question

Global Market

answer

Marketing that Targets markets throughout the world

question

Global Vision

answer

Recognizing and reactions to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets.

question

Multinational Corporation

answer

A company that is heavily engaged in international trade, beyond exporting and importing.

question

Capital-Intensive

answer

Using more capital than labor in the product process

question

Global Marketing Standardization

answer

Production of uniform products that can be sold the same way all over the world.

question

European Union

answer

A free trade zone encompassing 27 European Countries

question

Mercosur

answer

The largest Latin American Trade agreement; includes Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela.

question

Uruguay Round

answer

An agreement to dramatically lower trade barriers worldwide; created the World Trade Organization.

question

World Trade Organization (WTO)

answer

A trade organization that replaced the old General Agreement on Tariffs and Trade. (GATT)

question

General Agreement on Tariffs and Trade (GATT)

answer

A trade agreement that contained loopholes that enabled countries to avoid trade-barrier reduction agreements.

question

North American Free Trade Agreement (NAFTA)

answer

An agreement between Canada, the United States, and Mexico that created the world's largest free trade zone.

question

Central America Free Trade Agreement (CAFTA)

answer

a trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States.

question

Wold Bank

answer

An international bank that offers low-interest loans, advice, and information to developing nations.

question

International Monetary Fund (IMF)

answer

An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation.

question

Exporting

answer

selling domestically produced products to buyers in another country.

question

Buyer for Export

answer

An intermediary in the global market that assumes all ownership risks and sells globally for its own account

question

Export broker

answer

An intermediary who plays the traditional broker's role by brining buyer and seller together.

question

licensing

answer

The legal process whereby a licensor agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge.

question

Contract Manufacturing

answer

Private-label manufacturing by a foreign company.

question

Joint Venture

answer

When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity.

question

Direct Foreign Investment

answer

Active ownership of a foreign company or of overseas manufacturing or marketing facilities.

question

Floating exchange rates

answer

Prices of different currencies move up and down based on the demand for and the supply of each currency.

question

Dumping

answer

The sale of an exported product at a price lower than that charged for the same or a like product in "home" market of the exporter.

question

Countertrade

answer

A form of trade in which all or part of the payment for goods or services is in the form of other goods or services.

question

Consumer Behavior

answer

Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use.

question

Consumer Decision-Making process

answer

A 5 step process used by consumers when buying goods or services.

question

Need Recognition

answer

Result of an imbalance between actual and desired states.

question

Want

answer

The way a consumer goes about addressing a need.

question

Stimulus

answer

Any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing.

question

Internal Information Search

answer

The process of recalling past information stored in the memory.

question

External Information Search

answer

The process of seeking information in the outside environment.

question

Non marketing-Controlled Information Source

answer

A product information source the tis not associated with advertising or promotion.

question

Marketing-Controlled Information Source

answer

A product information source that originates with marketers promoting the product.

question

Evoked Set (Consideration Set)

answer

A group of brands, resulting from an information search, from which a buyer can choose.

question

Brand Extensions

answer

A well-known and respected brand name from one product category is extended into other product categories.

question

Cognitive Dissonance

answer

Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.

question

Involvement

answer

the amount of time and effort a buyer invests in the search, evaluation and decision processes of consumer behavior.

question

Routine Response behavior

answer

The type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time.

question

Limited decision making

answer

They type of decision making that require a moderate amount of time for gather information and deliberating about an unfamiliar brand in a familiar product category.

question

Extensive decision making

answer

The most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requires use of several criteria for evaluating options and much time for seeking information.

question

Culture

answer

the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts or products of that behavior s they are transmitted from one generation to the next.

question

Value

answer

The enduring belief that a specific mod of conduct is personally or socially preferable to another mode of conduct.

question

Subculture

answer

A homogeneous group of people who share elements of the overall culture as well as unique elements of their own group.

question

Social Class

answer

A group of people in a society who are considered nearly equal in statues or community esteem, who regularly socialize among themselves both formally an informally, and who share behavioral norms.

question

Reference group

answer

A group in society that influences an individual's purchasing behavior.

question

Primary Membership Group

answer

A reference group with which people interact regularly in an informal, face to face manner, such as family, friends, or fellow employees

question

Secondary Membership Group

answer

A reference group with which people associate less consistency and more formally than a primary membership group, such as a club, professional group, or religious group.

question

Aspirational Reference Group

answer

A group that someone would like to join.

question

Norm

answer

A value or attitude deemed acceptable by a group.

question

Non Aspirational Reference group

answer

A group with which an individual does not want to associate.

question

Opinion Leader

answer

An individual who influences the opinions of others.

question

Socialization Process

answer

How cultural values and norms are passed down to children.

question

Personality

answer

A way of organizing and grouping the consistencies of an individuals reactions to situations.

question

Self-Concept

answer

How consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations.

question

Ideal Self-Image

answer

The way an individual would like to be.

question

Real Self-Image

answer

The way an individual actually perceives himself or herself.

question

Lifestyle

answer

A mode of living as identified by a person's activities, interest, and opinions.

question

Perception

answer

The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture.

question

Selective exposure

answer

The process whereby a consumer notices certain stimuli and ignores others.

question

Selective Distortion

answer

A process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs.

question

Selective retention

answer

A process whereby a consumer remembers on the information that supports his or her personal beliefs.

question

Threshold level of perception

answer

The minim difference in a stimulus that a consumer will notice.

question

Motive

answer

A driving force that causes a person to take action to satisfy specific needs

question

Maslows hierarchy of needs

answer

A method classifying human needs and motivations into 5 categories in ascending order of importance. Physiological Safety Social Esteem Self Actualization

question

Learning

answer

A process that creates change in behavior,immediate or expected through experience and practice.

question

Stimulis Generalization

answer

A form of learning that occurs when one response is extended to a second stimulus similar to the first.

question

Stimulus discriminaton

answer

A learned ability to differentiate around similar products

question

Belief

answer

An organized patter of knowledge that an individual holds as true about his or her world.

question

Attitude

answer

A learned tendency to respond consistent toward a given object

question

Business Marketing

answer

The marketing of goods and services to individuals and organizations for purposes other than personal consumption.

question

Business-To-Buisness Electronic Commerce

answer

The use of internet to facilitate the exchange of goods, services, and information between organizations.

question

Stickiness

answer

A measure of a Web site's effectiveness; ca;via;ted by multiplying the frequency of visit times the duration of visit times and the number of pages viewed during each visit. (Site Reach)

question

Disintermediation

answer

The elimination of intermediaries such as wholesalers or distributors from a marketing channel.

question

Reintermediation

answer

the re-introduciton of an intermediary between producers and users.

question

Strategic Alliance (strategic partnership)

answer

A cooperative agreement between business firms.

question

Relationship Commitment

answer

A firm's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintains it indefinitely

question

Trust

answer

The condition that exists when one party has confidence in an exchanged partner's reliability and integrity

question

Keiretsu

answer

A network of interlocking corporate affiliates.

question

Original Equipment Manufactures

answer

Individuals and organizations that buy business goods and incorporate them into products that they produce for eventual sale to other producers or to consumers.

question

North American Industry Classification System (NAICS)

answer

A detailed numbering system developed by the United States, Canada, and Mexico to classify establishment by their main production processes.

question

Derived Demand

answer

The demand for business products.

question

Joint Demand

answer

The Demand for two or more items used together in a final product

question

Multiplier effect (accelerator principle)

answer

Phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make consumer product..

question

Business-to-Business Online Exchange

answer

An electronic trading floor that provides companies with integrated links to their customers and suppliers.

question

Reciprocity

answer

The practice of business purchaser choosing to buy from their own customers.

question

Major equipment (installations)

answer

Capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings.

question

Accessory equipment

answer

Goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment.

question

Raw Materials

answer

Unprocessed extractive or agricultural produce, such as mineral ore, timber, where, corn, fruits, vegetables, and fish.

question

Component parts

answer

Either finished items ready for assembly of products that need very little procession before becoming part of some other product.

question

Processed Materials

answer

Products used directly in manufacturing other products.

question

Supplies

answer

Consumable items that do not become part of the final product.

question

Business services

answer

Expense items that do not become par of a final product.

question

Buying Center

answer

All those persons in an organization ho become involved in the purchase decision.

question

New Buy

answer

A situation requiring the purchase of a product of the first time.

question

Modified rebuy

answer

A situation where the purchaser wants some change in the original good or service.

question

Straight Rebuy

answer

A situation in which the purchaser reorders the same goods or services with our looking for new information or investigating other suppliers.

question

Market

answer

People or organizations with needs or wants and the ability and willingness to buy.

question

Market segment

answer

A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.

question

Market Segmentation

answer

The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.

question

Segment Bases (Variables)

answer

Characteristics of individuals groups or organizations

question

Geographic segmentation

answer

Segmenting markets by region of a country or the world, market size, market density, or climate.

question

Demographic Segmentation

answer

Segmenting markets by age, gender, income, ethnic background, and family life cycle.

question

Family Life Cycle (FLC)

answer

A series of stages determined by a combination of age, marital status. and the presence of absence of children.

question

Psychographic Segmentation

answer

Market segmentation on the basis of personalty, motives, lifestyles and geodemographics.

question

Geodemographic Segmentation.

answer

Segmenting potential customers into neighborhood lifestyle categories.

question

Benefit Segmentation

answer

The process of grouping customers into market segments according to the benefit they seek from the product.

question

Usage-Rate Segmentation

answer

Dividing a market by the amount of product bought or consumed

question

80/20 Principle

answer

A principle holding that 20 percent of all customers generate 80 percent of the demand.

question

Satisficers

answer

Business customers who place on order with the first familiar supplier to ratify product and delivery requirements.

question

Optimizers

answer

Business Customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selection one.

question

Target Market

answer

A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges

question

Undifferentiated target strategy

answer

A marketing approach that vies the market as one big market with no individual segments and thus uses a single marketing mix.

question

Concentrated Targeting Strategy

answer

A strategy used to select one segment of a market for targeting marketing efforts.

question

Niche

answer

One segment of a market

question

Multisegment Targeting Strategy

answer

A strategy that chooses 2 or more well-defined market segments and develops a distinct marketing mix for each.

question

Cannibalization

answer

A situation that occurs when sales of a new product cut into sales of a firms exiting products.

question

One-to-One Marketing

answer

An individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer.

question

Positioning

answer

Developing a specific marketing mix to influence potential customers' overall perception of a rand product line, or organization in fern.

question

Position

answer

The place a product, brand or group of products occupies in consumers' minds relative to competing offerings.

question

Product differentiation

answer

A positioning strategy that some firms uses to distinguish their products from those of competitors.

question

Repositioning

answer

Changing consumers' perceptions of a brand in relation to competing brands.

question

Perceptual Mapping

answer

A means of displaying or graphing in 2 or more dimensions, the location of products, brands, or groups of products in customers' minds.

Principles of Marketing Exam 2 Chapters 5-8 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards