MKTG 396 Final Notes Lesson 14.docx - Lesson 14 The Global Marketplace CHPT 19 The Global Marketplace 1 list the six major decisions firms face when

MKTG 396 Final Notes Lesson 14.docx - Lesson 14 The Global...

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Lesson 14: The Global Marketplace CHPT 19: The Global Marketplace 1 list the six major decisions firms face when going international. (textbook, p. 628) 6 Major International Marketing Decisions 1) Looking at the global marketing environment 2) Deciding whether to go global 3) Deciding which markets to enter 4) Deciding how to enter the market 5) Deciding on the global marketing program 6) Deciding on the global marketing organization 2 describe how the international trade system—as well as global economic, cultural, and other environments—affects an organization’s international marketing decisions. (textbook, pp. 629–635) Canadian companies looking abroad must start by understanding the international trade system: - tariffs – taxes on certain imported products designed to raise revenue or protect domestic firms - quotas – limits on the amount of foreign imports they will accept in certain product categories. The purpose of a quota is to conserve on foreign exchange and protect local industry and employment. - Exchange controls – limit the amount of foreign exchange and the exchange rate against other currencies - Nontariff trade barriers – biases against its bids, restrictive product standards, or excessive host-country regulations GATT – General Agreement on Tariffs and Trade - First signed in 1947, is a treaty designed to promote world trade by reducing tariffs and other international trade barriers.
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WTO – World Trade Organization - Acts as an umbrella organization, overseeing GATT, mediating global disputes, helping developing countries build trade capacity, and imposing trade sanctions Free Trade Zones OR Economic Communities – these are groups of nations organized to work toward common goals in the regulation of international trade. - European Union (1957) set out to create a single European market by reducing barriers to the free flow of products, services, finances, and labour among member countries and by developing policies on trade with non- member nations. - North American Free Trade Agreement (NAFTA) (1994) established a free trade zone among the USA, Mexico and Canada. The agreement created a single market of 452 million people who produce and consume almost $17 trillion worth of goods and services annually.
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