Term
| Term: Value of goods and services produced by a country in a year |
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Definition
| Gross Domestic Product (GDP) |
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Term
| Term: GDP + net income earned from abroad investments |
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Definition
| Gross National Income (GNI) |
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Term
| Term: Theory that if two exchange rates are in equilibrium, products will cost the same |
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Definition
| Purchasing Power Parity (PPP) |
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Term
| Term: Life expectancy at birth, educational attainment, and if average income meets basic needs in that country |
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Definition
| Human Development Index (HDI) |
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Term
| Term: "Duty;" tax levied on a good imported into a country |
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Definition
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Term
| Term: Foreign producer sells its offering in a foreign market at a price less than its production costs to gain market share |
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Definition
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Term
| Term: Maximum quantity of a product that may be brought into a country during a specific time period |
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Definition
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Term
| Term: Refusal to deal commercially w/ some org. to protest policies |
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Definition
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Term
| Term: Regulation of a country's currency exchange rate |
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Definition
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Term
| Term: Intergovernmental agreement designed to manage/promote trade activities for a specific region |
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Definition
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Term
| What are the five sociocultural dimensions that cultures differ on? |
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Definition
1. Power distance
2. Uncertainty avoidance
3. Masculinity
4. Individualism
5. Time orientation |
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Term
| Term: Producing goods in one country and selling them in another |
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Definition
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Term
| Term: Contractual agreement between a firm, franchisee, and franchisor |
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Definition
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Term
| Term: Collaborative relationships between independent firms that do not invest in each other |
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Definition
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Term
| Term: Firm entering a new market pools its resources w/ a local firm to form a new company |
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Definition
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Term
| Term: Requires a firm to maintain 100% of its operations in a foreign country, often through wholly owned subsidaries |
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Definition
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Term
| Which global entry strategy is the riskiest? |
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Definition
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Term
| Term: Common set of values shared by its citizens that determines what is socially acceptable |
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Definition
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Term
| Term: Subgroups w/ unique values, ideas, and attitudes within a larger culture |
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Definition
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Term
| Term: Worldwide corporation; one that is heavily engaged in global trade |
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Definition
| Multinational corporation |
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Term
| Term: Approach for selling worldwide in which is the same across countries |
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Definition
| Global market standardization |
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Term
| Term: Formal contract to sell a good |
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Definition
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Term
| What are the five steps to follow when targeting the marketplace? |
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Definition
1. Establish overall objective
2. Choose segmentation method
3. Evaluate segment attractiveness
4. Select target market
5. Develop positioning strategy |
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Term
| Term: Segmentation method that organizes customers into groups by where they live |
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Definition
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Term
| Term: Segmentation method that groups consumers by age, gender, income, and education |
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Definition
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Term
| Term: Segmentation method that groups based on how consumers describe themselves |
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Definition
| Psychographic segmentation |
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Term
| Term: Segmentation method that uses a combination of geographic, demographic, and psychographic segmentation to classify consumers |
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Definition
| Geodemographic segmentation |
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Term
| Term: Segmentation method that groups consumers on how they derive benefits from the product/service |
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Definition
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Term
| Term: Segmentation method that groups consumers on how they use the product/service |
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Definition
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Term
| What are the two groups when using behavioral segmentation? |
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Definition
-Occasion segmentation
-Loyalty segmentation |
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Term
| Term: Behavioral segmentation based on when products/services are being purchased/consumed |
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Definition
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Term
| Term: Behavioral segmentation that encourages investing in retention and loyalty initiatives to retain their most profitable customers |
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Definition
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Term
| What five factors are you looking for when evaluating segment attractiveness? |
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Definition
-Profitable
-Reachable
-Identifiable
-Substantial
-Responsiveness |
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Term
| What are the four different types of targeting strategies? |
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Definition
-Undifferentiated
-Differentiated
-Concentrated
-Micromarketing |
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Term
| Term: Mass marketing; Targeting strategy in which everyone is considered a potential user of a product/service |
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Definition
| Undifferentiated targeting strategy |
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Term
| Term: Targeting strategy which targets several different markets with an offering for each |
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Definition
| Differentiated targeting strategy |
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Term
| Term: Targeting strategy in which a single market is selected and all focus is on filling that market's needs |
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Definition
| Concentrated targeting strategy |
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Term
| Term: Targeting strategy in which a product is tailored to fit a consumer's wants/needs |
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Definition
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Term
| Term: Display of positions of products/brands in a consumer's mind |
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Definition
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Term
| Term: Where a particular market segment's ideal product is on the map |
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Definition
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Term
| Term: Set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas |
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Definition
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Term
| What are the steps of the marketing research process? |
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Definition
1. Define objectives and research needs
2. Design research
3. Collect data
4. Analyze and develop insights
5. Action plan and implementation |
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Term
| Term: Pieces of info that have been collected prior to the start of a research project |
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Definition
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Term
| Term: Data collected to address specific research needs |
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Definition
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Term
| Term: Census data, trade association info, and outside reports that come from an outside source but are relevant to opterations |
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Definition
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Term
| Term: External secondary data available for a fee from commercial research firms |
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Definition
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Term
| Term: Info obtained from scanner readings of UPC codes @ checkout counters that is used in qualitative research |
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Definition
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Term
| Term: Info collected from a group of consumers (a panel) over time |
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Definition
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Term
| Term: Data generated by the company itself |
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Definition
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Term
| Term: Large computer files that store data |
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Definition
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Term
| Term: Uncovering patterns/relationships in data w/ statistical analysis tools |
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Definition
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Term
| Term: Provides info needed to help researcher more clearly formulate research objectives |
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Definition
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Term
| Term: Provides info needed to confirm those insights and which managers can use to pursue appropriate causes of action |
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Definition
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Term
| Term: Examining purchase and consumption behaviors through personal/video camera scrutiny |
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Definition
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Term
| Term: Small group of people (8-12) come together for an intensive discussion about a particular topic |
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Definition
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Term
| Term: Systematic means of collecting info from people using questionarres |
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Definition
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Term
| Term: Form featuring set of questions designed to gather info from respondents |
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Definition
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Term
| Term: Open-ended question allowing the respondent to answer in their own words |
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Definition
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Term
| Term: Closed-ended questions which have a discrete set of response alternatives |
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Definition
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Term
| Term: Group of customers chosen who represent customers of interest |
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Definition
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Term
| Term: Type of conclusive and quantitative research that systematically manipulates 1+ variable(s) to determine causal effects |
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Definition
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Term
| Term: Raw numbers or other factual info w/ little value on own |
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Definition
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Term
| Term: Interpreted data in a more useful form |
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Definition
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Term
| Term: # of participants who discontinue their use of a service divided by the average number of total participants |
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Definition
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Term
| What are the four types of exploratory research? |
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Definition
-Observation
-Social media
-Focus groups
-In-depth interviews |
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Term
| What are the four types of conclusive research? |
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Definition
-Experiments
-Survey
-Panel
-Scanner |
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Term
| Term: Anything of value to a consumer that can be offered through a voluntary market exchange |
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Definition
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Term
| Term: Defines basic problem-solving benefits that consumers are seeking |
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Definition
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Term
| Term: Augmented product; nonphysical aspects of the product |
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Definition
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Term
| What are some examples of associated services? |
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Definition
-Warranties
-Financing
-Product support
-After sale services |
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Term
| Term: Products/services used by people for their personal use |
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Definition
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Term
| Term: Products/services which customers show such a strong preference for that they will expend effort to search for the best suppliers |
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Definition
| Specialty products/services |
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Term
| What are some examples of specialty products/services? |
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Definition
-Luxury cars
-Medical treatment
-Designer apparel |
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Term
| Term: Shopping products/services which consumers spent time comparing alternatives |
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Definition
| Shopping products/services |
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Term
| What are some examples of shopping products/services? |
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Definition
-Furniture
-Travel
-Shoes
-Apparel |
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Term
| Term: Products/services that consumer is not willing to spend effort on evaluating before purchase |
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Definition
| Convenience products/services |
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Term
| What are some examples of convenience products/services? |
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Definition
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Term
| Term: Products/services you do not think about buying or don't know about |
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Definition
| Unsought products/services |
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Term
| What are some examples of unsought products/services |
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Definition
-Newly introduced products
-Not needed products |
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Term
| Term: Complete set of all products offered by a firm |
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Definition
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Term
| Term: Group of associated items consumers tend to use together/think of as a group |
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Definition
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Term
| Term: Count of number of product lines offered by the firm |
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Definition
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Term
| Term: Number of products within a product line |
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Definition
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Term
| Term: Set of assets and liabilities linked to a brand that add to/subtract from the value provided by the product/service |
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Definition
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Term
| Term: Contractual arrangement between firms, allowing one firm to use a brand name, logos, symbols, etc. of another for a negotiated price |
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Definition
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Term
| Term: Measures how many consumers in a market are familiar w/ brand, what it stands for, and have an opinion of that brand |
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Definition
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Term
| Term: Relationship between product/service's cost and benefit |
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Definition
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Term
| Term: Ecologically safer products |
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Definition
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Term
| Term: Reflect mental links that consumers make between a brand and its key abilities |
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Definition
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Term
| Term: Set of human characteristics associated w/ a brand that have symbolic meaning to customers |
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Definition
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Term
| Term: Consumer buys same brand over time rather than others in the same category |
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Definition
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Term
| Term: National brands; owned and managed by manufacturer |
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Definition
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Term
| Term: Store/house/own brands; products developed by retailers |
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Definition
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Term
| Term: Offer consumers private label comparable/superior to a manufacturer's brand quality |
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Definition
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Term
| Term: Offering a no frills product at a discount price targeting a price-sensitive segment |
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Definition
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Term
| Term: Imitate manufacturer's brand in appearance and packaging at a lower price, generally perceived as lower quality |
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Definition
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Term
| Term: Brand developed by a national brand manufacturer, often in conjunction w/ a retailer, sold exclusively by retailer |
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Definition
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Term
| Term: Firm uses own corporate name to brand all its product lines |
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Definition
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Term
| Term: Individual identities not readily seen under family brand name |
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Definition
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Term
| Term: Use of same brand name in a different product line |
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Definition
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Term
| Term: Use of same brand name within the same product line, but an increase to product depth |
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Definition
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Term
| Term: Brand extension adversely affects consumer perceptions about attributes the core brand holds |
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Definition
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Term
| Term: Practice of marketing 2+ brands together under the same package, promotion, or store |
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Definition
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Term
| Term: Rebranding; Strategy in which marketers change a brand's focus to target new markets/realign brand's core emphasis w/ changing marketing preferences |
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Definition
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Term
| What are the three components of a product? |
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Definition
-Actual product
-Associated services
-Core customer value |
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Term
| Term: Adding a negative association w/ a brand |
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Definition
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