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chaper 19

STUDY
PLAY
global firm
a firm that, by operating in more than one country, gains R&D, production, costs and reputation that are not available to purely domestic competitors
economic community
a group of nations organized to work toward common goals in the regulation of international trade
countertrade
international trade involving the direct or indirect exchange of goods for other goods instead of cash
exporting
entering a foreign market by selling goods produced in the company's home country, often with little modification
joint venturing
entering foreign markets by joining with foreign companies to produce or market a product or service
licensing
a method of entering a foreign market in which the company enters into an agreement with a license in the foreign market
contract manufactoring
a joint venture in which a company contracts with maufactors in a foreign market to produce the product or provide its service
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
joint ownership
a joint venture in which a company joins investors in a foreign market to create a local business in which the company shares joint owbership and control
direct investment
entering into a foreign market by developing foreign-based assembly or manufactoring facilities
standardized global marketing
an internatinal marketing strategy for using basically the same marketing strategy and mix in all the company's international markets
advanced global marketing
an international marketing strategy for adjusting the marketing strategy and mix elements to each international target market, bearing more costs but hoping for a large market share and return
straight product extension
marketing a product in a foreign market without any change
product adaption
adapting a produc to meet local conditions or wants in foreign markets
product invention
creating new products or services for foreign markets
communication adaption
a global communication strategy of fully adapting advertising messages to local markets
whole-channel view
designing international channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery network