DEFINITION OF KEY TERMS

1.  “Corporate planning”

It is the continuing, incorporated objectives for the contemporaries companies as a whole.

2.  “Strategic planning”

It is carried out at the top level of management hierarchy and consists of the “products, resources, research,” as well as the “long and short-range” objectives of the companies.

3. “Tactical planning”

   It relates to particular activities as well as to the provision of capital applied to apply the strategic planning objectives in the particular markets.

4.  “Direct exporting”

It relates about the company sales to the customers in the overseas countries.

5. “Indirect exporting”
   It relates about the company sales to the customers in the domestic market, which consequently exports the products.

6. “Licensing”

It is a method of creating prospects in the overseas markets without spending “large investment, patent rights, trademark rights, and rights” to apply scientific procedures are provided in the “foreign licensing.”

7. “Franchising”

It is a “licensing wherein the prospective franchiser offers a benchmark package of products, systems, and management services.” As well, the franchise offers market data, funds, and individual contribution in its organization.

8. “Joint venture”

It implies “an association of two or moreindividuals or companiesengaged in a solitarybusinessenterpriseforprofitwithoutactualpartnership or incorporation.”

9. “Strategic international alliance (SIA)”

   An SIA is a trade association created between “two or more” enterprises to collaborate for shared needs to distribute the risks in realizing business goals. In fact, it is an accord between various enterprises that implies strategic significance to a single or multiple companies for realizing competitive usefulness.