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Princ. of Marketing
Kotler, Armstrong, Principles of Marketing 11th ed, Ch 19 vocab
| Question | Answer |
|---|---|
| Global firm | A firm that, by operating in more than one country, gains R&D, production, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors |
| Tariff | A tax levied by a government against certain imported products, designed to raise revenue or to protect domestic firms |
| Quota | A limit on the amount of goods that an importing country will accept in certain product categories |
| Embargo | A ban on the import of a certain product |
| Exchange controls | Government limits on the amount of foreign exchange with other countries and on the exchange rate against other currencies |
| Nontariff trade barriers | Nonmonetary barriers to foreign products, such as biases against a foreign company’s bids, or product standards that go against a foreign company’s product features |
| Economic community | A group of nations organized to work toward common goals in the regulation of international trade |
| Countertrade | International trade involving the direct or indirect exchange of goods for other goods instead of cash |
| Exporting | Entering a foreign market by selling gods produced in the company’s home country, often with little modification |
| Joint venturing | Entering foreign markets by joining with foreign companies to produce or market a product or service |
| Licensing | A method of entering a foreign market in which the company enters into an agreement with a licensee in the foreign market, offering the right to use a manufacturing process, trademark, patent, trade secret, or other item of value for a fee or royalty |
| Contract manufacturing | A joint venture in which a company contracts with manufacturers in a foreign market to produce the product or provide its service |
| Management contracting | A joint venture in which the domestic firm supplies the management know-how to a foreign company that supplies the capital—the domestic firm exports management services rather than products |
| Joint ownership | A joint venture in which a company joins investors in a foreign market to create a local business in which the company shares joint ownership and control |
| Direct investment | Entering a foreign market by developing foreign-based assembly or manufacturing facilities |
| Standardized manufacturing mix | An international marketing strategy for using basically the same product, advertising, distribution channels, and other elements of the marketing mix in all the company’s international markets |
| Adapted marketing mix | An international marketing strategy for adjusting the marketing mix elements to each international target market, bearing more costs but hoping for a larger market share and return |
| Straight product extension | Marketing a product in a foreign market without any change |
| Product adaptation | Adapting a product to meet local conditions or wants in foreign markets |
| Product invention | Creating new products or services for foreign markets |
| Communication adaptation | A global communication strategy of fully adapting advertising messages to local markets |
| Whole channel view | Designing international channels that take into account all the necessary links in distributing the seller’s products to final buyers, including the seller’s headquarters organization, channels among nations, and channels within nations |
Created by:
cannons
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