Exam 1 (Chapter 1-5) Flashcards
(33 cards)
Foreign Marketing
Marketing with foreign countries
4 P’s of Marketing
The key aspects of any marketing program: product, price, place and promotion
Global Environment
A business environment in which business transactions take place between and within different country environments
Global Marketing
Coordinating marketing in multiple markets in the face of global competition
International Marketing
The act of marketing across borders including marketing between countries as well as within each country
Marketing
The collection of activities undertaken by a firm to assess and satisfy customer needs, wants and desires
Marketing Management
The planning and coordinating of activities to achieve a successfully integrated marketing program
Point of Sale (POS)
The location at which a transaction occurs between buyer and seller
Absolute Advantage
A country’s ability to produce a good at a lower cost, in terms of real resources, than another country
Comparative Advantage
A country’s ability to produce a good at a lower cost, relative to other goods, compared to another country
Product Life Cycle
When referring to international trade and product patterns, a trade cycle that many markets go through wherein one nation is initially an exporter, then loses its export markets, and finally may become an importer of the product
Product Innovation
A new or substantially different way of meeting customers’ needs through the development of a new product
Balance-of-Payments
Statements of the economic transactions between one country and all other countries over a period of time, usually one year
Deficits
In the context of balance-of-payments, the shortfall that results when country-level spending exceeds country-level saving
Surpluses
In the context of balance-of-payments, an overage that results when country-level saving exceeds country-level spending
Current Account
A specific balance-of-payment account that includes transactions in manufactured goods and services as well as unilateral transfers
Captial Account
A specific balance-of-payment account that includes flows such as direct and portfolio investments, private placements, and bank and government loans
Tariff
A tax on products imported from other countries
Specific Duty
A tariff levied based on quantity
Tariff Engineering
A process of minimizing the impact of tariffs by modifying the form in which the product is exported
NAFTA
A free trade agreement between Canada, U.S. and Mexico
Quotas
Quantitative restrictions that limit the amount of goods that may enter a country
Exchange Control
A government monopoly on all dealings in foreign exchange, often resulting in a government’s rationing it out according to its own priorities
Non-tariff Barriers
Trade barriers that include customs documentation requirements, marks of origin, food and drug laws, labeling laws, antidumping laws, “buy national,” policies, and subsidies
