MKTG-300 Chapter Notes - Chapter 7: Ethnocentrism, Joint Venture, North American Free Trade Agreement

• School: American University
• Department: Marketing
• Course: MKTG-300
• Professor: Susko

Document Summary

Balance of trade: difference between the monetary value of a nation"s exports and imports. Protectionism: practice of shielding one or more industries within a country"s economy from foreign competition through the use of tariffs or quotas. Tariffs: which are a government tax on products or services entering a country, primarily serve to raise prices on imports. Quota: is a restriction placed on the amount of a product allowed to enter or leave a country. World trade organization (wto): major industrialized nations of the world. Global competition: exists when firm originate, produce, and market their products and services worldwide. Multidomestic marketing strategy: means that they have as many different product variations, brand names, and advertising program as countries in which they do business. Global marketing strategy: the practice of standardizing marketing activities when there are cultural similarities and adapting when cultures differ. Global brand: a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs.