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56 Cards in this Set

  • Front
  • Back
shielding 1 or more industries within a country's economy from foreign competition
tax on good or services entering a country
restriction placed on the amt. of a product allowed to enter or leave a country
World Trade Org.
sets rules governing trade between its members through panels of trade experts who decide on trade disputes
global competition
happens when firms originate, produce, & market their products & services world-wide
multimdomestic MKT strategy
many diff. product variations, brand names, & advertising campaigns as countries where they do business
global MKT strategy
standardizing MKT activities where there are cultural similarities
global brand
a brand marketed under the same name in multiple countries with similar & centrally coordinated MKT programs
global consumers
consumer groups living in many diff. countries with similar needs
cross-cultural analysis
studying the similarities & diffs. among consumers in 2 or more nations or societies
socially preferable modes of conduct or states of existence that tend to persist over time
Foreign Corrupt Practices Act (1977)
makes it a crime for American coprs. to bribe an official of a foreign govt. to get biz in that country
back translation
where a transplanted word or phrase is retranslated back into the original language by a diff. interpreter
indirect exporting
when a firm sells its domestically produced goods in a foreign country through an intermediary
direct exporting
when a firm sells its domestically produced goods in a foreign country WITHOUT intermediares
joint venture
when a foreign company and a local one invest together to create a local business
direct investment
a domestic firm actually investing in & owning a foreign division
when a firm sells its product in a foreign country below its domestic price or below its actual cost
gray market aka parallel importing
a situation where products are sold through unauthorized distribution channels
MKT research
defining a MKT problem & opportunity, systematically collecting & analyzing information & recommending actions
measures of success
criteria or standards used in evaluating proposed solutions to the problem
secondary data
facts & figures that have already been recorded before the project at hand
primary data
newly collected facts & figures
sales forecast
the total sales of a product a firm expects to sell during a specified time period
market segmentation
putting prospective buyers into groups
market segments
somewhat similar groups of prospective buyers
product differentiation
a firm uses diff. MKT mix activities, such a product features & advertising to help consumers perceive the product as being diff.
market-product grid
a framework to relate the market segments of potential buyers to products offered or potential MKT actions by the firm
the increased customer value achieved through performing org. functions more efficiently
usage rate
the quantity consumed or patronage (visits to a store) during a specific period
80/20 rule
a concept that suggests 80% of a firm's sales are obtained from 20% of its customers
product positioning
refers to the place an offering occupies in consumers' minds on important attributes relative to competitive offerings
perceptual map
a means of displaying or graphing in 2 dimensions the location of products or brands
a good, service, or idea consisting of a bundle of tangible & intangible attributes that satisfy consumers and is received in exchange for money or some other unit of value
product line
a group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same consumer group, are distributed through the same type of outlets or fall within a given price range
product mix
the # of product lines offered by a company
consumer goods
products purchased by the ultimate consumer
business goods (aka B2B or industrial goods)
products that assist directly or indirectly in providing products for sale
intangible activities or benefits that an org. provides to consumers in exchange for $$ or something else of value
new-product process
the stages a firm goes through to identify business opportunities & convert them to a salable good or service
product lifecycle
the stages a product goes through in the marketplace
an org. uses a name, phrase, design, symbol, or combination of these to identify its products & distinguish them from those of competitors
brand name
any word, device, sound, shape, or color used to distinguish a seller's goods or services
brand personality
a set of human characteristics associated with a brand name
brand equity
the added value of a given brand name given to a product beyond the functional benefits provided
multiproduct branding
a company uses one name for all of its products in a product class
involves giving each product a distinct name
capacity management
the service capacity is lost if its not used
off-peak pricing
charging diff. prices furing diff. times of the day or week to reflect variations in demand for the service
the $$ or other considerations exchanged for the ownership or use of a good or service
profit equation
profit= total revenue (unit price X quantity sold) - total cost
demand curve
a graph relating the quantity sold and price, which shows the maximum # of units that will be sold at a given price
total revenue
TR= price X quantity
break-even analysis
BEP= fixed cost/unit price- unit variable cost
pricing objectives
specify the role of price in an org.'s MKT strategic plans
pricing constraints
factors that limit the range of a price a firm may set