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MRKT301 exam 2
chapters 7-12
| Question | Answer |
|---|---|
| Tariff | A govt tax on goods or services entering a country, primarily serving to raise prices on imports |
| 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 |
| World Trade Organization | Institution that sets rules governing trade between its members through a panel of trade experts |
| Global competition | Exists when firms originate, produce, and market their products and services worldwide |
| multidomestic marketing strategy | A multinational firm's strategy of offering as many different product variations, brand names, and advertising programs as countries in which it does 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 |
| Global consumers | Consumer groups living around the world who have similar needs or seek similar benefits from products or services |
| Cross-cultural analysis | The study of similarities and differences among consumers in two or more nations or societies |
| Values | A society's personally or socially preferable modes of conduct or states of existence that tend to persist over time |
| Customs | Norms and expectations about the way people do things in a specific country |
| Foreign Corrupt Practices Act (1977) | A law that makes it a crime for U.S. corporations to bribe an official of a foreign govt or political party to obtain or retain business |
| Cultural symbols | Things that represent ides or concepts in a specific culture |
| Back translation | Retranslating a word or phrase back into the original language using a different interpreter to catch errors |
| Currency exchange rate | The price of one country's currency expressed in terms of another country's currency |
| Exporting | Producing goods in one country and selling them in another country |
| Joint venture | When a foreign company and a local firm invest together to create a local business, sharing ownership, control, and the profits of the new company |
| Direct investment | When a domestic firm actually invests in and owns a foreign subsidiary or division |
| Dumping | When a firm sells a product in a foreign country below its domestic price or below its actual cost |
| Gray market | A situation in which products are sold through unauthorized channels of distribution |
| Secondary data | Facts and figures that have already been recorded before the project at hand |
| Primary data | Facts and figures that are newly collected for a project |
| Sales forecast | The total sales of a product that a firm expects to sell during a specified time period under specified conditions |
| Market segmentation | Aggregates potential buyers into groups that have common needs and will respond similarly to a marketing action |
| Market segments | The relatively homogeneous groups of prospective buyers that result from the market segmentation process |
| Product differentiation | The strategy of using different marketing mix activities to help consumers perceive a product as being different and better than competing products |
| Usage rate | The quantity consumed or the number of store visits during a specific period |
| 80/20 rule | The idea that 80% of a firm's sales are obtained from 20% of its customers |
| Market-product grid | A framework relating the segments of a market to products or marketing actions of the firm |
| Product positioning | The place a product occupies in consumers minds on important features relative to competitive products |
| Product repositioning | Changing the place a product occupies in consumers' minds relative to competitive products |
| Perceptual map | A means of displaying the position of products or brands in consumers' minds |
| Consumer products | Products purchased by the ultimate consumer |
| Business products | Products organizations buy that assist directly or indirectly in providing other products for resale |
| Product item | A specific product that has a unique brand, size or price |
| Product line | A group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales outlets or prices |
| Product mix | All the products lines offered by a company |
| Four I's of services | The four unique elements that distinguish services from goods: intangibility, inconsistency, inseparability, and inventory |
| Idle production capacity | When the service provider is available but there is no demand for the service |
| New product process | The seven stages an organization goes through to identify business opportunities and convert them into salable products or services. |
| 7 stages of product process | 1. New-product strategy development 2. Idea generation 3. Screening and evaluation 4. Business analysis 5. Development 6. Market Testing 7. Commercialization |
| Customer experience management (CEM) | The process of managing the entire customer experience within the company |
| Product life cycle | The stages a new product goes through in the market place: introduction, growth, maturity and decline |
| Branding | An organizations use of a name, phrase, design, symbol or combination of these to identify and distinguish its products |
| Brand name | Any word, device (design, shape, sound or color), or combination of these used to distinguish a seller's goods or services |
| Brand personality | A set of human characteristics associated with a brand name |
| Brand equity | The added value a brand name gives to a product beyond the functional benefits provided |
| Multiproduct branding | A branding strategy in which a company uses one name for all its products in a product class |
| multibranding | a branding strategy that involves giving each product a distinct name |
| Eight P's of services marketing | Expanding the four P's framework to include productivity, people, physical environment and process |
| Capacity management | Integrating the service component of the marketing mix with efforts to influence consumer demand |
| Off-peak pricing | Charging different prices during different times of the day or days of the week to reflect variations in demand for the service |
| Value | The ratio of perceived benefits to price |
| Profit equation | Profit = total revenue - total cost |
| Demand curve | A graph relating the quantity sold and the price, which shows how many units will be sold at a given price |
| Price elasticity of demand | The percentage change in the quantity demanded relative to a percentage change in price |
| Break even analysis | A technique that examines the relationship between total revenue and total cost to determine profitability at different levels of output |
| Pricing objectives | Expectations that specify the role of price in an organizations marketing and strategic plans |
| price constraints | Factors that limit the range of prices a firm may set |
Created by:
rtennyson
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