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Marketing > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

Counter Trade

A

The practice of using barter rather than money for making global sales

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2
Q

Gross Domestic Product (GPD)

A

The monetary value of all products and services produced in a country during one year

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3
Q

Balance Trade

A

The difference between the monetary value of a nations exports and imports

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4
Q

Globalization

A

The focus of creating economic, cultural, political, and technological independence among individual national institutions and economics

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5
Q

Protectionism

A

Practice of shielding one or more industries within a country’s economy from foreign competition using tariffs of quotas

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6
Q

Tariffs

A

Government taxes on products or services entering a country that primarily serve to raise prices on imports

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7
Q

Holister Moved Toward What Kind of Clothing

A

Comfortable Clothing

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8
Q

Quota

A

Restriction placed on the amount of product allowed to enter or leave a country

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9
Q

World Trade Organization (WTO)

A

Permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions

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10
Q

Global Competition

A

Exists when firms originated, produced, and market their products and services worldwide

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11
Q

Strategic Alliances

A

Agreements among two or more independent firms to cooperate for the purpose of achieving common goals such as competitive advantage or customer value creation

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12
Q

Leading Countries in Global Merchandise Trade

A

U.S. China and Germany

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13
Q

Multidomestic Marketing Strategy

A

Multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business

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14
Q

Global Marketing Strategy

A

Transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.

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15
Q

Global Brand

A

Marketed under the same name in multiple countries with similar centrally coordinated marketing programs

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16
Q

Global Consumers

A

Consumer groups living in many different countries or regions of the world who have similar needs or seek similar features and benefits from products and services

17
Q

Cross- Cultural Analysis

A

Involves the study of similarities and differences among consumers in two or more nations or societies

18
Q

Values

A

Society personally or socially preferable modes of conducts or states of existence that tend to persist over time

19
Q

Customs

A

What is Considered normal and expected about the way people do things in a specific way

20
Q

Foreign Corrupt Practices Act (1977)

A

A law amended by the international Anti-Dumping and fair competing Act (1988) that makes it a crime for U.S. corporations to bribe an official of foreign government to obtain or retain business in a foreign country

21
Q

Cultural Symbols

A

Things that represent concepts and ideas

22
Q

Back Translation

A

Practice where a translated word or phrase is retranslated into the original language by different interpreters to catch errors

23
Q

Consumer Ethnocentrism

A

Tendency to believe that is is inappropriate, indeed immoral , to purchase foreign made products

24
Q

Currency Exchange Rate

A

Price in one’s country’s currency expressed in terms of another country’s currency

25
Q

Exporting

A

Global market-entry strategy in which a company produces products in one country and sells them in another

26
Q

Joint Venture

A

Global market entry strategy in which a foreign company and a local firm invest together to create a local business in order to share ownership, control and profits of the new company

27
Q

Direct Investment

A

Global Market entry strategy that entails a domestic firm investing in and owning a foreign subsidiary or division

28
Q

Dumping

A

Occurs when a firm sells a product in a foreign country below its domestic price

29
Q

Gray Market (Parallel Importing)

A

Situation where products are sold through unauthorized channels or distributions

30
Q

How Much Does the US Spend in a Year to Prevent Economic Espionage

A

U.S Firms Spend 600 billion/year

31
Q

How Much Does the US Spend in a Year to Prevent Economic Espionage

A

U.S Firms Spend 600 billion/year

32
Q

Licensing

A

Offers right to trademark, patent, trade secret or intellectual property in exchange for royalty fee

33
Q

Product Extension

A

Same product sold in different countries

34
Q

Product Adaptation

A

Change product for different country

35
Q

Product Invention

A

New Product Different Country

36
Q

Communication Adaptation

A

Same Product Different advertising

37
Q

Dual Adaptation

A

Modified both products and promotion messages

Marketing (16 decks)

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