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Flashcards in Chapter 4: Developing a Global Vision Deck (32)
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1

Global marketing

Marketing that targets markets throughout the world.

2

Global vision

A recognition of and reaction to international marketing opportunities using effective global marketing strategies and being aware of threats from foreign competitors in all markets.

3

Gross domestic product (GDP)

The total market value of all goods and services produced in a country for a given period.

4

Outsourcing

The practice of using an outside supplier, generally where the production costs are lower, to complete the work.

5

Inshoring

Returning jobs to Canada.

6

Multinational corporations

Companies that are heavily engaged in international trade, beyond exporting and importing.

7

Capital intensive

Using more capital than labour in the production process.

8

Global marketing standardization

Production of uniform products that can be sold the same way all over the world.

9

Gross national income (GNI) per capita

One measure of the ability of a country's citizens to buy various goods and services.

10

Mercosur

The largest Latin American trade agreement, made up of Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela.

11

Uruguay Round

An agreement created by the World Trade Organization to dramatically lower trade barriers worldwide.

12

World Trade Organization (WTO)

A trade organization that replaced the old General Agreement on Tariffs and Trade (GATT).

13

General Agreement on Tariffs and Trade (GATT)

A trade agreement that contained loopholes that enabled countries to avoid trade-barrier reduction agreements.

14

North American Free Trade Agreement (NAFTA)

An agreement among Canada, the United States, and Mexico that created the world's largest free trade zone at that time.

15

Canadian-European Union Comprehensive Economic and Trade Agreement (CETA)

A progressive free trade agreement, which overs almost all sectors and aspects of Canada-EU trade in order to eliminate or reduce barriers.

16

European Union (EU)

A free trade zone encompassing 28 European countries.

17

6 Factors Global Marketers Must Address

Natural resources, Cultural values, economic development, technological development, political structure (tariffs, quotas, boycotts, etc.), demography (race, gender, age).

18

World Bank

An international bank that offers low-interest loans, advice, and information to developing nations.

19

International Monetary Fund (IMF)

An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation.

20

Group of Twenty

A forum for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability.

21

High-net-worth individuals (HNWI)

Individuals who have $1 million in liquid financial assets.

22

Exporting (lowest risk)

Selling domestically produced products to buyers in another country.

23

Buyer for export

An intermediary in the global market that assumes all ownerships risks and sells globally for its own account.

24

Export broker

An intermediary who plays the traditional broker's role by bringing buyer and seller together.

25

Export agents

Intermediaries who act like manufacturers' agents for exporters; the export agents live in the foreign market.

26

Licensing

The legal process whereby a licensor agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge.

27

Contract manufacturing

Private-label manufacturing by a foreign company.

28

Joint venture

A domestic firm's purchase of part of a foreign company or a domestic firm joining with a foreign company to create a new entity.

29

Direct foreign investment (highest risk)

Active ownership of a foreign company or of overseas manufacturing or marketing facilities.

30

Floating exchange rates

Prices of different currencies move up and down based on the demand for and the supply of each currency.