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Marketing - 9

Reaching Global Markets

QuestionAnswer
Association of Southeast Asian Nations (ASEAN) An alliance that promotes trade and economic integration among member nations in Southeast Asia.
Strategic Alliance A partnership that is formed to create a competitive advantage on a worldwide basis.
Exchange Controls Government restrictions on the amount of a particular currency that can be bought or sold.
Joint Venture A partnership between a domestic firm and a foreign firm or government.
Importing The purchase of products from a foreign source.
Offshoring The practice of moving a business process that was done domestically at the local factory to a foreign country, regardless of whether the production accomplished in the foreign country is performed by the local company (e.g., in a wholly owned subsidiary) or a third party (e.g., subcontractor).
International Marketing Developing and performing marketing activities across national boundaries.
Contract Manufacturing The practice of hiring a foreign firm to produce a designated volume of the domestic firm's product or a component of it to specification; the final product carries the domestic firm's name.
General Agreement on Tariffs and Trade (GATT) An agreement among nations to reduce worldwide tariffs and increase international trade.
Embargo A government's suspension of trade in a particular product or with a given country.
Licensing An alternative to direct investment that requires a licensee to pay commissions or royalties on sales or supplies used in manufacturing.
European Union (EU) An alliance that promotes trade among its member countries in Europe.
Trading Company A company that links buyers and sellers in different countries.
Globalization The development of marketing strategies that treat the entire world (or its major regions) as a single entity.
Outsourcing The practice of contracting non-core operations with an organization that specializes in that operation.
Southern Common Market (MERCOSUR) An alliance that promotes the free circulation of goods, services, and production factors, and has a common external tariff and commercial policy among member nations in South America.
Dumping Selling products at unfairly low prices.
Asia-Pacific Economic Cooperation (APEC) An alliance that promotes open trade and economic technical cooperation among member nations throughout the world.
Import Tariff A duty levied by a nation on goods bought outside its borders and brought into the country.
Multinational Enterprise A firm that has operations or subsidiaries in many countries.
Exporting The sale of products to foreign markets.
World Trade Organization (WTO) An entity that promotes free trade among member nations by eliminating trade barriers and educating individuals, companies, and governments about trade rules around the world.
Gross Domestic Product (GDP) The market value of a nation's total output of goods and services for a given period; an overall measure of economic standing.
North American Free Trade Agreement (NAFTA) An alliance that merges Canada, Mexico, and the United States into a single market.
Balance of Trade The difference in value between a nation's exports and its imports.
Offshore Outsourcing The practice of contracting with an organization to perform some or all business functions in a country other than the country in which the product or service will be sold.
Cultural Relativism The concept that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures.
Direct Ownership A situation in which a company owns subsidiaries or other facilities overseas.
Quota A limit on the amount of goods an importing country will accept for certain product categories in a specific period of time.
Created by: ElTioBabalu
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