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52 Cards in this Set

  • Front
  • Back
Social Profit
The net benefit both the firm and society receive from a firm's ethical practices and socially responsible behavior.
Business Ethics
Rules of conduct for an organization.
Codes of Ethics
written standards of behavior to which everyone in an organization must subscribe.
A social movement that attempts to protect consumers from harmful business practices.
Consumer Bill of Rights
The rights of consumers to be protected by the federal government.
Consumer Bill of Rights (4):
-The right to be:
--the right to choose freely
Corrective Advertising
Advertising that clarifies or qualifies previous deceptive advertising claims.
Claims made in advertising that cannot be proved true or untrue.
Slotting Allowance
A fee paid by a manufacturer to a retail store in exchange for agreeing to place products on the retailer's shelves.
Social Responsibility
A MGT practice philosophy in which organizations seek to engage in activities that have a positive effect on society and promote the public good.
Environmental Stewardship
A position taken by organizations to protect or enhance the natural environment as it conducts its business activities.
Green Marketing
A MKT strategy that supports environmental stewardship by creating an environmentally founded differential benefit in the minds of consumers.
Cause Marketing
A strategy of joining forces with a not-for-profit organization to tackle a social problem.
Cultural Diversity
A MGT practice that actively seeks to include people of different races, ethnicities, religions, and sexes in its employees, customers, suppliers, and distribution channel partners.
World Trade
The flow of goods and services among different countries.
A type of trade in which goods are paid for with other goods instead of cash.
Born-Global Firms
Companies that try to sell their products in multiple countries from the moment they are created.
A policy adopted by a government to give domestic companies an advantage.
Import Quotas
Limitations set by a government on the amount of a product allowed to enter or leave a country.
An extreme quota that completely prohibits the import or export of certain goods.
Taxes on imported goods.
General Agreements on Tariffs and Trade (GATT)
International treaty to reduce import tax levels and trade restrictions.
World Trade Organization (WTO)
Sets trade rules for its member nations and mediates between disputes between nations. Replaced GATT.
Economic Communities
Groups of countries that band together for the promotion of trade and to make it easier for member countries to compete elsewhere. EU
European Union (EU)
An economic community that includes most of Europe.
North American Free Trade Agreement (NAFTA)
The world's largest economic community composed of the United States, Mexico, and and Canada.
Gross Domestic Product (GDP)
The total dollar amount of goods and services produced by a nation within its borders in a year.
Gross National Product (GNP)
The value of all goods and services produced by a country's citizens or organizations, whether located in the country's borders or not.
Economic Infrastructure
The quality of a country's distribution, financial, and communication systems.
Less Developed Country (LDC)
A country at the lowest stage of economic development.
Standard of Living
An indicator of the average quality and quantity of goods and services consumed in a country.
Developing Countries
Countries in which the economy is shifting its emphasis from agriculture to industry.
Developed Country
A country that boasts sophisticated MKT systems, strong private enterprise, and bountiful market potential for many goods and services.
Economic Sanctions
Trade prohibitions imposed by one country against another.
A domestic government's takeover of a foreign company for its assets with some reimbursement, though often not for the full value.
A domestic government's seizure of a foreign company's assets without any compensation.
Local Content Rules
A form of protectionism stipulating that a certain proportion of a product must consist of components supplied by industries in the host country.
Cultural values
Deeply held beliefs about right and wrong ways to live.
Collectivist Cultures
Cultures in which people subordinate their personal goals to those of a stable community.
Individualistic Cultures
Cultures in which people tend to attach more importance to personal goals than to those of the larger community.
Specific rules dictating what is right and wrong, acceptable or unacceptable.
A norm handed down from the past that controls basic behaviors.
Customs with a strong moral overtone.
Norms regarding the conduct of everyday life.
The tendency to prefer products or people of one's own culture.
Export Merchants
Intermediaries used by a firm to represent them in other countries.
Licensing (In foreign markets)
An agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for royalties.
A from of licensing involving the right to adapt an entire system of doing business.
Strategic Alliance
Relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in a target country.
Joint Venture
A strategic alliance in which a new entity owned by two or more firms is created to allow the partners to pool their resources for common goals.
Gray market goods
Items manufactured outside a country and then imported without the consent of the trademark holder.
A company tries to get a toehold in a foreign market by pricing its products lower than they are offered at home.