Details Title: Chapter 5 Description: Global Markets and International Marketing Total Flash Cards: 20 Created: 08/11/2008 06:00:27		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: Term international marketing Definition Developing and performing marketing activites across national boundaries Term gross domestic product Definition The market value of a nation's total output of goods and services for a given period; an overall estimate of economic standing Term import tariff Definition A duty levied by a nation on goods bought outside its borders and brought in Term quota Definition A limit on the amount of goods an importing country will accept for certain product categories in a specific time period Term embargo Definition A government's suspension of tade in a particular product or with a given country Term exchange controls Definition Government restrictions on the amount of a particular currency that can be bought or sold Term balance of trade Definition The difference in value between a nation's exports and its imports Term culture relativism Definition The concept tha morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures Term General Agreement of Tariffs and Trade Definition An agreement among nations to reduce worldwide tariffs and increase international trade Term dumping Definition Selling products at unfairly low prices Term importing Definition The purchase of products from a foreign source Term exporting Definition The sale of products to foreign markets Term licensing Definition An alternative to direct investment requiring a licensee to pay commissions or royalties on sales or supplies used in manufacturing Term franchising Definition A form of licensing in which a franchiser, in exchange for a financial commitment, grants a franchisee the right to market its product in accordance with the franchiser's standards Term contract manufacturing Definition The practice of hiring a foreign firm to produce a designated volume of product to specification Term outsourcing Definition The practice of contract manufacturing or other tasks to companies in countries where labor and supplies are less expensive Term joint venture Definition A partnership between a domestic firm and a foreign firm or government Term strategic alliances Definition Partnerships formed to create a competitive advantage on a worldwide basis Term direct ownership Definition A situation in which a compnay owns subsidiaries or other facilities overseas Term multinational enterprise Definition Firms that have operation of subsidiaries in many countries