Description

SESSION	JUL-AUG 2024
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	IV
COURSE CODE & NAME	DMKT404 INTERNATIONAL MARKETING

 

 

Assignment Set – 1

 

1. Explain the significance of ‘Mercantilism’ and ‘Absolute Advantage’ theories in regulating international trade with suitable examples.

Ans 1.

Mercantilism and Absolute Advantage are foundational theories in economics that have significantly influenced international trade practices and policies. Understanding their significance helps explain the evolution of trade regulations and strategies employed by nations.

Mercantilism

Mercantilism is an economic theory that dominated European trade policy from the 16th to the 18th century. It emphasizes the importance of accumulating wealth, primarily gold and silver, as the basis for national strength and prosperity. The theory advocates for maximizing exports and minimizing

 

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2. The orientation of a company’s top management, beliefs, and assumptions significantly impact its approach to international marketing. The said statement is exhaustively elaborated by EPRG framework. Discuss in detail with examples.

Ans 2.

EPRG Framework and Its Impact on International Marketing Strategy

The EPRG Framework—developed by Howard Perlmutter—offers a structured approach to understanding how a company’s management orientation influences its international marketing strategy. The acronym stands for Ethnocentric, Polycentric, Regiocentric, and Geocentric orientations, each reflecting a distinct managerial mindset and approach to global markets.

1. Ethnocentric Orientation

An ethnocentric approach views the domestic market as superior, with foreign markets seen as extensions of the home market. Companies following this orientation replicate their domestic

 

 

3. One of the most difficult choices that foreign marketers must make is whether to adopt product standards or adjust existing items. How would you justify the statement? Give example to support detailed explanation.

Ans 3.

The Dilemma: Adopting Product Standards vs. Adjusting Existing Items in Foreign Markets

Foreign marketers often face a critical decision when entering international markets: whether to adopt standardized products globally or adjust them to fit the specific needs and preferences of local markets. This decision has far-reaching implications for cost, efficiency, consumer satisfaction, and overall success in foreign markets.

Standardization vs. Adaptation: The Core Debate

1 Standardization of Products Standardization involves offering the same product in all markets with minimal or no changes. This strategy is often used to maintain a consistent brand image, reduce

 

 

Assignment Set – 2

 

 

4. Explain in detail the major commercial documents which protects the interests of both the exporter and importer and helps in fulfilling the legal requirements of the two countries.

Ans 4.

Major Commercial Documents in International Trade

Commercial documents are vital in international trade as they ensure smooth transactions, protect the interests of exporters and importers, and fulfill legal requirements in both countries. These documents facilitate communication, compliance, and risk mitigation.

Key Commercial Documents

1. Proforma Invoice

• Purpose: A preliminary invoice provided by the exporter to the importer before the actual shipment. It outlines the terms of the transaction, including price, quantity, and payment

 

 

5. Write a short note on
6. Fixed Exchange Rate

Ans 5.

1. Fixed Exchange Rate

A fixed exchange rate, also known as a pegged exchange rate, is a monetary system where a country’s currency value is tied or fixed to another major currency, such as the U.S. dollar, gold, or a basket of currencies. Under this system, the government or central bank actively intervenes in the foreign exchange market to maintain the exchange rate within a narrow band or at a specific value.

Advantages of Fixed Exchange Rates:
Fixed exchange rates provide stability and predictability in international trade and investments. Businesses benefit from reduced exchange rate risk, as they can plan their financial activities without

 

 

6. Describe and elaborate the jurisdictional and non- jurisdictional procedures for settling international business conflicts.

Ans 6.

Settling international business conflicts is essential for maintaining smooth trade relations and ensuring justice for the parties involved. These conflicts can arise from contractual disputes, trade agreements, intellectual property issues, or regulatory differences across borders. To address such disputes, both jurisdictional and non-jurisdictional procedures are employed, depending on the nature of the conflict, the parties involved, and their preferences.

Jurisdictional procedures refer to formal legal mechanisms conducted within the framework of