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23 Cards in this Set
- Front
- Back
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world trade
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the flow of goods and services among different countries- the value of all the exports and imports of the world's nations
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countertrade
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a type of trade in which goods are paid for with other goods instead of with cash
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4 steps in the Decision Process for Entering Global Markets
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1) Whether to go global
2) Which market(s) to enter 3) Level of commitment 4) How to adapt marketing mix strategies * Localize * Standardize |
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GATT
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General Agreement on Tariffs and Trade- international treaty to reduce import tax levels and trade restrictions
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WTO
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World Trade Organizations- an organization that replaced GATT; the WTO sets trade rules for its member nations and mediates disputes between nations
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protectionsim
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a policy adopted by a government to give domestic companies an advatage
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import quotas
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limitations set by a government on the amount of a product allowed to enter or leave a country
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embargo
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a quota completely prohibiting specified goods from entering or leaving a country
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tariffs
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taxes on imported goods
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economic communities
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groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere
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GDP
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Gross Domestic Product- the total dollar value of goods and services produced by a nation within its borders in a year
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GNP
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Gross National Product- the value of all goods and services produced by a country's citizens or organizations, whether located within the country's borders or not
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economic infrastructure
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the quality of a county's distribution, financial, and communications systems
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level of economic development
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the broader economic picture of a country
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standard of living
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an indicator of the average quality and quantity of goods and servies consumed in a country
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LDC
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Least Developed Country- a country at the lowest stage of economic development
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developing countries
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countries in which the economy is shifting its emphasis from agriculture to industry
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BRIC countries
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Brazil
Russia India China The largest and fastest growing of the developing countries with over 40% of the world's population. |
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Group of 8 (G8)
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an informal forum of the eight most economically developed countries that meets annually to discuss major economic and political issues facing the international community
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business cycle
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the overall patterns of change in the economy- including periods of prosperity, recession, depression, and recovery- that affect consumer and business purchasing power
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competitive intelligence
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the process of gathering and analyzing publicly available information about rivals
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3 levels of competition in the Microenvironment
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discretionary income
product competition brand competition monopoly |
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discretionary income
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the portion of income people have left over after paying for necessities such as housing, utilities, food, and clothing
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