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Chapter 5 Terms
Chapter 5
| Term | Definition |
|---|---|
| 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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