International Trade, Agreements & Economics
This organization, formed in 1995, aims to regulate international trade and resolve disputes between member nations.
What is the World Trade Organization (WTO)?
This exchange rate system is where the value of a country’s currency is determined by market forces, without government intervention.
What is a floating exchange rate?
This marketing strategy involves tailoring products and advertising to suit the needs and desires of local markets, rather than using a one-size-fits-all approach.
What is glocalization?
This cultural dimension, identified by Geert Hofstede, measures the degree to which less powerful members of a society accept and expect unequal distribution of power.
What is power distance?
This strategy involves a company expanding into foreign markets through partnerships with local firms, often using joint ventures or strategic alliances.
What is market entry strategy?
This term refers to the difference between the value of a country’s exports and imports over a specific period of time.
What is the trade balance?
This term refers to the borrowing and lending of money across national borders, often involving government bonds or corporate debt.
What is international capital flow?
This term refers to the movement of goods and services across borders, sometimes subject to tariffs and import/export quotas.
What is international trade?
This concept refers to how individuals in different cultures manage time, either emphasizing punctuality and efficiency or valuing relationships and flexibility.
What is time orientation (monochronic vs. polychronic)?
This type of strategy involves a company targeting multiple international markets, often with customized marketing campaigns, products, or services for each market.
What is a multi-domestic strategy?
This type of economic integration involves the reduction or elimination of trade barriers between countries, but without adopting a common external tariff.
What is a free trade area?
This concept is a measure of a country’s economic health, often expressed as the total market value of all finished goods and services produced within a country in a given year.
What is Gross Domestic Product (GDP)?
This term describes a company’s effort to influence the global marketplace by positioning its products as universally desirable.
What is global branding?
This term is used to describe the business practice of establishing operations or offices in foreign countries to access new markets or resources.
What is foreign direct investment (FDI)?
This is a strategy where a company standardizes its products and marketing across international markets to take advantage of economies of scale.
What is a global strategy?
This agreement, signed in 1994, created a trilateral trade bloc between the United States, Canada, and Mexico.
What is the North American Free Trade Agreement (NAFTA)?
This international financial institution was established to assist with the reconstruction of war-torn Europe after World War II and now provides loans to developing countries.
What is the World Bank?
This pricing strategy involves setting prices lower in international markets to gain market share, often used to penetrate new markets or combat local competition.
What is penetration pricing?
This is a business practice where managers and employees from diverse cultural backgrounds work together, often requiring sensitivity to cultural differences and communication styles.
What is intercultural communication & sensitivity?
This term refers to the process of assessing the advantages and disadvantages of doing business in a particular foreign market, considering factors like political stability, social practices, technological trends, market potential etc.
What is MACRO ENVIRONMENT market analysis??
This concept refers to a situation where a country can produce a good or service at a lower opportunity cost than another.
What is comparative advantage?
This market involves trading currencies and determines exchange rates between different national currencies.
What is the foreign exchange market (Forex)?
This international marketing term refers to the practice of marketing a product or service in a different country using the same brand name, packaging, and advertising strategy as in the home country.
What is a standardized marketing strategy? / Global Approach ?
In this culture, individuals are expected to prioritize group goals over personal goals, with a strong sense of loyalty to the group.
What is collectivism?
In international business, this term describes the level of competition that arises when a company from one country enters the market of another country and competes against local businesses. Give it up to Porter !
What is market rivalry?