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48 Cards in this Set
- Front
- Back
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Tariffs
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Government tax on goods or services entering a country, primarily serving to raise prices on imports.
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Quotas
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a restriction placed on the amount of a product allowed to enter or leave a country.
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Protectionism
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the practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas.
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Ethnocentrism
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the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products.
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Strategic alliance
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agreements among two or more independent firms to cooperate for the purpose of achieving common goals.
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Back translation
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the practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors.
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Countertrade
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practice of using barter rather than money for making global sales.
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Dumping
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when a firm sells a product in a foreign country below its domestic price or below its actual cost.
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Tariffs
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Government tax on goods or services entering a country, primarily serving to raise prices on imports.
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Quotas
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a restriction placed on the amount of a product allowed to enter or leave a country.
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Gray market
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a situation where products are sold through unauthorized channels of distribution. Also called parallel importing.
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Protectionism
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the practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas.
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Balance of trade
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the difference between the monetary value of a nation’s exports and imports.
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Ethnocentrism
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the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products.
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Strategic alliance
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agreements among two or more independent firms to cooperate for the purpose of achieving common goals.
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Back translation
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the practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors.
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Countertrade
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practice of using barter rather than money for making global sales.
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Dumping
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when a firm sells a product in a foreign country below its domestic price or below its actual cost.
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Gray market
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a situation where products are sold through unauthorized channels of distribution. Also called parallel importing.
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Balance of trade
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the difference between the monetary value of a nation’s exports and imports.
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Deficit
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When imports exceed exports
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Surplus
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When exports exceed imports
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Trade feedback effect
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if one country does something, it has an effect on another country
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GDP
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the monetary value of all goods and services produced in a country during one year.
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Market research
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the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
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Focus groups
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Informal groups of 6-10 past, present of future customers in which a discussion leader ask questions about a firms competitors products, how they use them, and things these products dont have
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Product
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a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies 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 customer 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 number of product lines offered by a company.
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Marketing Mix
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Product, Price, Promotion, Place
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Built to order
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manufacturing a product only when there is an order from the customer.
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mass customization
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tailoring goods or services to the tastes of individual costomers on a high volume scale
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Geographic Segmentation
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Region, city size, statistical area, media television, density
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Demographic Segmentation
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Gender, Age, Race, Life stage, Maratial status
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Psychographic Segmentation
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Personality, Values, Lifestyle, Needs
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Behavorial Segmentation
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Outlet Type, product features, usage rate, user status, awarness intentions
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Perceptual mapping
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a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands and then take marketing actions.
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repositioning
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changing the place an offering occupies in consumers’ minds relative to competitive products.
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Marketing synergies
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Runs horizontally across grid, each row represents an opportunity for efficiency in terms of market segement
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product synergies
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runs vertically down market product grid, each column represents an opportunity for efficicency in r and d and production.
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Continuous innovation
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Requires no new learning by consumers, toothpaste
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Dynamically continuous innovation
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Disrupts consumers normal routine but does not require totally new learning, Heinz EZ squirt ketchup.
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Discontinuous innovation
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Requires new learning and consumption patterns by consumers, wireless router.
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Demand curve
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a graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price.
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Price elasticity of demand
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is the percentage change in quantity demanded relative to a percentage change in price.
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Value pricing
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the practice of simultaneously increasing product and service benefits while maintaining or decreasing price.
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Market share
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Ratio of the firms sales revenue or unit sales to those of the industry.
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80/20 Rule
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a concept that suggests 80 percent of a firm’s sales are obtained from 20 percent of its customers.
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