Please enter something

Baylor Marketing Exam 3 Richards

question

World Trade
answer

The flow of goods and services among different countries – the value of all the exports and imports of the world’s nations.
question

Countertrade
answer

A type of trade in which goods are paid for with other items instead of with cash.
question

General Agreement on Tariffs and Trade (GATT)
answer

International treaty to reduce import tax levels and trade restrictions.
question

World Trade Organization (WTO)
answer

An organization that replaced GATT; the WTO sets trade rules for its member nations and mediates disputes between nations.
question

Protectionism
answer

A policy adopted by a government to give domestic companies an advantage.
question

Import quotas
answer

Limitations set by a government on the amount of a product allowed to enter or leave a country.
question

Embargo
answer

a quota completely prohibiting specified goods from entering or leaning a country.
question

Tariffs
answer

Taxes on imported goods.
question

Economic Communities
answer

Groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere.
question

Gross Domestic Product (GDP)
answer

The total dollar value of goods and service produced by a nation within its borders in a year.
question

Foreign Exchange Rate (Forex Rate)
answer

The price of a nation’s currency in terms of another currency.
question

Economic Infrastructure
answer

The quality of a country’s distribution, financial, and communications systems.
question

Level of Economic Development
answer

The broader economic picture of a country.
question

Standard of Living
answer

An indicator of the average quality and quantity of goods and services consumed in a country.
question

Least Developed Country (LDC)
answer

A country at the lowest stage of economic development.
question

Developing Countries
answer

Countries in which the ceremony is shifting its emphasis from agriculture to industry.
question

Bottom of the Pyramid (BOP)
answer

The collective name for the group of consumers throughout the world who live on less than $2 a day.
question

Sachet
answer

Affordable one-use packages of cleaning products, fabrics softeners, shampoo, etc., for sale to consumers in least developed and developing countries.
question

BRIC Countries
answer

Refers to Brazil, Russia, India, and China, the largest and fastest growing of the developing countries with over 40% of the world’s population.
question

Developed Countries
answer

A country that boasts sophisticated marketing systems, strong private enterprise, and bountiful market potiential for many goods and services.
question

Group of 8 (G8)
answer

An informal forum of the eight most economically developed countries that meets annually to discuss major economic and political issues facing the international community.
question

Business Cycle
answer

The overall patterns of change in the economy – including periods of prosperity, recession, depression, and recovery – that affect consumer and business purchasing power.
question

Competitive Intelligence (CI)
answer

The process of gathering and analyzing publicly available information about rivals.
question

Discretionary Income
answer

The portion of income people have left over after paying for necessities such as housing, utilities, food, and clothing.
question

Product Competition
answer

When firms offering different products compete to satisfy the same consumer needs and wants.
question

Brand Competition
answer

When firms offering similar goods or services compete on the basis of their brand’s reputation or perceived benefits.
question

Monopoly
answer

A market situation in which one firm, the only supplier of a particular product, is able to control the price, quality, and supply of that product.
question

Oligoploy
answer

A market structure in which a relatively small number of sellers, each holding a substantial share of the market, compete in a market with many buyers.
question

Monopolistic competition
answer

A market structure in which many firms, each having slightly different products, offer unique consumer benefits.
question

Perfect Competition
answer

A market structure in which many small sellers, all of whom offer similar products, are unable to have an impact on the quality, price, or supply of a product.
question

Radio Frequency Identification (RFID)
answer

RFID chips are electronic tags or labels that can be embedded within packages or items and are used to identify items even when hidden in the back of a stockroom or high on a shelf.
question

Patent
answer

A legal mechanism to prevent competitors from producing or selling an invention, aimed at reducing or eliminating competition in a market for a period of time.
question

Nationalization
answer

When a domestic government reimburses a foreign company (often not for full value) for its assets after taking it over.
question

Expropriation
answer

When a domestic government seizes a foreign company’s assets without any reimbursement
question

Local Content Rules
answer

A form of protectionism stipulating that a certain proportion of a product must consist or components supplied by industries in the host country or economic community.
question

U.S. Generalized System of Preferences (GSP)
answer

A program to promote economic growth in developing countries by allowing duty-free entry of goods into the U.S.
question

Demographics
answer

Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure.
question

Cultural Values
answer

A society’s deeply held beliefs about right and wrong ways to live.
question

Collectivist Cultures
answer

Cultures in which people subordinate their personal goals to those of a stable community.
question

Individualist Cultures
answer

Cultures in which people tend to attach more importance to personal goals than to those of the larger community.
question

Social Norms
answer

Specific rules dictating what is right or wrong, acceptable or unacceptable.
question

Consumer Ethnocentrism
answer

Consumers’ feeling that products from their own country are superior or that it is wrong to buy products produced in another country.
question

Utilitarian Approach
answer

Ethical philosophy that advocates a decision that provides the most good or the least harm.
question

Rights Approach
answer

Ethical philosophy that advocates the decision that does the best job of protecting the moral rights of all.
question

Fairness or Justice Approach
answer

Ethical philosophy that advocates the decision that treats all human beings equally.
question

Common Good Approach
answer

Ethical philosophy that advocates the decision that contributes to the good of all in the community.
question

Virtue Approach
answer

Ethical philosophy that advocates the decision that is in agreement with certain ideal values.
question

Ethical Relativism
answer

Suggests that what is ethical in one culture is not necessarily the same as in another culture.
question

Business Ethics
answer

Basic values that guide a firm’s behavior.
question

Code of Ethics
answer

Written standards of behavior to which everyone in the organization must subscribe.
question

Bribery
answer

When someone voluntarily offers payment to get an illegal advantage.
question

Extortion
answer

When someone in authority extracts payment under duress.
question

Green customers
answer

Those consumers who are most likely to actively look for and buy products that are eco-friendly.
question

Fair Trade
answer

Companies that pledge to pay a fair price to producers in developing countries to ensure that the workers who produce the goods receive a fair wage, and to ensure that these manufacturers rely where possible on environmentally sustainable production practices.
question

Locavorism
answer

The situation when many shoppers actively look for products that come from farms within 50 to 100 miles of where they live.
question

Sustainability Metrics
answer

Tools that measure the benefits an organization achieves through the implementation of sustainability.
question

Market research ethics
answer

Taking an ethical and aboveboard approach to conducting market research that does no harm to the participant in the process of conducting the research.
question

Database
answer

An organized collection (often electronic) of data that can be searched and queried to provide information about contacts, products, customers, inventory, and more.
question

Marketing information system (MIS)
answer

A process that first determines what information marketing managers need and then gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to system users.
question

Intranet
answer

An internal corporate communication network that uses internet technology to link company departments, employees, and database.
question

Market intelligence system
answer

A method by which marketers get information about everyday happenings in the marketing environment.
question

Reverse engineering
answer

The process of physically deconstructing a competitor’s product to determine how it’s put together.
question

Market Research
answer

The process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness.
question

Syndicated Research
answer

Research by firms that collect data on a regular basis and sell the reports to multiple firms.
question

Custom Research
answer

Research conducted for a single firm to provide specific information its managers need.
question

Marketing Decision Support System (MDSS)
answer

The data, analysis software that allow managers to conduct analyses and find the information they need.
question

Data
answer

Raw, unorganized facts that need to be processed.
question

Information
answer

Interpreted data.
question

Customer Insights
answer

The collection, deployment, and interpretation of information that allows a business to acquire, develop, and retain their customers.
question

Research Design
answer

A plan that specifies what information marketers will collect and what type of study they will do.
question

Secondary Data
answer

Data that have been collected for some purpose other than the problem at hand.
question

Primary Data
answer

Data from research conducted to help make a specific decision.
question

Exploratory Research
answer

A technique that marketers use to generate insight’s for future, more rigorous studies.
question

Focus Group
answer

A product-oriented discussion among a small group of consumers led by a trained moderator.
question

Case Study
answer

A comprehensive examination of a particular firm or organization.
question

Ethnography
answer

An approach to research based on observations of people in their own homes or communities.
question

Descriptive Research
answer

A tool that probes more systematically into the problem and bases its conclusions on large numbers of observations.
question

Cross-sectional Design
answer

A type of descriptive technique that involves the systematic collection of quantitative information.
question

Longitudinal Design
answer

A technique that tracks the responses of the same sample of respondents over time.
question

Causal Research
answer

A technique that attempts to understand cause-and-effect relationships.
question

Experiments
answer

A technique that tests predicted relationships among variables in a controlled environment.
question

Neuromarketing
answer

A type of brain research that uses technologies such as functional magnetic resonance imaging (fMRI) to measure brain activity to better understand why consumers make the decisions they do.
question

Telemarketin
answer

The use of the telephone to sell directly to consumers and business customers.
question

Mall intercept
answer

A study in which researchers recruit shoppers in malls or other public areas.
question

Unobtrusive Measures
answer

Measuring traces of physical evidence that remain after some action has been taken.
question

Cookies
answer

Text files inserted by a website sponsor into a Web surfer’s hard drive that allows the site to track the surfer’s moves.
question

Predictive Technology
answer

Analysis techniques that use shopping patterns of large numbers of people to determine which products are likely to be purchased if others are.
question

Bounce Rate
answer

A marketing metric for analyzing website traffic. It represents the percentage of visitors who enter the site (typically at the home page) and “bounce” (leave the site) rather than continue viewing other pages within the same overall site.
question

Validity
answer

The extent to which research actually measures what it was intended to measure.
question

Reliability
answer

The extent to which research measurement techniques are free of errors.
question

Representativeness
answer

The extent to which consumers in a study are similar to a larger group in which the organization has an interest.
question

Sampling
answer

The process of selecting respondents for a study.
question

Probability Sample
answer

A sample in which each member of the population has some known chance of being included.
question

Non-probability Sample
answer

A sample in which personal judgment is used to select respondents.
question

Convenience sample
answer

A non-probability sample composed of individuals who just happen to be available when and where the data are being collected.
question

Back-Translation
answer

The process of translating material to a foreign language and then back to the original language.
question

Customer Relationship Management (CRM)
answer

A systematic tracking of consumers’ preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual’s unique wants and needs.
question

One-to-One Marketing
answer

Facilitated by CRM, one-to-one marketing allows for customization of some aspect of the goods or services that are offered to each customer.
question

Touchpoint
answer

Any point of direction interface between customers and a company (online, by phone, or in person).
question

Share of Customer
answer

The percentage of an individual customer’s purchase of a product that is a single brand.
question

Customer Equity
answer

The financial value of a customer throughout the lifetime of the relationship.
question

Big Data
answer

A popular term to describe the exponential growth of data – both structured and unstructured – in massive amounts that are hard or impossible to process using traditional database techniques.
question

Internet of Things
answer

Describes a system in which everyday objects are connected to the Internet and in turn able to communicate information throughout an interconnected system.
question

Web Scraping
answer

The process of using computer software to extract large amount of data from websites.
question

Sentiment Analysis
answer

The process of identifying a follower’s attitude toward a brand assessing the context or emotion of her comments.
question

Scanner Data
answer

Data derived from items that are scanned at the cash register when you check out with your loyalty card.
question

Information Overload
answer

A state in which the marketer is buried in so much data that it becomes nearly paralyzing to decide which of the data proved useful information and which do not.
question

Data Mining
answer

Sophisticated analysis techniques to take advantage of the massive amount of transaction information now available.
question

Data Warehouse
answer

A system to store and process the data that result from data mining.
question

Reality Mining
answer

The collection and analysis of machine-sensed environmental data pertaining to human social behavior with the goal of identifying predictable patterns of behavior.
question

Data Brokers
answer

Companies that collect and sell personal information about consumers.
question

Structured Data
answer

Data that (1) are typically numeric or categorical; (2) can be organized and formatted in a way that is easy for computers to read, organize, and understand; and (3) can be inserted into a database in a seamless fashion.
question

Unstructured Data
answer

Nonnumeric information that is typically formatted in a way that is meant for human eyes and not easily understood by computers.
question

Data Scientist
answer

An individual who searches through multiple, disparate data sources in order to discover hidden insights that will provide a competitive advantage.
question

Marketing Analytics
answer

A group of technologies and processes that enable marketers to collect, measure, analyze, and asses the effectiveness of marketing efforts.
question

Cost-Per-Click
answer

An online ad purchase in which the cost of the advertisement is charged only each time an individual clicks on the advertisement and is directed to the Web page that the marketer placed within the advertisement.
question

Cost-Per-Impression
answer

An online ad purchase in which the cost of the advertisement is charged each time the advertisement shows up on a page that the user views.
question

Search Engine Optimization (SEO)
answer

A systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business.
question

Predictive Analytics
answer

Uses large quantities of data within variables that have identified relationships to more accurately predict specific future outcomes.
question

Marketing Metrics
answer

Specific measures that help marketers watch the performance of their marketing campaigns, initiatives, and channels and, when appropriate, serve as a control mechanism.
question

Bitcoin
answer

The most popular and fastest-growing digital currency.
question

Price
answer

The assignment of value, or the amount the consumer must exchange to receive the offering.
question

Market Share
answer

The percentage of a market (defined in terms of either sales units or revenue) accounted for by a specific firm, product lines, or brands.
question

Prestige Products
answer

Products that have a high price and that appeal to status-conscious consumers.
question

Price Elasticity of Demand
answer

The percentage change in unit sales that results from a percentage change in price.
question

Elastic Demand
answer

Demand in which changes in price have large effects on the amount demanded.
question

Inelastic Demand
answer

Demand in which changes in price have little or no effect on the amount demanded.
question

Cross-Elasticity of Demand
answer

When changes in the price of one product affect the demand for another item.
question

Variable Costs
answer

The costs of production (raw and processed materials, parts, and labor) that are tied to and vary, depending on the number of units produced.
question

Fixed Costs
answer

Costs of production that do not change with the number of units produced.
question

Average Fixed Cost
answer

The fixed cost per unit produced.
question

Break-Even Analysis
answer

A method for determining the number of units that a firm must produce and sell at a given price to cover all its costs.
question

Break-Even Point
answer

The point at which the total revenue and total costs are equal and beyond which the company makes a profit, below that point, the firm will suffer a loss.
question

Contribution per Unit
answer

The difference between the price the firm charges for a product and the variable costs.
question

Markup
answer

An amount added to the cost of a product to create the price at which a channel member will see the product.
question

Gross Margin
answer

The markup amount added to the cost of a product to cover the fixed costs of the retailer or wholesaler and leave an amount for a profit.
question

Retailer Margin
answer

The margin added to the cost of a product by a retailer.
question

Wholesaler Margin
answer

The amount added to the cost of a product by a wholesaler.
question

List Price or Manufacturer’s Suggested Retail Price (MSRP)
answer

The pice that the manufacturer sets as the appropriate price for the end consumer to pay.
question

Cost-Plus Pricing
answer

A method of setting prices in which the seller totals all the costs for the product and then adds an amount to arrive at the selling price.
question

Demand-Based Pricing
answer

A price-setting method based on estimates of demand at different prices.
question

Target Costing
answer

A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required price.
question

Yield Management Pricing
answer

A practice of charging different prices to different customers in order to manage capacity while maximizing revenues.
question

Price Leadership
answer

A pricing strategy in which one firm first sets its price and other firms in the industry follow with the same or very similar prices.
question

Value Pricing or Everyday Low Pricing (EDLP)
answer

A pricing strategy in which a firm sets prices that provide ultimate value to customers.
question

Skimming Price
answer

A very high, premium price that a firm charges for its new, highly desirable product.
question

Penetration Pricing
answer

A pricing strategy in which a firm introduces new product at a very low price to encourage more customers to purchase it.
question

Trial Pricing
answer

Pricing a new product low for a limited period of time in order to lower the risk for a customer.
question

Price Bundling
answer

Selling two or more goods or services as a single package for one price.
question

Captive Pricing
answer

A pricing tactic for two items that must be used together; one item is priced very low, and the firm makes its profit on another, high-margin item essential to the operation of the first item.
question

F.O.B. Origin Pricing
answer

A pricing tactic in which the cost of transporting the product from the factory to the customer’s location is the responsibility of the customer.
question

F.O.B. Delivered Pricing
answer

A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price and is paid by the manufacturer.
question

Uniform Delivered Pricing
answer

A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless of location.
question

Freight Absoprtion Pricing
answer

A pricing tactic in which the seller absorbs the total cost of transportation.
question

Trade Discounts
answer

Discounts off list price of products to members of the channel of distribution who perform various marketing functions.
question

Quantity Discounts
answer

A pricing tactic of charging reduced prices for purchases of larger quantities of a product.
question

Cash Discounts
answer

A discount offered to a customer to entice them to pay their bill quickly.
question

Seasonal Discounts
answer

Price reductions offered only during certain times of the year.
question

Internal Reference Price
answer

A set price or a price range in consumers’ minds that they refer to in evaluating a product’s price.
question

Price Lining
answer

The practice of setting a limited number of different specific prices, called price points, for items in a product line.
question

Bait-and-Switch
answer

An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-price item.
question

Loss-Leader Pricing
answer

The pricing policy of setting prices very low or even below cost to attract customers into a store.
question

Unfair Sales Acts
answer

State laws that prohibit suppliers from selling products below cost to protect small businesses from larger competitors.
question

Price Fixing
answer

The collaboration of two or more items in setting prices, usually to keep prices high.
question

Surge Pricing
answer

A pricing strategy in which the price of a product is raised as demand for that product goes up and lowered as demand goes down.
question

Predatory Pricing
answer

An illegal pricing strategy in which a company sets a very low price for the purpose of driving competitors out of business.
question

What is the Corporate Responsibility Pyramid?
answer

Bottom of Pyramid: Economic Responsibility Second Layer: Legal Responsibility Third Layer: Ethical Responsibility Top of Pyramid: Philanthropic Responsibility
question

What are the 7 Marketing Problems? (Numbers with the * beside them will be focused on more than the others)
answer

*1. Effectively targeting high value sources of growth *2. The role of Marketing in the firm and the C-suite 3. The digital transformation of the modern corporation 4. Generating and Using Insight to Shape Marketing Practice *5. Dealing with an Omni-Channel World 6. Competing in Dynamic, Global Markets *7. Balancing Incremental and Radical Innovation