marketing choice board

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