Marketing Chapter 4 The Global Marketplace

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Customization
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involves creating specially designed products or promotions for certain countries or regions
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international trade
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the exchange of good 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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are goods and services sold to other countries
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Mini-nationals
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are midsize or smaller companies that have operations in foreign countries
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balance of trade
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the difference in value between exports and imports of a nation
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Multinationals
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are large corporations that have operations in several countries
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tariff
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(sometimes called a duty) is a tax on imports.
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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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quota
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limits either the quantity or the monetary value of a product that may be imported
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Joint venture
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a business enterprise that companies set up together.
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Embargo
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a total ban on specific goods coming into and leaving a country
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contract manufacturing
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hiring a foreign manufacturing to make your products, according to your specifications
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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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licensing
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letting another company (licensee) use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty
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World Trade Organization (WTO)
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a coalition of nations that makes rules governing international trade
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European Union (EU)
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europe’s trading bloc. in 1992, the maastricht treaty created the EU to established free trade among the member nations, as well as the single European currency (the euro) and a central bank
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Globalization
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selling the same product and using the same promotion methods in all countries
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Adaptation
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a company’s use of an existing product and/or promotion to which changes are made to better stuff the characteristics of a country or region
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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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