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Mktg Mid term Ch 3
Marketing mid term ch 3
| Question | Answer |
|---|---|
| Business Ethics | Rules of conduct for an organization |
| Code of Ethics | Written standards of behavior to which everyone in the organization must subscribe |
| Consumerism | the social movement directed toward protecting consumers from harmful business practices |
| The Consumer Bill of Rights | Consumers have the right to be safe, the right to be informed, the right to be heard, and the right to choose freely |
| Cultural Diversity | a management practice that actively seeks to include people of different sexes, races, ethnic groups, and religions in an organization's employees, customers, suppliers, and distribution channel partners |
| World Trade | the flow of goods and services among different countries - the value of all the exports and imports of the world's nations |
| Decision Model for Entering Foreign Markets | Decide 1. Whether or not to go global 2. what markets to enter 3. level of commitment 4. how to adapt marketing mix strategies |
| Protectionism | a policy adopted by the government to give domestic companies an advantage |
| import quotas | limitations set by a government on the amount of a product allowed to enter or to leave a country |
| embargo | an extreme quota that prohibits specified goods from entering or leaving a country |
| tariffs | taxes on imported goods |
| Economic Environment | the state of the economy, overall economic health and the level of development of a country and the current stage of its business cycle, Level of Economic development, and the business cycle |
| GDP | the total dollar value of goods and services a country/region produces within its borders in a year |
| GNP | measures the value of all goods and services a country's individuals or organizations produce, whether located in or out of the country's borders |
| Level of Economic Development | the broader economic picture of a country |
| The Business Cycle | the overall pattern of changes or fluctuations of an economy. prosperity, recession, depression, inflation |
| Product Competition | competitors offering different products attempt to satisfy the same consumers' wants and needs - lose weight - home health kit? or gym membershilp? diet pills? |
| Brand Competition | competitors offering similar goods or services vie for consumer dollars - golds gym, snap fitness, courts plus |
| Discretionary Income | the amount of money people have left after paying for necessities such as housing, utilities, food and clothing |
| Technological Environment | provides firms with important competitive advantages. toll-free phone numbers, Internet, bar codes, RFID chips, etc |
| Least developed country | usually agricultural, low literacy levels, attractive market for staple items |
| Developing countries | shifting from agriculture to industry, viable middle class, 3/4 of the world is developing |
| Developed countries | boasts sophisticated marketing systems, strong private enterprise, and bountiful market potential for many goods and services. |
| The Political and Legal Environment | refers to local, state, and national and global laws and regulations that affect businesses |
| The Sociocultural Environment | characteristics of the society, the ppl who live in the society, and the culture that reflects the values and beliefs about the society |
| Demographics | statistics that measure observable aspects of a population, such as size, age, gender, ethnic group, income, education, occupation and family structure |
| Cultural Values | deeply held beliefs about right and wrong ways to live in a society |
| Norms | specific rules dictating what is right and wrong, acceptable or unacceptable |
| custom | a norm handed down from the past that controls basic behavior |
| Market-Entry Strategies | From least level of commitment, to highest level of commitment - Domestic, Exporting, Contractual agreements (licensing, franchising), strategic alliances, direct investment |
| Standardization | standardization - strategy means offering the same products in all its markets, |
| Localization | developing a customized marketing mix for each country |
| Product Decisions | straight extension, product adaptation, product invention |
| straight extension | product strategy in which a firm offers the same product in both domestic and foreign markets |
| production adaptation | product strategy in which a firm offers a similar buy modified product in foreign markets |
| product invention | product strategy in which a firm develops a new product for foreign markets |
| franchising | a form of licensing that gives the franchisee the right to adapt an entire way of doing business in the host country |
| licensing | an agreement within a company in a country to contract some of all of its business |
Created by:
bernabell24
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