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

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Marketing that targets markets throughout the world
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Global Marketing
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Recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets
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Global Vision
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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)
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Sending U.S. jobs abroad
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Outsourcing
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Returning production jobs to the united states
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Inshoring
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a company that is heavily engaged in international trade, beyond exporting and importing
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Multinational corporation
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Using more capital than labor in the production process
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Capital intensive
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Production of uniform products that can be sold the same way all over the world
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Global marketing Standardization
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When multinational firms enable individual subsidiaries to compete independently in domestic markets
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Multidomestic Strategy
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Largest Latin American trade agreement; includes Argentina, Bolivia, Chile, Brazil, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela
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Mercosur
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A trade agreement to dramatically lower trade barriers worldwide; created the World Trade Organization
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Uruguay Round
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A trade organization that replaced the old General Agreement on Tariffs and Trade (GATT)
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World Trade Organization (WTO)
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An agreement between Canada, the United States, and Mexico that created the worlds then-largest free trade zone
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North American Free Trade Agreement (NAFTA)
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a trade agreement instituted in 2005 that includes costa rica, the dominican republic, el salvador, guatemala, honduras, nicaragua, and the U.S.
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Dominican republic-central america free trade agreement (CAFTA-DR)
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a free trade zone encompassing twenty-eight european countries
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European Union (EU)
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an international bank that offers low-interest loans, advice and information to developing nations
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World Bank
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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
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International Monetary Fund (IMF)
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A forum for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability
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Group of Twenty (G-20)
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Selling domestically produced products to buyers in other countries
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Exporting
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An intermediary in the global market that assumes all ownership risks and sells globally for its own account
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Buyer for export
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an intermediary who plays the traditional broker's role by bringing buyer and seller together
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export broker
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an intermediary who acts like a manufacturer's agent for the exporter; the export agent lives in the foreign market
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Export agent
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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
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Private label manufacturing by a foreign company
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Contract manufacturing
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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
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active ownership of a foreign company or of overseas manufacturing or marketing facilities
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Direct foreign investment
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the price of one country's currency in terms of another country's currency
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Exchange rate
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a system in which prices of different currencies move up and down based on the demand for and the supply of each currency
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Floating exchange rates
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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
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Dumping
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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
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Countertrade
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a publicity accessible web page that functions as an interactive journal, where readers can post comments on the author's entries
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Blog
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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
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Consumer behavior
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a 5-step process used by consumers when buying goods or services
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Consumer decision-making process
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result of an imbalance between actual and desired states
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need recognition
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recognition of an unfulfilled need and a product that will satisfy it
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Want
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any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing
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stimulus
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the process of recalling past information stored in the memory
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internal information search
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the process of seeking information in the outside environment
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external information search
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a product information source that is not associated with advertising or promotion
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nonmarketing-controlled information source
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a product information source that originates with marketers promoting the product
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marketing-controlled information source
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a group of brands resulting from an information search from which a buyer can choose
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evoked set (consideration set)
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inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions
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cognitive dissonance
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the amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior
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Involvement
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the type of decision making exhibited by consumers buying frequently purchased low-cost gods and services; requires little search and decision time
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routine response behavior
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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
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Limited decision making
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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
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extensive decision making
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the practice of examining merchandise in a physical retail location without purchasing it, and then shopping online for abetter deal on the same item
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showrooming
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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
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culture
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the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct
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value
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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
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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
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social class
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all of the formal and informal groups in society that influence an individual's purchasing behavior
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Reference group
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a reference group with which people interact regularly in an informal, face to face manner, such as family, friends and coworkers
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Primary membership group
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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
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secondary membership group
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a group that someone would like to join
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aspirational reference group
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a value or attitude deemed acceptable by a group
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norm
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a group with which an individual does not want to associate
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nonaspirational reference group
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an individual who influences the opinions of others
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opinion leader
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how cultural values and norms are passed down to children
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socialization process
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a way of organizing and grouping the consistencies of an individuals reactions to situations
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personality
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how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations
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self-concept
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the way an individual would like to be perceived
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ideal self-image
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the way an individual actually perceives himself or herself
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real self-image
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the process by which people select, organize, and interpret stimuli into a meaningful and coherent picture
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perception
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the process whereby a consumer notices certain stimuli and ignores others
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selective exposure
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a process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs
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selective distortion
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a process whereby a consumer remembers only that information that supports his or her personal beliefs
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selective retention
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a driving force that causes a person to take action to satisfy specific needs
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motive
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a method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization
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Maslow's hierarchy of needs
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a process that creates changes in behavior, immediate or expected, through experiences and practice
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learning
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a form of learning that occurs when one response is extended to a second stimulus similar to the first
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stimulus generalization
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a learned ability to differentiate among similar products
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stimulus discrimination
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an organized pattern of knowledge that an individual holds as true about his or her world
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belief
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a learned tendency to respond consistently toward a given object
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attitude
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The marketing of goods and services to individuals and organizations for purposes other than personal consumption
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Business marketing (industrial, business-to-business, B-to-B, or B2B marketing)
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a product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers
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Business product (industrial product)
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a product bought to satisfy an individual's personal wants or needs
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Consumer product
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the use of the internet to facilitate the exchange of goods, services and the information between organizations
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B2B electronic commerce
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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)
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stickiness
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a cooperative agreement between business firms
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strategic alliance (strategic partnership)
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a firm's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely
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relationship commitment
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the condition that exists when one party has confidence in an exchange partner's reliability and integrity
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trust
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a network of interlocking corporate affiliates
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keiretsu
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individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers
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original equipment manufactures (OEMs)
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a detailed numbering system developed by the United States, Canada, and Mexico to classify north American business establishments by their main production processes
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North American Industry Classification System (NAICS)
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the demand for business products
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Derived demand
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the demand for two or more items used together in a final product
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joint demand
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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
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multiplier effect (accelerator principle)
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an electronic trading floor that provides companies with integrated links to their customers and suppliers
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business-to-business online exchange
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a practice whereby business purchases choose to buy from their own customers
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reciprocity
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capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings
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major equipment (installations)
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goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment
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accessory equipment
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unprocessed extractive or agricultural products such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish
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raw materials
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either finished items ready for assembly or products that need very little processing before becoming part of some other product
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component parts
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Products used directly in manufacturing other products
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Processed materials
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consumable items that do not become part of the final product
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supplies
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expense items that do not become part of a final product
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business services
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all those people in an organization who become involved in the purchase decision
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buying center
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a situation requiring the purchase of a product for the first time
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new buy
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a situation in which the purchaser wants some change in the original good or service
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modified rebuy
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a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers
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straight rebuy
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