Common Pitfalls More Pitfalls Standards Realistic Marketing Infrastructure 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

What are the four common pitfalls of international business? 100

Costing, Standards, Marketing & Infrastructure 100

What is hard currency? 200

Hard currency is money that is widely accepted on the foreign currency exchange market and is easily converted to another currency by a bank. 200

Give an example of a soft currency. 300

An example would be Russia, Ukraine, China, Korea, etc. 300

What is the currency rating scale? 400

The rating scale is from AAA (very hard) to D (very soft) 400

What term is used to protect oneself from currency fluctuations by buying the currency at the time of the transaction? 500

BUY FORWARD 500

What is an issuing bank? 100

An issuing bank is usually the importer’s bank that issues documentation or record. 100

What is the term for the exporter’s bank? 200

Advising Bank 200

This document verifies that there are sufficient funds in the account to handle the transaction. 300

LETTER OF CREDIT 300

These increase the price of imported goods to ensure existing Canadian goods are priced more competitively. 400

TARIFFS 400

This is a method of stowage of freight in sealed, reusable containers of uniform size and shape. 500

CONTAINERIZATION 500

What problem exists when importing foreign produced appliances and/or videos? 100

NON-COMPATABILITY 100

What is an organized campaign where individuals refuse to purchase a company’s or a country’s product? 200

BOYCOTT 200

What is ISO? 300

International Organization for Standardization 300

What is the importance of the ISO? 400

Ensures standards for specifications and criteria are met around the world. 400

Other than DVD’s or video tapes or appliances, name another product that has standard problems here in Canada. 500

Clothing or Shoes 500

What is marketing? 100

All activities involved in the planning, pricing, promoting, distributing, selling of goods and services to satisfy consumers’ needs and wants. 100

What is meant by B2B? 200

A business-to-business relationship such as Staples supplying the school with paper. 200

What key marketing step is necessary prior to going international? 300

Market Research 300

Name 3 of the labelling criteria here in Canada. 400

Country, French/English, ingredients, amount, minimum font size, product identification, company identification, shelf life, artificial flavours. 400

Name one holiday that Canada recognizes, but other countries do not. 500

Various examples such as Valentine’s Day, Mother’s Day, Halloween, etc. 500

What is infrastructure? 100

Infrastructure is the large-scale public systems, services, and facilities of a country or region that are necessary for economic activity. (power systems, roads, banks, hospitals, schools, water supplies, transportation, etc.) 100

Name 3 areas of research necessary prior to having an extended stay in a country. 200

Accommodations, food, health, safety, education, business support services, financial services, official Canadian presence, communication and business etiquette. 200

Name one website that will assist travellers from Canada in other countries. 300

Transport Canada, Consumer Affairs, Foreign Affairs Canada, Service Canada, DFAIT, etc. 300

What is the currency in China? 400

Yuan Renminbi 400

The internet is highly controlled by this government along with taxes The internet is highly controlled by this government along with taxes. Business etiquette is important in terms of business card colours and presentation. 500

CHINA 500