Chapter 4 Marketing Essentials – Flashcards

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international trade
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the exchange of goods and services among nations
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imports
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goods and services purchased from other countries
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exports
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goods and services sold to other countries
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balance of trade
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the difference in value between exports and imports
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free trade
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the commercial exchange between nations that is conducted on free market principles without any regulations
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tariff
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(sometimes called a duty) is a tax on imports
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quota
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limits either the quantity or the monetary value of a product that may be imported
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embargo
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total ban on specific goods coming into and leaving a country
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protectionism
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a government's establishment of economic policies that systematically restrict imports in order to protect domestic industries
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world trade organization (WTO)
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global coalition of nations that make the rules governing international trade
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North American Free Trade Agreement (NAFTA)
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an international trade agreement among the united states, canada, and mexico
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European Union (EU)
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Europe's trading bloc
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licensing
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Involves letting another company, or licensee, use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty.
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contract manufactoring
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Involves hiring foreign manufacturer to make products according to a company's specifications.
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joint venture
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A business enterprise that a domestic company and a foreign company undertake together.
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foreign direct investment (FDI)
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The establishment of a business in a foreign country.
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multinationals
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A large corporations that have operations in several countries.
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mini-nationals
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A mid size or smaller companies that have operation in foreign countries.
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globalizations
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Means complete standardization
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adaptations
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Company's use of an existing product or promotion from which changes are made
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customization
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Involves creating specially design product or promotions for certain countries or regions.
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infrastructure
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raw materials, and educated work force
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