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Marketing Ch. 2
vocab
| Question | Answer |
|---|---|
| Demand Conditions and Competitive Advantage | What factors influence a go or no go decision? |
| Demand Conditions | domestic demand declining while foreign demand is increasing |
| Competitive Advantage | will what made the company successful domestically translate into a new foreign market? |
| World Trade Organization | country to country, not country to business |
| Protectionalism | a policy adopted by a government to give domestic companies an advantage |
| Quotas | max amount that can be imported from a certain country |
| Embargos | no trade at all |
| Tariffs | import taxes |
| Economic Communities | groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere |
| North American Free Trade Agreement (NAFTA) | is a three-country accord negotiated by the governments of Canada, Mexico, and the United States that entered into force in January 1994 |
| Economic Infrastructures | the quality of a country’s distribution, financial, and communications systems |
| GDP | overall economic health |
| Least Developed Country (LDC) | economic base is often agricultural |
| Developing Industries | economy shifts emphasis from agriculture to industrial with the exception of Brazil |
| Developed Countries | offer wide range of opportunities for international marketers |
| Bottom of the Pyramid (BOP) | markets present big opportunities and challenges --$4 billion+ consumers, living on less than $2 daily --$5 billion+ in collective spending power |
| Business Cycle | describes the overall pattern of changes or fluctuations in an economy -- Prosperity, recession, depression, inflation |
| Competitive Intelligence | the process of gathering and analyzing publicly available information about rivals |
| Product Competition | when firms offering different products compete to satisfy the same consumer needs and wants |
| Brand Competition | when firms offering similar goods or services compete on the basis of their brand’s reputation or perceived benefits |
| Perfect Competition | a market structure in which many small sellers, all of whom offer similar products, are unable to have an impact on the quality, price, or supply of a product |
| Radio Frequency Identification (RFID) | RFID chips are electronic tags or labels that can be embedded within packages or items and are used to identify items even when hidden in the back of a stockroom or high on a shelf |
| Demographics | characteristics of a society |
| Cultural Values | a society’s deeply held beliefs about right and wrong ways to live |
| Collectivist Culture | cultures in which people subordinate their personal goals to those of a stable environment |
| Individualist Culture | cultures in which people tend to attach more importance to personal goals than those of the larger community |
| Social Norms | specific rules dictating what is right or wrong, acceptable or unacceptable |
| Consumer ethnocentrism | - consumers’ feeling that products from their own country are superior or that it is wrong to buy products produced in another country |
| Export merchants | intermediaries a firm uses to represent it in other countries |
| Licensing Agreement | one firm (the licensor) gives another firm (the licensee) the right to produce and market its product in a specific country |
| Franchising | form of licensing involving the right to adapt an entire system of doing business |
| Strategic Alliances | allow companies to pool resources for common goals |
| Joint Venture | a strategic alliance in which a new entity owned by two or more firms allows the partners to pool their resources for common goals |
| Straight Extension | when a firm offers the same product in both domestic and foreign market |
| Product Adaptation | similar but modified product in foreign markets |
| Product Invention | new product for foreign markets |
| Backward Invention | develop less advanced product for initial placement in new and more developing global markets |
| Promotion Decisions | how to communicate with customers ie. illiteracy rates |
| Free Trade Zones | designated areas where foreign companies can warehouse goods without the consent of the trademark holder |
| Grey Markets | items manufactured outside a country and then imported without the consent of the trademark holder |
| Dumping | a company tries to get a toehold in a foreign market by pricing its products lower than it offers them at home |
| Business Ethics | basic values that guide a firm’s behavior |
| Code of Ethics | written standard to which everyone in the organization must subscribe |
| Bribery | when someone voluntarily offers payment to get an illegal advantage |
| Extortion | occurs when someone in authority extracts payment under duress |
| Target Marketing Strategies | understands attitudes, potential for focuses G&S, purchase intent, types of G & St |
| Product Strategies | production capabilities; packaging materials; and how to use, store, and dispose of products |
| Price Strategies | barriers? Cost vs. desire to purchase = playing ground |
| Place/Distribution Strategies | local production vs long haul- save money |
| Promotion Strategies | inform customers of efforts to conserve |
| Utilitarian Approach | ethical philosophy that advocates a decision that provides the most good or the least harm |
| Rights Approach | ethical philosophy that advocates the decision that does the best job of protecting moral rights of all |
| Fairness/Justice Approach | ethical philosophy that advocates the decision that treats all human beings equally |
| Common good approach | ethical philosophy that advocates the decision that contributes to the good of all in the community |
| Virtue Approach | ethical philosophy that advocates the decision that is in agreement with certain ideal values |
| Ethical Relativism | suggest that what is ethical in one culture is not necessarily the same in another |
Created by:
acorso3
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