7.7: Key Terms
- Page ID
- 99263
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|---|---|---|---|---|---|
| (Eg. "Genetic, Hereditary, DNA ...") | (Eg. "Relating to genes or heredity") |  |
The infamous double helix | https://bio.libretexts.org/ | CC-BY-SA; Delmar Larsen |
| Word(s) | Definition | Image | Caption | Link | Source |
|---|---|---|---|---|---|
| adapted global marketing strategy | a strategy in which a company utilizes different marketing strategies in different global markets | ||||
| business landscape | everything internal and external to the business, its industry, and its environment | ||||
| consumer income | the amount of money a household or individual earns | ||||
| cultural sensitivity | awareness and appreciation of and the ability to adapt to a cultural, ethnic, racial, or another group other than one’s own | ||||
| cultural symbols | physical representations of a culture’s language, values, and traditions | ||||
| cultural values | unspoken aesthetics, socialization, and religious aspects woven throughout a culture | ||||
| customs | mannerisms or behaviors that are considered characteristics within a social system | ||||
| discretionary income | the money individuals and households are left with after paying taxes and other living expenses, such as food and shelter | ||||
| disposable income | the money individuals and households are left with after paying taxes | ||||
| dumping | the practice in which a company manufactures a very large of number of goods and exports them to a foreign market to see cheaply | ||||
| economic infrastructure | the physical facilities of an economy that benefit product and distribution | ||||
| embargoes | trading bans on a product with a specific country; imposed between countries that have different political ideologies | ||||
| ethnocentrism | an assumption that the business landscape or culture of an international market is the same as the home country or personal culture | ||||
| exchange rate | the rate at which one country’s currency can be exchanged for that of another country | ||||
| exporting | when a firm makes a product or service in one country and sells it in others | ||||
| foreign direct investment (FDI) | the process of establishing operations within a foreign country | ||||
| franchising | a business strategy in which the owner (the franchisor) allows another person or entity (the franchisee) to operate a business using the franchisor’s products, branding, and knowledge in exchange for a fee | ||||
| global market opportunities | conditions that are favorable for a company to expand into the global marketplace | ||||
| international firm | a company that operates on a global level regardless of intensity of involvement | ||||
| joint venture | a business arrangement whereby two or more companies create a single enterprise or project | ||||
| licensing | a contract in which one organization permits another to use its name brand or trademark on its own items | ||||
| lifestyle | the way a person or group lives | ||||
| outsourcing | the process of moving some of a business’s operations to a foreign country for the purpose of saving money and time or to increase volume and quality | ||||
| product adaptation | when companies modify products to align with the local culture | ||||
| product invention | when companies create entirely new products for a global market | ||||
| purchasing power | the goods that can be purchased with one unit of currency | ||||
| quotas | maximum allowable units (usually in currency) to be imported into or exported out of a specific country | ||||
| risk | any situation or condition that leads a company to decreased profits or even failure | ||||
| sociocultural factors | values, behaviors, culture, lifestyle, and language that shape a person’s or group’s way of living | ||||
| standardized global marketing strategy | a strategy in which a company uses the same marketing strategy in all markets | ||||
| stereotypes | oversimplified images, perceptions, or ideas of a person or group | ||||
| straight product extension | a strategy that entails maintaining the same product for both the home and foreign markets | ||||
| strategic alliance | when two companies from different countries agree to invest resources in a mutually beneficial way | ||||
| tariffs | taxes that governments impose on imports into the country | ||||
| trade blocs | intergovernmental agreements that remove barriers to trade within regions of the world | ||||
| transnational firm | a company that allows for a higher degree of localization | ||||
| whole channel | the design of the international channels that incorporates all members, including the manufacturing, retailer, and wholesaler sites as well as transportation |