ch 7 marketing
Terms
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- trade feedback effect
- imports affect exports and vice versa
- countertrade
- the practice of using barter rather than money for making global sales.
- gross domestic product
- the n=monetary value of all goods and services produced in a country during one year
- protectionism
- the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs and quotas
- quotas
- a restriction placed on the amound of a product allowed to enter or leave a country
- tariffs
- bovernment tax on goods or services entering a country primarily serve to raise prices on imports
- nafta
- lifted mqany trade barriers between canada, us ,and mexico
- european union
- 25 member countries that have eliminated most barriers to free trade
- international firms
- enagares in trade and marketing in different countries as an extension of a marketing strategy in its home country
- multinational firms
- views the world as consisting of unique parts and emphasizes cultural similarities
- transnational firms
- views the world as one market and emphasizes cultrual similaritites across countries and universal consumer needs and wants more than differences
- values
- represent personally or socially preferable modes of conduct or states of existence over time
- customs
- what is considered normal and expected about the ways of the people in a specific country
- cultural symbols
- things that represent ideas and concepts
- language
- native tongue and nuances, idioms of a language
- cultural ethnocentricity
- the tendency for people to view their own values, customs, symbols, and language favorably is well known
- exporting
- producing goods in one country and selling them in another country
- licensing
- a company offers the right to trademark, patent, trade secret, or other similarly valued items of intellectual property in return for royalty of a fee
- joint venture
- when a foreign company and a local firm invest together to create a local business
- direct investment
- a domestic firm actually investing and owning a foreign subsidary or division
- dumping
- when a firm sells a product in a foreign country below its domestic price or below its actual cost
- gray market
- a situation where prodcuts are sold through unauthorized channels of distribution.