Global Markets
Total value of a nation's exports compared to its imports measured over a particular period.
What is balance of trade?
Business that is owned, and usually managed, by one person
What is sole proprietorship?
The production of goods using less of every resource compared to mass production.
What is lean manufacturing?
Internationally recognized certification of quality management and assurance standards that helps companies be more efficient
What is ISO 9001?
The process of learning as much as possible about present customers and doing everything you can over time to satisfy goods and services.
What is CRM Customer Relationship Management?
International organization that replaced the GATT and was assigned the duty to mediate trade disputes among nations.
What is World Trade Organization?
Partnership that limits partners' risk of losing their personal assets to only their own acts and omissions.
What is Limited Liability Partnership?
The specialized area in management that converts or transforms resources into goods and services
What is operations management?
Today, cars are manufactured and assemble in this type of facility layout
What is Modular layout?
It is the process of testing products among potential users.
What is test marketing?
The use of government regulations to limit the import of goods and services.
What is trade protectionism?
A legal entity with the authority to act and have liability separate from its owners.
What is a corporation?
Production process in which a minimum inventory is kept on the premises and parts, supplies and other needs are delivered just in time.
What is just-in-time inventory control?
Selling products in a foreign country at lower prices than what they actually cost to produce
What is dumping?
The idea of creating a product people want, a competitive price, a place where customers can find it easily and a promotion helping consumers to buy.
What is the marketing mix?
The advantage that exists when a country produces a specific product more efficiently than all other countries.
What is absolute advantage?
The joining of two companies involved in different stages of related businesses.
What is vertical merger?
Process of testing statistical samples of product components at each stage of the production process. Any variances from quality standards are recognized and corrected.
What is statistical process control SPC?
Limit on the number of products in certain categories that a nation can import
What is import quota?
The process of dividing the total market into groups based on age, income, education, race, religion, occupation, etc.
What is demographic segmentation?
A partnership in which two or more companies join forces (creating a third entity) to undertake a major project.
What is joint venture?
Type of business that provides a nationally recognized brand, proven management system, promotional assistance, managerial regulations and shared profits.
What is a franchise?
Method for analyzing the tasks involved in completing a project, estimating the time needed to complete each task.
What is PERT Program Evaluation and Review Technique?
Free Trade Agreement among US, Canada and Mexico ratified in 1994
What is NAFTA?
The process of identifying small but profitable market segments and designing or finding products for them.
What is niche marketing?