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46、回答46-51题
Financial Risk
Several types of financial risk are encountered ininternational marketing; the major problems include commercial, political, andforeign exchange risk.
Commercial risks are handled essentially as normalcredit risks encountered in day-to-day business. They include solvency ( 偿付能力) , default ( 违约) , or refusal to paybills.The major risk, however, is competition, _____(46)____. One unique riskencountered by the international marketerinvolves financial adjustments. Such risk isencountered when a controversyarises about the .quality of goods delivered, a dispute overcontract terms, or____(47)___.One company, forexample, shipped several hundredtons of dehydrated potatoes to a distributor inGermany.The distributor tested the shipment anddeclared it to be below acceptable tasteand texture standards. The alternatives for the exporterwere reducing theprice, reselling the potatoes, or shipping them home again, eachinvolvingconsiderable cost.
Political risk relates to the problems of war orrevolution, currency inconvertibility,expropriation or expulsion, andrestriction or cancellation of import licenses. Political risk isanenvironmental concern for all businesses. Management information systems andeffectivedecision-making processes are the best defenses against politicalrisk. As many companies havediscovered, sometimes there is no way to avoidpolitical risk, ______(48)_____.
Exchange-rate fluctuations inevitably causeproblems, but for many years, most firms couldtake protective action tominimize their unfavorable effects. Floating exchange rates of the world's major currencies have forced all marketers_____(49) _____International BusinessMachine Corporation, for example, reportedthat exchange losses resulted in a dramatic 21.6percent drop in their earningsin the third quarter of 1981. Devaluations (货币贬值) of majorcurrencieswere infrequent and usually could be anticipated, but________ (50)
A.to be especially aware of exchange-ratefluctuations in their financial planning
B.any other disagreement over whichpayment is withheld
C.which can only be dealt with through consistentlyeffective management and marketing
D.so marketers must be prepared to assume them orgive up doing business in a particular market
E.exchange-rate fluctuations in the float systemare daily affairsF. after serious consideration
