Below are this chapter's featured key terms. The textbook's full glossary is also available for online searching.
 

back translation	Retranslating a word or phrase into the original language by a different interpreter to catch errors. (See page(s) See page 182 in your textbook.)
balance of trade	The difference between the monetary value of a nation's exports and imports. (See page(s) See page 171 in your textbook.)
consumer ethnocentrism	The tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products. (See page(s) See page 183 in your textbook.)
countertrade	The practice of using barter rather than money for making international sales. (See page(s) See page 171 in your textbook.)
cross-cultural analysis	The study of similarities and differences among consumers in two or more nations or societies. (See page(s) See page 180 in your textbook.)
cultural symbols	Things that represent ideas and concepts. (See page(s) See page 181 in your textbook.)
currency exchange rate	The price of one country's currency expressed in terms of another country's currency. (See page(s) See page 186 in your textbook.)
direct investment	A domestic firm actually investing in and owning a foreign subsidiary or division. (See page(s) See page 190 in your textbook.)
dumping	When a firm sells a product in a foreign country below its domestic price or below its actual cost. (See page(s) See page 193 in your textbook.)
exporting	Producing goods in one country and selling them in another country. (See page(s) See page 188 in your textbook.)
global competition	Exists when firms originate, produce, and market their products and services worldwide. (See page(s) See page 177 in your textbook.)
global consumers	Customer groups living in many countries or regions of the world who have similar needs or seek similar features and benefits from products or services. (See page(s) See page 178 in your textbook.)
global marketing strategy	The practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. (See page(s) See page 178 in your textbook.)
grey market	A situation where products are sold through unauthorized channels of distribution; also called parallel importing. (See page(s) See page 193 in your textbook.)
gross domestic product	The monetary value of all goods and services produced in a country during one year. (See page(s) See page 171 in your textbook.)
joint venture	An arrangement in which a foreign company and a local firm invest together to create a local business, sharing ownership, control, and profits of the new company. (See page(s) See page 190 in your textbook.)
multidomestic marketing strategy	A multinational firm's offering as many different product variations, brand names, and advertising programs as countries in which it does business. (See page(s) See page 178 in your textbook.)
protectionism	The practice of shielding one or more sectors of a country's economy from foreign competition through the use of tariffs or quotas. (See page(s) See page 174 in your textbook.)
quota	A restriction placed on the amount of a product allowed to enter or leave a country. (See page(s) See page 174 in your textbook.)
semiotics	The field of study that examines the correspondence between symbols and their role in the assignment of meaning for people. (See page(s) See page 181 in your textbook.)
strategic alliances	Agreements among two or more independent firms to cooperate for the purpose of achieving common goals. (See page(s) See page 177 in your textbook.)
tariff	A government tax on goods or services entering a country primarily serving to raise prices on imports. (See page(s) See page 174 in your textbook.)
trade feedback effect	A country's imports affect its exports and exports affect its imports. (See page(s) See page 171 in your textbook.)
values	(1) Personally or socially preferable modes of conduct or states of existence that are enduring. (2) The ratio of perceived quality to price. (See page(s) See pages 181, 345 in your textbook.)
World Trade Organization	A permanent institution that sets rules governing trade between its members through a panel of trade experts who (1) decide on trade disputes between members and (2) issue binding decisions. (See page(s) See page 175 in your textbook.)