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Marketing Exam 2
Chapter 7
| Term | Definition |
|---|---|
| Countertrade | the practice of using barter rather than money for making global sales. |
| Balance of trade | the difference between the monetary value of a nation’s exports and imports. |
| 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. |
| Tariffs | government taxes on products or services entering a country that primarily serve to raise prices on imports. |
| quota | a restriction placed on the amount of a product allowed to enter or leave a country. |
| Global competition | exists when firms originate, produce, and market their products and services worldwide. |
| multidomestic marketing strategy | used by multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business. |
| global marketing strategy | is used by transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. |
| global brand | brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs. |
| Cross-cultural analysis | the study of similarities and differences among consumers in two or more nations or societies. |
| Customs | what is considered normal and expected about the way people do things in a specific country. |
| Cultural symbols | things that represent ideas and concepts in a specific culture. |
| Back translation | the practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors. |
| Consumer Ethnocentrism | the tendency to believe that it is inappropriate, indeed immortal, to purchase foreign-made products. |
| currency exchange rate | the price of one country’s currency expressed in terms of another country’s currency. |
| Exporting | a global market-entry strategy in which a company produces products in one country and sells them in another country. |
| 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 the ownership, control, and profits of the new company. |
| Economic espionage | the clandestine collection of trade secrets or proprietary information about a company’s competitors. |
| Dumping | sell below cost |
| Gray market (parallel importing) | where products are sold through unauthorized channels. |
| Product extension | Same product sold in different countries |
| Product adaptation | Change product for different countries |
| Product invention | New product for different countries. |
| Direct investment | own a foreign subsidiary. |
| Licensing | right to a trademark, patent, or trade secret |
| Consumer ethnocentrism | Believe it is wrong to purchase foreign-made products |
| Economic infrastructure | a country’s communications, transportation, financial, and distribution systems. |
| Consumer income and purchasing power | consider the average per capita income in a country. |
| Currency exchange rates | price of one country’s currency in terms of another country’s currency. |
| International firms | markets in other countries same as home country. |
| Multinational firms | markets differently to each country. |
| Transnational firms | emphasize universal consumer needs. |
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