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Reaching Global Mkts
chapter 8 of intro to marketing
| Term | Definition |
|---|---|
| international marketing | developing and performing marketing activities across national boundaries |
| gross domestic product | the market value of a nation's total output of goods and services for a given period; an overall measure of economic standing |
| import tariff | a duty levied by a nation on goods bought outside its boarders and brought into the country |
| quota | a limit on the amount of goods and importing country will accept for certain product categories in a specific period of time |
| embargo | a government's suspension of trade in a particular product or with a given country |
| exchange controls | government restrictions on the amount of a particular currency that can be bought or sold |
| balance of trade | difference in value between nation's exports and its imports |
| cultural relativism | the concept that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures |
| united states mexico canada agreement (USMCA) | an alliance that merges canada, mexico, and the US into a single market |
| european union | an alliance that promotes trade among its member countries in europe |
| southern common market (MERCOSUR) | an alliance that promotes the free circulation of goods, services, and production factors, and has a common external tariff and commercial policy among member nations in south america |
| asia pacific economic cooperation (APEC) | an alliance that promotes open trade and economic and technical cooperation among member nations throughout the world |
| association of southeast asian nations (ASEAN) | an alliance that promotes trade and economic integration among member nations in souteast asia |
| world trade organization (WTO) | an entity that promotes free trade among member nations by eliminating trade barriers and educating individuals, companies, and governments about trade rules around the world |
| general agreement on tariffs and trade (GATT | an agreement among nations to reduce worldwide tariffs and increase international trade |
| dumping | selling products at unfairly low prices |
| importing | the purchase of products form a foreign source |
| exporting | the sale of products to foreign markets |
| trading company | a company that links buyers and sellers in different countries |
| licensing | an alternative to direct investment that requires a licensee to pay commissions or royalties on sales or supplies used in manufacturing |
| contract manufacturing | the practice of hiring a foreign firm to product a designated volume of the domestic firm's product or a component of it to specification; the final product carries the domestic firm's name |
| outsourcing | the practice of contracting noncore operations with an organization that specializes in that operation |
| offshoring | the practice of moving a business process that was done domestically at the local factory to a foreign country, regardless of whether the production accomplished in a foreign country is performed by a local company or third party |
| offshore outsourcing | the practice of contracting with an organization to perform some or all business functions in a country other than the country in which the product will be sold |
| joint venture | a partnership between a domestic firm and a foreign firm or government |
| strategic alliance | a partnership that is formed to create a competitive advantage on a worldwide basis |
| direct ownership | a situation in which a company owns subsidiaries or other facilities overseas |
| multinational enterprise | a firm that has operations or subsidiaries in many countries |
| globalization | the development of marketing strategies that treat the entire world or its major regions as a single entity |
Created by:
hallie999
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