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marketing ch 7
| Question | Answer |
|---|---|
| countertrade | the practice of using barter rather than money for making global sales |
| a global perspective on world trade views exports and imports as: | complementary economic flows, a country's imports affect its exports, and exports affect imports |
| gross domestic product | the monetary value of all goods and services produced in a country during one year |
| balance of trade | difference between the monetary value of a nation's exports and imports |
| when a country exceeds its imports, it incurs a | surplus in its balance of trade |
| imports exceed exports | deficit in balance of trade |
| competitive advantage of nations | factor conditions, demand conditions, related and supporting condition industries, company strategy, structure, and rivalry |
| a firm that succeeds in global markets has first succeeded in | domestic markets |
| economic espionage | the clandestine collection of trade secrets or proprietary information about competitors |
| economic espionage act | makes the theft of trade secrets by foreign entities a federal crime in the US |
| What is the trade feedback effect? | the phenomenon in which one country's imports affect the exports of other countries and vice versa, thus stimulating economic activity in all the nations involved |
| What variables influence why some companies and industries in a country succeed globally while others lose ground or fail? | factor conditions, demand conditions, related and supporting industries, company strategies, structure, and rivalry |
| factor conditions | a nations ability to turn its natural resources, education, and infrastructure into a competitive advantage |
| demand conditions | includes both the number and sophistication of domestic customers for an industry's product |
| related and supporting industries | clusters of world class suppliers that accelerate innovation |
| company strategy, structure, and rivalry | the conditions governing the way a nation's businesses are organized and managed, along with the intensity of domestic competition |
| four trends in the past decade that have significantly influenced the landscape of global marketing | gradual decline of economic protectionism by individual countries, formal economic integration and free trade among nations, global competition among global companies for global customers, emergence of a networked global marketplace |
| 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 | a government tax on goods or services entering a country, primarily 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 |
| 3 types of companies populate and compete in the global marketplace | international firms, multinational firms, transnational firms |
| international firm | engages in trade and marketing in different countries as an extension of the marketing strategy in its home country |
| multinational firm | views the world as consisting of unique parts and markets to each part differently |
| multidomestic marketing | has as many different product variations, brand names, and advertising programs as countries in which they do business |
| transnational firm | views the world as one market and emphasizes cultural similarities across countries or universal consumer needs and wants more than differences |
| global marketing strategy | the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ |
| global brand | a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs, deliver the same benefits to consumers, and use consistent advertising across multiple countries |
| global consumers | consist of 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 |
| What is protectionism? | keeping product in only one country through tariffs and quotas |
| The North American Free Trade Agreement was designed to promote free trade among which countries? | US, Canada, Mexico |
| What is the difference between a multidomestic marketing strategy and a global marketing strategy? | MDM- having as many brand names for the same product as you have countries that supply it, GM- using the same brand and marketing strategy everywhere |
| cross cultural analysis | involves the study of similarities and differences among consumers in 2 or more nations or societies |
| society's values | represent 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 | make it a crime for the US corporations to bribe an official of a foreign gov't or political party to obtain or retain business in a foreign country |
| cultural symbols | things that represent ideas and concepts |
| semiotics | examines the correspondence between symbols and their role in the assignment of meaning for people |
| back translation | where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors |
| consumer ethnocentrism | tendency to believe that it is inappropriate to purchase foreign made products |
| When foreign currencies can buy more US dollars, are US products more or less expensive for a foreign consumer? | less expensive |
| What mode of entry could a company follow if it has no previous experience in global marketing? | indirect exporting through intermediaries |
| licensing | a company offers the right to a trademark, patent, trade secret, or other similarly valued items of intellectual property in return for a fee or royalty |
| joint venture | a foreign company and a local firm invest together to create a local business to produce some product or service, the 2 companies share ownership, control, and profits of the new entity |
| What are the 3 ways products can be sold globally? | in the same form as in their home market (product extension), with some adaptations (product adaptation), and as a totally new product (product invention) |
| What is dumping? | when a firm sells a product in a foreign country below its domestic price or below its actual cost. |
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1401120066