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B Com Exam  >  B Com Tests  >  Test: Introduction to International business - 1 - B Com MCQ

Test: Introduction to International business - 1 - B Com MCQ


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10 Questions MCQ Test - Test: Introduction to International business - 1

Test: Introduction to International business - 1 for B Com 2024 is part of B Com preparation. The Test: Introduction to International business - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Introduction to International business - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Introduction to International business - 1 below.
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Test: Introduction to International business - 1 - Question 1
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What is the primary purpose of internationalization in business?

Detailed Solution for Test: Introduction to International business - 1 - Question 1
The primary purpose of internationalization in business is to adapt products for diverse international markets. Internationalization involves designing products in a way that they can be easily customized or localized for different countries, considering factors like language, culture, and market preferences.
Test: Introduction to International business - 1 - Question 2
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What is one of the advantages of using international agents for market entry?

Detailed Solution for Test: Introduction to International business - 1 - Question 2
One of the advantages of using international agents for market entry is gaining access to local market knowledge. International agents are individuals or organizations contracted by a business to represent them in a foreign market. They typically have a deep understanding of the local market dynamics, consumer behavior, and regulatory requirements, which can be invaluable for a company entering a new international market.
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Test: Introduction to International business - 1 - Question 3
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What does the term "Joint Ventures" refer to in the context of international market entry?

Detailed Solution for Test: Introduction to International business - 1 - Question 3
In the context of international market entry, "Joint Ventures" refer to strategic alliances between competitors. Joint Ventures involve the creation of a new company where multiple parties, often including competitors, own a portion of the business. These alliances can be formed for various reasons, such as sharing resources, technology, or market access.
Test: Introduction to International business - 1 - Question 4
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What is an example of a mode of entry that involves a low level of commitment or involvement initially?
Detailed Solution for Test: Introduction to International business - 1 - Question 4
An example of a mode of entry that involves a low level of commitment or involvement initially is direct exporting via a local distributor. In this approach, a company exports its products to a foreign market through a local distributor, which takes care of distribution and sales. It requires less direct investment and control compared to other modes of entry.
Test: Introduction to International business - 1 - Question 5
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Which mode of entry into international markets often includes the establishment of a new company with shared ownership?
Detailed Solution for Test: Introduction to International business - 1 - Question 5
The mode of entry into international markets that often includes the establishment of a new company with shared ownership is a "Strategic alliance." Strategic alliances involve multiple parties forming a new company to pursue a common objective, such as entering a foreign market or collaborating on a specific project.
Test: Introduction to International business - 1 - Question 6
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What is the term for a mode of entry into international markets that involves minimal financial investment initially?
Detailed Solution for Test: Introduction to International business - 1 - Question 6
The term for a mode of entry into international markets that involves minimal financial investment initially is "Exporting." Exporting typically requires relatively low upfront costs compared to other modes of entry, as it involves selling products to foreign markets without the need for significant local infrastructure.
Test: Introduction to International business - 1 - Question 7
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What term describes a channel of entry into international markets where an organization charges a fee for the use of its technology and brand?
Detailed Solution for Test: Introduction to International business - 1 - Question 7
The term that describes a channel of entry into international markets where an organization charges a fee for the use of its technology and brand is "Franchising." In a franchising model, the franchisor grants the franchisee the right to operate a business using its established brand, processes, and expertise.
Test: Introduction to International business - 1 - Question 8
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What is the primary purpose of international agents in the context of market entry?
Detailed Solution for Test: Introduction to International business - 1 - Question 8
The primary purpose of international agents in the context of market entry is "To gain access to local market knowledge." International agents are often contracted to represent a business in a foreign market, leveraging their understanding of local market dynamics, consumer behavior, and regulations.
Test: Introduction to International business - 1 - Question 9
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What mode of entry into international markets involves creating a new company with shared ownership for a specific purpose?
Detailed Solution for Test: Introduction to International business - 1 - Question 9
The mode of entry into international markets that involves creating a new company with shared ownership for a specific purpose is a "Strategic alliance." Strategic alliances are formed when multiple parties collaborate to achieve a common goal, such as entering a foreign market or pursuing a joint project.
Test: Introduction to International business - 1 - Question 10
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What mode of entry into international markets often includes the establishment of manufacturing plants in a foreign market?
Detailed Solution for Test: Introduction to International business - 1 - Question 10
The mode of entry into international markets that often includes the establishment of manufacturing plants in a foreign market is "Overseas manufacture." This approach involves setting up manufacturing operations in a foreign market, allowing the company to produce goods locally and tailor them to the needs of the local market.
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