Chapter 5 Flashcards

1
Q

global vision

A

recognizing and reducing to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets

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2
Q

global marketing

A

marketing that targets markets throughout the world

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3
Q

multinational corporation

A

company that is heavily engaged in international trade, beyond exporting and importing

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4
Q

multinational corporation

A

a company that is heavily engaged in international trade, beyond exporting and importing

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5
Q

capital intensive

A

using more capital than labor in the production process

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6
Q

global marketing standardization

A

production of uniform products that can be sold the same way all over the world

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7
Q

European Union

A

a free trade zone encompassing 27 European countries

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8
Q

mercosur

A

the largest latin american trade agreement; includes argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela

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9
Q

Uruguay Round

A

an agreement to dramatically lower trade barriers worldwide; created the World Trade Organization

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10
Q

tariff

A

a tax levied on the goods entering a country

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11
Q

quota

A

a limit on the amount of a specific product that can enter country

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12
Q

boycott

A

exclusion of all products from a certain country

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13
Q

exchange control

A

a low compelling a company earning foreign exchange from its exports to sell it to ta control agency, usually a central bank

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14
Q

World Trade organization

A

a trade organization that replaced the old General Agreement on Tariffs and Trade

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15
Q

General Agreement on Tariffs and Trade

A

a trade agreement that contained loopholes that enabled countries to avoid trade barrier reduction agreements

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16
Q

North American Free Trade Agreement

A

an agreement between Canada, the United States, and Mexico that created the world’s largest free trade zone

17
Q

central america free trade agreement

A

a trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States

18
Q

World Bank

A

an international bank that offers low interest loans, advice and info to developing nations

19
Q

international monetary fund

A

an international organziation that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation

20
Q

exporting

A

selling domestically produced products to buyers in another country

21
Q

buyer for export

A

an intermediary in the global market that assumes all ownership risks and sells globally for its own account

22
Q

export broker

A

an intermediary who plays the traditional broker’s role by bringing buyer and seller together

23
Q

export agent

A

an intermediary who acts like a manufacturer’s agent for the exporter. The export agent lives in the foreign market

24
Q

licensing

A

the legal process whereby a licensor agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge

25
Q

contract manufacturing

A

private label manufacturing by a foreign company

26
Q

joint venture

A

when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity

27
Q

direct foreign investment

A

active ownership of a foreign company or of overseas manufacturing or marketing facilities

28
Q

floating exchange rates

A

prices of different currencies move up and down based on the demand for and the supply of each currency

29
Q

dumping

A

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

30
Q

countertrade

A

a form of trade in which all or part of the payment for good or services is in the farm of other goods or services