Summaries and study services for International Business Bachelor 1 at the University of Groningen

 

  • This page contains study materials for the study IB Bachelor 1 at the University of Groningen (UG).
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English for IB: Summaries, Exam Questions and Lecture Notes - IB B1 RUG - Study Bundle
Introduction to International Business: Summaries, Exam Questions and Lecture Notes - IB B1 RUG - Study Bundle
Global Supply Chain Management: Summaries, Exam Questions and Lecture Notes - IB B1 RUG - Study Bundle
Organizational Structure: Summaries, Exam Questions and Lecture Notes - IB B1 RUG - Study Bundle
Financial Accounting: Summaries, Study Notes and Practice Exams - RUG
Economics for IB: Summaries, lecture notes and practice exams - UG
International Marketing for IB: Summaries, lecture notes and practice exams - UG
Research Methodology for IB: Summaries, lecture notes and practice exams - UG
Summaries and study services for International Business (IB) at the University of Groningen
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Management Accounting IB: Summaries, lecture notes and practice exams - UG

Management Accounting for IB - International Business - Jaar I – RUG - Resit 2019

Management Accounting for IB - International Business - Jaar I – RUG - Resit 2019


Questions

Question 1

Which of the following measures of activity would be the most probable cost driver for Data Processing?

  1. Number of transactions processed.
  2. Number of calls to toll-free customer telephone line. 
  3. Number of new employees hired.
  4. Hours of Computer Processing Unit (CPU).

Question 2

Select the incorrect statement:

  1. It is possible to use a linear cost equation to predict costs as long as volumes remain within the relevant range.
  2. The relevant range is the normal volume of activity.
  3. On the relevant range, managers can assume that the total fixed costs is constant.
  4. The relevant range refers to the volumes of activity for which a given linear cost equation is valid

Question 3

CoffeeDrop produces and sells bags of coffee. Its management accountant has determined that if the company produces 700 bags in a month, the average operating cost per unit (including both fixed and variable operating expenses) is C4.93 per bag. If the company produces 1,000 bags in a month, the average operating cost per unit is C4.35 per bag instead. What is the variable cost per bag?

  1. €4.35
  2. €3.00
  3. €4.93
  4. €4.64

Question 4

Olivia Grey is the management accountant of Paddle, a company producing tablets. She gathered the following information about the total overhead cost over the past four periods:

MonthMachine-hoursTotal overhad costs
March
February
April
May
828.00
736.00
920.00
1,013.00
340,780.80
319,749.60
361,812.00
383,071.80

In addition, Olivia also decomposed the total overhead costs incurred in May between its different subcomponents:

Costs in MayAmount
Utilities (variable)
Rent of the equimpent (fixed)
Indirect labor (mixed)
81,050.13
52,998.62
249,023.05
Total overhead cost383,071.80

What is the amount of fixed indirect labor costs? Hint: use the high-low method

  1. €150,521.67.
  2. €151,500.00.
  3. €98,501.38.
  4. €81,050.13.

Question 5

To estimate the parameters of a cost equation with only one cost driver and using the linear regression, what are the minimum requirements in terms of available information? 

  1. At least two periods of historical data are required.
  2. At least four periods of historical data are required.
  3. At least one period of historical data is required.
  4. More than four periods of historical data are required.

Question 6

Yoda Corp. produces and sells light sabers. The company works in “Just-in-Time” (it does not keep inventory) and so far it has sold 440 sabers. You received from Quentin Skywalker, the accountant, the following financial income statement for the current year, 2019, at this volume of activity:
 

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Management Accounting for IB - International Business - Jaar I – RUG - Final 2019

Management Accounting for IB - International Business - Jaar I – RUG - Final 2019


Open questions

Question 1 

Select the correct statement:

  1. Budgets support performance evaluation and reward.
  2. Budgets indicate with great accuracy and precision what will happen within the next year of operations.
  3. Budgets provide reliable estimates.
  4. Budgets provide with a comprehensive overview of future performance

Question 2

Describe the budgeting process. More specifically, which outputs are prepared during this process, and in which order are they prepared?

  1. pro-forma financial statements, inventory and purchase budget, sales budget, inventory and production budget, administrative budget.
  2. sales budget, inventory and production budget, inventory and purchase budget, administrative budget, pro-forma financial statements.
  3. administrative budget, pro-forma financial statements, sales budget, inventory and production budget, inventory and purchase budget.
  4. pro-forma financial statements, administrative budget, inventory and production budget, inventory and purchase budget, sales budget

Question 3

The management accountant of Cost-Eau inc. has estimated the following sales volumes for next year:
 

SalesAugustSeptemberOctoberNovember
Volumes2,500.002,350.002,050.00

2,750.00

The company typically sells each unit for a price of C53,500.00. Moreover, 80.00% of the revenues earned any given month are collected during the following month. The other 20.00% are collected in the month of the sale itself. What is the total amount of cash receipts in November? 

  1.  €139,635,000.00
  2. €147,125,000.00
  3. €117,165,000.00
  4. €29,425,000.00

Question 4

One of the components used by SafeGuardian to make security vaults is bought from a supplier for a stable price of C1,450.50 per unit. Credit terms allow the company to pay 75.00% of its purchases the month following the purchase (the rest is paid in the month of the purchase).

Andrei, the management accountant, also estimated that the company will start the next period with C1,348,965.00 worth of this component in the inventory and consume 8,742 units during the period. In addition, the ending inventory should contain exactly 1,488 units. How many units of the component should the company purchase?

  1. 8,835 units.
  2. 7,254 units.
  3. 13,489,650 units.
  4. 9,300 units.

Question 5

Sean Eliasoph is the management accountant of CoffeeDrop. He is currently working on the Selling, General, and Administrative (SG&A) budget for next year. Sales volumes are expected to be 5,930 bags of coffee in February 2020 and 6,430 bags in March 2020. The unit price should be C14.00 and advertising expenses should amount to C260.00 each month.
 

In addition to the unit production costs, each unit sold costs an additional C0.30 paid to a service provider for delivery, and an additional C0.70 of commission for the sales people. The other monthly administrative cost are the following:

  • depreciation on administrative offices, C780.00;
  •  maintenance of administrative offices, C520.00;
  • wages of administrative personnel, C1,300.00.
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Management Accounting for IB - International Business - Jaar I – RUG - Midterm 2016

Management Accounting for IB - International Business - Jaar I – RUG - Midterm 2016


Case study: company profile

Airline company 'Fly Hamster Fly' transports both passengers and cargo. Below you find the cost categories and costs for the year 2012

1. depreciation costs

€ 6.000.000

2. personnel costs

€ 12.000.000

3. operating costs

See the information below and Question A

The depreciation and personnel costs are fixed costs. The operating costs consist of fixed costs and variable costs. They concern various costs like costs involved in taking care of the flights, daily airplane maintenance costs, fly over and landing rights, and fuel usage. Fly Hamster Fly has given the following overview (years 2003-2011) of the operating costs. These costs are partly related to the company's turnover (revenues).

year

turnover level

total of operating costs

2003

€ 18.000.000

€ 10.800.000

2004

€ 15.000.000

€ 7.300.000

2005

€ 20.000.000

€ 11.000.000

2006

€ 25.000.000

€ 12.400.000

2007

€ 22.500.000

€ 10.600.000

2008

€ 17.000.000

€ 9.300.000

2009

€ 35.000.000

€ 14.500.000

2010

€ 30.000.000

€ 14.900.000

2011

€ 27.500.000

€ 12.900.000

At a turnover of € 40.000.000, the maximum loadfactor (100%) of the planes is reached.

The above costs and turnover levels concern the transfer of both passengers and cargo. The total fixed operating costs and variable operating costs can be estimated using the high-low method

Question A

Calculate the 'variable operating costs' and 'fixed operating costs', using the high-low method. The variable operating costs have to be expressed as a percentage of the turnover.

Question B

State an advantage of using the high-low method. State a disadvantage of using the high-low method.

It is important for Fly Hamster Fly to know at.....read more

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Management Accounting for IB - International Business - Jaar I – RUG - Final 2012

Management Accounting for IB - International Business - Jaar I – RUG - Final 2012


Exercise 1

The Trouser Factory started its operations on January 1, 2012. The company is still small but has high expectations regarding its sales growth. Currently there is one tailor’s workshop. None of the tailors has a permanent employment contract, all work on a “stand-by basis”, in other words their working hours are flexible. The Trouser Factory manufactures design jeans that are sold to upscale shops. After a few weeks of operations the Trouser Factory assesses that the demand for designer jeans is high in the segment of young people (age 10 – 20 years) and not in the segment of young adults (age 20 – 30 years) and middle aged people (age 30 – 40 years) as originally expected.

The recently hired controller of the Trouser Factory has the task to prepare a budget for the first quarter of the calendar year 2012. The general manager has passed the following information on to the controller:

Budget information for the period January – March 2012

Budget first quarter 2012

January

February

March

Sales volume (number of jeans )

120

240

240

Sales price per unit (in €)

95

95

95

Average quantity of jeans fabric per unit (in meter)

1.20

1.20

1.20

Purchase price of jeans fabric (in € per meter)

15

16

16

Total labor cost of tailors (in €)

4,104

7,344

7,128

Labor cost tailors per hour (in €)

18

18

18

Fixed overhead costs (in €)

2,000

2,100

2,150

During the budget preparation process the controller made several assumptions. All sales will be made on account; thereof 30 percent will be collected in the month in which the product has been sold and the remainder will be collected in the month following the sale.

The Trouser Factory pays all.....read more

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Global Supply Chain Management: Summaries, Exam Questions and Lecture Notes - IB B1 RUG - Study Bundle

Lecture notes Global Supply Chain Management - RUG - International Business

Lecture notes Global Supply Chain Management - RUG - International Business

These lecture notes are based on the subject Global Supply Chain Management of 2015-2016.


Lecture 1

Lecture 1 focuses mainly on:

  • simulation
  • Deterministic performance estimation

Both are approaches to to analyze and design a process.

There are different criteria to determine if a design is good or bad. A design is made in a flow diagram. These criteria are used to analyze the design. The main goal of analyzing a design, is to attain contiguous improvement.

Differences :

  • Deterministic: easy and fast, but rough overview
  • Simulation: long and complex, but gives a better and more specific outcome.

Simulation:

Simulation experiments many times, and tries to duplicate a real environment into its model. Mathematically, a real world situation is imaged. After wards, a conclusion is stated, and a company will decide if it will adapt to this conclusion.

Main advantages:

  • It is used in difficult situations
  • There is no investment needed
  • Uncertainty is incorporated, so it is very functional in real life
  • More solutions are shown

Main disadvantages:

  • Analyzing and interpreting outcomes is difficult
  • High computation time
  • Difficult to make
  • Value of the result is overestimated many times

Most of the large companies use this method.

To be able to understand the following topic, one must understand the following things:

  • Throughput time
  • Work-in-progress
  • Bottleneck
  • Throughput/departure rate
  • Utilization & efficiency

Deterministic performance analysis:

There is a distinction between deterministic and stochastic determination time

  • Deterministic: everything is known in advance
  • Stochastic: things might change, not everything is known in advance

In order to know the deterministic throughput time, you must know the time between the point that the customer/product enters the system, and the costumer/product is ready. Always take the average time that is needed.

Design & effective capacity:

  • Design: Theoretical maximum output
  • Effective: capacity that can be expected given the circumstances

We distinct serial and parallel processing

  • Serial: steps follow each other up
  • Parallel: steps are done at the same time.

Parallel servers:

  • One server can only serve one customer
  • Other servers serve other customers simultaneous

You must be able to find the bottleneck in a system. Bottleneck = the part of a design that makes the rest of the design slower. It is similar to the statement: a design is a strong as its weakest link.

Departure rate = number of customers/products that leave the system per hour. Depends on the bottleneck of the system.

Utilization rate & efficiency:

  • Utilization rate = total operating time/ total time = actual output/ design capacity
  • Utilization efficiency = actual output/ effective capacity

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Practice Exams Global Supply Chain Management - B1 - IB - RUG
Practice exams with the book Operations and Supply Chain Management: the Core, 4th edition

Practice exams with the book Operations and Supply Chain Management: the Core, 4th edition

Practice exams with answers with the book Operations and Supply Chain Management: the Core by Jacobs and Chase, 4th edition

Topics include:

  • What is Operations and Supply Chain Management?
  • Why is capacity management strategically important?
  • What is a manufacturing process?
  • What are the characteristics of service processes?
  • What is the scope of total quality management in a firm?
  • How can inventory be analyzed?
  • How can lean concepts be applied to supply chain processes?
  • Why do companies outsource processes?
  • How are locations, logistics and distributions determined in a supply chain?

Not included are questions and answers for chapters 2,...Read more

Organizational Structure: Summaries, Exam Questions and Lecture Notes - IB B1 RUG - Study Bundle

Practice Questions Organizational Structure - International Business - Year 1 - RUG

Practice Questions Organizational Structure - International Business - Year 1 - RUG


Questions

  1. Which external strategies for managing the environment do Robbins and Barnwell describe?

    1. Domain choice, bridging, advertising, smoothing

    2. Environmental scanning, rationing, smoothing, buffering

    3. Rationing, buffering, bridging, domain choice

    4. Insuring, lobbying, advertising, environmental scanning

  2. At the periphery of an organisation, you could find boundary spanners.

    1. Correct

    2. Not correct

  3. On the input side, buffering is evident when organisations stockpile materials and supplies, increase reliance on one supplier, undertake preventive maintenance or recruit and train new employees.

    1. Correct

    2. Not correct

  4. Attending lunches, trade fairs, conferences and industry gatherings are ways of …

    1. manufacturing.

    2. research.

    3. development.

    4. environmental scanning.

  5. Which type of change does the introduction of a major new technology involve?

    1. Adaptive change

    2. Systemic change

    3. Transitory change

    4. Chaotic change

  6. Which statements about organizational change is correct?

    1. Evolutionary change deals with planned change.

    2. Revolutionary change involves incrementally changing existing production technologies.

    3. When change is planned properly, its success is guaranteed.

    4. It is not uncommon to have evolutionary changes after revolutionary changes.

  7. Why do organizations resist change?

    1. Members fear losing what they already have.

    2. Most organisations are bureaucracies.

    3. Many organisations can manage their environment.

    4. All of the above.

  8. According to Robbins and Barnwell, which techniques can a manager use to change an organisation’s culture?

A. Seeking political support

B. Implementing structural changes

C. Socialisation

D. Building subcultures

E. The need to be patient

F. Avoiding micro-managing the details

G. Participative leadership

  1. All of above

  2. A, B, C and D

  3. A, B, E and F

  4. B, C, E and G

  1. Instrumental Values are desired outcome that people try to attain.
    1. Correct

    2. Not correct

  2. Crisis in the environment makes it more difficult to manage a cultural change.

    1. Correct

    2. Not correct

  3. The more subcultures, the stronger the resistance to changes in the dominant culture.

    1. Correct

    2. Not correct

  4. Cultural changes could be implemented as quickly as possible in order to avoid resistance.

    1. Correct

    2. Not correct

  5. The more routine an organisation’s technology and the more

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Introduction to International Business: Summaries, Exam Questions and Lecture Notes - IB B1 RUG - Study Bundle

Practice Questions Introduction to International Business - International Business - Year 1 - RUG

Practice Questions Introduction to International Business - International Business - Year 1 - RUG


Questions

  1. What is the most important reason for MNEs to go abroad?

    1. Export platform

    2. Efficiency seeking

    3. Technology seeking

    4. Market seeking

  2. Levitt’s (1983) view on the globalization of markets:

    1. implies that the FSAs of an MNE will all be location-bound

    2. incorporates the idea that cultures and national societal tastes are fixed; whereas the technology changes constantly

    3. implies the replacement of centralized exporters and international projectors by multi-centred MNEs

    4. implies the replacement of multi-centred MNEs by centralized exporters and international projectors

  3. What is one the main challenges of an international strategic alliance?

    1. Successful firms go from a beachhead strategy to developing a long term relationship with the local partner.

    2. Learn as much as possible from this partner while giving away as few of your own FSAs as possible.

    3. Proactively select locations and only then alliance partners.

    4. Reduce risk associated with high demand uncertainty in the host market.

  4. What is the difference between equity and non-equity entry modes?

    1. The amount of control imposed by the headquarter.

    2. Equity modes are based on the principle of equality, and non-equity entry modes are not.

    3. Equity modes involve an ownership dimension, and non-equity modes do not.

    4. The degree of centralization.

  5. Khanna et al. (2005) say that emerging economies are filled with institutional voids? What do they mean with this?

    1. Emerging economies have well developed regulations.

    2. Emerging economies offer a good market for MNEs to sell their product.

    3. Emerging economies lack intermediary firms and macro-level institutions.

    4. Emerging economies offer efficiency for MNEs.

  6. Consider the following two statements:

I: Expatriation is the most direct and rigorous way to give managers in-depth knowledge of the MNEs internal network.

II: Managers with extensive expatriate experience are often the best equipped to reduce bounded reliability problems in headquarter-subsidiary relations, and to anticipate bounded rationality problems arising in home country affiliates.

  1. Both statements are correct.

  2. Both statements are incorrect.

  3. Only statement I is correct.

  4. Only statement II is correct.

  1. When considering a merger or an acquisition, senior managers will often follow the traditional mindset in an industry even it has become obsolete. Ghemawat and Gadar (2000) refer to this phenomenon as:
    1. top line obsession

    2. herd behavior

    3. complementary FSA development

    4. grooved thinking

  2. The strength of
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Financial Accounting: Summaries, Study Notes and Practice Exams - RUG

Concepts/Woordenlijst Financial accounting

Concepts/Woordenlijst Financial accounting

View the attachment for a translation of concepts used within the field of financial accounting, both English-Dutch and Dutch-English. This list can both be used to remember the most widely used concepts within accounting and to gain a better understanding using the translation.

You can also use the English glossary in the 'resources' section of this page

Organizational Behavior: Summaries, Study Notes and Practice Exams - UG

Practice exam Organizational Behaviour for IB 2015
Practice exam Organizational Behaviour for IB 2015

Summaries and study services for International Business (IB) at the University of Groningen

International Business Environment: Summaries, Study Notes and Practice Exams - UG

International Business Environment Practice Exam Questions - IB - Groningen

International Business Environment Practice Exam Questions - IB - Groningen

Questions

Question 1

If a country exports the good that it can produce at a low opportunity cost and imports those goods that it would otherwise produce at a high opportunity cost, we say that such trade is based on:

  1. the theory of absolute advantage.

  2. the arbitrage pricing theory.

  3. theory of factor endowments.

  4. the theory of comparative advantage.

Question 2

Suppose that under autarky, wheat costs 5 dollar per bushel in the U.S. and 9 dollar per bushel in the Rest of the World. After the opening of free trade between the U.S. and the Rest of the World at a world price of $6 per bushel:

  1. neither the U.S. nor the Rest of the World gain from trade.

  2. both countries gain from trade, but the U.S. gains more than the Rest of the World.

  3. both countries gain from trade, but the Rest of the World gains more than the U.S.

  4. the net change in national welfare in the U.S. is zero but the Rest of the World gains.

Question 3

Which of the following can help explain the rise of intra-industry trade?

  1. Recent recessions and increase in the price of oil have led to lower national income levels.

  2. The demand for product variety has increased substantially over time.

  3. Countries widely vary in terms of their resource endowments.

  4. The developed nations have recently implemented more conservative fiscal policies.

Question 4

Which of the following features does a common market not have?

  1. Common set of external tariffs

  2. Free trade among its members

  3. Harmonization of all economic policies

  4. Free movement of factors of production

Question 5

The net loss from trade diversion for a country A that is forming a trade union with country B is likely to be smaller if:

  1. country A’s supply curve is very steep.

  2. country A’s tariff rate on the product is higher.

  3. the good can be produced at relatively lower cost in B than in the outside world.

  4. B’s export price is closer to the tariff-inclusive price for imports from countries outside the trade union.

Question 6

Under a floating exchange rate system, the dollar per euro ($/€) exchange rate rises when:

  1. The U.S. trade deficit with the euro-area countries increases.

  2. European demand for U.S. products increases.

  3. The U.S. government raises personal income tax rates.

  4. The inflation rate in the U.S. is much lower than the inflation rate in the euro-area.

Question 7

Suppose the average price of a book in the United States is $3.50 while in Japan the average price is 400 yen. If the market exchange rate is 1 dollar per 100 yen, the purchasing power parity model of

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International Business Environment Practice Exam - IB - Groningen

International Business Environment Practice Exam - IB - Groningen


Multiple Choice Questions

Question 1

Which of the following is true for a linear production possibility curve?

  1. A linear production possibility curve is drawn as a positively sloped straight line.
  2. Along a linear production possibilities curve, the opportunity cost of producing more of a good is constant.
  3. When a country engages in free trade, the linear production-possibility curve shifts to the right.
  4. A country with a linear production-possibility curve partially specializes in the production of goods when it engages in free trade with other nations.

Question 2

The figure below shows the export supply (XS) and import demand (MD) curve for rice. P indicates price and Q indicates quantity. Which of the following statements is true at a price of P1?

  1. Area B indicates the net gain from trade in the exporting country.
  2. Area A indicates the net gain from trade in the exporting country.
  3. Area A indicates the consumer surplus in the importing country.
  4. Area B indicates the producer surplus in the exporting country.

Scenario 1
A small country imports computer chips. With free trade at a world price of 400 dollars, domestic production is 1 million chips and domestic consumption is 4.2 million chips. The country’s government now decides to impose a quota to limit computer chip imports to 2 million per year. With the import quota in place, the domestic price rises to $480 per chip and domestic production rises to 1.5 million chips per year.

Question 3

Refer to Scenario 1. If the government auctions the import licenses competitively, the national well-being will _____ by _____.

  1. increase; $100 million
  2. decrease; $48 million
  3. increase; $160 million
  4. decrease; $208 million

Question 4

One of the reasons that protectionists and government officials may favor using a quota instead of a tariff is:

  1. quotas generate more revenue for the government than tariffs.
  2. quotas limit imports indirectly via higher prices.
  3. quotas create less market distortions than tariffs.
  4. quotas give more power to politicians than tariffs.

The figure given above shows the market for DVD imports in a large country. MD and XS are the domestic demand for imports and export supply curves respectively. There is an import quota imposed on DVDs and the government auctions the import licenses competitively.

Question 5

Refer to Figure 1. As a result of the quota being imposed on DVD imports by this country, the exporting country will in terms of net welfare:

  1. lose $3 million.
  2. lose $4 million.
  3. gain $1.6 million.
  4. gain $2.6 million.

Question 6

Refer to Figure 1. As a result of the quota being imposed

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Research Methodology for IB: Summaries, lecture notes and practice exams - UG

Research Methodology for IB - Oefententamen 2018/2019

Research Methodology for IB - Oefententamen 2018/2019


MC-questions

Question 1

The airport is typically busier in holiday periods than in regular working weeks. A marketing manager fears passengers are annoyed by waiting times during holiday periods. She therefore wants to know whether more complaints are made by passengers during holiday periods than during regular working weeks. She wants to test the hypothesis that the number of complaints made by passengers is higher during holiday weeks than during regular working weeks. Which test should she use?

  1. Paired-samples t-test
  2. Independent samples t-test
  3. Mann-Whitney test
  4. Cross table with Chi-square of independence

Question 2

Which statement about the following output is true?

Reliability statistics

Cronbach's AlphaN of Items
,6853

Item Statistics

 MeanStd. DeviationN
Test15,00002,5051730
Test24,36671,6501530
Test33,73331,5521630

Item-Total Statistics

 Scale Mean if Item DeletedScale Variance if Item DeletedCorrected Item-Total CorrelationCronbach's Alpha if Item Deleted
Test18,10006,507,642,423
Test28,73339,375,880,147
Test39,366716,516,164,910
  1. The three items form an unreliable scale that can be improved
  2. Recoding Test2 will improve the reliability of the scale
  3. Test1 and Test3 can be combined to form a reliable scale
  4. None of the above

Question 3

Which of the following statements about questionnaire construction is/are true?

I. A constant sum scale provides more information than a ranking scale
II. Changing the lay-out of a longer questionnaire is a useful way to keep the interviewee interested
  1. I is true, II is not true
  2. I is not true, II is true
  3. Both statements are true
  4. Both statements are not true

Question 4

You are investigating the financial situation of car dealerships in the Netherlands. Thousands of car dealerships are scattered all over the country, so you need to select a sample of dealerships for your study. To draw your sample, you select three municipalities in different parts of the country and you pick a random sample of dealerships from these municipalities.

Which type of sampling are you using?

  1. Stratified sampling
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International Marketing for IB: Summaries, lecture notes and practice exams - UG

International Marketing - IB - RUG - Lecture Notes

International Marketing - IB - RUG - Lecture Notes


Lecture 1

This course teaches you to become a junior marketer. This course will lead you through five parts concerning marketing. IB is much more about structure, organisations etc. Marketing is very different. Therefore we will learn how to approach things from a marketing perspective. We will not talk about marketing as a function. Marketing is also something like a philosophy.

The whole goal of this programme is that we at least should know something about marketing and international marketing, assuming that we have already read something on the basic marketing book. The article of Shah has to be read, because this builds a bridge between business and marketing. So this is a very nice addition to the international marketing book.

Monday 23rd: Intermediate test.

We are all consumers. Marketing is part of everyday life. Marketers love to know who our consumers are. There is a kind of typical student stereotype (However, IB students from Groningen are very different from History students in Amsterdam). Yet there can be some sort of unity in diversity. Marketers try to get inside of who their consumers are and what they want. Why, why, why. Who are you as a typical consumer?

Every group of consumers belongs to a segment. The segment you are in decides on your needs. Benefits are different for everyone -> convenience & health are examples. Celebrity endorsement -> Kikker on applesauce or 15-year old girls buying Christina Aguilera perfume. McDonalds had a bad image. Therefore they teamed up with Zonnatura -> good association, healthy products. It helped McDonalds to boost their brand. They added healthy products to the Happy Meals. The children don’t even choose from these healthy options, but the fact that they can choose it, positively influences the perception of the consumer. Adding more and more salads to the menu also does the same.

The things you bring to lectures says something about you. Culture has an impact on our decision making. Culture defines the types of the solutions that the consumers are looking for when they need something. It influences how companies fill in their assortments.

Another lesson in marketing: Price is more than price -> paying for convenience, e.g. Albert Heijn online shopping.

AIOV’s are attitudes, interests, opinions and values. Marketing also counts for cities, politics, making yourself look pretty before going out -> all of these examples are considered to be marketing. Classical marketing story -> Coca Cola versus Pepsi Cola. People liked the taste of Pepsi better (blind test), therefore Coca Cola had to establish a new image. However,

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Economics for IB: Summaries, lecture notes and practice exams - UG

Economics for IB - international business

Economics for IB - international business


Lecture notes written in 2015-2016 (Groningen, bachelor 1)

Economics for IB – Lecture 1:

Economics is the study of how people make choices under conditions of scarcity and of the results of those choices for society. If we want do to more of one thing, we need to do less of another. The same counts for production. What standard economics assumes is that people are rational. In the sense that they would like to reach their goals as fast as they possibly can. Therefore we can use this for predicting real life events.

Resources are very limited, and having more of one good thing means having less of another. There is no such thing as a free lunch. Economists always think of explicit costs as well as implicit costs. Time is an implicit cost. There is always some implicit cost involved in everything.

Rationality translates in the cost benefit principle, where an individual ought to take action if, and only if, these extra benefits from taking these actions are at least as great as the extra costs related to it. So economists are not naïve, but we look at how well our models perform in predicting real life events, using this cost-benefit principle.

How much would you need to be paid to run an errand for a stranger which involved the same walk. How much does time mean to you? Is your time worth the discount or not?

Economic surplus is what you are willing to pay minus what it actually costs. For example: 30 minute walk to town to buy a game on discount = 9 euro. Discount = 10. Then economic surplus is 10-1 = 1 euro. You should only undertake an action if it creates an economic surplus.

The cost-benefit model is a simplified representation of reality, assuming that people behave in this way, and behave rationally, in choosing among competitive alternatives. It does very well in predicting what people do in their actual life. People experience day-to-day decisions, and the model does well in predicting what the outcome is. If it fails to predict outcomes in specific events, that’s when economists build new models.

There are four decision pitfalls, because people don’t always behave rationally:

  1. People don’t always look at the total amount, but they count the benefit in term of a percentage. Some people therefore behave irrationally.

  2. Ignoring opportunity costs. Example: taking a bus to town (costs a ticket) and implicit time

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