MKT 301 Exam 1 Questions With Verified Answers.

MKT 301 Exam 1 Questions With Verified Answers. Global marketing - answermarketing that targets markets throughout the world global vision - answerrecognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all mrakets absolute advantage - answerwhen 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 - answereach 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 - answerpolicy of permitting individuals and businesses in a country to buy and sell in other countries without restrictions protectionism - answerwhere a nation protects its home industries from foreign competitors by establishing artificial barriers, such as tariffs and quotas gross domestic product (GDP) - answerthe total market value of all final goods and services produced in a country for a given time period outsourcing - answersending US jobs abroad inshoring - answerreturning production jobs to the United States multinational corporation - answera company that is heavily engaged in international trade, beyond exporting and importing capital intensive - answerusing more capital than labor in the production process global marketing standardization - answerproduction of uniform products that can be sold the same way all over the world multidomestic strategy - answerwhen multinational firms enable individual subsidiaries to compete independently in domestic markets balance of trade - answerthe difference between the value of a country's exports and the value of its imports over a given period balance of payments - answerthe difference between a country's total payments to other countries and its total receipts from other countries Mercosur - answerThe largest latin american trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay World Trade Organization (WTO) - answera trade organization that replaced the old General Agreement on Tariffs and Trade (GATT) Uruguay Round - answera trade agreement to dramatically lower trade barriers worldwide; created the World Trade Organization Dominican Republic Central America Free Trade Agreement (CAFTA-DR) - answera trade agreement instituted in 2005 that includes Costa Rica, the DR, El Salvador, Guatemala, Honduras, Nicaragua, and the US European Union (EU) - answera free trade zone encompassing 28 European countries World Bank - answeran international bank that offers low-interest loans, advice, and information to developing nations International Monetary Fund (IMF) - answeran international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation Group of Twenty (G-20) - answera forum of international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability exporting - answerselling domestically produced products to buyers in other countries buyer for export - answeran intermediary in the global market that assumes all ownership risks and sells globally for its own account export broker - answeran intermediary who plays the traditional broker's role by bringing buyer and seller together export agents - answeran intermediary who acts like a manufacturer's agent for the exporter; the export agent lives in the foreign market licensing - answerthe legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge contract manufacturing - answerprivate label manufacturing by a foreign company