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mkTG3700
exam2
75
Marketing
Undergraduate 3
09/22/2011

Additional Marketing Flashcards


 

 


 

Cards

Term
global marketing
Definition
marketing that targets markets throughout the world--imperative for businesses; a boundless mobility and competition in social, business, and intellectual arenas
Term
global vision
Definition

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

The past two decades has rose from $200 billion to over $11tril 

Term
job outsourcing
Definition
send U.S. jobs abroad
Term
multicultural corporation
Definition
company that is heavily engaged in international trade, beyond exporting and importing. Moves resources, goods, services, and skills across national boundaries without regard to the country in which the headquarters is located.
Term
capital intensive
Definition
using more capital than labor in the production process. 
Term
global marketing standardization
Definition
production of uniform products that can be sold the same way all over the world; markets becoming more alike.
Term
Mercosur
Definition
the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Paraguay, Peru, and Uruguay. 
Term
Uruguay Round
Definition
an agreement to dramatically lower trade barriers worldwide, created the World Trade Organization. Adopted in '94 signed by 151 nations. Most ambitious ever negotiated..reduced tariffs by one third worldwide. Raise global income by $235Bil. Made several changes in entertainment, pharmaceuticals, integrated circuits, software, financial, legal, accounting, agriculture, textiles and apparel, 
Term

World Trade Organization

(WTO)

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

General Agreement on Tariffs and Trade

(GATT)

 

Definition
a trade agreement that contained loopholes enabling countries to avoid trade-barrier reduction agreements.
Term

North American Free Trade Agreement

(NAFTA)

Definition
an agreement bt canada, the united states and mexico that created the world largest free trade zone.
Term

Central America Free Trade Agreement

(CAFTA)

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

European Union

(EU)

Definition
a free trade zone encompassing 27 European countries. 
Term
World bank
Definition
an international bank that offers low-interest loans, advice, and info to developing nations. 
Term

International Monetary Fund

(IFM)

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

Group of Twenty

(G-20)

Definition
a forum for international economic development that promotes discussion between industrial and emerging market countries on key issues related to global economic stability.
Term
buyer for export
Definition
an intermediary in the global market who assumes all ownership risks and sells globally for its own account
Term
export broker
Definition
an intermediary who plays the traditional broker's role by bringing buyer and seller together
Term
export agent
Definition
an intermediary who acts like a manufacturer's agent for the exporter; the export agent lives in the foreign market
Term
licensing
Definition
the legal process whereby a licensor allows another firm to use it manufacturing process, trademarks, patents, trade secrets, or other property knowledge; relatively little risk
Term
contract manufacturing
Definition
private-label manufacturing by a foreign company; firms that do not want to become involved in licensing or to become heavily involved in global marketing.
Term
joint venture
Definition
quick and relatively inexpensive way to go global. when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity. 
Term
direct foreign investment
Definition
active ownership of a foreign company or of overseas manufacturing or marketing facilities. 
Term
floating exchange rates
Definition

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

Appreciates, less of that country's currency is needed to buy another country's currency.

Depreciates, more of that country's currency is needed to buy another countries currency.

Term
dumping
Definition
the sale of an exporting product at a price lower than that charged for the same or a like product in the "home" market of the exporter.
Term
countertrade
Definition
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. 
Term
tariff
Definition
a tax levied on the goods entering a country; raises prices of the import, thereby making it easier for domestic firms to compete.
Term
quota
Definition
a limit on the amount of a specific product that can enter a country. 
Term
boycott
Definition
the exclusion of all products from a certain country or companies...where companies have political disputes. 
Term
exchange control
Definition
a law compelling a company earning a foreign foreign exchange from its exports to sell it to a control agency , usually a central bank.
Term
market grouping 
Definition
..occurs when several countries agree to work together to form a common trade area that enhances trade opportunities. (EU)
Term
Trade agreement
Definition
an agreement to stimulate international trade. Largest is Mercosur. 
Term
consumer behavior
Definition
describes how consumers make purchase decisions and how they use and sidpose of the purchased goods or service. Includes factors that influence purchase decisions and product use.
Term
consumer decision-making process
Definition

5-step process used by consumers when buy goods or services.

1.need recognition

2.information search

3.evaluation of alternatives

4.purchase

5.postpurchase behavior 

 

Term
Need recognition
Definition

when consumers are faced with an imbalance between actual and desired states that arouses and activates the consumer decision-making process. A want is the need way that a consumer goes about addressing a need.

*Triggered when consumer is exposed to either an internal or external stimulus. Int=hunger/thirst. Ext=someone's reccommendation of new restaurant. Marketers find out what products are relevant to needs through surveys and observations of trends in the marketplace.

Term
Information Search
Definition

Internal information search: the person recalls information stored in the memory. Stems from previous experience with a product.

External information search:consumers seek info in the outside environment. Consumer's knowledge about the product, confidence in oneself, and product experience effect the extent of external info search. Two types.........

1.nonmarketing-controlled information source: not associated with promotions; info includes person experiences, personal sources, public resources.

2.marketing-contolled information source:is a biased toward a specific product because it originates with marketers promoting that product; mass media advertising, sales promotions, salespeople, product labels and packaging, and the Internet.

 

Evoked set: a group of brands, resulting from an informatin search, from which a buyer can choose/ 

Term
evaluation of alternatives and purchase
Definition
The environment, internal information, and external influences help consumers evaluate and pick alternatives; eliminate alternatives by eliminating those lacking desired attributes. purchase decision making process is a piecemeal process. Eval made by examining alternative advantages and disadvantages along imp product attributes. Eval according to a categorizations process.   
Term

5 ways to enter the global marketplace..

 

Definition

exporting

licensing

contract manufacturing 

joint venture

direct investment

Term
cognitive dissonance
Definition
inner tension that consumer experience after recognizing an inconsistency bt behavior and values or opinions
Term
involvement
Definition

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

contingent upon

experience/knowledge

interest

situation

 

Term
routine response behavior
Definition
the type of decision making exhibited by consumers buying frequently purchased, low cost goods and services; requires little search and decision time
Term
limited decision making
Definition
requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category
Term
extensive decision making
Definition
most complex type. used when buying an unfamiliar expensive product or an infrequent bought item
Term
subculture
Definition
a homogeneous group of people who share elements of overall culture as well as unique elements of the overall culture as well as unique element of their own group
Term
reference group
Definition
a group in society that influences and individual's purchasing behavior
Term
personality
Definition
a way of organizing and grouping consistencies of an individual's reactions to situations
Term
self concept
Definition
how consumers perceive themselves in terms of attitudes, beliefs, perceptions, and self-evals
Term
ideal self image
Definition
the way an individual would like to be
Term
real self image
Definition
the way an individual actually perceives himself of herself
Term
perception
Definition
the process by which people select, organize and interpret stimuli into a meaningful and coherent picture 
Term
selective exposure
Definition
the process whereby a consumer notices certain stimuli and ignores others.
Term
selective distortion
Definition
a process whereby a consumers changes or distorts info that conflicts with his or her feelings or beliefs
Term
selective retention
Definition
a process whereby a consumer remembers only that information that supports his or her personal beliefs
Term
motive
Definition
a driving force that causes a person to take action to satisfy specific needs
Term
learning
Definition

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

experiental

conceptual

 

Term
stimulus generalization
Definition
occurs when one response is extended to a second stimulus similar to the first
Term
stimulus discrimination
Definition
a learned ability to differentiate among similar products ex. coke v pepsi
Term
business marketing
Definition
the marketing of goods and services to individuals and organizations for purposes other than personal consumption
Term
B2B E-commerce
Definition
the use of internet to facilitate the exchange of good, services, and info between organizations
Term
stickiness
Definition

a measure of Web site's effectiveness; 

 

frequency x duration x site reach

Term
disintermediation
Definition
the elimination of intermediaries such as wholesalers or distributers from a marketing channel
Term
reintermediation
Definition
the reintroduction of an intermediary between producers and users
Term

strategic alliance

(strategic partnership)

Definition
a cooperative agreement between business firms
Term
relationship committment
Definition
a firms's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely
Term
trust
Definition
the condition that exists when one party has confidence in an exchange partner's reliability and integrity.
Term
keiretsu
Definition
a network of interlocking corporate affiliates
Term

original equipment manufacturers

(OEM)

 

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

North American Industry Classification System

(NAICS)

 

 

Definition
a detailed numbering system developed by the Us, Canada, Mexico to classify North American business establishments by their main production process
Term
derived demand
Definition
the demand for business products
Term
joint demand
Definition
the demand for two or more items used together in a final product
Term

multiplier effect

(accelerator principle)

 

Definition
phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for facilities and equipment needed to make the consumer product
Term
b2b online exchange
Definition
an electronic trading floor that provides companies with integrated links to their customers and suppliers
Term
reciprocity
Definition
a practice where business purchasers choose to buy from their own customers
Term
buying center
Definition
all those ppl in an organization that become involved in the purchase decision
Term
new buy
Definition
situation requiring the purchase of a product for the first time
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