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Chapter 5 Terms

Chapter 5

TermDefinition
Global Marketing marketing that targets markets throughout the world
Global Vision recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets
Gross Domestic Product (GDP) the total market value of all final goods and services produces in a country for a given time period
Job Outsourcing sending U.S. jobs abroad
Multinational Corporation a company that is heavily engaged in international trade, beyond exporting and importing
Capital Intensive using more capital than labor in the production process
Global Marketing Standardization production of uniform products that can be sold the same way all over the world
Multidomestic Strategy when multinational firms enable individual subsidiaries to compete independently in domestic markets
Mercosur the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay
Uruguay Round an agreement to dramatically lower trade barriers worldwide; created the World Trade Organization
World Trade Organization (WTO) a trade organization that replaced the old General Agreement on Tariffs and Trade (GATT)
General Agreement on Tariffs and Trade (GATT) a trade agreement that contained loopholes enabling countries to avoid trade-barrier reduction agreements
North American Free Trade Agreement (NAFTA) an agreement between Canada, the United States, and Mexico that created the world's then-largest free trade zone
Central America Free Trade Agreement (CAFTA) a trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States
European Union (EU) a free trade zone encompassing 27 European countries
World Bank an international bank that offers low-interest loans, advice, and information to developing nations
International Monetary Fund (IMF) an international organization that as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation
Group of Twenty (G-20) a forum for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability
Exporting selling domestically produced products to buyers in other countries
Buyer for Export an intermediary in the global market who assumes all ownership risks and sells globally for its own account
Export Broker an intermediary who plays the traditional broker's role by bringing buyer and seller together
Export Agent an intermediary who acts like a manufacturer's agent for the exporter; the export agent lives in the foreign market
Licensing the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
Contract Manufacturing private label manufacturing by a foreign company
Joint Venture when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity
Direct Foreign Investment active ownership of a foreign company or of overseas manufacturing or marketing facilities
Floating Exchange Rates a system in which prices of different currencies move up and down based on the demand for and the supply of each currency
Dumping the sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter
Countertrade a form of trade in which all of part of the payment for goods or services is in the form of other goods or services
Created by: gwd220
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