MGT601 final term preparation

 World Trade Organization (WTO)

The World Trade Organization (WTO) is the only global international organization dealing with
the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by
the bulk of the world's trading nations and ratified in their parliaments.
 GATT functions
The General Agreement on Tariffs and Trade is a legal agreement between many
countries, whose overall purpose was to promote international trade by reducing or
eliminating trade barriers such as tariffs or quotas.
 3 points which are cover under the head of GATT.
The GATT is an international trade agreement whose objectives are: (a) to help raise standards of
living; (b) to achieve full employment; > (c) to develop the world's resources; (d) to expand
production and exchange of goods; (e) to promote economic development.
 According to WTO which sector contributes more in exports of Pakistan?
Garments and textiles make up around 61% of Pakistan's goods exports, while
agricultural products make up another 19%. Exports are relatively unsophisticated and
low value-added, and therefore exhibit low responsiveness to global economic growth
 TRIP agreement
The Agreement on TRIPs provides for adequate intellectual property rights for copyrights,
trademarks, industrial designs, layout designs of integrated circuits, patents etc.
 WTO role in ministerial conference?
 The Ministerial Conference is the WTO's top decision-making body and the Marrakesh
Agreement establishing the organization instructs members to hold one at least every two years.
The event is attended by trade ministers and other senior officials from the organization's 164
members.
 The TBT & SPS Agreements
The TBT and SPS Agreements do not question the right of governments to use technical
regulation, standards and sanitary measures for health and safety reasons. The SPS Agreement
also requires that SPS measures be based on scientific justification.
 Which steps are taken by Pakistan for implementation the GATS?
Pakistan is cautious in its approach to GATS commitments.
1. A great deal of attention to inward flow of foreign investment and technology.
2. Pakistan has already liberalized substantially at least 16 of its major services.
3. Pakistan should also extend its interest to all the four modes of supply
 Characteristics of geographically distribution product?
Geographic distribution refers to the way that something is distributed over a geographical area
and can be represented on a map. Geographical distribution is commonly used to demonstrate
the spread of animal species and plants around the world.
 Five points of control tariff?
1. Tariffs and protectionism, 2. Export subsidies and dumping 3. Quantitative restrictions and
quotas 4. Trade agreements 5. State trading
 Job Description and Job specification?
A job description usually lists out the job title, location, job summary, working environment,
duties to be performed on the job, etc. A job specification lists out the qualifications, experience,
training, skills, emotional attributes, mental capabilities of an individual to perform the job.

Stand for Technical barriers to trade (TBTs).

 Describe advantages of advertising
The major advantages of advertising are: (1) introduces a new product in the market, (2) expansion of the market, (3) increased
sales, (4) fights competition, (5) enhances good-will, (6) educates the consumers, (7) elimination of middlemen, (8) better quality
products, (9) supports the salesmanship, (10) more employment opportunities, (11) reduction in the prices of newspapers and
magazines, (12) higher standard of living!
 Job Analysis
Job Analysis is a process to identify and determine in detail the particular job duties and
requirements and the relative importance of these duties for a given job. Job Analysis is a
process where judgments are made about data collected on a job.
 Role of Government in SMEs?
The role of government as a facilitator of business and its interaction with business
support institutions is imperative for the establishment of a mutually beneficial
relationship for the growth of the sector. SME promotion is an important issue for many
government departments and central offices.
 SME Policy Development
The responsibility for facilitating SME policy development now lies with SMEDA,
which is attached to the Ministry of Industry and Production (MOPI). SMEDA is
responsible for creation and coordination of Government policy for the SME sector.
 Pakistan National Accreditation Council (PNAC)?
The Pakistan National Accreditation Council (PNAC) was established under the
administrative control of the Ministry of Science and Technology, Government of
Pakistan as the national agency and certification bodies.
 Transfer of Technology
Technology transfer is the movement of data, designs, inventions, materials, software,
technical knowledge or trade secrets from one organization to another or from one
purpose to another.
 Technology is the making, usage, and knowledge of tools, machines, techniques, crafts,
systems or methods of organization in order to solve a problem or perform a specific
function. It can also refer to the collection of such tools, machinery, and procedures.
 Industrial Technology
It is the field concerned with the application of basic engineering principles and technical
skills in support of industrial engineers and managers.
Industrial Technology programs typically include instruction in optimization theory,
human factors, organizational behavior, industrial processes, industrial planning
procedures, computer applications.
 Technological Development in Industry
o The introduction of new tools and techniques for performing given tasks in
production, distribution, data processing (etc.);
o The mechanization of the production process, or the achievement of a state of greater
autonomy of technical production systems from human control, responsibility, or
intervention
 Marketing
An organizational function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders.
 Marketing Function.
1. Buying and Selling
Exchange process involves buying in anticipation of customer demand and searching
for materials that will satisfy those needs. Selling function includes determination of
potential customers and using a combination of sales techniques to stimulate demand
for those goods or services.
2. Transportation and Storage
It involves the movement and handling of goods. Not all goods are sold at the same
time they are manufactured. Storage is done so that goods are available at the time
and place they are needed.
3. Risk-Taking, Standardization and Grading
Standardizing and grading the product: Standardization implies the production of
goods with certain specific qualities such as safety and utility so that a uniformity is
maintained in the output.
 Market Segmentation
Market segmentation is the practice of dividing your target market into approachable
groups. Market segmentation creates subsets of a market based on demographics,
needs, priorities, common interests, and other psychographic or behavioral.