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Ch4: Marketing
Chapter 4: Global Analysis
| Question | Answer |
|---|---|
| the exchange of goods and services among nations | international trade |
| goods and services purchased from other countries | imports |
| goods and services sold to other countries | exports |
| occurs when a country has natural resources or talents that allow it to produce an item at the lowest cost possible | absolute advantage |
| the value that a nation gains by selling what it produces most efficiently | comparative advantage |
| the difference in value between exports and imports of a nation | balance of trade |
| occurs when a nation imports more than it exports | trade deficit |
| occurs when a nation exports more than it imports | trade surplus |
| commercial exchange between nations that is conducted on free market principles, without restrictive regulations | free trade |
| a tax on imports | tariff |
| used to produce revenue for a country | revenue-producing tariff |
| used to increase the price of imported goods so that domestic products can compete with them | protective tariff |
| limits either the quantity or the monetary value of a product that may be imported | quota |
| a total ban on specific goods coming into and leaving a country | embargo |
| a government's policies that restrict imports in order to protect domestic industries | protectionism |
| a coalition of nations that makes rules governing international trade | (WTO) World Trade Organization |
| an international trade agreement among the United States, Canada, and Mexico | (NAFTA) North American Free Trade Agreement |
| established free trade among the European member nations and a central bank | (EU) European Union |
| letting another company use a trademark, patent, specific formula, company name, etc. for a fee or royalty | licensing |
| a franchisor grants the franchisee the rights to operate under the company name | franchise agreement |
| involves hiring a foreign manufacturer to make your products, according to your specifications | contract manufacturing |
| a business enterprise that companies set up together | joint venture |
| the establishment of a business in a foreign country | (FDI) Foreign Direct Investment |
| large corporations that have operations in several countries | multinationals |
| midsize or smaller companies that have operations in foreign countries | mini-nationals |
| selling the same product and using the same promotion methods in all countries | globalization |
| changing an existing product and/or promotion to better suit the characteristics of a country or region | adaptation |
| specially designing products or promotions for certain countries or regions | customization |
| having possibility or capability. | potential |
| the basic facilities and services that support a community | infrastructure |
| belonging to a corporation | corporate |
| direct one's attention on something | focus |
Created by:
kweenbee30
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