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FCSDIB-Final Vocab
Vocabulary for final exam
| Term | Definition |
|---|---|
| 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 |
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