Mkt 300 Exam 1 - Questions/answers

United States-Mexico-Canada Agreement {Ans: is the replacement for NAFTA which occurred in 2020. Goal was to eliminate barriers to trade and investment. Aimed to create a more balanced environment for trade, support high paying jobs for Americans, and grow the North American economy.}The practical reality of why most mission statements sound the same {Ans: Most mission statements use all of the same words for example: Service (in 76% of corporate mission statements) ,Customers , Quality, Value, Employees , Growth ,Environment}Product Development {Ans: includes creating new goods and services from existing markets. A new product can also be an improved product or one with a new feature or innovation.}International Monetary Fund (IMF) {Ans: works to foster international monetary cooperation and facilitate international trade.}Disposable income {Ans: -After-tax income - is predictive for essential products, as it indicates the amount consumers can allocate to necessities.}Which of the 4 P's are the hardest to change {Ans: probably the place(distribution) or the product.}