In the context of global marketing, when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity, it is known as a _____. a. countertrade
a. countertrade
b. franchise
c. joint venture
d. common trade alliance
ANSWER: c
In an international joint venture, the domestic firm buys part of a foreign company or joins with a foreign company to create a new entity. Joint ventures are somewhat similar to licensing agreements.
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