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Marketing CH 7
| Question | Answer |
|---|---|
| Country that is expected to have largest population by 2050 | India |
| Company that is trying to get into India | Amazon |
| Countertrade | the practice of using barter rather than money for making global sales |
| Top 3 leading countries in global importing and exporting | US, China, Germany |
| Balance of Trade | Measure of how much we are exporting and inputting in terms of dollars |
| Globalization | the focus on creating economic, cultural, political, and technological interdependence among individual |
| Protectionism | practice or shielding an industry within your country. Can do this by tariffs or quotas |
| Tariff | government taxes on products or services entering a country that primarily serve to raise price of your good |
| Quota | a restriction placed on the amount of product allowed to enter or leave the country |
| Global Competition | exists when firms originate produce and share their product worldwide |
| Multidomestic Marketing Strategy | used by multidomestic firms that have as many different product variations, brand names, and advertising programs as countries in which they do business |
| Global Marketing Strategy | used by transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ |
| Global brands | brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs |
| International Marketing Strategy | takes the home strategy to any other country. they are NOT changing their strategy |
| Economic Espionage | the clandestine collection of trade secrets or proprietary information about a companies competitors. |
| Cross-cultural analysis | the study of similarities and differences among consumers in two or more nations and societies. |
| customs | what is considered normal or expected about the way people do things in a specific country |
| cultural symbols | are things that represent ideas and concepts in a specific culture |
| Back translation | we use an interpreter to say the sentence from another language |
| Cultural Ethnocentricity | belief that one culture is superior to the other |
| Consumer Ethnocentricity | the tendency to believe that it is inappropriate to buy other products from other countries |
| Economic Infrastructure | a country's |
| Currency Exchange Rate | price of one country's currency expressed in terms of another country's currency |
| Political stability | billions of lost trade due to political state, the government affects these countries |
| Exporting | Global market entry strategy- which a company produces products in one country and sells them in aother country. least ampunt of risk but least amount of profit |
| Licensing | When you let another country license your company. let them make your product there |
| Joint Ventures | global market entry strategy in which a foreign company and a local firm invest together to create a local business in order to share the ownership, control, and profits in another country |
| Direct investment | global market stategy. own a foreign subsidary. requires a very big comitment and acceptance of risk. highest risk but highest amount of profit |
| Product and Promotion Strategy | product extension, product adaptation, product invention |
| dumping | sell the product way below cost |
| gray market | where products are sold through unauthorized |
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