Global Trade and Marketing Strategies

These flashcards cover key concepts related to global trade, marketing strategies, and international business practices.

What is ethnocentrism?

The belief that one's culture is superior to others.

What does counter trade refer to?

The international exchange of goods without the use of money, trading goods for goods.

Which three countries lead in imports and exports?

The United States, China, and Germany.

What does GDP stand for and why is it important?

Gross Domestic Product; it measures a country's economic performance and potential.

What is protectionism?

The economic policy of shielding or protecting domestic industries from foreign competition through tariffs and quotas.

What is a tariff?

A tax imposed on imported goods.

What is a quota?

A limit on the quantity of a product that can be imported or exported.

What is the difference between multinational and transnational firms?

Multinational firms use multiple domestic marketing strategies; transnational firms use a global marketing strategy, treating the world as one big market.

What is the primary characteristic of international firms?

They use the same marketing strategy in foreign countries as in their home country.

What is economic espionage?

The act of spying on businesses to steal trade secrets, often during international business dealings.

How does cultural difference affect business practices?

Understanding cultural norms and customs is crucial for successful international business engagements.

What is dumping in international trade?

Selling products in a foreign market at prices lower than their cost.

What is meant by global competition?

Companies creating and marketing their products around the world, increasing competition globally.

What is the role of customs in international business?

Normalization of behaviors and practices in specific countries which affect business interactions.

What is the concept of back translation?

A method used to ensure accurate meaning in translations, not just words.

What are the four market entry strategies?

Exporting, licensing, joint ventures, and direct investment.

What is consumer ethnocentrism?

The belief that buying domestic products is morally superior.

What is the significance of balance of trade?

It compares the value of a country's imports and exports, impacting economic decisions.