marketing choice board – Flashcards
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exports
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Goods and Services sold to other countries
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WTO
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- world trade organization
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Quota
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A limit placed on the quantities of a product that can be imported
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balance of trade
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the difference between a country's total exports and total imports
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embargo
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(n.) an order forbidding the trade in or movement of commercial goods; any restraint or hindrance; (v.) to forbid to enter or leave port; to forbid trade with
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foreign direct investment
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Investment made by a foreign company in the economy of another country.
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NAFTA
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North American Free Trade Agreement
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imports
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Goods and services bought domestically but produced in other countries
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licensing
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A method of entering a foreign market in which the company enters into an agreement with a licensee in the foreign market
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globalization
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Actions or processes that involve the entire world and result in making something worldwide in scope
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customization
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Making products to meet a particular customer's needs or wants
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promotion adaptation
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maintain the same basic product but alter the promotional strategy
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product adaptation
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adapting a product to meet local conditions or wants in foreign markets
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protectionism
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A government's establishment of economic policies that restrict imports to protect domestic industries.
