Kotler|Armstrong Principles of Marketing Chapter 19 Vocabulary

Global firm
A firm that, by operating in more than one country, gains research and development (R&D), production, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors.
Economic community
A group of nations organized to work toward common goals in the regulation of international trade.
Exporting
Entering foreign markets by selling goods 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
Entering foreign markets through developing an agreement with a licensee in the foreign market.
Contract manufacturing
A joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service.
Management contracting
A joint venture in which the domestic firm supplies the management konow-how to a foreign company that supplies the capital; the domestic firm exports management services rather than products.
Joint ownership
A cooperative venture in which a company creates a local business with investors in a foreign market, who share ownership and control.
Direct investment
Entering a foreign market by developing foreign-based assembly or manufacturing facilities.
Standardized global marketing
An international marketing strategy that basically uses the same marketing strategy and mix in all of the company’s international markets.
Adapted global marketing
An international marketing approach that adjusts the marketing strategy and mix elements to each international target market, which creates more costs but hopefully produces a larger market share and return.
Straight product extension
Marketing a product in a foreign market without making any changes to the product.
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 the entire global supply chain and marketing channel, forging an effective global value delivery network.