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Marketing Essentials Graham
Chapter 4
21
Marketing
12th Grade
10/07/2013

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Term
International Trade
Definition
exchange of goods and services among nations
Term
imports
Definition
goods and services purchased from other countries
Term
exports
Definition
goods and services sold to other countries
Term
balance of trade
Definition
differnce in value between exports and imports of a nation
Term
free trade
Definition
commercial excange between nations that is conducted on free market principles without restrictive regulations
Term
tariff
Definition
tax on imports
Term
quota
Definition
limits either the quantity or the monetary value of a product that may be imported
Term
embargo
Definition
total ban on the specific goods coming into and leaving a country
Term
protectionism
Definition
governments establisment of economic policies that systematically restrict imports in order to protect domestic industries
Term
World Trade Organization
Definition
a coalition of nations that makes rules governing international trade
Term
North American Free Trade Agreement
Definition
an international trade agreement among the US, Canada, and Mexico
Term
European Union
Definition
Europe's trading bloc
Term
Licensing
Definition
involves letting another company use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty
Term
contract manufacturing
Definition
Term
joint venture
Definition
business enterprise that companies set up together
Term
foreign direct investment
Definition
the establishment of a business in a foreign country
Term
multinationals
Definition
large corporations that have operations in several countries
Term
mini-nationals
Definition
midsize or smaller companies that have operations in foreign countries
Term
globalization
Definition
selling the same product and using the same promotion methods in all countries
Term
adaptation
Definition
company's use of an existing product and/or promotion to which changes are made to better suit the characteristics of a country or region
Term
customization
Definition
creating specially designed products or promotions for certain countries or regions
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