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36 Cards in this Set
- Front
- Back
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Import Tariff |
any duty levied by a nation on goods bought outside its borders and brought into the country |
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NAFTA (North American Free Trade Agreement) |
-agreement that eliminates most tariffs and trade restrictions on agricultural and manufactures products to encourage trade among Canada, U.S, and Mexico -Controversial but has created new business opportunities with fewer barriers than before |
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Importing |
the purchase of products from a foreign country |
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Exporting |
the sale of products to foreign markets |
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Globalization |
the development of marketing strategies that treat the entire world as a single entity (entails producing standardized products, promotion campaigns, prices, and distribution channels for all markets) |
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Growth and Benefits of E-Marketing |
-allows marketers to share information with consumers, reach new markets, and target markets more precisely -can be essential part of gaining a competitive advantage -the digital world is evolving quickly and is still in an early stage of integration into marketing strategy |
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Consumer-Generated Marketing |
-The increased tendency of consumers to publish their own thoughts, opinions, reviews and product discussions through blogs or digital media -Consumers' tendencies to trust other consumers over corporations |
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Media Sharing Sites |
allows companies to share, but with less interaction |
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Photo Sharing |
allows companies to market themselves with snapshots of company events |
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Video Sharing |
allows companies to upload ads and informational videos and are now using consumer-generated videos |
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Podcasting |
are audio or video files that can be downloaded with a subscription that automatically delivers new content to listening devices or personal computers; offers convenience allowing users to listen when and where they choose |
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What is a product? |
-a good, a service, or an idea received in an exchange
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Good |
tangible, physical entity |
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Service |
the intangible result of the application of human and mechanical efforts to people or objects |
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Idea |
a concept, philosophy, image, or issue |
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Consumer Products |
-products purchased to satisfy personal and family wants and needs (Convenience products, shopping products, and specialty products) |
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Business Products |
-products bought to use in a firm's operations to resell or to make other products; purchased to satisfy the goals of the organization |
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Line Extension |
the development of a product is closely related to existing products in the line, but designed specifically to meet different customer's needs |
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Product Quality |
- characteristics of a product allowing it to perform at expected in satisfying customer needs - most business organizations place less emphasis on price than on product quality than do customers |
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Product Design and Features |
how a product is conceived, planned, and produced (the total sum of a product's physical characteristics) |
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Product Support Services |
- support services can help a company differentiate itself from competitors |
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Characteristics of Services |
-Pure Service (Intangibility) -Inseparability of Production and Consumption -Perishability -Heterogeneity -Client-Based Relationships -Customer Contact |
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Nonprofit Marketing |
- marketing activities conducted to achieve some goal other than ordinary business goals such as profit, market share, or return on investment
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Brand |
A name, term, design, symbol, or other feature that identifies the marketer's product as distinct from those of other marketers |
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Brand Name |
The part of the brand that can be spoken, including letters, words, and numbers |
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Brand Mark |
The part of a brand that is not made up of words such as a symbol or design |
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Trademark |
A legal designation of exclusive use of brand |
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Trade Name |
The full legal name of an organization |
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Brand Recognition |
Buyer is aware that the brand exists and considers it as an alternative if the preferred brand is unavailable |
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Brand Preference |
Buyer prefers the product over competitive offering and will purchase if available |
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Brand Insistence |
Product is strongly preferred; buyer will accept no substitute |
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Packaging Functions |
-Protect the product and maintain its functional form -Provide customer convenience -Promotes the product's features and uses -Communicates quality through symbols |
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Terms used to describe price |
-Tuition -Fees -Rent -Cost -Dues -Fines |
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Demand Curve |
for most products is an inverse relationship between price and demand |
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Break-Even Analysis |
the point at which the costs of producing a product equal the revenue made from selling the product |
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Break-Even Formula |
BE= Fixed Costs/(Price-Variable Costs) |
