question

Marketing that targets markets throughout the world

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Global Marketing

question

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

answer

Global Vision

question

The total market value of all final goods and services produced in a country for a given time period

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Gross Domestic Product (GDP)

question

Sending U.S. jobs abroad

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Outsourcing

question

Returning production jobs to the united states

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Inshoring

question

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

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Multinational corporation

question

Using more capital than labor in the production process

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Capital intensive

question

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

answer

Global marketing Standardization

question

When multinational firms enable individual subsidiaries to compete independently in domestic markets

answer

Multidomestic Strategy

question

Largest Latin American trade agreement; includes Argentina, Bolivia, Chile, Brazil, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela

answer

Mercosur

question

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

answer

Uruguay Round

question

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

answer

World Trade Organization (WTO)

question

An agreement between Canada, the United States, and Mexico that created the worlds then-largest free trade zone

answer

North American Free Trade Agreement (NAFTA)

question

a trade agreement instituted in 2005 that includes costa rica, the dominican republic, el salvador, guatemala, honduras, nicaragua, and the U.S.

answer

Dominican republic-central america free trade agreement (CAFTA-DR)

question

a free trade zone encompassing twenty-eight european countries

answer

European Union (EU)

question

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

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World Bank

question

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

answer

International Monetary Fund (IMF)

question

A forum for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability

answer

Group of Twenty (G-20)

question

Selling domestically produced products to buyers in other countries

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Exporting

question

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

answer

Buyer for export

question

an intermediary who plays the traditional broker's role by bringing buyer and seller together

answer

export broker

question

an intermediary who acts like a manufacturer's agent for the exporter; the export agent lives in the foreign market

answer

Export agent

question

the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, and other proprietary knowledge

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Licensing

question

Private label manufacturing by a foreign company

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Contract manufacturing

question

when a domestic firm buys part of a foreign company or join with a foreign company to create a new entity

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Joint Venture

question

active ownership of a foreign company or of overseas manufacturing or marketing facilities

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Direct foreign investment

question

the price of one country's currency in terms of another country's currency

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Exchange rate

question

a system in which prices of different currencies move up and down based on the demand for and the supply of each currency

answer

Floating exchange rates

question

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

answer

Dumping

question

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

answer

Countertrade

question

a publicity accessible web page that functions as an interactive journal, where readers can post comments on the author's entries

answer

Blog

question

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

answer

Consumer behavior

question

a 5-step process used by consumers when buying goods or services

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Consumer decision-making process

question

result of an imbalance between actual and desired states

answer

need recognition

question

recognition of an unfulfilled need and a product that will satisfy it

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Want

question

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

answer

stimulus

question

the process of recalling past information stored in the memory

answer

internal information search

question

the process of seeking information in the outside environment

answer

external information search

question

a product information source that is not associated with advertising or promotion

answer

nonmarketing-controlled information source

question

a product information source that originates with marketers promoting the product

answer

marketing-controlled information source

question

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

answer

evoked set (consideration set)

question

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

answer

cognitive dissonance

question

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

answer

Involvement

question

the type of decision making exhibited by consumers buying frequently purchased low-cost gods and services; requires little search and decision time

answer

routine response behavior

question

the type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category

answer

Limited decision making

question

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

answer

extensive decision making

question

the practice of examining merchandise in a physical retail location without purchasing it, and then shopping online for abetter deal on the same item

answer

showrooming

question

the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted form one generation to another

answer

culture

question

the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct

answer

value

question

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

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subculture

question

a group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavior norms

answer

social class

question

all of the formal and informal groups in society that influence an individual's purchasing behavior

answer

Reference group

question

a reference group with which people interact regularly in an informal, face to face manner, such as family, friends and coworkers

answer

Primary membership group

question

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

answer

secondary membership group

question

a group that someone would like to join

answer

aspirational reference group

question

a value or attitude deemed acceptable by a group

answer

norm

question

a group with which an individual does not want to associate

answer

nonaspirational reference group

question

an individual who influences the opinions of others

answer

opinion leader

question

how cultural values and norms are passed down to children

answer

socialization process

question

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

answer

personality

question

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

answer

self-concept

question

the way an individual would like to be perceived

answer

ideal self-image

question

the way an individual actually perceives himself or herself

answer

real self-image

question

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

answer

perception

question

the process whereby a consumer notices certain stimuli and ignores others

answer

selective exposure

question

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

answer

selective distortion

question

a process whereby a consumer remembers only that information that supports his or her personal beliefs

answer

selective retention

question

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

answer

motive

question

a method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization

answer

Maslow's hierarchy of needs

question

a process that creates changes in behavior, immediate or expected, through experiences and practice

answer

learning

question

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

answer

stimulus generalization

question

a learned ability to differentiate among similar products

answer

stimulus discrimination

question

an organized pattern of knowledge that an individual holds as true about his or her world

answer

belief

question

a learned tendency to respond consistently toward a given object

answer

attitude

question

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

answer

Business marketing (industrial, business-to-business, B-to-B, or B2B marketing)

question

a product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers

answer

Business product (industrial product)

question

a product bought to satisfy an individual's personal wants or needs

answer

Consumer product

question

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

answer

B2B electronic commerce

question

a measure of a Web site's effectiveness; calculated by multiplying the frequency of visits by the duration of a visit by the number of pages viewed during each visit (site reach)

answer

stickiness

question

a cooperative agreement between business firms

answer

strategic alliance (strategic partnership)

question

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

answer

relationship commitment

question

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

answer

trust

question

a network of interlocking corporate affiliates

answer

keiretsu

question

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

answer

original equipment manufactures (OEMs)

question

a detailed numbering system developed by the United States, Canada, and Mexico to classify north American business establishments by their main production processes

answer

North American Industry Classification System (NAICS)

question

the demand for business products

answer

Derived demand

question

the demand for two or more items used together in a final product

answer

joint demand

question

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 the consumer product

answer

multiplier effect (accelerator principle)

question

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

answer

business-to-business online exchange

question

a practice whereby business purchases choose to buy from their own customers

answer

reciprocity

question

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

answer

major equipment (installations)

question

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

answer

accessory equipment

question

unprocessed extractive or agricultural products such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish

answer

raw materials

question

either finished items ready for assembly or products that need very little processing before becoming part of some other product

answer

component parts

question

Products used directly in manufacturing other products

answer

Processed materials

question

consumable items that do not become part of the final product

answer

supplies

question

expense items that do not become part of a final product

answer

business services

question

all those people in an organization who become involved in the purchase decision

answer

buying center

question

a situation requiring the purchase of a product for the first time

answer

new buy

question

a situation in which the purchaser wants some change in the original good or service

answer

modified rebuy

question

a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers

answer

straight rebuy

Principles of MKTG Lamb, Hair, McDaniel 9th Edition Chapter 5-7 – Flashcards

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