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Marketing Essentials Chapter 4

International Trade

Exchange of goods and services among nations


Goods and services purchased from other countries


Goods and services sold to other countries

Balance of Trade

The difference in value between exports and imports of a nation

Free Trade

Commercial exchange between nations that is conducted on free market principles, without restrictive regulations


A tax on imports, sometimes called a duty


Limits either the quantity or the monetary value of a product that may be imported


Total ban on a specific good coming into and leaving a country


Government's establishment of economic policies that systematically restrict imports in order to protect domestic industries

World Trade Organization (WTO)

Coalition of nations that makes rules governing international trade

North American Free Trade Agreement (NAFTA)

International trade agreement among the US, Canada, and Mexico

European Union (EU)

Europe's trading bloc


Involves letting another company (licensee) use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty

Contract Manufacturing

Involves hiring a foreign manufacturer to make your products, according to your specification

Joint Venture

Business enterprise that companies set up together

Foreign Direct Investment (FDI)

Establishment of a business in a foreign country


Large corporations that have operations in several countries


Midsize or smaller companies that have operations in foreign countries


Selling the same product and using the same promotion methods in all countries


A company's use of an existing product and/or promotion to which changes are made to better suit the characteristics of a country or region


Involves creating specially designed products or promotions for certain countries or regions

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