A short description of what you do, or the point you want to make, presented in the time it takes an elevator to go from the top floor to the first floor or vice versa. (30-60 sec)
Primary obstacle to success in international marketing
Self Reference criterion (SRC)+ Ethnocentrism
Frame of reference embracing cultural difference and knowledge of cultures, history, world market potential, and global economic, social and political trends.
What is different about competing globally?
*Customer wants and demands may be different
*Local culture and customs guaranteed to be different
BoP (balance of payment)
Set of accounts that record a country's international transactions, and which always balance out with no surplus or deficit shown on the overall basis.
The worldwide movement toward economic, financial, trade, and communications integration.
Governmental policy aimed at shielding a fragile economy, or a weak or critical sector, from cheaper or better imports through imposition of high duty rates (tariff barriers), quotas, and/or inordinately stringent or time consuming inspection or quality regulations (non-tariff barriers).
Government imposed restriction on the free international exchange of goods or services.
Government tax on goods entering at borders.
Omnibus Trade and Competitiveness Act
Designed to help US businesses be more competitive in world markets and address perceived injustices in trade practices.
GATT(General Agreement on Tariffs and Trade)
UN agency for promotion of free trade between signatory countries (called contracting parties).
WTO (World Trade Organization)
-Only Global international organization dealing with rules of trade between nations.
-Goals to help producers of goods and services, exporters and importers conduct business
-Established 1995, 153 Member countries
-HQ Geneva, Switzerland
-Currency Swiss francs
-Vital source of financial and technical assistance to developing countries around world.
-Mission to fight poverty; help people help themselves and environment by providing resources, sharing knowledge, building capacity and forging partnership in public and private sectors.
-Established 1944, 187 member countries
-HQ Washington DC
IMF(International Monetary Fund)
-Oversees international monetary system by following macroeconomic policies of member countries
-Goal to stabilize international exchange rates and facilitate development by encouraging members to eleminate restictions that hinder trade.
-Offers highly leveraged loans, mainly to poorer countries.