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178 Cards in this Set
- Front
- Back
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Absolute advantage
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A country has a product for which it can maintain a monopoly or that it can produce at a lower cost than any competitor
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Comparative advantage
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A nation can develop this in a product if it can supply it more efficiently and at a lower proce than it can supply other goods, compared with the outputs of other countries
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Balance of Trade
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Difference between a nation's exports and inports
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Balance of payments
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Overall money flows into and out of a country
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Exchange Rate
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Value of one nation's currency relative to the currencies of other countries
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Devaluation
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A drop in a currency's value relatiove to other currencies or to a fixed standard
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Infrastructure
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refers to basic systems of communication (telecommunications, tv, radio, and print media), transportation (roads and highways, railroads, and airports) and energy facilities (power plants and gas and electric utilities)
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Tariff
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tax imposed on imported goods
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Quotas
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limit on the amount of a particluar product that a country can import during specified time periods
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Dumping
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A company sells products abroad at prices below its cost of production. or A company exports a large quantity of a product at a lower price than the same product in the home market and drives down the price of the domestic product
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General Agreement on Tariffs and Trade (GATT)
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Substantially reduced worldwide taiffs and other barriers
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World Trade Organization(WTO)
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151 member international onstitution that monitors GATT agreements and mediates international trades disputes
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World Bank
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Primaryily funds projects that build or expand nations' infrastructure such as transportation, education, and medical systems and facilities
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International Montetary Fund (IMF)
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Created to promote trade through financial cooperation and, in the process, elimate barriers
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North American Free Trade Agreement (NAFTA)
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Agreement among the United States, Canada, and Mexico to break down tariffs and trade restrctions
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European Union (EU)
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27 nation European economic alliance
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Countertrade
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Payment made in the form of local products, not currency
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Foreign licensing agreement
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One firm allows another to produce or sell its product, or use its trademark, patent, or manufacturing processes, in a specific geographical area.
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Subcontracting
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Involves hiring local companies to produce, distribute, or sell goods or services
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Joint ventures
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Allows companies to share risks, costs, profits, and mangement responsibilities
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Multinational corporation (MNC)
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firm with significant operations and marketing activities outside its home country
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Global business strategy (standardization)
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offering a standardized, worldwide product and selling it in essentially the same manner throughout a firm's domestic and foriegn markets
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Multidomestic business strategy (adaptation)
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developing and marketing products to serve different needs and tastes of separate national markets.
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E-business
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Conducting business via the Internet
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Corporate Web sites
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Web site designed to increase a firm's visibility, promote its offerings, and provide information to interested parties
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Marketing Web site
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Web site whose main purpose is to increase purchases by vistors
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Business to Business e- business
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Electric business transactions between organizations using the Internet
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Electronic data interchange (EDI)
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Computer-to-computer exchanges of invoices, purchase orders, price quotations, and other sales information between buyers and sellers
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Extranet
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Secure network used for e-business and accessible through an organization's Web site; available to external customers, suppliers, and other authorized users
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Private Exchange
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A secure Web site at which a company and its suppliers share all types of data related to e-business, from product design through order delivery
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Electronic exchange
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Online marketplaces that bring buyers and sellers together adn cater to a specific industry's needs
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E-procurement
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Web-based systems that enable all types of organizations to improve the efficiency of their procurement processes
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Business-to-Consumer (B2C)
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selling directly to consumers over the Internet
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Electronic Storefront
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Company Web site that sells products to customers
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Encryption
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the process of encoding data for security purposes
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Secure sockets layer (SSL)
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Technology to encrypt information and verify the identity of senders and receivers (called authentication)
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Electronic Wallet
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A company data file at an e-business site's checkout counter that contains not only electronic cash but credit card information, owner identification and address
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Phishing
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high-tech scam that uses authentic looking e-mail or pop-up ads to get unsuspecting victims to reveal personal information
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Vishing
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A scam that involves an e-mail, text message, or telephone call to a consumer supposedly form a credit card company
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Channel conflicts
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Disputes between producers, wholesalers, adn retailers
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Spam
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The popular name for junk e-mail
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Electronic bulletin boards
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Libraries for storing information or even as a type of classified ad directory
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Newsgroups
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Noncommercial Internet version of forums
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Blog
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Online journal written by a blogger
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Wiki
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Web page that anyone can edit, so a reader can, in addition to asking questions or posting comments, actually make changes to the Web page
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Podcast
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Video and audio blogs
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Banner ads
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The most common form of Internet advertising, typically small messages placed in high-visibility areas of frequently visited Web sites
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Pop-up ads
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Separate windows that contain an advertising message
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Pre-roll video ads
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An advertiser's short video clop runs as soon as a Web page loads
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Search marketing
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Paying search engines, such as Google, a fee to make sure that the company;s listing appears toward the top of the search results
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Web-to-store
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A group that favors the Internet primarily as a research tool and time-saving device for retail purchases made in stores
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Click-through rate
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Number of visitors who click on a Web banner ad
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Conversion rate
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Percentage of visitors to a Web site who actually make a purchase
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Display ads
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Designed to reach targeted audiences and are equivalent of glossy magazine ads or television commercials
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Data
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Raw facts and figures that may or may not be relevant to a business decision
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Information
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Knowledge gained from processing data
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Information system
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Organized method for collecting, storing, and communicating past, present, and projected information on internal operations and external intelligence
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Chief information officer (CIO)
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Responsible for directing its information systems and related operations
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Computer-based information systems
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Rely on computer and related technologies to store information electronically in an organized, accessible manner.
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Database
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A centralized integrated collection of data resources
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Operational support systems
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Information systems designed to produce a variey of information on an organization's activities for both internal and external users
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Transaction processing system
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Record and process data from business transactions
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Process control systems
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Monitor and control physical processes
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Management Support Systems
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Information systems that are designed to provide support for effective decision making
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Management Information system (MIS)
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Designed to produce reports to managers and othe professionals
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Decision support system (DSS)
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Gives direct support to businesspeople during the decision-making process
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Executive support system (ESS)
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Lets senior executives access the firm's primary databases, often by touching the computer screen, pointing with a mouse, or even using voice recognition
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Expert system
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A computer program that imitates human thinking through complicated sets of "if-then" rules
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Hardware
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All tangible elements of a computer system
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Server
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Computer that supports network applications and allows for the sharing of software, output devices, and databases by all networked computers
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Software
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All the programs, routines, and computer languages that control a computer and tell it how to operate
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Local area network (LANs)
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Computer networks that connect machines within limited areas
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Intranet
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Computer network that is similar to the Internet but limits access to authorized users
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VoIP- Voice over Internet protocol
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An alternative to traditional telecommunication services provided by provided by companies such as Verizon and Qwest
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Malware
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Any malicious software program designed to infect computer systems
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Viruses
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Any program that secretly attach themselves to other programs and change them or destroy data
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Worm
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A small piece of software that exploits a security hole in a network to replicate itself
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Trojan horse
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A program that claims to do one things but in reality does something else, usually something malicious
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Spyware
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Software that secretly gathers user information through the user's Internet connection without his or her knowledge, usually for advertising purposes
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Application service provider (ASP)
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Outside supplier that provides both the computers and the application support for managing an information system
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On-demand computing
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Firms essentially rent the software time from application providers and pay only for their usage of the software
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Grid computing
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Consists of a network of smaller computers running special software
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Production
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Application of resources such as people and machinery to convert materials into finished goods and services
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Production and operations management
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Managing people and machinery in converting materials and resources into finished goods and services
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Mass Production
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A system for manufacturing products in large amounts through effective combinations of employees with specialized skills, mechanization, and standardizaiton
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Assembly line
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Manufacturing technique that carries the produt on a conveyor system past several workstations where workers perform specialized tasks
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Robot
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Reprogrammable machine capable of performing numerous tasks that require manipulation of materials and tools
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Computer-aided design (CAD)
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System for interations between a designer and a computer to create a product, facility, or part that meets predetermined specifications
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Computer-aided manufacturing
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Electronic tools to analyze CAD output and determine necessary steps to implement the design, followed by electronic transmission of instructions to guide the actitives of production equipment
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Flexible manufacturing system (FMS)
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A production facility that workers can quickly modify to manufacture different products
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Computer-integrated manufacturing (CIM)
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A production system in which computers help workers design products, control machines, handle materials, and control the production function in an integrated fashion
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Environmental impact study
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Analyzes how a proposed plant would affect the quality of life in the surrounding area
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Make, buy, or lease decision
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Choosing whether to manufacture a needed product of component in house, purchase it from an outside supplier, or lease it
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Inventory Control
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Requires them to balance the need to keep stocks on hand to meet demand against the costs of carrying inventory
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Perpetual inventory
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Continuously monitor the amounts and locations of their stocks
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Just-in-time (JIT) system
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Management philosophy aimed at improving profits and return on investment by minimizing costs and eliminating waste through cutting inventory on hand
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Materials requirement planning (MRP)
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Computer-based production system by which a firm can ensure that it has needed parts and materials availavle at the right time and place in the correct amounts
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Production control
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Creates a well-defined set of procedures for coordinating people, materials, and machinery to provide maximum production efficiency
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Production planning
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Determines the amount of resources (including raw materials and other components) an organization needs to produce a certain output
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Routing
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Determines the sequence of work throughout the facility and specifies who will perform each aspect of the work at what location
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Scheduling
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Development of timetables that specify how long each operation in the production process takes and when workers should perform it
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PERT (Program Evaluation and Review Technique)
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A chart that seeks to minimize delays by coordinating all aspects of the production process
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Critical path
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The sequence of operations that requires the longest time for completion
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Dispatching
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The phase of production control in which the manager instructs each depqrtment on what work to do and the time allowed for its completion
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Follow-up
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The phase of production control in which employees and their supervisors spot problem in the production process and determine needed changes
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Benchmarking
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Process of determining other companies' standards and best practices
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Quality control
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Measuring goods and services against established quality standards
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International Organization for Standardization (ISO)
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Organization whose mission is to promote the development of standardized products to facilitate trade and cooperation across national borders
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Marketing
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Organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
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Exchange process
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Activity in which two or more parties give something of value to each other satisfy perceived needs
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Utility
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Want-satisfying power of a good or service
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Time utility
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Created by making a good or service available when customers want to purchase it
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Place utility
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Created by making a product available in a location convenient for customers
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Ownership utility
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Refers to an orderly transfer of goods and services from the seller to the buyer
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Marketing Concept
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Companywide consumer orientation to promote long-run success
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Person marketing
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Efforts designed to attract the attention, interest, and preference of a target market toward a person
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Place marketing
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Attempts to attract people to a particluar area, such as a city, state, or nation
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Event marketing
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Marketing or sponsoring short-term events such as athletic competitions and cultural and charitable performances
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Cause marketing
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Seeks to educate the public and may or may not attempt to directly raise funds
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Organization marketing
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Influences consumers to accept the goals of, receive the services of, or contribute in some way to an organization
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Consumer products (B2C)
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Are goods and services, such as GPS systems tomato sauce, and a haircut, that are purchased by end users
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Business products (B2B)
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Are goods and services purchased to be used, either directly or indirectly, in the production of other goods for resale
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Target Market
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Group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences
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Marketing mix
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Blending the four elements of marketing strategy- product, distribution, promotions, and pricing- to satisfy chosen customer segments
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Marketing research
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Collecting and evaluating information to support marketing decision making
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Business intelligence
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Uses various activities and technologies to gather, store, and analyze data to make better competitive decisions
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Data mining
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Computer searches of customer data to detect patterns and relationships
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Data warehouses
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Sophisticated customer databases that allow managers to combine data from several differnt organizational functions
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Market segmentation
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Process of dividing a total market into several relatively homogeneous groups
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Geographical segmentation
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Dividing a market into homogeneous groups on the basis of their location
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Demographic segmentation
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Distinguishes markets on the basis of various demographic or socioeconomic characteristics
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Psychographic segmentation
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Divides consumer markets into groups with similar psychological characteristics, values, and lifestyles
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Product-related segmentation
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Sellers divide a consumer market into groups based on buyers' relationships to the good or service
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End-use segmentation
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Focuses on the precise way a B2B purchaser will use a product
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Consumer behavior
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Actions of utlimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions
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Relationship marketing
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Developing and maintaining long-term, cost-effective exchange relationships with partners
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Lifetime value of a customer
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The revenues and intangible benefits from the customer over the life of the relationship, minus the amount the company must spend to accquire and serve that customer
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Frequency marketing
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Reward purchasers with cash, rebates, merchandise, or other premiums
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Affinity programs
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A marketing effort sponsored by an organization that solicits involvement by individuals who share common interests and activities
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Comarketing
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Two businesses jointly market each other's products
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Cobranding
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Two or more businesses link their names to a single product
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Promotion
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Function of informing, persuading, and influencing a purchase decision
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Integrated marketing communications (IMC)
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Coordination of all promotional activities- media advertising, direct mail, personal selling, sales promotion, and public relations- to produce a unified customer-focused message
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Promotional mix
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Combination of personal and nonpersonal selling techniques designed to achieve promotional objectives
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Personal selling
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Interpersonal promotion process involving a seller's face-to-face presentation to a prospective buyer
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Nonpersonal selling
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Consists of advertising, sales promotion, direct marketing, and public relations
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Positioning
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Marketer attempt to establish their products in the minds of customers
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Product placement
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Marketers pay placement fees to have their products showcased in various media, ranging from newspaper and magazines to television and movies
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Guerrilla marketing
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Innovative, low-cost marketing efforts designed to get consumers' attention in unusal ways
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Advertising
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Paid nonpersonal communication delivered through various media and designed to inform, persuade, or remind members of a particular audience
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Product advertising
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Consists of messages designed to sell a particular good or service
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Institutional advertising
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Involves messages that promote concepts, ideas, philosophies, or goodwill for industries, companies, organizations, or government entities
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Cause advertising
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Promotes a specific viewpoint on a public issue as a way to influence public opinion and the legislative process about issues such as literacy, hunger and poverty, and alternative energy sources
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Sponsorship
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Involves providing funds for a sporting or cultural event in exchange for a direct association with the event
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Infomercials
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A form of broadcast direct marketing, also called direct response television (DRTV)
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Sales promotion
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Nonpersonal marketing activities other than advertising, personal selling, and public relations that stimulate consumer purchasing and dealer effectiveness
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Specialty advertising
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Type of sales promotion that involves the gift of useful merchandise carrying the name, logo, or slogan of a profit-seeking business or a not-for-profit organization
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Point-of-purchase (POP) advertising
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Consists of displays or demonstrations that promote products when and where consumers buy them, such as in retail stores
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Creative selling
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A persuasive type of promotional presentation
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Missionary selling
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A representative promotes goodwill for a company or provides technical or operational assistance to the customer
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Telemarketing
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Personal selling conducted by telephone
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Public relations
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Organization's communications and relationships with its various audiences
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Publicity
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Stimulation of demand for a good, service, place, idea, person, or organization by disseminating news obtaining favorable unpaid media presentations
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Pushing strategy
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Relies on personal selling to market an item to wholesalers and retailers in a company's distribution channels
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Cooperative advertising
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Marketers share the cost of local advertisingof their firm's product or line with channel partners
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Pulling strategy
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Attempts to promote a product by generating consumer demand for it
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Price
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Exchange value of a good or service
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Volume objective
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Bases pricing decisions on market share
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Prestige pricing
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Establishes a relatively high price to develop and mantain an image of quality and exclusiveness
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Cost-based pricing
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adding a percentage(markup) to the base cost of a product to cover overhead costs and generate profits
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Breakeven analysis
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Pricing technique used to determine the minimum sales volume a product must generate at a certain price level to cover all costs
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Skimming pricing
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Strategy sets an intentionally high price relative to the prices of competing products
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Penetration pricing
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Strategy sets a low price as a major marketing weapon
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Everyday low pricing(EDLP)
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Strategy devoted to maintaining continuous low prices rather than relying on short-term price-cutting tactics such as coupons, rebates and special sales
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CAD (computer-assisted design)
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The use of computers in the design of products
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CAM (computer-assisted manufacturing)
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The use of computers in the manufacture of products
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Flexible Manufacturing
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Designing machines to do multiple tasks so they can produce a variety of products
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CIM (computer-integrated manufacturing)
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The uniting of computer-assisted design with computer assisted manufacturing
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