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Unit 2 Exam
| Term | Definition |
|---|---|
| Business-to-business marketing | involves 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 |
| Organizational buyers | are those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy goods and services for their own use or for resale |
| North American Industry Classification System (NAICS) | Provides common industry definition for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the 3 member countries of the United States, Mexico, and Canada Agreement (USMCA) |
| Derived demand | is the demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services |
| Organizational buying behavior | Is the decision-making process that organizations use to establish the need for product and services and identify, evaluate, and choose among alternative brands and suppliers |
| 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 |
| Buy Class | consists of 3 types of organizational buying situations: straight rebuy, new buy, and modified rebuy |
| E-marketplaces | Are online trading communities that bring together buyers and supplier organizations to make possible the real-time exchange of information, money, products, and services. Also called B2B exchanges or e-hubs |
| Traditional Auction | A traditional auction, in an e-marketplace, is 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 | in an e-marketplace, is 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 |
| Finished with Chapter 6 | |
| Countertrade | the practice of using barter (directly exchange of goods or services directly for other goods without using money) 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 individual national institutions and economies |
| Protectionism | is the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas |
| Tariff | are government taxes on products or services entering a country that primarily serve to raise prices on imports |
| Quotas | is a restriction places on the amount of a product allowed to enter or leave a country |
| World Trade Organization (WTO) | is a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions |
| Trade War | a situation in which countries try to damage each other's trade, typically by imposition or tariff and quota restrictions |
| Global Competition | exists when firms originate, produce, and market their products and services worldwide |
| Multidomestic Marketing Strategy | used by multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business |
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