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MKTG 305
Chapter 7 - Understanding and Reaching Global Consumers and Markets
| Term | Definition |
|---|---|
| Back Translation | the practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors |
| Balance of Trade | the difference between the monetary value of a nation's exports and imports |
| Bottom of the Pyramid | the largest but poorest socioeconomic group of people in the world |
| Consumer Ethnocentrism | the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products |
| Countertrade | the practice of using barter rather than money for making global sales |
| Cross-Cultural Analysis | the study of similarities and differences among consumers in two or more nations or societies |
| Cultural Symbols | things that represent ideas and concepts |
| Currency Exchange Rate | the price of one country's currency expressed in terms of another country's currency |
| Customs | what is considered normal and expected about the way people do things in a specific country |
| Direct Investment | a global market-entry strategy that entails a domestic firm actually investing in and owning 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 |
| Economic Espionage Act (1996) | a law that makes the theft of trade secrets by foreign entities a federal crime in the US |
| Exporting | a global market-entry strategy in which a company produces goods in one country and sells them in another country |
| Foreign Corrupt Practices Act (1977) | a law, amended by the International Anti-Dumping and Fair Competition Act (1998), that makes it a crime for US corporations to bribe an official of a foreign government or political party to obtain or retain business in a foreign country |
| Global Brand | a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs |
| Global Competition | exists when firms originate, product, and market their products and services worldwide |
| 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 |
| Global Marketing Strategy | a strategy used by transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ |
| Gray Market | a situation where products are sold through unauthorized channels of distribution (also called parallel importing) |
| Gross Domestic Product (GDP) | the monetary value of all goods and services produced in a country during one year |
| Joint Venture | a global market-entry strategy in which a foreign company and a local firm invest together to create a local business in order to share ownership, control, and profits of the new company |
| 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 |
| Multidomestic Marketing Strategy | a strategy used by multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business |
| Protectionism | the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas |
| Quota | a restriction placed on the amount of a product allowed to enter or leave a country |
| Semiotics | a field of study that examines the correspondence between symbols and their role in the assignment of meaning for people |
| Strategic Alliances | agreements among two or more independent firms to cooperate for the purpose of achieving common goals |
| Tariffs | government taxes on goods or services entering a country that primarily serve to raise prices on imports |
| Values | the ratio of perceived benefits to price; or Value = (Perceived benefits / Price) |
| World Trade Organization | a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions |
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