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Marketing 376 - CH1

Chapter 1

Marketing An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Marketing Mix: Price, Place, Product, Promotion
Global Marketing: Focuses resources and competencies on global marketing opportunities and threats, conducts important business activities outside the home country.
Market Development Strategy seeking new customers by introducing existing products or services into new geographical markets.
Diversification Strategy a company creates new products or services and introduces them into new geographical markets.
Value Chain Decisions at every stage should be assessed in terms of their ability to create value for customers. Whether it be product design, manufacturing, transportation, etc.
Value Equation Value = Benefits/Price Value can be increased in two ways. By either improving the product or by cutting the costs and prices.
Market People or organizations that are both able and willing to buy.
Competitive Advantage When a company succeeds in creating more value for customers, than its competitors.
Global Industry One in which competitive advantage can be achieved by integrating and leveraging operations on a worldwide scale.
Degree of Globalization Calculating the ratio of the annual value of global trade in the sector to the annual value of industry sales.
Global Market Participation the extent to which a company has operations in major world markets.
Standardization vs. Adaptation the extent to which each marketing mix element is standardized or adapted in various country markets.
Concentration of Marketing Activities The extent to which activities related to the marketing mix are performed in one or a dew country locations.
Coordination of Marketing Activities The extent to which Marketing activities related to the marketing mix are planned and executed interdependently around the globe.
Integration of Competitive Moves The extent to which a firm's competitive marketing tactics in different parts of the world are interdependent.
Global Localization A successful global marketer must have the ability to "think globally and act locally."
Ethnocentric Orientation A person who assumes that his or her home country is superior to the rest of the world.
Polycentric Orientation The opposite of ethnocentrism. Describes management's belief or assumption that each country in which a company does business is unique.
Mulitnational Company The structure where each subsidiary develops its own unique business and marketing strategies in order to succeed.
Regiocentric Orientation The region becomes the relevant geographic unit. Management focuses on created a integrated regional strategy.
Geocentric Orientation Views the entire world as a potential market and strives to develop integrated global strategies. Also known as a global or transnational company.
Global Company One that pursues either a strategy or serving world markets from a single country, or one that sources globally for the purposes of focusing on select country markets.
Degree of Transnationality Compute an average of three figures: sales outside the home country to total sales; assets outside the home country to total assets; and employees outside the home country to total employees.
Leverage Some type of advantage that a company enjoys by virtue of the fact that is has experience in more than one country.
Experience Transfers A global company can draw upon management practices, strategies, products, advertising appeals, or sales or promotional ideas that have been market-tested in one country or region and apply them in other comparable markets.
Scale Economies The cost advantages that a business obtains due to expansion. An example is achieving the same economies on a global scale by centralizing functional activities.
Resource Utilization The ability to scan the entire word to identify people, money, and raw materials that will enable it to compete most effectively in world markets.
Global Strategy A design to create a winning offering on a global scale. It leverages its skills and focuses its resources to create superior perceived value for customers and achieve competitive advantage.
Restraining Forces Management myopia, organizational culture, national controls, and opposition to globalization may slow the company's efforts to engage in global marketing.
Management Myopia A company that is nearsighted and ethnocentric will not expand geographically.
Organizational Culture Learning how to integrate global vision and perspective with local market initiative and input.
National Controls The protection of local enterprises by maintaining control over market access and entry into both low and high tech industries.
Nontariff Barriers Any restrictions besides taxation that restricts or prevents the flow of goods across borders, ranging from "buy local" campaigns ti bureaucratic obstacles that make it difficult for companies to gain access to some individual country and regional markets
Globalphobia The attitude of hostility toward trade agreements, global brands, or company policies that appear to result in hardship for some individuals or countries while benefiting others.
Created by: 1293302407