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Back Translation Practice where a translated word is retranslated into the original language by a different interpreter to catch errors
Balance of Trade Difference between the monetary value of a nation's exports and imports
Bottom of the Pyramid Largest but poorest socioeconomic group in the world ( 4 Billion people $2 a day)
Consumer Ethnocentrism Tendency to believe that it is inappropriate, indeed immoral, to buy foreign-made products
Countertrade Practice of using barter rather than money for making global sales
Cross-Cultural Analysis 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 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 Global market-entry that entails a domestic firm investing in and owning a foreign 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) Law that makes the theft of trade secrets by foreign entities a federal crime in the US
Exporting Producing goods in one country and selling them in another country
Foreign Corrupt Practices Act (1977) Law that makes it a crime for US corporations to bribe an official of a foreign government to obtain/retain business in a foreign country
Global Brand Brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs
Global Competition Exists when firms originate, produce and market their products 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/services
Global Marketing Strategy Practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ
Gray Market(Parallel importing) Situation where products are sold through unauthorized channels of distribution
Gross Domestic Product(GDP) Monetary value of all goods and services produced in a country during one year
Joint Venture When 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 beging small business
Multidomestic Marketing Strategy Firms that have as many different product variations and advertising programs as countries in which they do business
Protectionism Practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs and quotas
Quota Restriction placed in the amount of a product allowed to enter or leave a country
Semiotics Field of study that examines the correspondence between symbols and their role in the assignment of meaning for people
Strategic Alliances Agreements between two or more independent firms to cooperate for the purpose of achieving a common goal
Tariffs Government tax on goods/services entering a country, primarily served to raise prices on imports
Values Personally or socially preferable modes of conduct or states of existence that tend to persist over time
World Trade Organizations 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
Created by: johnny1329