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MKTG 3832 Ch 03

Midterm Study Guide for ECU MKTG 3832 Lang

Decision Time at Tupperware How to refresh the Tupperware Brand image. Utilize PR. Since the campaign launched in April 2005, Tupperware has seen a significant increase in the number of media exposures it has gotten
Social Profit ??
Business Ethics Basics values that guide a firm’s behavior
Code of Ethics Written standards of behavior to which everyone in the organization must subscribe
Consumerism A social movement that attempts to protect consumers from harmful business practices
The Consumer Bill of Rights The right to be safe, be informed, be heard and choose freely
Ethics in the Marketing Mix Making the product safe, pricing the product fairly, promoting the product ethically, making the product available ethically
Social Responsibility Organizations engaging in activities that have a positive effect on society and promote public good like serving the environment, serving society (cause marketing) and serving the community(promoting cultural diversity)
Cause Marketing Serving society
Cultural Diversity Serving the community
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
Protectionism A policy adopted by a government to give domestic companies an advantage.
Import Quotas Limitations set by a government on the amount of product allowed to enter or leave a country
Embargo A quota completely prohibiting specified goods from entering or leaving the country.
Tariffs Taxes on imported goods.
Economic Environment: Indicators of Health GDP: total dollar value of goods/services a country produces within its borders in a year, GNP: value of all goods/servics produced by a country’s citizens or organizations, Economic Infrastructure: Quality of country’s distribution, financial and communi
Economic Environment: Level of Economic Development LDC: Least developed country. Economic base is often agricultural. Developing countries: economy shifts emphasis from agriculture to industry. Developed countries: offer wide range of opportunities for international marketers
Economic Environment: The Business Cycle All economies go through periods of: prosperity, recession, recovery, depression, inflation
The Competitive Environment – product competition, brand competition
discretionary income
The Technological Environment Technology: provides firms with important competitive advantages, profoundly affects marketing activities, can transform industries. Patent: legal document giving inventors exclusive rights to produce/sell a particular invention in that country.
The Political and Legal Environment: Political Influences Retaliatory actions against American businesses sometimes occur as a result of political activity or war. Political constraints on trade are commonly imposed: economic sanctions, nationalization, expropriation
The Political and Legal Environment: Legal Influences Local state, national & global laws and regs affect businesses. Purpose of American Law: to make sure businesses compete fairly with each other & to make sure businesses don’t take advantage of consumers. Human rights issues, regulatory constraints
The Sociocultural Environment Demographics, Cultural Values, Norms, Customs, Mores, Conventions, Language, Ethnocentrism
Demographics in the Sociocultural Environment Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation and family structure
Cultural Values in the Sociocultural Environment A societies deeply held beliefs about right and wrong ways to live. Collectivist vs. individualistic cultures
Norms in the Sociocultural Environment Specific rules dictating what is right or wrong, acceptable or unacceptable
Customs in the Sociocultural Environment A norm handed down from the past that controls basic behaviors
Mores in the Sociocultural Environment Customs with a strong moral outcome.
Conventions in the Sociocultural Environment Norms regarding the conduct of everyday life
Language in the Sociocultural Environment Language barrier that confronts marketers who wish to break into foreign markets that can be embarrassing or affect product labeling and usage instructions, advertising and personal selling.
Ethnocentrism in the Sociocultural Environment The tendency to prefer products from one’s own culture.
Market Entry Strategies From lowest to highest level of commitment, risk and control: Domestic Strategy, Exporting Strategy, Contractual Agreements (licensing, franchising), Strategic Alliances, Direct Investment
Export Merchants Intermediaries a firm uses to represent it in other countries
Licensing Agreement An agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for royalties.
Franchising A form of licensing involving the right to adapt an entire system of doing business.
Strategic Alliance Relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in the target country
Direct Investment An even deeper level occurs when a firm expands internationally through ownership, usually by buying business in the host country outright. Gives freedom and control and dodges import restrictions.
Standardization vs. Localization Chose a marketing mix strategy before tweaking the marketing mix (product, promotion, price, place/distribution).
Standardization Offers the same products in all markets
Localization Offers a customized marketing mix for each country
Product Decisions in Tweaking the Marketing Mix Straight extension (market existing product in foreign market), product adaptation(modifies product for foreign market), product invention (develops new product for foreign market)
Created by: 1170622584