PartOneQuestions1-7.

(21points)Readthefollowingpassageandthenmatchthestatements(1-7)totheletter(A,B,CorD).Inadditiontocategorizingbytypeofoffering,mostproductsintendedforconsumerusecanbefurthercategorizedbyhowfrequentlyandwheretheyarepurchased.AConvenienceProducts–Theseareproductsthatappealtoaverylargemarketsegment.Theyaregenerallyconsumedregularlyandpurchasedfrequently.Examplesincludemosthouseholditemssuchasfood,cleaningproducts,andpersonalcareproducts.Becauseofthehighpurchasevolume,pricingperitemtendstoberelativelylowandconsumersoftenseelittlevalueinshoppingaroundsinceadditionaleffortyieldsminimalsavings.Fromthemarketer’sperspectivethelowpriceofconvenienceproductsmeansthatprofitperunitsoldisverylow.Inordertomakehighprofitsmarketersmustsellinlargevolume.Consequently,marketersattempttodistributetheseproductsinmassthroughasmanyretailoutletsaspossible.BShoppingProducts–Theseareproductsconsumerspurchaseandconsumeonalessfrequentschedulecomparedtoconvenienceproducts.Consumersarewillingtospendmoretimelocatingtheseproductssincetheyarerelativelymoreexpensivethanconvenienceproductsandbecausethesemaypossessadditionalpsychologicalbenefitsforthepurchaser,suchasraisingtheirperceivedstatuslevelwithintheirsocialgroup.Examplesincludemanyclothingproducts,personalservices,electronicproducts,andhouseholdfurnishings.Becauseconsumersarepurchasinglessfrequentlyandarewillingtoshoptolocatetheseproducts,thetargetmarketismuchsmallerthanthatofconveniencegoods.Consequently,marketersoftenaremoreselectivewhenchoosingdistributionoutletstoselltheirproducts.CSpecialtyProducts–Theseareproductsthattendtocarryahighpricetagrelativetoconvenienceandshoppingproducts.Consumptionmayoccurataboutthesamerateasshoppingproductsbutconsumersaremuchmoreselective.Infact,inmanycasesconsumersknowinadvancewhichproducttheypreferandwillnotshoptocompareproducts.Buttheymayshopatretailersthatprovidethebestvalue.Examplesincludehigh-endluxuryautomobiles,expensivechampagne,andcelebrityhaircareexperts.Thetargetmarketsaregenerallyverysmallandoutletssellingtheproductsareverylimitedtothepointofbeingexclusive.DInadditiontothethreemaincategoriesabove,productsareclassifiedinatleasttwoadditionalways:EmergencyProducts–Theseareproductsacustomerseeksduetosuddeneventsandforwhichpre-purchaseplanningisnotconsidered.Oftenthedecisionisoneofconvenience(e.g.,whateverworkstofixaproblem)orpersonalfulfillment(e.g.,perceivedtoimprovepurchaser’simage).UnsoughtProducts–Theseareproductswhosepurchaseisunplannedbytheconsumerbutoccursasaresultofmarketer’sactions.Suchpurchasedecisionsaremadewhenthecustomerisexposedtopromotionalactivity,suchasasalesperson’spersuasionorpurchaseincentiveslikespecialdiscountsofferedtocertainonlineshoppers.ThesepromotionalactivitiesoftenleadcustomerstoengageinImpulsePurchasing.1.Inordertomakehighprofits,marketersmustsellinlargevolumeoftheseproducts.

2.Theseproductstendtocarryahigherpricetagthantheothertwomaintypesofproducts.

3.Customersbuytheseproductswhentheyareexposedtopromotionalactivities.

4.Consumersarewillingtospendmoretimelocatingtheseproductsbothbecausetheyaremoreexpensiveandpossessadditionalpsychologicalbenefits.

5.Customersbuytheseproductsbecauseofsuddenevents.

6.Inmanycasesconsumersknowinadvancewhichproducttheypreferandwillnotshoptocompareproducts.

7.Mosthouseholditemssuchasfoodandcleaningproductsbelongtothisgroup.

PartTwoQuestions8-14.(21points)Readthefollowingpassageandchoosethebestsentence(A-H)tofilleachofthegaps.Thereisoneextrasentence.TypesofInternationalBusinessMerchandiseExportsandImportsMerchandiseexportsaregoodssentoutofacountry,whereasmerchandiseimportsaregoodsbroughtin.Sincethesearetangiblegoodsthatvisiblyleaveandentercountries,theyaresometimesreferredtoasvisibleexportsandimports.(8)……….Exportingand/orimportingofgoodsarethemajorsourcesofinternationalrevenueandexpenditureformostcountries.Amongcompaniesengagedinsomeformofinternationalbusiness,moreareinvolvedinimportingandexportingthaninanyothertypeoftransaction.Importingandorexportingisusually,butnotalways,thefirsttypeofforeignoperationsinwhichafirmgetsinvolved.(9)……….Forexample,firmsmaybeabletoexportbyusingexcesscapacitythuslimitingtheneedtoinvestmorecapital.Firmsmaybeabletousetheservicesoftradeintermediarieswho,forafee,willtakeontheexport-importfunctions,thuseliminatingtheneedtohavetrainedpersonnelandadepartmenttocarryoutforeignsalesorpurchases.ServiceExportsandImportsServiceexportsandimportsrefertointernationalearningsotherthanthosefromgoodssenttoanothercountry.(10)……….Servicesarealsoreferredtoasinvisible.Internationalbusinesscomprisesmanydifferenttypesofservices.A.Travel,Tourism,andTransportationEarningsfromtransportationandfromforeigntravelcanbeanimportantsourceofrevenueforinternationalairlines,shippingcompanies,reservationagencies,andhotels.(11)……….TheBahamasearnsmuchmorefromforeigntouriststhanitearnsfromexportingmerchandise.B.PerformanceofActivitiesAbroad(12)……….Engineeringservicesareoftenhandledthroughturn-keyoperations,contractsfortheconstructionofoperatingfacilitiesthataretransferredtotheownerwhenthefacilitiesarereadytobeginoperations.Feesformanagementservicesareoftentheresultofmanagementcontracts,arrangementsthroughwhichonefirmprovidesmanagementpersonneltoperformgeneralorspecializedmanagementfunctionsforanotherfirm.C.UseofAssetsFromAbroadRoyaltiesarethepaymentforuseofassetsfromabroad,suchasfortrademarks,patents,copyrights,orotherexpertiseundercontractsknownaslicensingagreements.(13)……….Inaddition,thefranchisorassistsonacontinuingbasisintheoperationofthebusiness,suchasbyprovidingcomponents,managerialservices,ortechnology.Firmsoftenmovetoforeignlicensingorfranchisingaftersuccessfullybuildingexportstoamarket.(14)……….Thegreaterinvolvementoccursbecausethefirmcommonlyhastosendtechnicianstotheforeigncountrytoassistthelicenseeorfranchiseeinestablishingandadaptingitsproductionfacilitiesforthenewproduct.A

Onanationallevel,suchcountriesasGreeceandNorwaydependheavilyonrevenuecollectedfromcarryingforeigncargoontheirships.B

Thismoveusuallyinvolvesagreaterinternationalcommitmentthanintheearlystagesofexporting.C

Thisisbecauseatanearlystageofinternationalinvolvementtheseoperationsusuallytaketheleastcommitmentandleastriskofafirm’sresources.D

Feesarepaymentsfortheperformanceofcertainactivitiesabroad,suchservicesasbanking,insurance,rentals(e.g.theStarWarsfilm),engineering,andmanagement.EWhentwoormoreorganizationsshareintheownershipofadirectinvestment,theoperationisknownasajointventure.F

Thetermsexportsorimportsareusedfrequentlyyetinrealitythereferenceisonlytothemerchandiseexportsorimports.G

Royaltiesarealsopaidforfranchising,awayofdoingbusinessinwhichoneparty(thefranchisor)sellsanindependentparty(thefranchisee)theuseofatrademarkthatisanessentialassetforthefranchisee’sbusiness.H

Receiptoftheseearningsisconsideredaserviceexport,whereaspaymentisconsideredaserviceimport.PartThreeQuestions15-20.(18points)Readthefollowingpassageandchoosethebeststatement(A,B,CorD)foreachquestion.CriticismsofMarketingWhilemarketingisviewedasofferingsignificantbenefitstoorganizationsandtosociety,thefactthatmarketingisabusinessfunctionoperatinginclosecontactwiththepublicopensthisfunctionalareatoextensivecriticism.Amongtheissuescitedbythosewhocriticizemarketingare:MarketingEncouragesPeopletoPurchaseWhatTheyDoNotNeedPossiblythecriticismmostfrequentlymadeaboutmarketingisthatmarketersareonlyconcernedwithgettingcustomerstobuywhethertheywanttheproductornot.Therootofthisargumentstemsfromthebeliefthatmarketersareonlyouttosatisfytheirownneedsandreallydonotcareabouttheneedsoftheircustomers.Aswewilldiscuss,whilemanymarketersareguiltyofmanipulatingcustomersintomakingunwantedpurchases,thevastmajorityunderstandthatundertakingsuchtacticswillnotleadtoloyalcustomersand,consequently,isunlikelytoleadtolongertermsuccess.MarketersEmbellishProductClaimsMarketersareoftencriticizedforexaggeratingthebenefitsofferedbytheirproducts.Thisisespeciallythecasewiththepartofmarketingthatengagesincustomercommunication,suchasadvertisingandsalespeople.Themostseriousproblemsarisewhenproductclaimsareseenasmisleadingcustomersintobelievingaproductcanofferacertainlevelofvaluethat,infact,itcannot.Butsometimesthereisafinelinebetweenwhatarationalpersonshouldacceptasa“reasonableexaggeration”andwhatisconsidereddownrightmisleading.Fortunately,manycountriesoffercustomerssomelevelofprotectionfrommisleadingclaimssincesuchbusinesspracticesmaysubjectthemarketertolegalaction.Again,usingsuchtacticsislikelytoleadtomarketingfailureascustomerswillnotbesatisfiedandwilllikelynotreturn.MarketingDiscriminatesinCustomerSelectionWewillseethatakeytomarketingsuccessistoengageinadeliberateprocessthatidentifiescustomerswhooffermarketersthebestchanceforsatisfyingorganizationalobjectives.Thismethod,calledtargetmarketing,oftendrivesmostmarketingdecisions,includingproductdevelopmentandpricesetting.Butsomearguethattargetmarketingleadsmarketerstofocustheireffortsprimarilyoncustomerswhohavethefinancialmeanstomakemoreexpensivepurchases.Theycontendthatdoingsointentionallydiscriminatesagainstothers,especiallylowerincomecustomerswhocannotaffordtopurchasehigherpricedproducts.Thisgroupendsupbeingtargetedwithlowerquality(andinsomecaseslesssafe)productsorforsomegroups,noproductoptions.Whilethiscriticismisoftenvalid,itisworthnotingthatwhilemany“l(fā)owerquality”productsareinferiortocurrenthigh-endproducts,comparisonoftheirqualitytosimilarproductsfromjustafewyearsagoshowstherehasbeensignificantimprovement.Forinstance,lowcostelectronicequipment,suchasdigitalcameras,offermorefeaturescomparedtolowcostcamerasofjustafewyearsago.Thus,whilecertaincustomergroupsmaynotbethetargetmarketforcertainnewproductofferingstheymayeventuallybenefitfromhigher-endproducts.15.Itiswidelybelievedwhiledoingmarketing,

__________.A.marketersconcerntheneedsoftheircustomersmostB.marketersareonlyouttosatisfytheirownneedsC.marketersoftenencouragepeopletobuywhattheywantD.marketershavenodiscriminationagainstsomepeople16.Theunderlinedword“Embellish”inthesecondsubheadingprobablymeans

__________.A.manipulateB.embedC.exaggerateD.misuse17.Themostseriousproblemaboutproductclaimsis

__________.A.peoplearemisledintobelievingaproductcanofferacertainlevelofvaluethat,infact,itcannotB.productsarereasonablyexaggeratedC.somepeopleareexcludedfrombuyinghigher-endproductsD.marketersmakingmisleadingclaimswouldfacelegalaction18.Marketingdecisionssuchasproductdevelopmentandpricesettingareoftenmadebasedon

__________.A.theopinionsofthemarketersB.aprocesscalledtargetmarketingC.thecriticismfromthepublicD.thepreferenceofthecustomers19.Thetargetcustomersofmarketingareoftenthose

__________.A.whohavelowerincomesB.whobenefitfromhigher-endproductsC.whocontendthattargetmarketingintentionallydiscriminatesagainstothersD.whohavethefinancialmeanstomakemoreexpensivepurchases20.Accordingtothewriter,

__________.A.mostmarketersknowthenegativeeffectofmanipulatingcustomersintomakingunwantedpurchasesB.exaggeratingthebenefitsofproductsisunlikelytoleadtomarketingfailureC.lowincomecustomerscanonlyaffordlowqualityproductsD.customershavenowaystoprotectthemselvesfrommisleadingclaimsPartFourQuestions21-35.(15points)Readthefollowingpassageandfilleachgapwiththebestword(A,B,CorD).GlobalEconomicOutlook2013Theglobaleconomyhasyettoshake(21)………thefalloutfromthecrisisof2008-2009.Globalgrowthdroppedtoalmost3percentin2012,whichindicatesthatabouthalfapercentagepointhasbeenshavedoffthelong-termtrend(22)………thecrisisemerged.Thisslowingtrendwilllikelycontinue.Matureeconomiesarestillhealingthescarsofthe2008-2009crisis.Butunlikein2010and2011,emergingmarketsdidnotpickuptheslackin2012,and(23)………dosoin2013.Uncertaintyacrosstheregions–fromthepost-election‘fiscaldebate’questionintheU.S.(24)………theChineseleadershiptransitionandreformsintheEuroArea–willcontinuetohaveglobalimpactsinsluggishtradeandtepidforeigndirectinvestment.Mainresults:●Acrosstheadvancedeconomies,theOutlookpredictsa1.2percent(25)………in2013,comparedto1.1percentin2012.TheslightuptickislargelyduetoEurope,whichisexpectedtoreturntoveryslowgrowthof0.3percentafterthe-0.2percentcontractionin2012.U.S.growthis(26)………tofallfrom2.2percentin2012to1.6percentin2013.●Inthemedium-term,theoutlookexpectstheU.S.andotheradvancedeconomiestogosomewaystowardclosinglargeoutputgaps–(27)………,thedifferencebetweencurrentoutputandthelevelofoutputaneconomycanproduceinanoninflationaryway,giventhesizeofitslabor(28)………anditspotentialtoinvestinandcreatetechnologicalprogress.Thecurrentoutputgapisaresultofweakdemand(29)………the2008-2009crisis.ThisdevelopmentshouldallowtheU.S.toaverage2.3percentannualgrowthduring2013-2018before(30)………to2.0percentin2019-2025.Inthesametwoperiods,Japanisexpectedtogrowat0.9percentperannum.●Amoresignificantslowdownisexpectedforlessmature(31)………overthenextyear–andbeyond.Overall,growthindevelopingandemergingeconomiesisprojectedto(32)………from5.5percentin2012to5.0percentin2013,withgrowthfallinginChinafrom7.8to7.5percentandinIndiafrom5.5to4.7percent.From2019-2025emerginganddevelopingcountriesareprojectedtogrow(33)………3.3percent.●Thelong-termglobalslowdownweprojectto2025willbedrivenlargely(34)………structuraltransformationsintheemergingeconomies.AsChina,India,Brazil,andothersmaturefromrapid,investment-intensive‘catch-up’growthtoamorebalancedmodel,thestructural‘speedlimits’oftheireconomiesare(35)………todecline,bringingdownglobalgrowthdespitetherecoveryweexpectinadvancedeconomiesafter2013.21.A.off

B.away

C.of

D.down22.A.when

B.before

C.after

D.since23.A.didn’t

B.won’t

C.doesn’t

D.don’t24.A.until

B.by

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D.but25.A.growth

B.decrease

C.arise

D.steady26.A.hoped

B.excepted

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D.doomed27.A.however

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C.moreover

D.roughly28.A.power

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D.force29.A.contributedto

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D.causing30.A.falling

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D.increasing31.A.countries

B.teams

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D.societies32.A.drop

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