Marketing chapter 15 key terms

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Marketing chapter 15 key terms
2013-12-03 20:33:03
Marketing Exam3

marketing chapter 15 key terms
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  1. Global firm
    A firm that, by operating in more than one country, gains R&D, production, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors.
  2. Exporting
    Entering foreign markets by selling goods produced in the company's home country, often with little modification.
  3. Joint venturing
    Entering foreign markets by joining with foreign companies to produce or market a product or service.
  4. Licensing
    Entering foreign markets through developing an agreement with a licensee in the foreign market.
  5. Contract manufacturing
    A joint venture in which a company contracts with manufacturers in a foreign market to produce the product or provide its service.
  6. Management contracting
    A joint venture in which the domestic firm supplies the management know-how to a foreign company that supplies the capital; the domestic firm exports management services rather than products.
  7. Joint ownership
    A cooperative venture in which a company creates a local business with investors in a foreign market, who share ownership and control.
  8. Direct investment
    Entering a foreign market by developing foreign-based assembly or manufacturing facilities.
  9. Standardized global marketing
    An international marketing strategy that basically uses the same marketing strategy and mix in all of the company's international markets.
  10. Adapted global marketing
    An international marketing approach that adjusts the marketing strategy and mix elements to each international target market, which creates more costs but hopefully produces a larger market share and return.
  11. Straight product extension
    Marketing a product in a foreign market without making any changes to the product.
  12. Product adaptation
    Adapting a product to meet local conditions or wants in foreign markets.
  13. Product invention
    Creating new products or services for foreign markets.
  14. Communication adaptation
    A global communication strategy of fully adapting advertising messages to local markets.