Glossary of Terms: International Business and Global Marketing, Quizzes of Principles of Marketing

Download Glossary of Terms: International Business and Global Marketing and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 global firm DEFINITION 1 a firm that, by operating in more than one country, gains R&D, production, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors TERM 2 economic community DEFINITION 2 a group of nations organized to work toward common goals in the regulation of international trade TERM 3 exporting DEFINITION 3 Entering foreign markets by selling goods produced in the company's home country, often with little modification TERM 4 joint venturing DEFINITION 4 Entering foreign markets by joining with foreign companies to produce or market a product or service TERM 5 licensing DEFINITION 5 entering foreign markets through developing an agreement with a licensee in the foreign market TERM 6 contract manufacturing DEFINITION 6 a joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service TERM 7 management contracting DEFINITION 7 a joint venture in which the domestic firm supplies the management know-how to a foreign company that supplies the capital; the domestic firm exports management services rather than products TERM 8 joint ownership DEFINITION 8 a cooperative venture in which a company creates a local business with investors in a foreign market, who share ownership and control TERM 9 direct investment DEFINITION 9 Entering a foreign market by developing foreign-based assembly or manufacturing facilities TERM 10 standardized global marketing DEFINITION 10 An international marketing strategy that basically uses the same marketing strategy and mix in all of the company's international markets