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marketing ch.7 Flashcards

1
Q

how do imports/exports affect eachother

A

more exports–>more GDP–> more imports

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2
Q

Countertrade

A

using barter rather than money for global sales. 15-20% of world uses

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3
Q

US leader in what measure

A

GDP

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4
Q

Balance of Trade

A

the difference between monetary value of exports and imports

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5
Q

Deficit

A

imports>exports

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6
Q

4 elements of Competitive Advantage

A

factor conditiosn, demand conditions, related and supporting industries, company strategy structure and rivalry

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7
Q

Factor Conditions

A

the ability to turn natural resources/edu/infurstructure into competitive advantage

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8
Q

Demand Conditions

A

the number and sophistication of domestic customer. Ex. Japan demand high quality

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9
Q

Related and Supporting industries

A

need world class suppliers to accelerate innovation

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10
Q

Company Strategy, structure and rivalry

A

conditions governing business, intensity of competition domestically.

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11
Q

Economic Espionage Act (1996)

A

theft of trade secrets by foreign entities a federal crime in US

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12
Q

4 trends influencing global market

A

Trend 1: Gradual decline of economic protectionism by individual countries.
Trend 2: Formal economic integration and free trade among nations.
Trend 3: Global competition among global companies for global customers.
Trend 4: Emergence of a networked global market space.

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13
Q

Protectionism

A

shielding industries within a country’s economy through tariffs/quotas

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14
Q

Tariffs

A

government tax on goods/services entering a country

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15
Q

Quotas

A

restriction on amount of product allowed to enter/leave

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16
Q

World Trade Organization

A

sets rules governing trade between members

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17
Q

EU

A

European Union. Eliminated barriers to free flow of goods. Adopt Euro. Universal standards/regulations across Europe

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18
Q

NAFTA

A

North American Free Trade Agreement. Limit trade barriers between Canada Mexico US

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19
Q

Asian Free Trade Agreements

A

less formal attempt at EU and NAFTA

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20
Q

Strategic Alliances

A

agreements among firms to cooperate for the purpose of achieving common goals

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21
Q

Three types of global companies

A

international multinational transnational

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22
Q

International

A

Engages in trade and marketing in diff countries as extension of marketing strategy at home. Same product, Same marketing

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23
Q

Multinational

A

Markets to each part of the world differently. Different Product variations, brand names and ad programs in different countries. (Multidomestic marketing strategy)

24
Q

Multidomestic marketing strategy

A

they have different product variations, brand names and ad programs in different countries

25
Transnational
views world as one giant market. Capitalizes on cultural similarities uses global marketing strategy markets global brand
26
Global Marketing Strategy
standardizing marketing activities where there are cultural similarities. Adapting where the differ
27
Global Brand
marketed under same name in multiple countries using same/coordinating marketing programs
28
Cross cultural Analyisis
study of similarities and differences among consumers in nations
29
Values
personally or socially preferable modes of conduct or states of existence. (ex. McDonalds dosnt sell beef in india, cow sacred)
30
Customs
what is considered normal and expected about the way people do things in a specific country
31
Semiotics
study of symbols
32
Back translation
translated word/phrase is re translated by a different interpreter.
33
Ethnocentricity
belief that one's culture is superior to another
34
Consumer Ethnocentrism
tendency to believe that it is inappropriate/immoral to purchase foreign made products
35
Developed Economy
Mixed economies. Private enterprises dominate with substantial public sector
36
Developing Economy
in the process of moving from agricultural to industrial. Two groups: those who made the move those who remain locked in preindustrial
37
Bottom of the pyramid
largest, poorest socioeconomic group
38
Economic Infastructure
a country's communications transportation, financial and distribution systems
39
Microfinance
practice of offering small, collateral free loans to individuals who otherwise couldnt buy product
40
Currency exhchange rate
the price of one country's currency in terms of another currency
41
Global Market Entry Strategies (4)
Exporting, Licensing, Joint Venture, Direct Investment
42
Exporting as entry strategy
Producing good in one country, selling to antoher allows least number of changes indirect/direct
43
Indirect exporting
firm sells products internationally through intermediary. Least Commitment, least profit
44
Direct Exporting
sells domesically produced good without intermediaries
45
Licensing as entry strategy
company offer right to trademark/patent/trademark in return for a royalty/fee low risk, capital free...less profit and control Franchising , Contract Manufacturing and Contract Assembly
46
Contract Manufacturing
US company contracts a foreignfirm to manufacture acocrding to spec
47
Contract Assembly
Firm assembles parts that have been shipped
48
Joint Venture as entry strategy
when a foreign firm and local firm invest together to create business. Share ownership.control/profit
49
Direct Investment as entry strategy
biggest commitment- firm investing in and owning a foreign subsidiary/division
50
Product Extension
Selling same product, new countries
51
Product Adaption
changing product to sell it to new country
52
Product Invention
Companies create new product for new countries
53
Product Adaptation strategy-
adpating promotion messages
54
communication adaptation strategy
modifying both products and promotion
55
Dumping
When a firm sells a product in a foregin country below its domestic price or below cost. Can be illegal
56
Grey Market
when products are sold through unauthorized channels of distribution.

Marketing (18 decks)

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