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| When a business enters a foreign market; said to be early when it does so before other firms, and late when it does so after other businesses have already established themselves. |
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| Advantages accruing to firms that enter markets early |
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| First-Mover disadvantages |
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| Disadvantages affecting early entrants to a foreign market |
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| Costs an early entrant has to bear that a later entrant can avoid |
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| Selling goods and service to entities in another country |
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| A project in which a firm agrees to set up an operating plant for a foreign client and hand over the "Key" when the plant is fully operational. |
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| Arrangement in which a licensor grants the rights to intangible property to the licensee for a specified period and receives a royalty fee in return |
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| A specialized form of licensing in which the franchiser not only sells intangible property (normally a trademark) to the franchisee, but it also insists that the franchisee agree to abide by strict rules as to how it does business. |
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| Establishing a firm that is jointly owned by two or more otherwise independent firms |
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| A subsidiary in which the firm owns 100 percent of the stocks |
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| Japanese trading houses that seek to make export sales for their affiliated companies. |
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| Export Management Company |
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| Export specialists that act as an export marketing or international department for their client firms |
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| Document issued by a bank indicating that it will make payments to a beneficiary upon presentation of particular documents |
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| Otherwise called a draft, the instrument normally used in international commerce to effect payment. |
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| An order written by an exporter instructing an importer, or an importer's agent, to pay a specified amount of money at a specified time. |
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| Payable upon presentation to the drawee |
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| Allows for a delay in payment to set future date. |
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| A document issued to an exporter by the common carrier transportating the merchandise; serves as a reciept, a contract, and a document of title. |
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| An independent agency of the U.S. government whose mission is to provide financial aid that will facilitate exports, imports and commodities exchanges between the United States and other countries; also referred to as the Ex-Im Bank |
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| The trade of goods and services for other goods and services via a whole range of barterlike agreements |
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| The direct exchange of goods or services between two parties without a cash transaction |
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| When a firm agrees to purchase a certain amount of materials back from a country to which it made a sale |
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| when a firm agrees to purchase goods or services from any firm within the country to which it made a sale |
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| Using a specialized third-party trading house in a countertrade agreement |
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| When a firm builds a plant in a country and agrees to take a certain percentage of the plant's output as pertial payment of the contract. |
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| The activities involved in creating a product |
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| The procurement and transmission of meterial through the supply chain, from suppliers to customers. |
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| Total Quality Management (TQM) |
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Definition
| Philosophy of management that focuses on improving the quality of a company's products and services |
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| The modern successor to TQM, a statistically based management philosophy that aims to reduce defects, boost productivity, eliminate waste, and cut costs throughout a company. |
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| Certification process that requires certain quality standards to be met |
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| The level of output at which most plant-level scale economies are exhausted |
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| Flexible Manufacturing Technology (lean production) |
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Definition
| Manufacturing technology designed to reduce setup time, improve job scheduling, and improve quality control. |
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| The ability of companies to use flexible manufacturing technology to achieve product customization at low cost |
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| A grouping of various types of machinery, a common materials handler, and centralized cell controller computer that produces a family of product |
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| The idea that valuable knowledge resides not only in the firm's domestic operations but in its foreign subsidiaries as well |
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| Whether a firm should make or outsource the making of component parts |
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| An Asset whose value is contingent upon a particular persisting relationship |
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| Just-in-Time (JIT) System |
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Definition
| Logestics system designed to deliver parts to a production process as they are needed; not before |
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Definition
| Choices about product attributes, distrubution strategies, communication strategies, and pricing strategies that a firm offers its targeted markets. |
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| Identifying distinct groups of consumers whose purchasing behaviour differs from others in important ways, based on criteria such as geography, demographics, sociocultural factors, and psychological factors |
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| Concentrated Retail System |
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| One in which a few retailers supply most of the market |
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| One in which many retailers supply a market, with no one having a major share |
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| The number of intermediaries between the producer (or manufacturer) and the consumer. |
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| Exclusive Distribution Channel |
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Definition
| A channel that outsiders find difficult to access |
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| The expertise, competencies, and skills of established retailers in a nation, and their ability to sell and support the products of international businesses. |
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| When the receiver of the message evaluates the message on the basis of status or image of the sender |
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| Country of Origin Effects |
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Definition
| The extent to which the place of a product's manufacturing influences its evaluations in the market |
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| The amount of other messages competing for a potential consumer's attention. |
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| Emphasizes personal selling to potential customer rather than mass media advertising |
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| Depends more on mass media advertising to communicate the marketing message to potential customers |
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| Price Elasticity of Demand |
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Definition
| A measure of how responsive demand for a product is to changes in its price |
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| When a small change in price produces a large change in demand |
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| When a large change in price produces only a small change in demand |
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| Pricing aimed at giving a company a competitive advantage over its rivals |
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| Pricing products below fair market values as a competitive weapon to drive weaker competitors out of the market |
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| Occurs when a pricing strategy in one market may have an impact on a rival's pricing strategy in another market. |
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| Aggressive pricing designed to increase volume and help the firm realize experience curve economies |
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| Human Resource Management |
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Definition
| The activities an organization carries out to use its human resources effectively |
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| A citizen of one country appointed to an management position in another country |
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| An organization's strategy concerning the selection of employees for particular jobs |
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| An Organization's norms and values system |
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| Ethnocentric Staffing Policy |
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Definition
| A staffing approach in which all key management positions are filled by parent country nationals |
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| Polycentric Staffing Policy |
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Definition
| A staffing policy under which the firm recruits host-country nationals to manage subsidiaries in their own country, while parent-country nationals occupy key positions at corporate headquaters |
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| Geocentric Staffing Policy |
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Definition
| A staffing policy under which the firm seeks the best people for key jobs throughout the company, regardless of nationality |
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Definition
| The premature return of an expatriate manager to his or her home country |
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