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Chapter 7

Marketing Exam 2- Chapter 7 Terms

TermDefinition
Countertrade Practice of using barter rather than money for making global sales
GDP Monetary value of all products and services produced in a country in one year
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 on the amount of a product allowed to enter or leave a country
Tariff Tax on products entering a country that primarily serve to raise prices of imports
International Firm Global trade and marketing is an extension of marketing strategy Market the same domestically and globally
Multidomestic Firm Views world as unique parts and markets to each differently Uses multidomestic marketing strategy
Transnational Firms Views world as one market Uses global marketing strategy
Economic Espionage The clandestine collection of trade secrets or proprietary information about competitors
Cross Cultural Analysis Study of similarities and differences among customers in two or more nations or societies
Values Preferable modes of conduct Must market products to fit a society's values
Customs Norms of way people do things in a specific country Market differently where people do things differently
Language Must be able to speak consumer language even if it isn't the main language
Ethnocentrism Belief that one's culture or product is superior
Economic Considerations Economic Infrastructure Consumer Income and Purchasing Power Currency Exchange Rate
Currency Exchange Rates Price of one country's currency expressed in terms of another country's currency
Product Extension Selling the same products in another country
Product Adaption Changing your product to fit the foreign market
Product Invention Creating a new product to sell in a new location
Dumping Selling a product globally lower than the domestic value
Gray Market Trading products through unofficial channels
Global Market-Entry Strategies Export Licensing Joint-Venture Franchising Direct Investment
Exporting Producing a product in one country and selling it to another Lowest risk market-entry strategy
Licensing Company offers right to a trademark, patent, trade secret, or other intellectual property in exchange for a royalty
Joint-Venture Foreign company and local firm invest together to create a local business in order to share ownership, control, and profits of the new company
Franchising Licensing a brand name to an individual owner for a royalty
Direct Investment Full ownership of a foreign division Biggest risk, biggest reward
Direct Export Selling directly to a buyer in another country
Indirect Export Selling through a third-party Less risk and less profit
Global Marketing Strategy Practice of standardizing marketing activities when there are cultural similarities and adapting them when there are differences
Multidomestic Marketing Strategy Have as many different product variations, brand names, and advertising programs as countries in which they do business
Created by: kamryn.keester
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