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Commerce 2MA3 Final Exam Notes (Ch. 6,12-16).docx

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Department
Commerce
Course
COMMERCE 2MA3
Professor
Ambika Badh
Semester
Fall

Description
Commerce 2MA3Final Exam Notes Chapter 6 Importance of Global MarketingExportingmarketing of domestically produced goods and services abroadImportingpurchasing of foreign goods and servicesService exportsChina is currently the top trading partner for Canada then USA EU Japan and UKWalmart is the largest company and employer in the worldBenefits of going global o Additional revenue o New insights into consumer behaviour o Alternative distribution strategies o Advance notice of new products o Exposure to new marketing techniquesInternational Marketing EnvironmentEconomico National factorsnations size per capita income and state of economic development o Infrastructurenations underline foundation of modern life o Exchange rateprice one country pays in term of anothers moneyHardhigh value in international marketSoftno value in international marketSocialcultural o Before entering a market firms need to study all aspects of a nations culture including language education religious attitudes and social values o Language plays an important role in international marketingTechnological o Internet technologies connect large and small firms to world markets o Technology presents some challenges for global marketerPoliticallegal o LawsInternational laws Canadian laws legal requirements of host nation o Trade barriersTariffsfinancial barrier put on tradeRevenue tariffsraises money for government that is importingProtective tariffsincreases total price of imported to protectImport quotatrade restrictions that limit the number of units of certain goods that can enter a country for resaleEmbargocomplete ban of the import of a productSubsidygovernment financial support of a private industryCommerce 2MA3Final Exam NotesExchange control method used to regulate the privilege of international trade among importing organizations by controlling access to foreign currencies o Dumpingselling a product in a foreign market at a price lower than it commands in the producers domestic marketMultinational Economic IntegrationFree trade areaparticipating nations agree to the free trade of goods among themselvesCustoms unionfree trade area plus uniform tariff for trade with nonmember unionsCommon marketextension of a customs union by seeking to reconcile all government regulations affecting tradeGATT and WTO o General agreement on tariffs and tradeinternational trade accord that has helped reduce world tariffs o World trade organizationreplaced GATT oversees GATT agreements mediates disputes and works to further reduce trade barriersNAFTA o North American free trade agreementaccord removing trade barriers between Canada USA and Mexico all GDPs have increasedFTAA o Free trade area of the Americasproposed free trade area through the Western HemisphereEU o European Unioncustoms union that is moving in the direction of an economic union by adopting a common currency removing trade restrictions and permitting free flow of goods and workers throughout the member nationsIncludes 491 million people in 28 countriesGoing GlobalReasons for going global o Globalization of customers o New customers in emerging markets o Enhanced customer responsiveness o Globalization of competitors o Reduced trade barriers o Advances in technology
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