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Princ. of Marketing

Kotler, Armstrong, Principles of Marketing 11th ed, Ch 19 vocab

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
Tariff A tax levied by a government against certain imported products, designed to raise revenue or to protect domestic firms
Quota A limit on the amount of goods that an importing country will accept in certain product categories
Embargo A ban on the import of a certain product
Exchange controls Government limits on the amount of foreign exchange with other countries and on the exchange rate against other currencies
Nontariff trade barriers Nonmonetary barriers to foreign products, such as biases against a foreign company’s bids, or product standards that go against a foreign company’s product features
Economic community A group of nations organized to work toward common goals in the regulation of international trade
Countertrade International trade involving the direct or indirect exchange of goods for other goods instead of cash
Exporting Entering a foreign market by selling gods 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 A method of entering a foreign market in which the company enters into an agreement with a licensee in the foreign market, offering the right to use a manufacturing process, trademark, patent, trade secret, or other item of value for a fee or royalty
Contract manufacturing A joint venture in which a company contracts with manufacturers in a foreign market to produce the 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 joint venture in which a company joins investors in a foreign market to create a local business in which the company shares joint ownership and control
Direct investment Entering a foreign market by developing foreign-based assembly or manufacturing facilities
Standardized manufacturing mix An international marketing strategy for using basically the same product, advertising, distribution channels, and other elements of the marketing mix in all the company’s international markets
Adapted marketing mix An international marketing strategy for adjusting the marketing mix elements to each international target market, bearing more costs but hoping for a larger market share and return
Straight product extension Marketing a product in a foreign market without any change
Product adaptation Adapting a product to meet local conditions or wants in foreign markets
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 all the necessary links in distributing the seller’s products to final buyers, including the seller’s headquarters organization, channels among nations, and channels within nations
Created by: cannons