Glossary of marketing terms Absolute advantage

Foreign exchange. Facilities' business across national boundaries, usually expressed in foreign currency bought or sold on the foreign exchange market.

Forward rates. A mechanism whereby the risk of changes in exchange rates can be covered by obtaining a new rate quote for a future exchange of currencies.

Future. A legally binding contract to deliver/take delivery on a specified date of a given quality and quantity of a commodity at an agreed price.

General Agreement on Tariffs and Trade (GATT). An institutional framework producing a set of rules and principles with the intention of liberalising trade between member countries.

Geocentrism. A world orientation with world market strategies.

Global environment. All semi or uncontrollable factors which a marketer has to account for in carrying out global operations.

Global evaluation. A four stage organisational development process evolving from first stage; domestic focus to a fourth stage; global marketing strategy of extension, adaptation and creation of market opportunities.