MKT 301 Exam 1 questions and answers | 2024/2025

global marketing - marketing that targets markets throughout the world global vision - recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all mrakets absolute advantage - when a country can produce a good at a lower cost using the same or reduced amount of resources or when it's the only country that can provide the product or service principle of comparative advantage - each country should specialize in the products or services that it can produce most readily and cheaply and trade those products or services for goods and services that foreign countries can produce most readily and cheaply free trade - policy of permitting individuals and businesses in a country to buy and sell in other countries without restrictions protectionism - where a nation protects its home industries from foreign competitors by establishing artificial barriers, such as tariffs and quotas gross domestic product (GDP) - the total market value of all final goods and services produced in a country for a given time period outsourcing - sending US jobs abroad inshoring - returning production jobs to the United States multinational corporation - a company that is heavily engaged in international trade, beyond exporting and importing capital intensive - using more capital than labor in the production process