Chapter 7 Flashcards
(31 cards)
The practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors.
back translation
The difference between the monetary value of a nation’s imports and exports.
balance of trade
The largest but poorest socioeconomic group of people in the world.
bottom of the pyramid
The tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products.
consumer ethnocentrism
The practice of using barter rather than money for making global sales.
countertrade
The study of similarities and differences among consumers in two or more nations or societies.
cross-cultural analysis
Things that represent ideas and concepts.
cultural symbols
The price of one country’s currency expressed in terms of another country’s currency.
currency exchange rate
What is considered normal and expected about the way people do things in a specific country.
customs
A global market-entry strategy that entails a domestic firm actually investing in and owning a foreign subsidiary or division.
direct investment
When a firm sells a product in a foreign country below its domestic price or below its actual cost.
dumping
A law that makes the theft of trade secrets by foreign entities a federal crime in the US.
Economic Espionage Act of 1996
A global market-entry strategy in which a company produces goods in one country and sells them to another country.
exporting
A law, amended by the International Anti-Dumping and Fair Competition Act (1998), that makes it a crime for US corporations to bribe an official of a foreign government or political party to obtain or retain business in a foreign country.
Foreign Corrupt Practices Act (1977)
A brand marketer under the same name in several countries with similar and centrally coordinated marketing programs.
global brand
Exists when firms originate, produce, and market their products and services worldwide.
global competition
Consumer groups living in many countries or regions of the world who have similar needs or seek similar features and benefits from products or services.
global consumers
A strategy used by transnational firms that employ the strategy of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.
global marketing strategy
A situation where products are sold through unauthorized channels of distribution.
gray market
Also known as “parallel importing”
gray market
The monetary value of all goods and services produced in a country during one yr.
GDP
A global market-entry strategy in which a foreign company and a local firm invest together to create a local business in order to share ownership, control, and profits of the new company.
joint venture
The practice of offering small, collateral-free loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other income-generating activities.
microfinance
A strategy used by multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business.
multidomestic marketing strategy
