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Chapter 1-5

GMS522 Textbook Definitions Chapters 1-5.pdf

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Global Management Studies
GMS 522
John Currie

Chapter 1 economies of A production condition where an increase in the quantity of the product results in a scale decrease of the production cost per unit. economies of The reduction in cost per unit as the firm spreads its total costs (production, marketing, scope and R & D) over a larger number of brands, product lines, or target markets. foreign direct Capital funds that flow from abroad; company is held by non-citizens; foreign ownership investment is typically undertaken for longer-term participation in an economic activity. global marketing The planning, coordination, and integration of marketing activities across multiple country markets. globalization The increased integration of the world's economies. glocal marketing A strategic orientation that reflects the need for balance between global marketing, with its focus on standardization, and local marketing, with its focus on adaptation to country differences. international The process of planning and conducting transactions across national borders to create marketing exchanges that satisfy the objectives of individuals and organizations. marketspace The virtual marketplace where buyers and sellers transact online. multi-domestic A strategic orientation in which a firm develops and implements a unique marketing marketing strategy for each country in which it does business with little or no coordination of operations between countries. strategic alliance A special form of joint venture consisting of an arrangement between two or more companies with a common business objective; more than the traditional customer/vendor relationship, but less than an outright acquisition. triad The megamarkets of North America, Europe, and the Asia-Pacific region. Chapter 2 absolute An economic principle stating that a country should specialize in the production of that advantage which it can produce more efficiently than its prospective trading partners and should trade with those countries for all other products it wishes to consume. ad valorem tariff A tax on an imported product that is imposed by a domestic government and assessed as a percentage of its market value. autarky A term used to describe the absence of international trade. balance of An accounting statement that summarizes economic transactions between one country payments and other countries with which it does business. balance of trade A term used to describe the difference between a country's exports and imports. bilateral negotiations Trade agreements carried out mainly between two nations. comparative An economic principle that states that a country should specialize in the production and advantage export of products it can produce relatively more efficiently and import all other products; according to this principle, a country still benefits from international trade even when it does not have an absolute advantage. compound Tariffs that have both ad valorem and specific components. tariffs country A theory that states that countries should be expected to trade most intensely with other similarity theory countries with similar levels of per capita income and less intensely with countries with dissimilar levels of per capita income; also known as the Linder theory. embargo Governmental action that terminates the free flow of trade in goods, services, or ideas; imposed for adversarial and political purposes. export Measures such as subsidies, trade missions, and the provision of foreign market promotion intelligence, introduced to enhance exporting activity at the company, industry, or national level. export tariff A tax imposed by the domestic government on a product that is being exported. foreign trade Geographic areas in a country within which foreign companies receive preferential zones treatment of their imported raw materials and exports of their finished products. import tariffs A tax imposed by the domestic government on a product that is being imported. labour theory of An economic principle that states that commodities should be valued in terms of the value amount of labour embodied in their production. Leontief statistic The metric (K/L)m/(K/L)x, where (K/L)x is the capital-to-labour ratio for exports and(K/L)m is the capital-to-labour ratio for imports. maquiladora A Mexican plant that makes goods and parts or processes food for export to the United States. mercantilism An economic doctrine that holds that a nation's wealth is measured by its stock of precious metals (specie). monopolistic A market structure under which firms produce differentiated products and consumer competition brand loyalty is possible. multilateral negotiations Trade agreements carried out among a number of nations. new trade theory A theory of international trade that is based on the concepts of monopolistic competition and economies of scale. non-tariff Barriers to trade that are more subtle than tariff barriers; for example, these barriers may barriers be government or private-sector "buy domestic" campaigns, preferential treatment of domestic bidders over foreign bidders, or the establishment of standards that are not common to foreign goods or services. own intensity The proposition that a country has a preference for products that are produced with the preference factor that is most abundant in that country. protectionism Measures adopted by national governments to unduly restrict trade and foreign investment. quota A quantitative restriction on the volume of a product that can be imported into a country over a specified time period; a form of non-tariff barrier used by countries to restrict free trade and protect domestic industries. special drawing rights An international reserve asset introduced by the IMF in 1969. specie-flow An economic principle that states that the accumulation of specie (stock of precious mechanism metals) by one country via a trade surplus will lead to an increase in the money supply and force an increase in wages and prices. specific tariff A product tax that is imposed by a domestic government and assessed as a dollar amount added to the market value of each unit of the product which enters, leaves, or is transshipped through the country. tariff An import control mechanism that raises prices through the placement of a tax. trade deficits Occur when a country imports more goods and services than it exports. transit tariff A tax imposed by a domestic government on a product that is being transshipped from one country to another. zero-sum game A situation in which one party must lose in order for another to win. Chapter 3 acculturation Adjusting and adapting to a specific culture other than one's own. area studies Environmental briefings and cultural orientation programs; factual preparation for living or working in another culture. change agent The introduction into a culture of new products, ideas, or practices that may lead to changes in consumption. consumer The notion that buying foreign products is unpatriotic, or even morally wrong ethnocentric cultural controls Informal rules and regulations that are the result of shared beliefs and expectations among the members of an organization. See also bureaucratic controls. cultural convergence The growing similarity of attitudes and behaviours across cultures. cultural diversity The wide range of unique cultures in countries around the world. cultural knowledge Broad, multifaceted knowledge acquired through living in a certain culture. cultural literacy The acquisition of detailed knowledge of the culture of the target market that enables a person to function effectively in that culture. cultural universals Characteristics common to all cultures, such as body adornments, courtship, etiquette, family gestures, joking, mealtimes, music, personal names, status differentiation, and so on. culture An integrated system of learned behaviour patterns that are distinguishing characteristics of members of any given society. encultured A situation in which a person has learned the "right" way to function in a particular culture. experiential Knowledge acquired only by being involved in a culture other than one's own. knowledge factual information Objective knowledge of a culture obtained from
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