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