Marketing: The Core Chapters 5-7

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Terms in this set (...)

Business Marketing
The marketing of products and services to firms, governments, or not-for-profit organizations.
Organizational Buyers
Manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or resale.
Derived Demand
The demand for industrial products and services is driven by demand for consumer products and services
Organizational Buying Behavior
The process by which organizations determine the need for products and then choose alternative suppliers.
Buying Center
The group of people in an organization that participates in the buying process.
Buying Class
Three types of organizational buying situations: new buys, straight rebuy, or modified rebuy.
E-Marketplaces
Online trading communities that bring together buyers and supplier organizations
Traditional Auction
Occurs when a seller puts an item up for sale and would-be buyers bid in competition with each other.
Reverse Auction
Occurs when a buyer communicates a need for something and would-be suppliers bid in competition with each other.
Protectionism
The practice of shielding one or more industries within a country's economy form foreign competition through the use of tariffs or quotas.
Tariff
A government tax on goods or services entering a country, primarily serving to raise prices on imports.
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 of more nations or societies
Values
A society's personality 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 government or political party to obtain or retain business.
Cultural Symbols
Things that represent ideas 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.
Microfinance
The practice of offering small, collateral-free loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other income-generating activities.
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.
Marketing Research
The process of collecting and analyzing information in order to recommend actions.
Measures of Success
Criteria or standards used in evaluating proposed solutions to a problem.
Constraints
Restrictions placed on potential solutions in to problem.
Data
The facts and figures related to a problem.
Secondary Data
Facts and figures that have already been recorded prior to the project at hand.
Primary Data
Facts and figures that are newly collected for a project.
Observed Data
Facts and figures obtained by watching, either mechanically or in person, how people behave.
Questionnaire Data
Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
Information Technology
Involves operating computer networks that can store and process data.
Sales Forecast
The total sales of a product that a firm expects to sell during a specified tome period under specified condition.