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FCSDIB-Final Vocab

Vocabulary for final exam

balance of trade the difference between a country's exports and imports
bill of lading a document that states the agreement between the exporter and the transportation company
body language a type of nonverbal communication where facial expressions, upper and lower body movements, and gestures convey what is meant
brand the name, symbol, or design that identifies a product
class system dividing the members of a cultural group into various levels
collectivism the belief that the group is more imporrtant than the individual
culture a system of learned, shared, unifying and interrelated beliefs, values and aassumptions
demand the amount of a good or service that consumers are willing and able to purchase at a certain price
democracy a political system in which all people take part in making the rules that govern them
demographics the traits of a country's population; such as birthrate, age distribution, marriage rate, gender distribution, income distribution, education level, and housing situation
direct distribution occurs when goods and services are sold directly from the producer to the final user of the item
distribution channel the path taken by a good or service to get from the producer to the final user
domestic type of business being conducted when goods and services are made, bought, and sold within one country
dumping the practice of selling exported products at a lower price than that asked in the company's home country
duty a tax on imported products
ethnocentrism the belief that one's culture is better that other cultures
exports when a company in one country sells its products in another country
expropriation government takeover of a foreign-owned business
free-trade agreement an arrangement between countries that eliminates duties and trade barriers on products traded among members
freight forwarder a company that arranges to ship goods to customers in other countries
global product a standardized item that is offered in the same form in all countries in which it is sold
imports when a company buys products from a company in another country
indirect distribution occurs when goods and services are distributed with the use of one or more intermediaries between the producer and the consumer
individualism the belief in the individual and his/her ability to function relatively independently
industry a group of companies in the same type of business
inflation an increase in the average prices for goods and services in a country
intermediary a person or organization in the distribution channel that moves goods and services from the producer to the comsumer
international product a customized product adapted to the culture, tastes, and social trends of a country
international business the activities necessary for creating, shipping, and selling goods and services across national borders
market the likely costomers for a good or service in a certain geographic location
market segment a distinct group of customers who share certain personal or behavioral characteristics
marketing mix the four major elements (product, price, distribution, and promotion) or marketing
markup an amount added to the cost of a product to determine the selling price
monopolistic competition a market situation with many sellers, each with a slightly different product
monopoly a situation in which one seller controls the entire market for a product or service
most favored nation status designation given to certain countries that allows their products to be imported into the granting country under the lowest customs duty rates
oligopoly the control of an industry by a few large companies
penetration pricing when a compnay sets a relatively low introductory price for a new product
political status means by which people in a society make the rules by which they live
product line an assortment of closely related products designed to meet the varied needs of target customers
promotion marketing effots that inform and persuade customers
protectionism government policy used to protect local or domestic industries from foreign competition
psychographics buying factors related to lifestyle and psychological influences, such as activities, interests, and opinions
pure competition a market situation with many sellers, each offering the same product
quantitative research a large scale survey used to collect numeric data that are often used to study consumers
shopping goods products puchased after consumers compare brands and stores
skim pricing when a company sets a relatively high introductory price for a new product
speciality goods unique products that consumers make a special effort to obtain
totalitarian a government system i which political control is held by one person or small group of people
trade embargo complete ban on any trade with a particular country
Created by: fcsdklw



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