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17 Cards in this Set
- Front
- Back
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countertrade
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Form of exporting whereby goods and services are bartered rather than sold for cash.
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European Union (EU)
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Customs union that is moving in the direction of an economic union by adopting a common currency, removing trade restrictions, and permitting free flow of goods and workers throughout the member nations.
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exporting
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Marketing domestically produced goods and services in foreign countries.
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foreign licensing
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Agreement that grants foreign marketers the right to distribute a firm’s merchandise or to use its trademark, patent, or process in a specified geographic area.
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franchise
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Contractual arrangement in which a wholesaler or retailer agrees to meet the operating requirements of a manufacturer or other franchiser.
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free trade area
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Region in which participating nations agree to the free trade of goods among themselves, abolishing tariffs and trade restrictions.
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Free Trade Area of the Americas (FTAA)
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Proposed free trade area stretching the length of the entire Western Hemisphere and designed to extend free trade benefits to additional nations in North, Central, and South America.
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General Agreement on Tariffs and Trade (GATT)
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International trade accord that has helped reduce world tariffs.
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global marketing strategy
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Standardized marketing mix with minimal modifications that a firm uses in all of its domestic and foreign markets.
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import quotas
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Trade restrictions that limit the number of units of certain goods that can enter a country for resale.
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importing
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Purchasing foreign goods, services, and raw materials.
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infrastructure
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Nation’s basic system of transportation networks, communications systems, and energy facilities.
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multidomestic marketing strategy
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Application of market segmentation to foreign markets by tailoring the firm’s marketing mix to match specific target markets in each nation.
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multinational corporation
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Firm with significant operations and marketing activities outside its home country.
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North American Free Trade Agreement (NAFTA)
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Accord removing trade barriers among Canada, Mexico, and the United States.
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tariff
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Tax levied against imported goods.
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World Trade Organization (WTO)
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Organization that replaces GATT, overseeing GATT agreements, making binding decisions in mediating disputes, and reducing trade barriers.
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