Marketing Chapter 7 mcgraw hill

countertrade
the practice of using barter rather than money for making global sales
GDP
the monetary value of all goods and services produced in a country during one year
balance of trade
the difference between the monetary value of a nation’s exports and imports
Economic Espionage Act (1996)
an act that makes the theft of trade secrets by foreign entities a federal crime in the US
Protectionism
the practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas
Tariffs
a government tax on goods or services entering a country, which primarily serves to raise prices on imports
Quota
a restriction placed on the amount of a product allowed to enter or leave a country
WTO
an organization of the major industrialized nations formed to address an array of world trade issues
Global competition
when firms originate, produce, and market their products and services worldwide
strategic alliances
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
multidomestic marketing strategy
a strategy of having as many different product variations, brand names, and advertising programs as countries in which the firm does business
global marketing strategy
the practice of standardizing marketing activities when there are cultural similarities and adapting the when cultures differ
global brand
a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs
global consumers
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
cross-cultural analysis
the study of similarities and differences among consumers in two or more nations or societies
values
personally or socially preferable modes of conduct or states of existence that tend to persist over time
customs
what is considered normal and expected about the way people do things in a specific country
foreign corrupt practices act (1977)
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
cultural symbols
things that represent ideas and concepts
semiotics
a field that examines the correspondence between symbols and their role in the assignment of meaning for people
back translation
where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors
consumer ethnocentrism
the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products
bottom of the pyramid
the largest, but poorest, socioeconomic group of people in the world
microfinance
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
currency exchange rate
the price of one country’s currency expressed in terms of another country’s currency
exporting
producing goods in one country and selling them in another country
joint venture
when a foreign company and a local firm invest together to create a local business. share ownership, control and profits
direct investment
when a domestic firm actually invests in and owns a foreign subsidiary or division
dumping
when a firm sells a product in a foreign country below its domestic price or below its actual cost
gray market/parallel importing
when products are sold through unauthorized channels of distribution