Mr. Hurdle's Chapter 18 and 19 Marketing/Merchandising Test
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| international trade | the sale of products and services to people in other countries
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| imports | products or services purchased from another country
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| exports | products and services that are sold to another country
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| common types of services exchanged between countries | communications, travel, education, consulting, financial services, and information
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| Why Businesses are going global | necessity, keeping competition more balance, increasing demands for products
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| U.S. Department of State | maintains embassies in most countries that can help with passports, documents, and laws
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| U.S. Department of Commerce | maintains Agency for International Development
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| Agency for International Develop | develops new markets and offers financial support to some countries to assist them in working with U.S. companies
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| Export/Import Bank | provides financing and support to businesses whose foreign competitors receive government subsidies
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| Small Business Administration | has an office to provide international trade assistance for small U.S. businesses wanting to expand into foreign markets
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| indirect exporting | the process in which marketing businesses with exporting experience serve as agents for a business with less international experience and arrange for the sale of products in other countries
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| direct exporting | a company takes complete responsibility for marketing its products in other countries
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| balance of trade | difference between the amount of a country's imports and exports
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| foreign production | a company owns and operates production facilities in another country
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| foreign investment | owning all or part of an existing business in another country
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| joint venture | independent companies develop a relationship to participate in common business activities
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| multinational companies | business that have operations throughout the world and that conduct planning for worldwide markets
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| preindustrial economy | based on agriculture and raw material development through activities such as mining, oil production, and cutting timber
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| industrial economies | the primary business activity is the manufacturing of products
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| postindustrial economy | based on a mix of industrial and consumer products and services produced and marketed using high-tech equipment and methods that are purchased and sold in the global marketplace
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| Gross Domestic Product (GDP) | the total value of the goods and services produced in a country during the year
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| standard of living | the average value of resources produced by a country based on its total population
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| purchasing power | the amount of goods and services that can be obtained with a specific amount of money
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| inflation | prices increase faster than the value of the goods and services
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| recession | a period of time in which production, employment, and income are declining
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| Finding the right mix for foreign markets | consumer characteristics, culture and customs, technology, political and legal structure
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| Consumer Characteristics | amount of money they have to spend, age, income, employment, education, location, methods of transportation, and communications media available
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| demographics | the information that helps identify and locate people
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| culture | the common believes and behaviors of a group of people who have a similar heritage and experience
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| possible differences in cultures | family structures, religion, beliefs and values, language, personal habits, and daily activities
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| quotas | limits on the numbers of specific types of products foreign companies can sell in the country
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| Tariffs | taxes placed on imported products to increase the price for which they are sold
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| subsidy | money provided to a business to assist in the development and sale of its products
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| International Marketing Activities | Gathering Market Information, Developing the Marketing Risk
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| Gathering Market Information | sources of information, types of technology and research capabilities, how people respond to research procedures, and the laws relating to information collection will likely be quite different
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| Developing the Marketing Mix | Product/Service Management, Distribution, Selling, Marketing-Information Management, Financing, Pricing, Promotion
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| Product/Service Management | products and services must be developed to meet the needs of customers--packaging for protection and for easy use, brand names carefully selected, information/instructions written to meet laws and clearly communicate
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| Distribution | appropriate shipping method, selection of the types of businesses in which the product will be sold, the amount of time it will take from processing an order until the product is available, laws, inspection
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| Selling | personal contact, formal or informal, who initiates conversations, how a business card is presented, and whether it is appropriate to conduct business during a meal, and whether to give a gift or not
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| Marketing-Information Management | identify information needs, create methods of collecting and analyzing that information, and set procedures for ensuring the information is up-to-date
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| Financing | extending credit to wholesalers or retailers who distribute the products in the country, accepted credit practices, conforming to country's laws and customs, types of contracts and forms used, monetary system
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| Pricing | different perceptions of value, different money system used, higher marketing costs, new approach to way prices are set changed, and communicated to customer
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| Promotion | customs and culture very important, effective communication-language and pictures, careful selection of media to be used
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| risk | the possibility that a loss can occur as the result of a decision or activity
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| opportunity | the possibility for success
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| Forms of success | recognition, being viewed as a leader, providing personal satisfaction and satisfaction for others, profit is an important measure
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| pure risks | present the chance of loss but no opportunity for gain
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| speculative risk | if you have the chance to gain as well as lose from a risk
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| controllable risks | can be reduced or avoided by actions you take
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| uncontrollable risk | if your actions do not affect the result of a risk
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| insurable risk | if a risk is faced by a large number of people, pure, and the amount of the loss can be predicted
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| noninsurable risks | not possible to predict if a loss will occur or the amount of any loss
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| Avoid the Risk | Business chooses to pursue a different strategy that doesn't involve risk
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| Transfer the Risk | Business lets another business complete the risky activity.
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| Insure the Risk | Business pays insurer to reimburse the amount of any losses from the risk
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| Assume the Risk | Business goes ahead with the decisions and takes full responsibility for the result
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| Risk management | providing security and safety for products, personnel, and customers and reducing risk associated with marketing decisions and activities
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| Factors to Determine whether or not a business is successful: | type of competition, economy, laws and regulations, technology, and customer demand
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| The Risk of Change | Economy, New Products, Customer Needs
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| liability | a legal responsibility for a loss or damage
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| Risks to Elements of the Marketing Mix | Product, Distribution, Price, Promotion
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| Ways of Handling Risks with Marketing Planning | Three-Step Approach, Security and Safety, Purchasing Insurance, Reducing Risks
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| Three-Step Approach | Analysis, Strategy, and Action
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| surety bond | provides insurance for the failure of a person to perform his or her duties or for losses resulting from employer theft or dishonesty
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| Property insurance | protects the buildings, equipment, and in some cases, the inventory of the business
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| Liability insurance | pays for damage caused to other people or their property
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| Theft insurance | also provides property protection
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| product liability insurance | provides protection from claims arising from the use of the company's products
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| Reducing Risks | careful planning (marketing plan), careful selection and training of marketing personnel,
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