a firm that, by operating in more than one country, gains r&d, production, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors

a group of nations organized to work toward common goals in the regulation of international trade

entering foreign markets by selling goods produced in the company's home country, often with little modification

entering foreign markets by joining with foreign companies to produce or market a product or service

entering foreign markets thru developing an agreement with a licensee in the foreign market

contract manufacturing

a joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service

management contracting

a joint venture in which the domestic firm supplies the management know-how to a foreign company that supplies the capital; the domestic firm exports management services rather than products

a cooperative venture in which a company creates a local business with investors in a foreign market who share ownership and control

entering a foreign market by developing foreign-based assembly or manufacturing facilities (made in China)

standardized global marketing

a global marketing approach that adjusts the marketing strategy and mix elements to each international target market, which creates more costs but hopefully produces a larger market share and return

straight product extension

marketing a product in a foreign market without making any changes to the product

adapting a product to meet local conditions or wants in a foreign market

creating new products or services for foreign markets

communication adaptation

a global communication strategy of fully adapting advertising messages to local markets

designing international channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery network

intentional discontinuation a product's functionality

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Ch15 global mkplace

Principles of Marketing

Question	Answer
Global firm	a firm that, by operating in more than one country, gains r&d, production, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors
economic community	a group of nations organized to work toward common goals in the regulation of international trade
exporting	entering foreign markets by selling goods produced in the company's home country, often with little modification
joint venturing	entering foreign markets by joining with foreign companies to produce or market a product or service
licensing	entering foreign markets thru developing an agreement with a licensee in the foreign market
contract manufacturing	a joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service
management contracting	a joint venture in which the domestic firm supplies the management know-how to a foreign company that supplies the capital; the domestic firm exports management services rather than products
joint ownership	a cooperative venture in which a company creates a local business with investors in a foreign market who share ownership and control
direct investment	entering a foreign market by developing foreign-based assembly or manufacturing facilities (made in China)
standardized global marketing	a global marketing approach that adjusts the marketing strategy and mix elements to each international target market, which creates more costs but hopefully produces a larger market share and return
straight product extension	marketing a product in a foreign market without making any changes to the product
product adaptation	adapting a product to meet local conditions or wants in a foreign market
product invention	creating new products or services for foreign markets
communication adaptation	a global communication strategy of fully adapting advertising messages to local markets
whole-channel view	designing international channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery network
planned obsolescence	intentional discontinuation a product's functionality

Created by: mpal

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