Mkt 4443 Test 2B

Front 1

Special Administration Region (SAR)

Back 1

One Country, Two Systems

SPECIAL ADMINISTRATION REGION -- Hong Kong and Macau

Set up as a political model for the return of Taiwan

Front 2

China has ____, largest country in the world. However, ________ may lead to decline of population.

Back 2

1.3 billion people, one baby policy

Front 3

China is the ____ largest economy with a PPP per capita of ____. ($7.8trillion), growing @ 10% in the past 25 years. Gini Index = __ (2007)

Back 3

2nd, $6,600, 41

Front 4

China became a member of what in December 2001, which accelerated the trading between China and other major economies.

Back 4

World Trade Organization (WTO)

Front 5

China's "Transition Economy 1"

Back 5

Transition from "State Sector" to "Private Sector"
a "Socialist" Market Economy

Front 6

Special Economic Zones (SEZ)

Back 6

Different Trade Zones

Free Trade Zone
Export Processing Zone
Economic & Technological Development Zone
Special Administration Region

Front 7

Commonality within the Special Economic Zones is what?

Back 7

The top-notch Infrastructure

Front 8

China's "Transition Economy 2"

Back 8

Industry Structure:

World Workers-->World Players
Manufacturing-->Service
OEM-->Branding/Channel

Front 9

What elements are of strategic importance in the BRIC countries?

Back 9

Heterogeneous Markets
Long Term Benefits
Harder to Penetrate
Higher Bargaining Power
Proactive Mentality

Front 10

What are two Long-Term Benefits of BRIC Countries?

Back 10

Big size in terms of land, population, and economy

Big local markets, suggesting less dependent on trading and higher economic stability

Front 11

BRIC countries have "Higher Bargaining Power" meaning they have _______ Transfer rather than _____ Exchange

Back 11

Technology, Product

Front 12

What characteristics give the BRIC countries their "Proactive Mentality"

Back 12

Strong learning capability and Strong will to catch up (renaissance)

Rapidly developing economy (RDE)

Domestic competition with their new global challengers

Front 13

Transition Points in the BRIC Countries:

Brazil in 1994

Back 13

Battling Inflation & Privatization

Front 14

Transition Points in the BRIC Countries:

Russia in 1991

Back 14

Gorbachev’s Big-Bang Theory

Front 15

Transition Points in the BRIC Countries:

India in 1990

Back 15

If China can, so can we!

Front 16

Transition Points in the BRIC Countries:

China in 1980

Back 16

Deng’s Crossing the River by Feeling for Stones

Front 17

Marketing Implications in SEM:

Large heterogeneity and big size of the market renders particular importance on _______ marketing approach

Back 17

segment-based

Front 18

Marketing Implications in SEM:

_________ may yield first-mover advantage.

Back 18

High-end positioning

(Low-end positioning places firm in direct competition with strong domestic brands)

Front 19

Marketing Characteristics of Smaller Emerging Markets (SEM)

Back 19

Heterogeneity may make some markets attractive

Smaller domestic market means more dependent on international trading

Regional trading blocs is important for economy stability

Can be penetrated fast and saturated fast as well.

A middle ground to serve other markets.

Front 20

Marketing Characteristics of Bigger Emerging Markets (BEM)

Back 20

Heterogeneity may make all markets attractive

Bigger domestic market means less dependent on international trading

Serve as a source of regional economy stability because of its local market size

Can be sustained for a long-term growth

Front 21

Economic Rationales vs. Psychological Biases

Back 21

What Customers Should Do vs.What Customers Actually Do

Front 22

What is "the regularly expected income that determines an individual’s consumption?"

Back 22

Permanent Income (Milton Friedman)

Front 23

States that the "consumer’s well-being is a function of how much income they have relative to their peer groups, not the actual income"

Back 23

Relative Income Hypothesis (James Duesenberry)

Front 24

The notion that people make purchases of expensive brands and products in order to display their ability to afford them

Back 24

Conspicuous Consumption (Thorstein Veblen)

Front 25

When we tend to be willing to gather facts that support certain conclusions but disregard other facts that support different conclusions.

Back 25

Selective Search for Evidence

Front 26

When we tend to accept the first alternative that looks like it might work.

Back 26

Premature Termination of Search for Evidence

Front 27

Unwillingness to change thought patterns that we have used in the past in the face of new circumstances.

Back 27

Conservatism and inertia

Front 28

Unwillingness or inability to look beyond the scope of our past experiences; rejection of the unfamiliar.

Back 28

Experiential limitations

Front 29

When we actively screen-out information that we do not think is salient

Back 29

Selective Perception

Front 30

We tend to want to see things in a positive light and this can distort our perception and thinking.

Back 30

Wishful thinking or optimism

Front 31

When we tend to place more attention on more recent information and either ignore or forget more distant information

Back 31

Recency

Front 32

A willingness to believe what we have been told most often and by the greatest number of different of sources.

Back 32

Repetition bias

Front 33

Decisions are unduly influenced by initial information that shapes our view of subsequent information.

Back 33

Anchoring

Front 34

Peer pressure to conform to the opinions held by the group.

Back 34

Group think

Front 35

We reject something if we have a bias against the person, organization, or group to which the person belongs: We are inclined to accept a statement by someone we like.

Back 35

Source Credibility Bias

Front 36

We look at a decision as a small step in a process and this tends to perpetuate a series of similar decisions. This can be contrasted with zero-based decision making

Back 36

Incremental decision making and escalating commitment

Front 37

The unwillingness to apply the same decision criteria in similar situations

Back 37

Inconsistency

Front 38

We tend to attribute our success to our abilities and talents, but we attribute our failures to bad luck and external factors. We attribute other's success to good luck, and their failures to their mistakes

Back 38

Attribution asymmetry 

Front 39

We conform to the decision making expectations that others have of someone in our position.

Back 39

Role fulfillment

Front 40

We tend to underestimate future uncertainty because we tend to believe we have more control over events than we really do.

Back 40

Underestimating uncertainty and the illusion of control

Front 41

- In order to simplify an extremely complex world, we tend to group things and people. These simplifying generalizations can bias decision making processes

Back 41

Faulty Generalizations

Front 42

We tend to ascribe causation even when the evidence only suggests correlation. Just because birds fly to the equatorial regions when the trees lose their leaves, does not mean that the birds migrate because the trees lose their leaves.

Back 42

Ascription of Causality

Front 43

Buyers that are ______ buy for a reason (Motivation).

Back 43

Goal Oriented

Front 44

Core Benefits often differ between local markets because they have different ______ and _____

Back 44

Perception,Preference

Front 45

Buyer Decision Process

Back 45

1. Problem Recognition
2. Search
3. Evaluation of Alternatives
4. Choice
5. Outcomes