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MKTG 250 Ch. 6-7
Vocab Review
| Term | Definition |
|---|---|
| Business-to-Business Marketing | the marketing of products and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others. |
| Industrial Market | These industrial firms in some way reprocess a product or service they buy before selling it again to the next buyer. |
| Reseller Market | Wholesalers and retailers that buy physical products and resell them again without any reprocessing are resellers. |
| Government Market | The federal, state, and local agencies that buy goods or services for the constituents they serve. |
| Reciprocity | when two organizations agree to buy from each other. |
| Supply Partnership | when buyer and supplier adopt mutually beneficial objectives. |
| Derived Demand | the demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services. |
| Buying Center | consists of the group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision. |
| Organizational Buying Process | The decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers. |
| E-Marketplaces | online trading communities that bring together buyers and supplier organizations to make possible the real-time exchange of information, money, products, and services. |
| Traditional Auction | an online auction in which a seller puts an item up for sale and would-be buyers are invited to bid in competition with each other. |
| Reverse Auction | an online auction in which a buyer communicates a need for a product or service, and would-be suppliers are invited to bid in competition with each other. |
| Countertrade | the practice of using barter rather than money for making global sales. |
| Gross Domestic Product (GDP) | the monetary value of all products and services produced in a country during one year. |
| Protectionism | The practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas. |
| Quota | a restriction placed on the amount of a product allowed to enter or leave a country. |
| Tariff | government taxes on products or services entering a country that primarily serve to raise prices on imports. |
| International Firm | Engages in trade and marketing in different countries as an extension of the marketing strategy in its home country. |
| Multidomestic Firm | A strategy used by multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business. |
| Transnational Firm | Views the world as one market and emphasizes cultural similarities across countries or universal consumer needs and wants rather than differences. |
| Economic Espionage | the clandestine collection of trade secrets or proprietary information about a company’s competitors. |
| Cross-cultural analysis | the study of similarities and differences among consumers in two or more nations or societies. |
| Values | Represent personally or socially preferable modes of conduct or states of existence that tend to persist over time. |
| Customs | what is considered normal and expected about the way people do things in a specific country. |
| Ethnocentrism | the tendency to believe that is inappropriate, indeed immoral, to purchase foreign-made products. |
| Economic Considerations | a scan of the global marketplace should include (1) an assessment of the economic infrastructure in these countries, (2) measurement of consumer income in different countries, and (3) recognition of a country's currency exchange rate. |
| Currency Exchange Rate | the price of one country’s currency expressed in terms of another country’s currency. |
| Exporting | A global market-entry strategy in which a company produces products in one country and sells them in another country. |
| Licensing | right to a trademark, patent, or trade secret. |
| Joint Venture | a global market-entry strategy in which a foreign company and a local firm invest together to create a local business in order to share the ownership, control, and profits of the new company. |
| Direct Investment | own a foreign subsidiary or division. |
| Product extension | Same product sold in different countries. |
| Product adaptation | Change product for different countries. |
| Product invention | New product for different countries. |
| Dumping | sell below cost. |
| Gray Market | where products are sold through unauthorized channels. |
Created by:
dom23uriarte