BUS 348 Chapter Notes - Chapter 2: Business Ethics, Local Food, Extortion
1 Jun 2018
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BUS 348
Chapter 2: Global, Ethical, and Sustainable Marketing
2.1: Marketing on the Global Stage
• Greenhouse Effect - the turning of our atmosphere in to a kind of greenhouse as a result of the
addition of carbon dioxide and other greenhouse gases
• global warming - a warming of the planet earth that will have disastrous effects on the planet
• Arab Spring - a series of anti-government protests and uprisings in a number of Arab countries
facilitated by new social media tools available to people in the region
• world trade - the flow of goods and services among different countries - the value of all the
exports and imports of the world's nations
• countertrade - a type of trade in which goods are paid for with other items instead of with cash
2.2: Understand International, Regional, and Country Global Trade Controls
• General Agreement on Tariffs and Trade (GATT) - international treaty to reduce import tax levels
and trade restrictions
• World Trade Organization (WTO) - an organization that replaced GATT; the WTO sets trade rules
for its member nations and mediates disputes between nations
• World Bank - an international lending institution that seeks to reduce poverty and improve the
lives of people by improving economies and promoting sustainable development
• International Monetary Fund (IMF) - an international organization that seeks to ensure the
stability of the international monetary exchange by controlling fluctuations in exchange rates
• foreign exchange rate (forex rate) - the price of a nation's currency in terms of another currency
• balance of payments - a statement of how much trade a country has going out compared to how
much it has coming in. If a country is buying more than it is selling, it will have a negative balance
of payments
• protectionism - a policy adopted by a government to give domestic companies an advantage
• import quotas - limitations set by a government on the amount of a product allowed to enter a
country
• embargo - a quota completely prohibiting specified goods from entering or leaving a country
• tariffs - taxes on imported goods
• economic communities - groups of countries that band together to promote trade along
themselves and to make it easier for member nations to compete elsewhere
2.3: Analyze the External Marketing Environment
• least developed country (LDC) - a country at the lowest stage of economic development
• gross domestic product (GDP) - the total dollar value of goods and services produced by a nation
within its borders in a year
• economic infrastructure - the quality of a country's distribution, financial, and communications
systems
• level of economic development - the broader economic picture of a country
• standard of living - an indicator of the average quality and quantity of goods and services
consumed in a country
• developing countries - countries in which the economy is shifting its emphasis from agriculture to
industry
• bottom of the pyramid (BOP) - the collective name for the group of consumers throughout the
world who live on less than $2 a day
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