International trade system
The international trade system refers to the network of organizations, agreements, and regulations that govern the exchange of goods and services between countries. It encompasses trade policies, tariffs, quotas, and trade agreements such as the World Trade Organization (WTO) and regional trade blocs. The system plays a crucial role in shaping global commerce and impacting marketing strategies.
5 Key excerpts on "International trade system"
eBook - ePubInternational Strategic Marketing
A European Perspective
- J.B. McCall, Marilyn Stone(Authors)
- 2004(Publication Date)
- Routledge(Publisher)
...The transfer of processes associated with production technology such as ordering, delivery documentation, invoicing and the payment of goods and services were not possible ten years ago. The development of these technologies, aided by the plummeting cost of computer memory, has given an added fillip to the globalization process. This, in turn, has created new organizational forms in which companies have to cross borders not only to access customers, but also to communicate with other parts of the organization, exposing personnel to new forces which they have to learn to handle. People in other cultures, whether as consumers, colleagues, partners, suppliers or legislators and functionaries, constitute groups which often think and act in different ways from their counterparts in the domestic market and indeed from each other. International marketing is distinguished from its domestic form by a high level of diversity. LEARNING OBJECTIVES The objectives of this chapter are to: introduce you to the field of international marketing; identify current issues in the economic, political/legal, socio-cultural and technological environment; underscore the implications of globalization for organizations; examine the organizational structures appropriate to the globalized market; derive some of the skills needed to communicate successfully across national borders. When you have completed the chapter you should: be familiar with the nature of the global market place; recognize the inter-relationships between the various factors in the environment and identify their potential to affect marketing decisions; show understanding of organizational structures in the global environment; indicate awareness of the problems of communicating across cultures and give evidence of knowledge of some possible solutions; distinguish the special importance of the Internet within international marketing. DEVELOPMENTS IN INTERNATIONAL EXPANSION International trade goes back a long way...
eBook - ePub- Sally Dibb, Lyndon Simkin(Authors)
- 2007(Publication Date)
- Routledge(Publisher)
...International marketing is the reduced reliance on intermediaries and the direct involvement in countries in which trade takes place. Multinational marketing involves greater modification of the company's marketing mix to take account of cultural and taste differences in target markets outside the domestic market. Global marketing is the extreme, where companies recognize the need to establish operations in non-domestic markets, requiring significant investment and the understanding of business practices in these countries. According to Bradley, the corporate context of international marketing involves understanding how the business responds to environmental opportunities and threats in markets of very different configurations and underlying behaviour to ‘home’ markets. Bradley states that, ‘international marketing processes and decisions require the firm to identify needs and wants of customers, to produce assets [products or services] to give a differential marketing advantage, to communicate information about these assets and to distribute and exchange them internationally through one or a combination of exchange modalities’, outside the organization's domestic market. There is a straightforward process for internationalization: (a) the decision by a business to internationalize; (b) analysis of the international marketing environment; (c) entering international markets through one or more entry strategy options; (d) the development of associated international marketing mix programmes; and (e) the implementation and control of the international marketing strategy and programme. A core task for the marketer addressing international markets is the understanding of the international marketing environment (cf. Brief 4). Regulations, political practices and the legal environment will be different from those experienced in the domestic market. Technological and economic forces may vary, too...
eBook - ePub- Karen Beamish(Author)
- 2013(Publication Date)
- Routledge(Publisher)
...INTERNATIONAL MARKETING LEARNING OUTCOMES Explain how marketing plans and activities vary in organizations that operate in an international context and develop an appropriate marketing mix KEY REVISION POINTS Reasons for international marketing Levels of international marketing Domestic vs. international marketing The international marketing environment Understanding the external market place Understanding consumer buyer behaviour on an international basis Developing an international MIS system Market entry strategies and barriers to international market entry Consideration for the international marketing mix Syllabus Reference: 4.1 Reasons for International Marketing Levels of International Marketing Domestic/regional marketing – involves the company manipulating a series of controllable variables, such as price, advertising, distribution and the product in a largely uncontrollable environment International marketing – involves operating across a number of foreign country markets, which vary from one another, including economic and infrastructure variables Global marketing – involves the company in agreeing synergy in the overall international operations, taking advantage of areas such as exchange rates, labour rates, skills levels and market opportunities Export marketing – is where the organization trades in goods and services across all boundaries Direct exporting – is where an organization serves directly to a host country...
- Kenneth Heydon, Stephen Woolcock, Stephen Woolcock(Authors)
- 2016(Publication Date)
- Routledge(Publisher)
...International trade policy and the construction of an international trading system is an iterative process. The current debate can therefore be informed by knowledge of what went before. Second, the international trading system has accommodated significant shifts in relative economic or market power during the post-1947 era. It has also found ways of accommodating large numbers of countries and countries at different levels of development. This suggests that the shift in the relative market power towards the large emerging markets and the inclusion of a large number of developing countries in the WTO need not be an insurmountable problem. If it was possible for the trading system to adapt to shifts in influence in the past it may be possible to do so again. Third, the coverage of the international trade regime has been defined by the dominant trading nations or regions or the period. The definition of what is ‘trade’ has changed over time. There is no reason to believe that this will not continue to be the case. The GATT 1947 was shaped by the United States as was the trade agenda right into the 1980s. Once the EU established an internal consensus on trade it then began to seek to shape the trade agenda. As new trade powers emerge they can be expected to have an increasing influence on the nature of the agenda. But much will depend on the level of negotiation. Within the WTO the DDA negotiations pitted the EU view of the multilateral trade regime, and to a lesser degree that of the United States and other developed economies, against that of the G20. But in bilateral FTAs the EU and United States still retain their asymmetric power. Fourth, the international trading system has never been a purely multilateral system, if by multilateral we mean a trading system in which there is no discrimination and one that is shaped by all trading nations...
eBook - ePub- Won Kwang Paik(Author)
- 2018(Publication Date)
- Routledge(Publisher)
...I The Study of International Trade Relations INTRODUCTION For many years, international trade has been an essential part of international relations. Traditionally, economists rather than political scientists have paid the most attention to international trade and national policies. Recently, however, with the emergence of “new Protectionism” and the resurrection of international political economy as a legitimate field of international relations, international trade and trade relations have become the focal points of political science inquiries. Given its varied intellectual attractions, the central theme of international trade remains constant: What are the causes of trade relations? Specifically, what factors determine a flow of commodities from country A to country B ? There are basically three major types of answers to this question. The first type is a neoclassical economic explanation which originates in the writings of Adam Smith and David Ricardo. In this explanation, the amounts and types of commodities that are traded are not determined by any single individual or enterprise. Rather, exchanges are determined by the advantages and disadvantages which are naturally endowed to a particular producer. If a particular person, business firm, or country has a naturally endowed advantage in producing a particular commodity, then that commodity will be exported to another place with a less amount of the endowed factor. The second type of explanation stems loosely from the writing of Karl Marx. Exchanges of commodities are not naturally determined. Rather, they are structurally distorted. Because of the dialectical nature of the international system, trade relations are bound by a nation’s status in the system as either an undeveloped or a developed economy. For an undeveloped nation, the nature and types of trade relations will be conditioned and defined by a developing trading partner...
