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Marketing Exam 2

TermDefinition
Business-to- Business Marketing (B2B) is the marketing of products and services to companies, governments, or nonprofit organizations for use in the creation of products and services that they can produce and market to others.
Organizational Buyers are those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that by products and services for their own use.
Derived Demand means that the demand for industrial products and services is driven by or derived from, demand for consumer products and services.
Reciprocity when two companies agree to buy from each other
Supply Partnership when buyer and supplier adopt mutually beneficial objectives
Sustainable procurement integrates environmental considerations
Organizational buying behavior is 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.
Buying Center The individuals in the buying process that share common goals, risks, and knowledge important to a purchase decision.
Buy Classes Researchers have studied organizational buying identify three types of buying situations.
E-Marketplaces Online trading communities that bring together buyers and supplier organizations.
Traditional Auction A seller puts up an item for sale and would-be buyers are invited to bid in competition with each other.
Reverse Auction A buyer communicates a need for a products or service, and would-be suppliers are invited to bid in competition with each other.
Countertrade is the practice of using barter rather than money for making global sales
Balance of Trade is the difference between the monetary value of a nation’s exports and imports
Globalization is the focus on creating economic, cultural, political, and technological interdependence among
Protectionism is the practice of shielding one or more industries within a country's foreign competition through the use of tariffs or quotas.
Tariffs (taxes) government tax on products or services entering a country, primarily serve to raise prices on imports.
Quotas a restriction places on the amount of a product to enter or leave a country.
Global Competition exists when firms originate, produce, and market their products and services worldwide.
Multidomestic Marketing Strategy Multinationals have as many different product variations, brand names, and advertising programs as countries in which they do business.
Global Marketing Strategy the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.
Global Brand A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs.
Economic Espionage is the clandestine collection of trade secrets or proprietary information about a company's competitors.
Cross-Cultural Analysis Involves the study of similarities and differences among consumers in two or more nations or societies.
Customs Are what is considered normal and expected about the way people do things in a specific country.
Cultural Symbols are things that represent ideas and concepts in a specific culture
Back Translation Where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors.
Consumer Ethnocentrism is the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign made products.
Currency Exchange Rate is the price of one country's currency expressed in terms of another country's currency.
Joint Venture When foreign company and local firm invest together to create a local business
Dumping sell below cost
Gray market (parallel importing) where products are sold through unauthorized channels.
Created by: SantiJack
 

 



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