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Chapter 7 MKTG250
| Term | Definition |
|---|---|
| Counter Trade | The practice of using barter rather than money for making global sales. (product for product instead of product for money) |
| Top 3 leaders in combos of imports and exports | US, China (exports), Germany |
| Balance of Trade | The difference between the monetary value of a nation’s exports and imports. (US brings in more than putting out) |
| Economic integration among countries | buy from anywhere internationally and money will switch to the countries commerce |
| Globalization | The focus on creating economic, cultural, political, and technological interdependence among individual national institutions and economies. |
| Protectionism | The practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas. (shielding industry within country with tariffs and quotas) |
| Tariffs | Government taxes on products or services entering a country that primarily serve to raise prices on imports. (part of protectionism) (ex using US steel, equaling US companies with international goods) |
| Quota | A restriction placed on the amount of a product allowed to enter or leave a country. (specific number or amount of a certain product being imported ex. motorcycle) |
| Global Competition | Exists when firms originate, produce, and market their products and services worldwide. |
| International Firm | markets in other countries same as home country (same marketing strategy in every country) (does not adapt or change for others) |
| Multi-National firm/ 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. (world has unique parts and needs to be marketed accordingly) (changes for every country) |
| Transnational Firm/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. (one big market, market the same way with little tweeks) |
| Global Brand | A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs. |
| what language is most used? | 51% is english on websites |
| 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. |
| Economic Espionage | The clandestine collection of trade secrets or proprietary information about a company’s competitors. |
| Cross-culture analysis | The study of similarities and differences among consumers in two or more nations or societies. |
| Society's Value | Represents personally or socially preferable modes of conduct or states of existence that tend to persist over time. |
| Customs | What is considered normal and expected about the way people do things in a specific 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 U.S. corporations to bribe an official of a foreign government or political party to obtain or retain business in a foreign country. |
| Cultural Symbols | Things that represent ideas and concepts in a specific culture. (deep meaning and feeling that you dont mess with) |
| Back Translation | The practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors. (double check translation to make sense and cultural context) |
| Cultural Ethnocentricity | You believe your culture is superior to others countries |
| Consumer Ethnocentrism | The tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products. (its wrong or immoral to purchase things from other countries) |
| Economic Infrastructure | a country’s communications, transportation, financial, and distribution systems |
| Currency Exchange Rate | The price of one country’s currency expressed in terms of another country’s currency. |
| Consumer income and purchasing power | consider the average per capita income in a country |
| Exporting | A global market-entry strategy in which a company produces products in one country and sells them in another country. (easiest way to get into international market but the least amount of profit) (least risk) |
| Licensing | right to a trademark, patent, or trade secret. (ex. recipe, logo) OG company does not have the ability to control new company causes it to water down the brand (third in risk) |
| 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. (second in risk) |
| Direct investment | own foreign subsidiary. go into foreign country, use local workers, but are the boss and invest in infrastructure. highest risk but biggest reward |
| Product extension | same product sold in dif ountries (coke,nike,apple) |
| Product adaptation | change product for dif countries (ex. lays chips flavors, makeup) |
| Product invention | new product for dif countries (ex flashlight, lowcost washer) |
| Dumping | sell proucts well below actual cost (too many products made or product is now disliked) |
| Gray Market (parallel importing) | sold through unauthorized channels (black market) |
| Channels of distribution in global marketing | Seller, sellers internatiional mrketing headquarters, channels between nations, channels withing foriegn nation, final consumer |
| trade war | companies fight |
Created by:
agk236