Marketing 201- Winter 2018 Quiz M3 Chapter 3/17 Global Marketing NAME: 1- Forest

Question

Marketing 201- Winter 2018 Quiz M3 Chapter 3/17 Global Marketing NAME: 1- Forestry products are one of Canada's largest export items. 2 Historically, Canada's strong dollar contributed signicanty to its negative trade balance in those years. 3- KFC's success in China, Taiwan, South Korea, and Japan is a good example of a mature industry in North America having success in developing markets overseas. 4- In market-controlled economies, effective marketing strategies are essential. 5- Segmenting markets on the basis of culture is important in global marketing. 6- NAFTA, the free trade agreement between Mexico, Canada, and the United States, is an example of an orderly market agreement 7- The European Union is an example of a common market. 8- Marketing a product between Canada and the United States-in either direction-is straightforward because the environments are very similar. 9- Which of the following is true of Canada's trade situation? A) Historically, Canada has had a positive trade balance. B) Canada has a trade deficit with the United States C) Our single largest trading partner is China. D) The growing automotive sector will soon surpass agriculture as our leading export industry E) Agricultural exports represent the bulk of Canada's trade. 10- Canada's main imports include A) telecommunications, petroleum, and pipeline gas. B) machinery and equipment, industrial goods and materials, automotive products, and consumer goods C) cars, textiles, and petroleum products D) financial services, cars, and home entertainment products E) electronic computers, semi-conductors, and medical equipment

Explanation / Answer

                                                                         STATEMENT

TRUE / FALSE

Forest products are one of Canada’s largest export items ( Note : Option TRUE has been chosen considering the fact that WOOD as a category is the 7th largest export item by value constituting 7.11% share of total exports during 2017 )

TRUE

Historically Canada’s strong Dollar contributed significantly to its negative trade balance in those years

TRUE

KFC’s success in China , Taiwan , South Korea and Japan is a good example of mature industry in north America having success in developing markets overseas

TRUE

In market – controlled economies, effective marketing strategies are essential

FALSE

Segmenting markets on the basis of culture is important in global marketing

TRUE

NAFTA , the free trade agreement between Mexico, Canada and United States is an example of orderly market agreements

FALSE

The European Union is an Example of Common market

TRUE

Marketing a product between Canada and United States – in either direction – is straightforward because the environments are very similar

TRUE

Answer to Question 9 :

The following export product groups represent the highest dollar value in Canadian global shipments during 2016. Also shown is the percentage share each export category represents in terms of overall exports from Canada.

At the more granular four-digit Harmonized Tariff System code level, Canada’s number one export is cars followed by crude oil, gold, automotive parts or accessories, refined petroleum oils, petroleum gas then sawn or chipped wood.

Note: Largest product item for exports is vehicles ( i.e. automotive sector)

The single largest trading partner of Canada is United States and not China.

USA exported 259189 million $ to Canada and imported $274522.4 million from Canada. Thus USA has a trade deficit with Canada or Canada has trade surplus ( and not trade deficit ) with United States

Canada imported $402,966 million and exported $389071 million in 2017 and thus had a trade deficit in 2017. It is thus not a correct statement saying that “ Historically, Canada has a positive trade balance”

Therefore correct statement will be “Growing automotive sector will soon surpass agriculture as our leading export industry”

ANSWER : D) THE GROWING AUTOMOTIVE SECTOR WILL SOON SURPASS AGRICULTURE AS OUR LEADING EXPORT INDUSTRY

Answer to question 10 :

The following product groups represent the highest dollar value in Canada’s import purchases during 2016. Also shown is the percentage share each product category represents in terms of overall imports into Canada. At the more granular four-digit Harmonized Tariff System code level, Canada’s number 1 imported product are motor cars followed by automotive parts and accessories then trucks.

Thus the most appropriate answer would be “ B) Machinery and equipment, Industrial goods and materials , automotive products and consumer goods”

CANADA’S MAIN IMPORTS INCLUDE MACHINERY AND EQUIPMENT, INDUSTRIAL GOODS AND MATERIALS, AUTOMOTIVE PRODUCTS AND CONSUMER GOODS

                                                                         STATEMENT

TRUE / FALSE

Forest products are one of Canada’s largest export items ( Note : Option TRUE has been chosen considering the fact that WOOD as a category is the 7th largest export item by value constituting 7.11% share of total exports during 2017 )

TRUE

Historically Canada’s strong Dollar contributed significantly to its negative trade balance in those years

TRUE

KFC’s success in China , Taiwan , South Korea and Japan is a good example of mature industry in north America having success in developing markets overseas

TRUE

In market – controlled economies, effective marketing strategies are essential

FALSE

Segmenting markets on the basis of culture is important in global marketing

TRUE

NAFTA , the free trade agreement between Mexico, Canada and United States is an example of orderly market agreements

FALSE

The European Union is an Example of Common market

TRUE

Marketing a product between Canada and United States – in either direction – is straightforward because the environments are very similar

TRUE

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