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MAR3023
Question | Answer |
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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 |