What are the roles of wto and what is the

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- What are the roles of WTO and what is the organization’s main responsibilities? (p73-74, Chapter 2). World Trade Organization (WTO): Came into existence on January 1, 1995. From its base in Geneva, Switzerland, The WTO provides a forum for trade-related negotiations among its 160 members. The WTO’s neutral trade experts also serve as mediators in global trade disputes. The WTO has a Dispute Settlement Body (DSB) that mediates complaints concerning unfair trade barriers and other issues among the WTO’s member countries. Chapter 4
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- What is the definition of culture? (p108, Chapter 4). Culture: Ways of living, built up by a group of human beings, that are transmitted from one generation to another. - How does individualism differ from collectivism? How does individualism vs. collectivism affect consumer behavior? (see review slides). People participating in individualistic cultures are more likely to elaborate on independent aspects of themselves, such as feeling distinct from others • People participating in collectivistic cultures are more likely to attend to interdependent aspects of their self-concepts, such as their close relationships and group memberships - How does culture affect what we do as consumers? E.g., you can use the Hofstede dimensions of culture to explain (p119-122, Chapter 4). 1. Individualistic-People look after their own and family interests. EX:US, Canada, Australia, Middle: Japan Collectivistic-People expect the group to look after and protect them. EX: Mexico, Thailand 2. High power distance-Accepts wide differences in power; great deal of respect for those in authority Ex: Mexico, Singapore, France Middle: Italy, Japan Low power distance-Plays down inequalities;employees are not afraid to approach nor are in awe of the boss Ex: United States, Sweden 3. High uncertainty avoidance-Threatened with ambiguity and experience high levels of anxiety Ex: Italy, Mexico, France Middle: UK Low uncertainty avoidance-Comfortable with risks; tolerance of different behavior and options Ex: Canada, United States, Singapore 4. Achievement-Values such as assertiveness, acquiring money and goods, and competition prevail Ex: US, Japan, Mexico Middle: Canada, Greece Nurturing-Values such as relationships and concern for others prevail EX: France, Sweden 5. Long-term orientation-People look to the future and value thrift and persistence Ex: China, Taiwan, Japan Short-term orientation-People value tradition and the past Ex: Germany, Australia, US, Canada
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- Explain the difference between high vs. low-context cultures, and give examples of countries (section 4-2, Chapter 4). 1. In a low-context culture, messages are explicit and specific; words carry most of the communication power. ( Japanese, Latin American, Spanish ) 2. In a high-context culture, less information is contained in the verbal part of a message.
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