International Marketing – Vocabulary and Phrases
marketing mix – price, product, promotion, place: 4 Ps describing the strategic position of a product in the marketplace.
In order to achieve your marketing objectives you need to have a strategy that includes different elements - the various parts of the marketing mix.
overseas market – over, across, or beyond the sea; abroad, foreign market
After considerable expansion within Japan, Nippon entered overseas markets in the 1950s and 1960s.
domestic market – all trade mechanisms within one country, excluding exports and imports
A high level of new orders in the domestic market seems to compensate for a somewhat weaker growth in export markets.
declining market – down market
In an information age, there is a declining market for words. While what we say is important, words are not enough.
to gain a competitive advantage – the value created by a company and passed on to its customers that makes it better than its competitors (e.g.. Cheaper or a better product)
The largest regional airline system in the world gained a competitive advantage through an effective safety management system that helped reduce total recordable injuries by 40% in a two-year period.
NIC – newly industrialized country, i.e. a country where the economy has recently changed from one based mainly on agriculture to one based on industry.
Thailand is a newly industrialised country, enjoying the world's highest growth rate from 1985 to 1995 - averaging almost 9% annually.
B2B marketing – business-to-business marketing; when a company advertises its products or services to other companies or to professional people, not to the general public
Companies involved in B2B marketing have been slow to include search engine optimisation into their marketing mix.
subsidiary – A company having more than half of its stock owned by another company.
Our client is a world leader in high technology products with subsidiaries worldwide.
a parent company – that wholly owns another company or owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors
Northumberland Ferries are under new ownership after the sale of their parent company.
to license/a licence – to sell the right to use a manufacturing process, trademark, patent, etc., usually in a foreign market
They were licensed to build lenses of Zeiss design and use the names.
franchise – a licence giving someone an exclusive right to manufacture or sell certain products in a certain area;
Versace was one of the first brand names to expand in Russia where the company opened a franchised boutique in Moscow a few years ago.
a multinational – a corporation or enterprise that manages production establishments or delivers services in at least two countries.
I worked for a multinational for about a decade and now work for myself.
a holding company – a company which does not produce goods or services itself, rather its only purpose is owning shares of other companies.
As a typical holding-company most of our operative tasks are outsourced to professionals and consultants across Europe.
a corporation – a legal entity (technically, a juristic person) which has a separate legal personality from its members.
In a big corporation, making a decision is like turning a battleship, but in a small company, it's like turning a speedboat.
joint venture – a business enterprise in which two or more companies enter a temporary partnership.
Two major European food companies have established a joint venture to market yogurt, desserts and other chilled dairy products in Europe.
free trade – is a market model in which trade in goods and services between or within countries flow unhindered by government-imposed restrictions. Restrictions to trade include taxes and other legislation, such as tariff and non-tariff trade barriers.
Canada hopes to sign an investment promotion and protection agreement with India later this year that would encourage free trade between the two countries.
trade barriers/to dismantle/to remove trade barriers – a general term that describes any government policy or regulation that restricts international trade, such as import duties, quotas, tariffs, subsidies, etc.
India and the US should work together to remove trade barriers to increase bilateral trade and investment flows.
tariffs – duties or customs imposed by a government on imports or exports
The EU has substantially increased tariffs on U.S. rice exports.
quotas – limits on the number of goods that can be imported
While the EU and NAFO both set fishing quotas, for example, the EU's quotas are much less stringent than NAFO's.
export subsidies – financial government assistance, such as a grant, tax break, or trade barrier, in order to encourage export
EU surpluses of milk and milk products are dumped on world markets using costly export subsidies, which destroy people’s livelihoods in some of the world’s poorest countries.
to enter/penetrate a market – to start selling there for the first time
Sony's big attempt to penetrate the market for high definition players is its Playstation 3 gaming console.
to abandon/leave/get out of a market – to stop selling there
By 1990, Mitsubishi Electronics decided to abandon the market after losing almost $40 million in 1989 and 1990.
to dominate a market – to become the most important company selling there
IBM introduced its personal computers in 1981 and dominated the market for several years.
to corner/monopolize a market – to be the only company selling there
Microsoft has monopolized the market for PC operating systems in. the United States.
barter/counter-trade – a type of trade that doesn't use any medium of exchange, in which goods or services are exchanged for other goods and/or services. It can be bilateral or multilateral.
In 2004, Syria and Iraq signed a barter agreement whereby Iraq would supply crude oil in return for refined petroleum products.
a bill of lading – document giving title to goods that acts as a receipt and a contract to ship them, and can be used by shippers as security when discounting bills of exchange
The buyer had paid in advance for 500 tons of wheat out of a ship’s cargo of 1000 tons and he received a bill of lading in return.
a bill of exchange/a commercial bill – a written order instructing someone (usually an importer) to pay someone else (usually an exporter) a certain sum on a given date
The most common type of bill of exchange is the cheque, which is defined as a bill of exchange drawn on a banker and payable on demand.
to draw up a bill – to write out in legal form
Tyson drew up a bill of exchange worth $1540.30 and gave it to Norton.
to honour a bill – accept as pay
We honour checks and drafts
Incoterms – internationally accepted terms concerning transport and insurance costs used in international trade contracts
Group C Incoterms are shipment contracts to a named destination port, with carriage paid by the seller
to ship goods – to put or take on board a ship or other means of transportation; to send or transport by ship, rail, truck, plane, etc.
The slave-produced goods were shipped back to Britain — the "Mother Country" — where they were manufactured or refined.
dumping – the act of a manufacturer in one country exporting a product to another country at a price which is either below the price it charges in its home market or is below its costs of
The policy of the United States to continue dumping cotton on the world market is having devastating effects on cotton farmers in West Africa.