the right is the licensorTax on imports is one example of a tariff barrierThe initial goal of NAFTA was to increase investment and decrease tariffs between Mexico and the U.SSome firms would rather remain domestic, but the nature of the market forces them to globalize operations to remain profitableA facilitator is an individual whose job it is to help manage an information exchange processFirms must take into account the needs of the foreign market, the current economic trends, the political environment, and other important facts when timing their global expansion strategyIn process planning, make or buy decisions can be taken lightlyLow intensity and high intensity are the two types of entry modes used to access marketsThe Theory of Constraints (TOC) suggests that the greater gain will come from increasing total output from an entire processTotal Quality Management (TQM) stresses the importance of teamworkThe main difference between low intensity and high intensity entry modes depends on how much risk and/or control an entering business is willing to accept or forgoFirms are better off selecting non­equity, low­investment entry modes in countries that have high environmental uncertaintyThe necessary developments for expansion into global markets include expanding markets, gaining access to resources, increasing costs, and capitalizing on a special feature of location.Also known as the Toyota Production System, JIT was initially developed after WWII when the Japanese car industry was lagging far behind its U.S. competitorsIn the U.S., the President sets exchange rate policiesThe European Community established its Exchange Rate Mechanism (ERM) in1979 and formed the initial steps for the creation of a single European currencyWhen formulating a strategic global market entry plan, business managers should focus on: identifying the most attractive foreign markets to the firm; determining the best time toenter the global market; and whether to enter a potential market utilizing a large or small scale strategyIn a Free Trade Area, member nations are allowed to determine their own trade policies with non­membersI have read all of the course requirements, and fully know that if I do not understand something about this course I should seek clarification from my professorOne of the advantages of management contracts is that the management contractor does utilizes many of its assets to meet the contract demandsAn achievement of the Smoot­Hawley Tariff Act was the Economic and Monetary Union (EMU)Operations managers are concerned with every aspect of the production process, including key areas such as research and development, acquisition and distribution, inventory management, technology, transportation, manufacturing, and customer serviceTransferring current managers to run new foreign operations might not be the best strategy to pursue when expanding operations into global marketsAcquisitions and mergers are market strategies used is when a corporate entity needs complete control over every detail of the structure within the host countryCustomer knowledge competence is characterized as the knack to acquire, interpret, and integrate information regarding the global competitive environmentThe greater division of labor is a benefit of trading blocsThe futures market allows smaller traders to participate in a tradePotential tax savings and managerial focus being drawn away from productivity to merger management are two advantages of mergers and acquisitionsThe SBA will provide prospective businessmen with “face to face” services at one of their approximately 73 regional offices located within the United StatesOPEC was founded in 1960 in BaghdadThe intent of forming a trading bloc can range from the potential of trade creation to the desire for economic protectionismThe four categories of motivational reasons why companies expand globally are: primary, alternate, proactive and reactiveProduction related reasons seem to be relatively small motivational factors for domestic firms expand globally




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