Glossary of Trade and Marketing Terms, Quizzes of Principles of Marketing

Download Glossary of Trade and Marketing Terms and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 protectionism DEFINITION 1 the practice of shielding one or more industries within a couture's economy from foreign competition through the use of tariffspreserves jobs, protects nations political securite TERM 2 tariff DEFINITION 2 a government tax on goods or services entering a country, primarily serving to raise prices on importsgive price advantage to domestic products competing in same marketincrease prices TERM 3 quota DEFINITION 3 a restriction placed on the amount of product allowed to enter/leave a countrylimits supply of foreign productshelps domestic industries retain some domestic marketmay mean higher prices for consumers TERM 4 World Trade Organization DEFINITION 4 institution that sets rules governing trade between its member through a panel of trade experts TERM 5 global competition DEFINITION 5 exists when firms originate, produce, & market their products & services worldwidecars, pharmacy, apparel, electronicsbroadens the competitive landscape TERM 6 multidomestic marketing strategy DEFINITION 6 a multinational firm's strategy of offering as many different product variations, brand names, and advertising programs as countries in which it does business TERM 7 global marketing strategy DEFINITION 7 the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differbenefits marketers by allowing them to realize economies of scale from their production & marketing activities TERM 8 global brand DEFINITION 8 a brand marketed under the same name in multiple countries with similar centrally coordinated marketing programs TERM 9 global consumers DEFINITION 9 consumer groups living around the world who have similar needs or seek similar benefits from products/services TERM 10 cross-cultural analysis DEFINITION 10 the study of similarities and differences among consumers in 2 or more nations or societies