Glossary of marketing terms Absolute advantage

Global marketing. Marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives.

Global products. Products designed to meet global market segments.

Gross domestic product (GDP). The value of all goods and services produced by a country's domestic economy in one year.

Gross national product (GNP). The market value of all goods and services outputted by residents of a country in one year including income from aboard.

Hedging. A mechanism to avoid the risk of a decline in the future market of a commodity, usually by entering into futures markets.