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P Paris Convention for the Protection of Industrial Property International agreement to protect intellectual property; signed by 96 countries. patent Grants the inventor of a new product or process exclusive rights to the manufacture, use, or sale of that invention. performance ambiguity Occurs when the causes of good or bad performance are not clearly identifiable. personal controls Achieving control by personal contact with subordinates. pioneering costs Costs an early entrant bears that later entrants avoid, such as the time and effort in learning the rules, failure due to ignorance, and the liability of being a foreigner. political economy The study of how political factors influence the functioning of an economic system. political risk The likelihood that political forces will cause drastic changes in a country's business environment that will adversely affect the profit and other goals of a particular business enterprise. political system System of government in a nation. polycentric staffing A staffing policy in an MNE in which host-country nationals are recruited to manage subsidiaries in their own country, while parent-country nationals occupy key positions at corporate headquarters. positive-sum game A situation in which all countries can benefit even if some benefit more than others. power distance Theory of how a society deals with the fact that people are unequal in physical and intellectual capabilities. High power distance cultures are found in countries that let inequalities grow over time into inequalities of power and wealth. Low power distance cultures are found in societies that try to play down such inequalities as much as possible. predatory pricing Reducing prices below fair market value as a competitive weapon to drive weaker competitors out of the market ("fair" being cost plus some reasonable profit margin). price discrimination The practice of charging different prices for the same product in different markets. price elasticity of demand A measure of how responsive demand for a product is to changes in price. privatization The sale of state-owned enterprises to private investors. product life-cycle theory The optimal location in the world to produce a product changes as the market for the product matures. production Activities involved in creating a product. projected rate The spot exchange rate forecast for the end of the budget period. property rights Bundle of legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource. pull strategy A marketing strategy emphasizing mass media advertising as opposed to personal selling. purchasing power parity (PPP) An adjustment in gross domestic product per capita to reflect differences in the cost of living. push strategy A marketing strategy emphasizing personal selling rather than mass media advertising. |
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