浅析国际贸易实务(英文版)

Chapter 2 Market segmentation1定义; Market Segmentation is defined as: “The process of dividing a market into distinct subsets of consumerswith common needs and selecting one or more segments to target with a distinct marketing strategy”.2Progression of market segmentation: mass market, targeting key market segments, micromarketing.（填空）3Possible geographic segmentation bases, 5 aspects: region, housing density, location, state,climate（选择）4 Possible demographic segmentation bases,5 aspects: Age, Marital Status, Occupation, Income, Education（选择）Definition 2: Age cohorts are born during the same period and travel through life togetherChapter 3 Consumer needs and motivation1定义: Motivation is defined as: “The driving forcewithin individuals that impels them to action. This driving force is produced by a state of tension that exists as the result of an unfulfilled need”2定义Cognitive Process:A part of an attitude model that represents the knowledge,perception and beliefs that a consume r has with respect to an idea or object3 Two broad types of needs are:(哪种形式)- Innate or biogenic needs are the primary needs in order to sustain life, such as food or water and shelter- Acquired or psychogenic needs are secondary needs we learn in response to our culture, such as prestige, affection and learningChapter 11 the influence of culture on consumerbehavior1 定义Culture i s defined as: “The sum total of learned beliefs, values and customs that serve to direct the consumer behavior of members of a particular society.”2 定义Enculturation(文化兼并) the learning of one’s own culture is known as enculturation.3 定义acculturation(文化渗入) the learning of a new or foreign culture is known as acculturation.4 定义Ritual(仪式) A ritual is a type of symbolic activityconsisting of a series of steps occurring in a fixed sequence and repeated over timeChapter 1 Introduction • 1 Broad aspects of finance 3个:(选择)–Corporate finance, financial institutions andmarkets, Investments.2Business Structures:Sole proprietorship, Partnership,Company• 3 Nominal and real rates:–The cost of an asset expressed as the numberof dollars paid to acquire the asset is thenominal price.–However, the purchasing power of moneychanges because of inflation and deflation.–Therefore, it is necessary to distinguishbetween the nominal or face value of moneyand the real orinflation-adjusted value of money.Chapter 3 the Time Value of Money: An Introduction to Financial Mathematics1 Fundamental ConceptCash flows — fundamental to finance, the funds that flow between parties either now or in the future as a consequence of a financial contract. Cash inflow and cash outflow2 The effective interest rate can be calculated as:年利率向别的利率转换公式(季利率,月利率,日利率)•(b) Quarterly = 0.125509 (12.55%)(c) Monthly = 0.126825 (12.68%)(d) Daily = 0.127475 (12.7475%)3 The real interest rate (i*) can be found as follows:假利率向真利率转换 此公式可用于任何形式的真假转换Example 3.7: – Calculate the effective annual interest rates corresponding to 12% p.a.,compounding:(a) Semi-annually()22110.1211 1.0610.1236 (12.36%)2m j i m ⎛⎫=+- ⎪⎝⎭⎛⎫=+-=-= ⎪⎝⎭11m j i m ⎛⎫=+- ⎪⎝⎭where: nominal rate per period number of compounding periods which occur during a single nominal period j m ==1*11i i p ⎛⎫+=- ⎪+⎝⎭where:* real interest rate nominal interest rateexpected inflation ratei i p ===4 定义 Annuities (还贷)An annuity is a stream of equal cash flows(主要是cash outflow ), equally spaced in time. We consider four types of annuities: Ordinary annuity. Annuity due. Deferred annuity. Ordinary perpetuity.Present value (PV) of an ordinary annuity(还贷公式) • 借钱公式Chapter 5 Project Evaluation: Principles and Methods1 The standard NPV formula is given by (评估一个项目是否挣钱,与0相比,如果结果大于0就可投资,相反就不可投资.) 公式为()()11,1n C P C A n i i i ⎡⎤=-=⨯⎢⎥+⎢⎥⎣⎦where:annuity cash flow interest rate per compound period number of annuity cash flows C i n ===()[]11-+=n i i C S ()∑=-+=nt t t C k C NPV 10 10where:= initial cash outlay on project = net cash flow generated by project at time t = life of the project = required rate of returnt C C n kExample 5.1:– Investment of $9000.– Net cash flows of $5090, $4500 and $4000 at the end of years 1, 2 and 3 respectively.– Assume required rate of return is 10% p.a. – What is the NPV of the project?–Thus, using a discount rate of 10%, the project ’s NPV = +$2351 > 0, and is therefore acceptable.（考试得有相关字样）2 Net Cash Flow （知道相关）Cash inflows : Receipts from sale of goods and services. Receipts from sale of physical assets.Cash outflows : Expenditure on materials, labour and indirect expenses for manufacturing. Selling and administrative. Inventory and taxes.Chapter 6 the Application of Project Evaluation ()()()()0123 1 509045004000 90001.10 1.10 1.1046273719300590002351n t t t C NPV C k ==-+=++-=++-=∑MethodsExample 6.1:Assume that an investment of $1000 is expected to generate cash flows of $500, at constant prices, at the end of each of 3 years. Assume that the expected rate of inflation is 10% p.a., and that the nominal required rate of return is 15% p.a.Solution:(1 + p ) (1 + i *) = (1 + i )i * = (1 + i )/(1 + p ) – 1i * = (1 + 0.15)/(1 + 0.10) – 1 = 0.0455•或 NPV = –$1000 + $500/(1.0455)+ $500/(1.0455)2+$500/(1.0455)3= $373 NPV is > 0Chapter 8 The Capital Market1 Business Funding or capital market ：(包括) Financial agency institutions. (Merchant bank) Financial intermediaries. (中行或建行) Investing institutions.2 Definition of ‘Capital Market ’The market in which long-term financial securities are traded. 0 is NPV $373, /(1.15)$500(1.10) /(1.15)$500(1.10) /(1.15)$500(1.10)$1000? NPV 3322>=+++=This transfer can be done in either the debt or equity market.3 定义Primary market refers to transactions between companies seeking finance and investors directly.4 定义Secondary market transactions involve transactions in existing financial instruments.5 (特点)Exchange-traded market: Where a broker is organized and carries out clients’instruction to buy or sell securities in an exchange-traded market.Over-the-counter market: No organized exchange; market consists of financial dealers who trade with clients and with each other.– 6 Unit trusts(包括) 1Real estate investment trusts (REITs): a llow investors to acquire an interest in a professionally managed portfolio of real estate. Some REITs only invest in real estate such as hotels and shopping centers. 2Infrastructure funds: invest in assets involved in the supply of essential goods and services such as railways and oil/gas pipelines. Most infrastructure funds involve a company/trust group that issues stapled securities.(不同特点)Chapter 10 Sources of Finance: Debt1 定义Debt—contract where borrower promises to pay future cash flows to lender. Contract specifies the size and timing of interest payments and how they are calculated.• 2 两种形式及其界限1Long-term debt—maturity greater than 12 months.•Two broad types of long-term debt:–Loans from banks and other financialintermediaries.–Funds raised by issuing marketable debtsecuritiessuch as corporate bonds.• 2 Short-term debt—due for repayment within 12 months。