Global Marketing
Marketing that targets markets throughout the world.
Global Vision
Recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets.
Job Outsourcing
Sending US jobs abroad.
Multinational Corporation
A company that is heavily engaged in international trade, beyond exporting and importing.
Capital Intensive
Using more capital than labor in the production process.
Global Marketing Standardization
Production of uniform products that can be sold the same way all over the world.
Mercosur
The largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay.
The Uruguay Round
An agreement to dramatically lower trade barriers worldwide; created the World Trade Organization.
World Trade Organization (WTO)
A trade organization that replaced the old General Agreement on Tarriffs and Trade. (GATT)
General Agreement of Tariffs and Trade (GATT)
A trade agreement that contained loopholes enabling countries to avoid trade-barrier reduction agreements.
North American Free Trade Agreement (NAFTA)
An agreement between Canada, the United States, and Mexico that created the worlds largest free trade zone.
Central America Free Trade Agreement (CAFTA)
A trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States.
European Union (EU)
A free trade zone encompassing 27 European contries.
World Bank
An international bank that offers low-interest loans, advice, and information to developing nations.
International Monetary Fund (IMF)
An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation.
Group of Twenty (G-20)
A forum for international economic development that promotes discussion between industrial and emerging-market contries on key issues related to global economic stability.
Exporting
Selling domestically produced products to buyers in other contries.
Buyer for Export
An intermediary in the global market who assumes all ownership risks and sells globally for its own account.
Export Broker
An intermediary who plays the traditional broker's role by bringing buyer and seller together.
Export Agent
An intermediary who acts like a manufacturer's agent for the exporter; the export agent lives in the foreign market.
Licensing
The legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge.
Contract Manufacturing
Private label manufacturing by a foreign company.