Marketing Chapter 7 mcgraw hill – Flashcards
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the practice of using barter rather than money for making global sales
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countertrade
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the monetary value of all goods and services produced in a country during one year
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GDP
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the difference between the monetary value of a nation's exports and imports
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balance of trade
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an act that makes the theft of trade secrets by foreign entities a federal crime in the US
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Economic Espionage Act (1996)
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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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Protectionism
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a government tax on goods or services entering a country, which primarily serves to raise prices on imports
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Tariffs
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a restriction placed on the amount of a product allowed to enter or leave a country
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Quota
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an organization of the major industrialized nations formed to address an array of world trade issues
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WTO
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when firms originate, produce, and market their products and services worldwide
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Global competition
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agreements among two or more independent firms to cooperate for the purpose of achieving common goals such as a competitive advantage or customer value creation
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strategic alliances
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a strategy of having as many different product variations, brand names, and advertising programs as countries in which the firm does business
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multidomestic marketing strategy
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the practice of standardizing marketing activities when there are cultural similarities and adapting the when cultures differ
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global marketing strategy
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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 brand
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consumer groups living in many countries or regions of the world who have similar needs or seek similar features and benefits from products or services
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global consumers
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the study of similarities and differences among consumers in two or more nations or societies
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cross-cultural analysis
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personally or socially preferable modes of conduct or states of existence that tend to persist over time
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values
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what is considered normal and expected about the way people do things in a specific country
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customs
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an act that makes it a crime for US corporations to bribe an official of a government or political party to obtain or retain business in a foreign country
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foreign corrupt practices act (1977)
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things that represent ideas and concepts
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cultural symbols
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a field that examines the correspondence between symbols and their role in the assignment of meaning for people
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semiotics
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where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors
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back translation
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the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products
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consumer ethnocentrism
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the largest, but poorest, socioeconomic group of people in the world
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bottom of the pyramid
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the practice of offering small, collateral-free loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other income-generating activities
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microfinance
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the price of one country's currency expressed in terms of another country's currency
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currency exchange rate
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producing goods in one country and selling them in another country
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exporting
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when a foreign company and a local firm invest together to create a local business. share ownership, control and profits
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joint venture
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when a domestic firm actually invests in and owns a foreign subsidiary or division
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direct investment
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when a firm sells a product in a foreign country below its domestic price or below its actual cost
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dumping
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when products are sold through unauthorized channels of distribution
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gray market/parallel importing
