Section 3

Front 1

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.

Back 1

Backward invention

Front 2

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.

Back 2

Comparative advantage

Front 3

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.

Back 3

Competitive bidding

Front 4

Exists when a company targets one well-defined market segment with one tailored marketing strategy.

Back 4

Concentrated marketing

Front 5

Consists of a group of people sharing a distinctive heritage.

Back 5

Culture

Front 6

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.

Back 6

Derived demand

Front 7

Exists when a company targets two or more well-defined market segments with a marketing strategy tailored to each segment.

Back 7

Differentiated marketing

Front 8

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.

Back 8

Diffused demand

Front 9

A demand pattern in which consumers have rather uniform needs and desires for a good or service category.

Back 9

Homogeneous demand

Front 10

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.

Back 10

European Union (EU)

Front 11

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.

Back 11

Local content laws

Front 12

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.

Back 12

Majority fallacy

Front 13

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.

Back 13

Market

Front 14

Involves subdividing a market into clear subsets of customers that act in the same way or that have comparable needs.

Back 14

Market segmentation

Front 15

A consumer-oriented, market-driven, value-based, integrated, goal-oriented philosophy for a firm, institution, or person.

Back 15

Marketing Concept

Front 16

Outlines the way in which the marketing mix is used to attract and satisfy the target market(s) and achieve an organization's goals.

Back 16

Marketing Strategy

Front 17

Two or more employees formally participating in complex or expensive purchase decisions.

Back 17

Multiple-buying responsibility

Front 18

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Back 18

Negotiator

Front 19

A situation in which a buyer uses bargaining ability and order size to get sellers' best possible prices.

Back 19

Negotiation

Front 20

A large amount of decision making undertaken in the purchase of an expensive product an organizational consumer has not bought before.

Back 20

New-task purchase process

Front 21

Act in the public interest or to foster a cause and do not seek financial profits.

Back 21

Nonprofit institutions

Front 22

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.

Back 22

NAFTA

Front 23

Basic identifiable characteristics of individual final consumers and organizational consumers and groups of final consumers and organizational consumers.

Back 23

Personal demographics

Front 24

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.

Back 24

Sales forecast

Front 25

Comprises three general phases: analyzing consumer demand, targeting the market, and developing the marketing strategy.

Back 25

Target market strategy

Front 26

Exists when a company targets the whole market with a single basic marketing strategy intended to have mass appeal.

Back 26

Undifferentiated marketing

Front 27

A classification system for segmenting consumers via a broad range of demographic and life-style factors. It divides final consumers into life-style categories.

Back 27

VALS Program

Front 28

Buy or handle merchandise and its subsequent resale to organizational users, retailers, and other wholesalers.

Back 28

Wholesalers

Front 29

not a physical place, only a group of roles

Back 29

Buying Center

Front 30

someone who will use the product being purchased

Back 30

User

Front 31

products sold for personal, family, or household use

Back 31

Retail

Front 32

sent specifications and have budgetary control

Back 32

Decider

Front 33

someone with specialized product knowledge, can be called a consultant

Back 33

Influencer

Front 34

negotiates the best deal for the firm

Back 34

Buyer