MKTG 311 Chapter Notes - Chapter 7: Barter, Nules, Market Entry Strategy

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Document Summary

Chapter 7 understanding and reaching gloabal customers and. Back translation - the practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors. Balance of trade - the difference between the monetary value of a nation"s exports and imports. Bottom of the pyramid - the largest but poorest socioeconomic group of people in the world. Consumer ethnocentrism - the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products. Countertrade - the practice of using barter rather than money for global sales. Cross-cultural analysis - the study of similarities and differences among consumers in two or more nations or societies. Cultural symbols - things that represent ideas and concepts. Currency exchange rate - the price of one country"s currency expressed in terms of another country"s currency. Customs - what is considered normal and expected about the way people do things in a specific country.

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