Chapter 5
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| Global Marketing | marketing that targets markets throughout the world
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| Global Vision | recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets
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| Gross Domestic Product (GDP) | the total market value of all final goods and services produces in a country for a given time period
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| Job Outsourcing | sending U.S. jobs abroad
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| Multinational Corporation | a company that is heavily engaged in international trade, beyond exporting and importing
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| Capital Intensive | using more capital than labor in the production process
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| Global Marketing Standardization | production of uniform products that can be sold the same way all over the world
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| Multidomestic Strategy | when multinational firms enable individual subsidiaries to compete independently in domestic markets
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| Mercosur | the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay
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| Uruguay Round | an agreement to dramatically lower trade barriers worldwide; created the World Trade Organization
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| World Trade Organization (WTO) | a trade organization that replaced the old General Agreement on Tariffs and Trade (GATT)
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| General Agreement on Tariffs and Trade (GATT) | a trade agreement that contained loopholes enabling countries to avoid trade-barrier reduction agreements
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| North American Free Trade Agreement (NAFTA) | an agreement between Canada, the United States, and Mexico that created the world's then-largest free trade zone
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| Central America Free Trade Agreement (CAFTA) | a trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States
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| European Union (EU) | a free trade zone encompassing 27 European countries
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| World Bank | an international bank that offers low-interest loans, advice, and information to developing nations
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| International Monetary Fund (IMF) | an international organization that as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation
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| Group of Twenty (G-20) | a forum for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability
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| Exporting | selling domestically produced products to buyers in other countries
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| Buyer for Export | an intermediary in the global market who assumes all ownership risks and sells globally for its own account
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| Export Broker | an intermediary who plays the traditional broker's role by bringing buyer and seller together
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| Export Agent | an intermediary who acts like a manufacturer's agent for the exporter; the export agent lives in the foreign market
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| Licensing | the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
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| Contract Manufacturing | private label manufacturing by a foreign company
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| Joint Venture | when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity
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| Direct Foreign Investment | active ownership of a foreign company or of overseas manufacturing or marketing facilities
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| Floating Exchange Rates | a system in which prices of different currencies move up and down based on the demand for and the supply of each currency
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| Dumping | the sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter
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| Countertrade | a form of trade in which all of part of the payment for goods or services is in the form of other goods or services
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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