Mktg 3650 Ch. 7

Front 1

protectionism

Back 1

practice of shielding one or more industries of a country's economy from foreign competition through the use of tariffs or quotas.

Front 2

tariff

Back 2

government tax on goods or services entering a country, primarily serving to raise prices on imports.

Front 3

quota

Back 3

restriction placed on the amount of a product allowed to enter or leave a country.

Front 4

World Trade Organization

Back 4

institution that sets rules governing trade between its members through a panel of trade experts.

Front 5

global competition

Back 5

occurs when firms originate, produce, and market their products and services worldwide.

Front 6

multidomestic marketing strategy

Back 6

a multinational firm's offering as many different product variations, brand names, and advertising programs as countries in which it does business.

Front 7

global marketing strategy

Back 7

practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.

Front 8

global brand

Back 8

a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs.

Front 9

global consumers

Back 9

customers living around the world who have similar needs or seek similar benefits from products or services.

Front 10

cross-cultural analysis

Back 10

study of similarities and differences among consumers in two or more nations or societies.

Front 11

values

Back 11

socially preferable modes of conduct or states of existence that tend to persist over time.

Front 12

customs

Back 12

norms and expectations about the way people do things in a specific country.

Front 13

Foreign Corrupt Practices Act (1977)

Back 13

law that makes it a crime for U.S. corporations to bribe an official of a foreign government or political party to obtain or retain business.

Front 14

cultural symbols

Back 14

things that represent ideas or concepts.

Front 15

back translation

Back 15

retranslating a word or phrase back into the original language by a different interpreter to catch errors.

Front 16

currency exchange rate

Back 16

price of one country's currency expressed in terms of another country's currency.

Front 17

exporting

Back 17

producing goods in one country and selling them in another country.

Front 18

joint venture

Back 18

occurs when a foreign company and a local firm invest together to create a local business, sharing ownership, control, and profits of the new company.

Front 19

direct investment

Back 19

occurs when a domestic firm actually invests in and owns a foreign subsidiary or division.

Front 20

dumping

Back 20

occurs when a firm sells a product in a foreign country below its domestic price or below its actual cost.

Front 21

gray market

Back 21

situations where products are sold through unauthorized channels of distribution.