MKTG 321 – Flashcard

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The process of creating, distributing, promoting, and pricing goods and services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment
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Marketing
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The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients. partners and society at large
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The American Marketing Association defines marketing as
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The purchasers of organizations' products; the focal point of all marketing elements
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Customers
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how they satisfy customers; not to what they produce
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Organizations must define their products according to
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develop satisfying exchange relationships from which both customers and marketers benefit
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The essence of marketing is to
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The group of customers on which marketing efforts are focused
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Target Market
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developing and managing a product that will satisfy customer needs; available in the right place and at a price that buyers are willing to pay
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Marketing is more than just advertising and selling a product it involves
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four marketing elements that a firm can control to meet the needs of customers within its target markets
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Marketing mix
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product, price, promotion, distribution
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four marketing elements
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A good, service or idea; successful when they become a part of everyday life.
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Product
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physical entity you can touch
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good
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the application of human and mechanical efforts of people or objects to provide intangible benefits to customers
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service
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concepts, philosophies, images, and issues
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ideas
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is not a marketing activity
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The actual production of tangible goods
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marketers must develop new products, modify existing ones, and eliminate those that no longer satisfy enough buyers or that yield unacceptable profits
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to maintain an assortment of products that helps an organization achieve its goals
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the provision or transfer of goods, services, or ideas i return for something of value
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exchanges
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constituents who have a "stake" or claim, in some aspect of a company's products, operations, markets, industry, and outcomes
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stakeholders
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the competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
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marketing environment
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a philosophy that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals
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marketing concept
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An organizationwide commitment to researching and responding to customer needs
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market orientation
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establishing long-term, mutually satisfying buyer-seller relationships
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relationship marketing
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Developing collaborative relationships with customers based on focusing on their individual needs and concerns
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customer-centric marketing
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Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
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customer relationship management (CRM)
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a customers subjective assessment of benefits relative to costs in determining the worth of a product
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value
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michelin positions its tires as durable and efficient, driving customer value
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value-driven marketing
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the process of planning organizing, implementing and controlling marketing activities to facilitate exchanges effectively and efficiently
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marketing management
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the american indian college fund and national multiple sclerosis society use marketing to promote their causes
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nonprofit organizations
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a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers with customers while maintaing, supporting, and enhancing the natural environment
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green marketing
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the process of collecting information about forces in the marketing environment
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environmental scanning
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the process of assessing and interpreting the information gathered through environmental scanning
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environmental analysis
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other organizations that market products that are similar to or can be substituted for a marketers products in the same geographic area
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competition
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firms that market products with similar features and benefits to the same customers at similar prices
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brand competitors
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firms that compete in the same product class but market products with different features, benefits, and prices
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product competitors
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firms that provide very different products that solve the same problem or satisfy the same basic customer need
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generic competitors
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firms that compete for the limited financial resources of the same customers
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total budget competitors
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a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
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monopoly
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a competitive structure in which few sellers control the supply of a large proportion of a product
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oligopoly
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a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its products
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monopolistic competition
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a market structure characterized by an extremly large number of sellers, none strong enough to significatly influence price or supply
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pure competition
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a pattern of economic fluctuations that has four stages
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business cycle
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prosperity, recession, depression, and recovery
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what are the four stages of the business cycle?
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a stage of the business cycle characterized by low unemployment and relatively high total income, which together ensure high buying power (provided the inflation rate stays low)
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prosperity
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a stage of the business cycle during which unemployment rises and total buying power declines, stifling bot consumer and business spending
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recession
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a stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy
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depression
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a stage of the business cycle in which the economy moves from recession or depression toward prosperity
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recovery
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resouces such as money, goods, and services, that can be traded in an exchange
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buying power
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for an individual, the amount of money received though wages, rents, investments, pensions and subsidy payments for a given period
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income
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after-tax income
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disposable income
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disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
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discretionary income
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the accumulation of past income
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wealth
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an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces
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willingness to spend
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an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling
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federal trade commission
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a system of non-governamental, independent, local regulatory agencies supported by local business that helps settle problems between customers and specific business firms
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better business bureau
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a self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement
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national advertising review board
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the application of knowledge and tools to solve problems and perform tasks more efficiently
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technology
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the influences in a society and its cultures that change peoples attitudes, beliefs, norms, customs, and lifestyles
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sociocultural forces
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organized efforts by individuals, groups, and organizations to protect consumers' rights
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consumerism
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An organization's obligation to maximize its positive impact and minimize its negative impact on society
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social responsibility
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the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders
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marketing citizenship
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principles and standards that define acceptable marketing conduct as determined by various stakeholders
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marketing ethics
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the practice of linking products to a particular social cause on an ongoing or short-term basis
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cause-related marketing
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The synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits
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strategic philanthropy
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the potential for the long-term well-being of the natural environment, including all biological entities, as well as the interaction among nature and individuals, organizations and business strategies
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sustainability
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a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
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green marketing
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an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical
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ethical issue
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a set of values, beliefs, goals, norms, and rituals that members of an organization share
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organizational (corporate) culture
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formalized rules and standards that describe what the company expects of its employees
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codes of conduct
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developing and performing marketing activities across national boundaries
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international marketing
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the market value of a nations total output of goods and services for a given period; an overall measure of economic standing
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gross domestic product
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A duty levied by a nation on goods bought outside its borders and brought in
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import tariff
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a limit on the amount of goods an importing country will accept for certain product categories in a specific period of time
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quota
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a governments suspension of trade in a particular product or with a given country
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embargo
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government restrictions on the amount of a particular currency that can be bought or sold
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exchange controls
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the difference in value between a nations exports and its imports
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balance of trade
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the concept that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures
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cultural relativism
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an alliance that merges canada, mexico, and the united states into a single market.
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north american free trade agreement NAFTA
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an alliance that promotes trade among its member countries in europe
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european union EU
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An alliance that promotes the free circulation of goods, services, and production factors and has a common external tariff and commercial policy among member nations in South America
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common market of southern cone MERCOSUR
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An alliance that promotes open trade and economic and technical cooperation among member nations throughout the world
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Asia-Pacific Economic Cooperation APEC
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an entity that promotes free trade among member nations by eliminating trade barriers and educating individuals, companies, and governments about trade rules around the world
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World Trade organization WTO
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an agreement among nations to reduce worldwide tariffs and increase international trade
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General Agreement on tariffs and trade GATT
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selling products at unfairly low prices
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dumping
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the purchase of products from a foreign source
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importing
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the sale of products to foreign markets
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exporting
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a company that links buyers and sellers in different countries
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trading company
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an alternative to direct investment that requires a license to pay commissions or royalties on sales or supplies used in manufacturing
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licensing
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a form of licensing in which a franchiser, in exchange for a financial commitment, grants a franchisee the right to market its product in accordance with the franchiser's standards
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franchising
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The practice of hiring a foreign firm to produce a designated volume of the domestic firm's product or a component of it to specification; the final product carries the domestic firm's name
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contract manufacturing
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the practice of contracting noncore operations with an organization that specializes in that operation
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outsourcing
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the practice of moving a business process that was done domestically at the local factory to a foreign country, regardless of whether the production accomplished in the foreign is performed by the local company
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offshoring
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The practice of contracting with an organization to perform some or all business functions in a country other than the country in which the product or service will be sold
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offshore outsourcing
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a partnership between a domestic firm and a foreign firm or government
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joint venture
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a partnership that is formed to create a competitive advantage on a worldwide basis
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strategic alliance
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a situation in which a company owns subsidiaries or other facilities overseas
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direct ownership
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a firm that has operations or subsidiaries in many countries
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multinational enterprise
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the development of marketing strategies that treat the entire world (or its major regions) as a single entity
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globalization
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