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30 Cards in this Set
- Front
- Back
Back translation
pg. 174 |
its where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors
-experienced global markets use this |
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Balance of trade
pg. 161 |
the difference between the monetary value of a nations exports and imports.
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Bottom of the pyramid
pg. 175 |
largest, but poorest, socioeconomic group of people in the world.
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Consumer ethnocentrism
pg. 175 |
is the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products.
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Countertrade
pg. 160 |
the practice of using barter rather than money for making global sales.
-15-20% or world trade involves countertrade |
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Cross-cultural analysis
pg. 171 |
involves the study of similarities and differences among consumers in two or more nations or societies.
-A thorough cross-cultural analysis involves an understanding of and an appreciation for values, customs, symbols, and language of other societies. |
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Cultural symbols
pg. 173 |
are things that represent ideas and concepts.
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Currency exchange rate
pg. 178 |
is the price of one country's currency expressed in terms of another country's currency, such as the U.S. dollar expressed in Japanese, yen, euros, or Swiss francs.
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Customs
pg. 172 |
customs are what is considered normal and expected about the way people do things in a specific country.
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Direct investment
pg. 183 |
entails a domestic firm actually investing in and owning a foreign subsidiary or division.
-biggest commitment a company can make when entering the global market |
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Dumping
pg. 186 |
is when a firm sells a product in a foreign country below its domestic price or below its actual cost.
-ex: selling superbowl champion t-shirts with the losing team on them overseas |
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Economic Espionage Act (1996)
pg. 163 |
makes the theft of trade secrets by foreign entities a federal crime in the United States.
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Exporting
pg. 180 |
is producing goods in one country and selling them in another country.
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Foreign Corrupt Practices Act (1977)
pg. 172 |
a law amended by the International Anti-Dumping and Fair Competition Act (1998), that makes it a crime for U.S. corporations to bribe an official of a foreign government or political party to obtain or retain business in a foreign country.
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Global brand
pg. 169 |
a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs.
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Global competition
pg. 167 |
exists when firms originate, produce, and market their products and services worldwide.
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Global consumers
pg. 169 |
consist of consumer groups living in many countries or regions of the world who have similar needs or seek similar features and benefits from products and services.
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Global marketing strategy
pg. 169 |
the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.
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Gray market
pg. 186 |
is a situation where products are sold through unauthorized channels of distribution.
-also called parallel importing |
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Gross domestic product (GDP)
pg. 160 |
the monetary value of all goods and services produced in a country during one year.
-U.S. is the perennial leader |
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Joint venture
pg. 182 |
when a foreign company and a local firm invest together to create a local business.
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Microfinance
pg. 177 |
is the practice of offering small, collateral-free loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other income-generating activities.
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Multidomestic marketing strategy
pg. 168 |
means that they have as many different product variations, brand names, and advertising programs as countries in which they do business.
-multinationals use this |
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Protectionism
pg. 164 |
the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas.
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Quota
pg. 165 |
a restriction placed on the amount of a product allowed to enter or leave a country.
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Semiotics
pg. 173 |
a field of study that examines the correspondence between symbols and their role in the assignment of meaning for people
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Strategic alliances
pg. 168 |
agreements among two or more independent firms to cooperate for the purpose of achieving common goals such as a competitive advantage or customer value creation.
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Tariffs
pg. 164 |
government tax on goods or services entering a country, primarily serve to raise prices on imports
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Values
pg. 171 |
represent personally or socially preferable modes of conduct or states of existence that tend to persist over time.
ex: McDonalds doesn't sell beef hamburgers in India because the cow is sacred |
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World trade organization (WTO)
pg. 165 |
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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