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34 Cards in this Set

  • Front
  • Back
An international product-planning strategy in which a firm appeals to developing and less-developed nations by making products less complex than those sold in its domestic market.
Backward invention
A concept in international marketing which states that each country has distinct strengths and weaknesses based on its natural resources, climate, technology, labor costs, and other factors. Nations can benefit by exporting the goods and services with which they have relative advantages and importing the ones with which they have relative disadvantages.
Comparative advantage
A situation in which two or more sellers submit independent price quotes for specific goods and/or services to a buyer, which chooses the best offer.
Competitive bidding
Exists when a company targets one well-defined market segment with one tailored marketing strategy.
Concentrated marketing
Consists of a group of people sharing a distinctive heritage.
Occurs for organizational consumers because the quantity of the items they buy is often based on anticipated demand by their subsequent customers for specific goods and services.
Derived demand
Exists when a company targets two or more well-defined market segments with a marketing strategy tailored to each segment.
Differentiated marketing
A demand pattern in which consumer needs and desires for a good or service category are so diverse that clear clusters (segments) cannot be identified.
Diffused demand
A demand pattern in which consumers have rather uniform needs and desires for a good or service category.
Homogeneous demand
Also known as the Common Market. Rules call for no trade restrictions among members; uniform tariffs with nonmembers; common product standards; and a free flow of people and capital.
European Union (EU)
Require foreign firms to set up local plants and use locally made components. The goal of these laws is to protect the economies and domestic employment of the nations involved.
Local content laws
Concept stating that firms may fail when they go after the largest market segment because competition is intense. A potentially profitable segment may be one ignored by other firms.
Majority fallacy
Consists of all the people and/or organizations who desire (or potentially desire) a good or service, have sufficient resources to make purchases, and are willing and able to buy.
Involves subdividing a market into clear subsets of customers that act in the same way or that have comparable needs.
Market segmentation
A consumer-oriented, market-driven, value-based, integrated, goal-oriented philosophy for a firm, institution, or person.
Marketing Concept
Outlines the way in which the marketing mix is used to attract and satisfy the target market(s) and achieve an organization's goals.
Marketing Strategy
Two or more employees formally participating in complex or expensive purchase decisions.
Multiple-buying responsibility
A situation in which a buyer uses bargaining ability and order size to get sellers' best possible prices.
A large amount of decision making undertaken in the purchase of an expensive product an organizational consumer has not bought before.
New-task purchase process
Act in the public interest or to foster a cause and do not seek financial profits.
Nonprofit institutions
An agreement that created an economic community linking the United States, Canada, and Mexico. It will remove tariffs and trade restrictions among the three countries over the next several years.
Basic identifiable characteristics of individual final consumers and organizational consumers and groups of final consumers and organizational consumers.
Personal demographics
Outlines expected company sales for a specific good or service to a specific consumer group over a specific period of time under a specific marketing program.
Sales forecast
Comprises three general phases: analyzing consumer demand, targeting the market, and developing the marketing strategy.
Target market strategy
Exists when a company targets the whole market with a single basic marketing strategy intended to have mass appeal.
Undifferentiated marketing
A classification system for segmenting consumers via a broad range of demographic and life-style factors. It divides final consumers into life-style categories.
VALS Program
Buy or handle merchandise and its subsequent resale to organizational users, retailers, and other wholesalers.
not a physical place, only a group of roles
Buying Center
someone who will use the product being purchased
products sold for personal, family, or household use
sent specifications and have budgetary control
someone with specialized product knowledge, can be called a consultant
negotiates the best deal for the firm