Global Marketing and Economic Systems Overview

These flashcards cover vocabulary related to global marketing strategies and economic systems.

Market Penetration

A strategy focused on increasing sales of existing products to the existing market.

Diversification

A growth strategy where a company creates new products for new markets.

Global Competitive Advantage

The advantage a company has by conducting operations on a global scale effectively.

Geocentric

Management orientation that views the entire world as a potential market.

Centrally Planned Socialism

An economic system where the state has significant control over industry sectors.

Economic Development Stages

Categories used to classify countries based on economic growth, such as lower-middle-income.

Nationalization

The process by which a government takes control of private assets.

Private International Law

Law applicable to disputes arising from commercial transactions between companies in different nations.

International Court of Justice

A court established to resolve disputes between nations.

Trade Deficit

A situation where a country's imports exceed its exports.

Economic Exposure

The financial risk a company faces due to fluctuating currency values.

Integrated Marketing Communication (IMC)

A strategy that seeks to unify marketing messages across various channels.

Buyer Perception

The way consumers view a brand or product, influenced by marketing strategies.

Legal Environment

The framework of laws and regulations governing business practices.

Regiocentric

A management orientation where a company focuses on one region as a single market.

Devaluation

A reduction in the value of a country's currency in relation to others.

Creeping Expropriation

When a government gradually takes control of foreign assets without outright seizure.

Bribery

Offering something, usually money, to influence the actions of an official or other decision-maker.

Digital Advertising

Advertising conducted through digital channels, increasingly replacing traditional media.

Consumer Engagement

The interaction between consumers and brands through various marketing channels.