From the course: International Marketing Foundations
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How countries interact economically
From the course: International Marketing Foundations
How countries interact economically
- Tariffs and quotas are tools that governments use to protect their industries in their home markets or make it more difficult for non-domestic companies to succeed. A tariff, sometimes called a tax or duty, is used by a government to raise the price of a product being imported into their country. Countries do this for a variety of reasons. A common rationale is to ensure that your country is always able to produce and supply the materials necessary for defense or support your key industries. So what does this have to do with marketing? The reality is you have to know if the product or category you're going to take into another market will be hit with a tariff because this will increase the price of your product. Here's an example. Let's say you work for a company in China making widgets. Your cost is $1 per widget, and you sell them for $1.25 within China. You're looking to grow in the US. The current market price for…
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