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Marketing: Chapter 5
Lamb Hair McDaniel
28
Marketing
Undergraduate 1
10/17/2011

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Term
Global Marketing/Global Business
Definition
Marketing that targets markets throughout the world
Term
Global Vision
Definition
Recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets
Term
Multinational Corporation
Definition
A company that is heavily engaged in international trade, beyond exporting and importing
Term
Capital-Intensive
Definition
Using more capital than labor in the production process
Term
Global Marketing Standardization
Definition
Production of uniform products that can be sold the same way all over the world
Term
European Union
Definition
A free trade zone encompassing 27 European countries
Term
Mercosur
Definition
The largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela
Term
Uruguay Round
Definition
An agreement to dramatically lower trade barriers worldwide; created the World Trade Organization
Term
World Trade Organization (WTO)
Definition
A trade organization that replaced the old General Agreement on Tariffs and Trade
Term
General Agreement on Tariffs and Trade
Definition
A trade agreement that contained loopholes that enabled countries to avoid trade-barrier reduction agreements
Term
North American Free Trade Agreement (NAFTA)
Definition
An agreement between Canada and the United States, and Mexico that created the world's largest free trade zone
Term
Central America Free Trade Agreement (CAFTA)
Definition
A trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States
Term
World Bank
Definition
An international bank that offers low-interest loans, advice, and information to developing nations
Term
International Monetary Fund
Definition
An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation
Term
Exporting
Definition
Selling domestically produced products to buyers in another country
Term
Buyer For Export
Definition
An intermediary in the global market that assumes all ownership risks and sells globally for its own account
Term
Export Broker
Definition
An intermediary who plays the traditional broker's role by bringing buyer and seller together
Term
Export Agent
Definition
An intermediary who acts like a manufacture's agent for the exporter. The export agent lives in the foreign market
Term
Licensing
Definition
The legal process whereby a licensor agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
Term
Contract Manufacturing
Definition
Private-label manufacturing by a foreign company
Term
Joint Venture
Definition
When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity
Term
Direct Foreign Investment
Definition
Active ownership of a foreign company or of overseas manufacturing or marketing facilities
Term
Floating Exchange Rates
Definition
Prices of different currencies move up and down based on the demand for and the supply of each currency
Term
Dumping
Definition
The sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter
Term
Counter-trade
Definition
A form of trade in which all or part of the payment for goods or services is in the form of other goods or services
Term
Out-Sourcing
Definition
A manufacture's or suppliers use of an independent third party to manage an entire function of the logistics system such as transportation warehousing or order processing
Term
Quota
Definition
A limit on the amount of specific product that can enter a country
Term
Tariff
Definition
A tax levied on the goods entering a country
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