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in the adoption process developed by Everett Rogers, a typology of buyers at different stages of the "adoption" or product life cycle.
- The categories are innovators, early adopters, early majority, late majority, and laggards |
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Definition
a model developed by Everett Rogers that describes the "adoption" or purchase of decision process.
- The stages consist of awareness, interest, evaluation, trial, and adoption |
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| a shared sense within a culture of what is beautiful as opposed to ugly and what represents good taste as opposed to tastelessness |
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| a negotiation process between two or more parties to settle a dispute outside of the court system |
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| in cluture, a learned tendency to respond in a consistent way to a given object or entity |
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| the record of all economic transactions between the residents of a country and the rest of the world |
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| in culture, an organized pattern or knowledge that an individual holds to be true about the world |
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the corrupt business practice of demanding or offering some type of consideration - typically cash payment - when negotiating a cross-border deal
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| the right to buy a specified amount of foreign currency at a fixed price, up to the option's expiration date |
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| in a country's balance of payments, the record of all long-term direct investmnt, portfolio investment, and other short- and long-term capital flows |
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| Centrally Planned Capitalism |
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Definition
| an economic system characterized by command resource allocation and private resource ownership |
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| Centrally Planned Socialism |
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Definition
| an economic system characterized by coman resource allocation and state resource ownership |
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Definition
a country in which the legal system refelcts the structural concepts and principles of the Roman Empire in the sixth century
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Definition
In Hofstede's social calues typology, a culture in which group cohesiveness and harmony are emphasized.
- A shared concern for the well-being of all members of society is also evident |
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Term
| Common External Tariffs (CETs) |
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Definition
| a tariff agreed upon by members of preferential trading bloc. Implementation of a CET marks the transition from a free trade area to a customs union |
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Definition
| a preferential trade agreement that builds on the foundation of economic integration provided by a free trade area and a customs union |
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| a country in which the legal system relies on past judicial decisions (cases) to resolve disputes |
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| Governmental seizure of a company's assests without compensation |
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| the establishment of ownership of a written, recourded, performed, or filmd creative work |
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| the unauthorized copying and production of a product |
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| a society's ways of living transmitted from one generation to another. Culture's manifestations include attitudes, beliefs, values, aesthetics, dietary customs, and language |
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| a record of all recurring trade in merchandise and services, private gifts, and public transactions between countries |
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a preferential trade bloc whose members agree to seek a greater degree of economic integration than is provided by a free trade agreement.
- In addition to reducing tariffs and quotas, a customs union is characterized by a common external tariff |
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| The decline in value of a currency relative to other currencies |
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| countries that can be assigned to the upper ranks of the low-income category, the lower-middle income category, or the upper-middle-income category |
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| a framework developed by Everett Rogers to explain the way that new products are adopted by a culture over time. - The framework includes the five-stage innovation adoption process, characteristics of innovations, and innovation adopter categories |
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Definition
a highly evolved form of cross-border economic integration invloving reduced tariffs and quotas, a common external tariff, reduced restrictions on the movement of labor and capital, and the creation of unified economic policies and institutions such as a central bank
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| Environmental Sensitivity |
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Definition
a measure of the extent to which products must be adapted to the culture-specific needs of different country markets.
- Generally, consumer products show a higher degree of environmental sensitivity than industrial products |
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Definition
the first level in the EPRG framework: the conscious or unscious belief that one's home country is superior.
- in global marketing, an ethnocentric orientation manifests itself in management's belief that a marketing program that is successful in the domestic (home country) market will be successful everywhere |
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Definition
| the dominant economic centers of the world: the Pacific region, North America, and Europe |
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| Governmental seizure of a company's assets in exchange for compensation that is generally lower than market value |
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| In Hofstede's social values framework, the extent to which the social roles of men and women overlap in a culture |
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Definition
| the concentration of resources on a core business or competence |
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Term
| Foreign Corrupt Practices Act (FCPA) |
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Definition
| A law that makes it illegal for an employee of a U.S. corporation to bribe an official of a foreign government or political party to obtain or retain business |
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Definition
| a mechanism for buying and selling currencies at a preset price for future delivery |
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Definition
an agreement that leads to the creation of a free trade area.
- represents a relatively low level of economic integration |
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Definition
| a preferential trade bloc whose members have signed a free trade agreement that entails reducing or eliminating tariffs and quotas |
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Term
| General Agreement on Tariffs and Trade (GATT) |
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Definition
| the organization established at the end of World War II to promote free trade; also, the treaty signed by member nations |
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Definition
understanding that the company should seek market opportunities throughout the world.
- Management also recognizes that country markets may be characterized by both similarities and differences.
- a company in which a .... prevails will use both extension and adaption strategies. |
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Definition
| An industry in which competitive advantage can be achieved by integrating and leveraging operations on a worldwide scale |
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Term
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Definition
| the commitment of organizational resources to pursuing global market opportunities and responding to environmental threats in the global marketplace |
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Term
| Global Marketing Strategy |
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Definition
a firm's blueprint for pursuing global market opportunities. it addresses four issues:
(1) whether a standardization approach or localization approach will be used
(2) whether key marketing activities will be concentrated in relatively few countries or widely dispersed around the globe
(3) the guidelines for coordinating marketing activites around the globe
(4) the scope of global market participation |
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Term
| Gross Domestic Product (GDP) |
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Definition
| a measure of a nation's economic activity, calculated by adding consumer spending (C), investment spending (I), government purchases (G), and net exports (NX) |
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| Gross National Income (GNI) |
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Definition
| A measure of a nation's economic activity that includes GDP plus income generated by nonresident sources |
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Definition
| Eight Nations - the U.S., Japan, Germany, France, Great Britain, Canada, Italy, Russia - whose government leaders meet regularly to deal with global economic issues. |
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Definition
| Seven Nations - The U.S., Japan, Germany, France, Great Britain, Canada, and Italy - whose finance ministers meet regularly to deal with global economic issues |
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Definition
| the coming together of varying standards and regulations that affect the marketing mix |
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| an investment made to protext a company from possible financial losses due to fluctuating currency exchange rates |
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Definition
a culture in which a great deal of information and meaning resides in the context o communication, including the background, associations, and basic values of the communicators
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Definition
| a country in which per capita GNI is $12,196 or greater |
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Definition
| in Hofstede's social values typology, a society in which each member is primarily concerned with his or her interests and those of the immediate family |
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Definition
| the body of international law that pertains to noncommercial disputes between two nations |
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Definition
| a legal system used in the Middle East that is based on a comprehensive code known as "sharia" |
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Definition
| the aspect of a country's legal environment that deals with a court's authority to rule on particular types of controversies arising outside of a nation's borders or exercise power over individuals or entities from different countries. |
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Term
| Least-developed countries (LDCs) |
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Definition
| terminology adopted by the United Naions to refer to the 50 countries that rank lowest in per capita GNP |
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Definition
| the advantage that a company enjoys by accumulating experience in multiple country markets |
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| Localization or Adaption Approach |
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Definition
| management's use of highly localized marketing programs in different country markets |
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Term
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Definition
| reflection of a society's concern with immediate gratification versus persistance and thrift over the long term |
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Definition
| a culture in which messages and knowledge are more explicit and words carry most of the information in communication |
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Term
| Lower-Middle-Income Countries |
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Definition
| A country with GNI per capita between $996 and $3,945 |
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Term
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Definition
| a country with per capita GNI of $995 or less |
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Definition
| an economic system characterized by market allocattion of resources and private resource ownership |
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Definition
| an economic system characterized by limited market resource allocation within an overall environment of state ownership |
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Term
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Definition
| an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders |
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Definition
| the extent to which a culture's male population is expected to be assertive, competitive, and concerned with material success |
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Definition
| in balance of payments statistics, entries that pertain to manufactured goods |
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Definition
| broad transfer of industry management and ownership in a particular country from private sector to the government |
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| Newly Industrializing Economies |
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Definition
| Upper-Middle-Income countries with high rates of economic growth |
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Definition
| any restiction besides taxation that restricts or prevents the flow of goods across borders, ranging from "buy local" campaigns to bureaucratic obstacles that make it difficult for companies to gain access to some individual country and regional markets |
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Term
| North American Free Trade Agreement (NAFTA) |
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Definition
| a free trade area encompassing Canada, the U.S., and Mexico |
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Definition
| in foreign currency trading, a contract confirming the right to buy or sell a specific amount of currency at a fixed price |
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| Organization for Economic Cooperation and Development (OECD) |
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Definition
| a group of 30 nations that work together to aid in the development of economic systems based on market capitalism and pluralistic democracy |
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Definition
| a formal legal document that gives an inventor the exclusive right to make, use, and sell an invention for a specified period of time |
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Definition
| The availablity of a product or service in a location that is convenient to a potential customer |
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Definition
| The risk of change in political environment or government policy that would adversely affect a company's ability to operate effectively and profitably |
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Definition
| the cultural dimension that refelcts the extent to which it is acceptable for power to be distributed unequally in a society |
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Term
| Preferential Trade Agreement (PTA) |
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Definition
a trade agreement between a relatively small number of signatory nations, often on a regional or subregional basis.
- Different levels of economic integration can characterize such trade agreements |
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Definition
| one of the four Ps of the marketing mix: a good, service or idea with tangible and/or intangible attributes that collectively create value for a buyer or user |
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Term
| Product Saturation Levels |
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Definition
| the percentage of customers or households that own a product in a particular country market; a measure of market opportunity |
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Definition
| the right to sell a specified number of foreign currency units at a fixed price, up to the option's expiration date |
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Definition
the view that specific regions of the world are characterized by similarities.
- in global marketing, a ... is evident when a company develops an integrated strategy for a particular geographic area such as Latin America or Western Europe |
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Definition
| the strengthening of a country's currency |
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Definition
| a system of certification that verifies the country of origin of a shipment of goods |
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Term
| Self-Reference Criterion (SRC) |
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Definition
| the unconscious human tendency to interpret the world in terms of one's own cultural experience and values |
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Definition
| The buying and selling of intangible, experience-based economic output |
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Definition
one of the dimensions in Hofstede's social values typology.
- Contrasts with long-term orientation |
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Definition
| a country's supreme and independent political authority |
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Term
| Standardized or Extension Approach |
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Definition
the pursuit of global market opportunity using an extension strategy of minimal marketing mix variation in different countries.
- Historically, this was the strategy of the ethnocentric/international company |
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Term
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Definition
| within a culture, a small group of people with their own shared subset of attitudes, beliefs, and values |
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Definition
| a negative number in the balance of payments showing that the value of a country's imports exceeds the value of its exports |
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Definition
| a positive number in the balance of payments showing that the value of a country's exports exceeds the value of its imports |
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Definition
| a distinctive mark, motto, device, or emblem that a manufacturer affixes to a particular product or package to distinguish it from goods produced by other manufacturers |
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Definition
the three rigions of Japan, Western Europe, and the United States, which represented the dominant economic centers of the world
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Definition
the extent to which members of a culture are uncomfortable with unclear, ambiguous, or unstructured situations
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Term
| Upper-Middle-Income Countries |
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Definition
| a country with GNI per capita between $3,946 and $12,195 |
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Term
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Definition
a customer's perception of a firm's product or service offering in terms of the ratio of benefits relative to price.
- This ratio can be represented by the value equation: V=B/P |
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Definition
| The various activities that a company performs in order to create value for customers |
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Term
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Definition
| V=B/P, where V stands for "perceived value", B stands for "product, price, and place", and P stands for "price" |
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Term
| World Trade Organization (WTO) |
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Definition
| The successor to the General Agreement on Tariffs and Trade |
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