The Global Market
Markets that exist outside of the country where the product or service is currently offered
Global Marketing
Taxes on imports coming into a country
Tariffs
When a company produces a product in its country and sells it in another.
Exporting
What is it called when promoting a product or service in a specific country, adapting to local languages, customs, and preferences?
International Marketing
When setting prices globally, companies must think about tariffs, shipping, and this part of the country’s economy.
Local Economy
Government rules that prohibit or encourage trade growth, including tariffs, quotas, embargoes, and trade blocs
Trade Regulations
Bans on the movement of goods between certain countries, generally imposed for political differences
Embargoes
When a company permits another to use its name.
Licensing
When a company keeps a product the same across different countries in order to maintain a consistent brand image.
Standardization
When choosing how to distribute products in a new country, companies must look at all members of this chain.
Place
The easiest and most common global entry strategy, where a company produces products in one country and sells them in another.
Exporting
What factors can help stabilize the economy of a country?
Political Environment
When a company allows others to use their images
Franchising
The use of celebrities or influencers from different countries to promote a brand or product in order to gain appeal to local audiences.
Celebrity Endorsement
Flags, gestures, and holiday items are examples of these cultural details important for advertising.
Cultural Symbols
A partnership where two or more companies create an entirely new company, sharing ownership and risk.
Joint Venture
Maximum number of imports or exports in or out of a given country
Quotas
A complete setup of an enterprise in another country
Foreign Direct Investment
When products are tailored and advertised to appeal to a country’s culture.
Localization
Aesthetics, religion, and social norms are all part of these cultural beliefs that affect marketing.
Cultural Values
A strategy where a company adjusts or customizes its marketing approach for each global market; it’s more expensive but more effective.
Adapted Global Marketing Strategy
The rate at which one country’s currency can be exchanged for that of another country
Currency Exchange Rate
A _________ is a less formal partnership where existing companies agree to cooperate on specific projects without forming a new company, while a ________ creates a new, separate legal entity
Strategic Alliance, Joint Venture
A distribution approach where a company relies on independent firms located in foreign countries to sell its products, since these firms have stronger knowledge of the local market
International Distributors
Idioms, translations, and language differences have a major impact on this part of the marketing mix.
Promotion