Chapter 9 MKT

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Protectionism
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The practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas.
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Tariff
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A government tax on goods or services entering a country, primarily serving to raise prices on imports.
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Quotas
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A restriction placed on the amount of a product allowed to enter or leave a country
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World Trade Organization
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An institution that sets rules governing trade between its members through a panel of trade experts.
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Global Competition
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Exists when firms originate, produce, and market their products and services worldwide.
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Multinational / Multidomestic Marketing Strategy
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A multinational firm’s strategy of offering as many different product variations, brand names, and advertising programs as countries in which it does business.
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Global Brand
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A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs
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Global Consumers
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Consumer groups living around the world who have similar needs or seek similar benefits from products or services
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North American Free Trade Agreement
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(NAFTA)- a comprehensive trade agreement that sets the rules of trade and investment between Canada, the United States, and Mexico.
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Forces
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Slide 23
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Aspects of culture
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Values, Customs, Symbols, Language
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Cross Culture Analysis
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The study of similarities and differences among consumers in two or more societies
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Foreign Corrupt Practices Act (1977)
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A law that makes it a crime for U.S. companies to bribe an official of a foreign government or political party to obtain or retain business
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Ethnocentricity
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The belief in the intrinsic superiority of the nation, culture, or group to which one belongs, often accompanied by feelings of dislike for other groups
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Customs
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What is considered normal and expected about the way people do things in a specific country
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Cultural symbols
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are things that represent ideas and concepts
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Exporting
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to a global market-entry strategy in which a company produces goods in one country and sells them in another country.
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Exporting
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The prominent global market-entry strategy among small-medium sized companies is exporting.
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Licensing and Global Marketing
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Offering the right to a trademark, patent, trade secret, or similarly valued items of intellectual property in return for a royalty or fee is referred to as licensing.
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Direct Investment
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in international marketing refers to a global market-entry strategy that entails a domestic firm actually investing in and owning a foreign subsidiary or division.
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Economic Infrastructure
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refers to a country’s communication, transportation, financial, and distribution systems
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Joint Venture
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-firm partners with a firm in the foreign country -The firms collaborate in terms of manufacturing, distributing, and retailing in the foreign country. -The foreign firm may set up some level of operations in the market, and they may be involved in training and managing
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Global Marketing Strategy
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The practice of standardizing marketing activities when there are cultural similarities and adapting then when cultures differ.

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