BUS 321 Final review

Global Vision
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Terms in this set (45)
cultural factors to consider1. language 2. customs and traditions 3. expectations for appropriate behavior in business interactions EX: Chinese model trying to eat American food with chopsticks, company thought it would be funny, her career was almost ruinedDemographics and culture must be consideredtogethermultinationalsfirms that engage in international trade beyond exporting and importingtarifftax on particular class or product or service to protect domestic competitionabsolute quotamaximum number of products that can be imported in a given time periodtariff rate quotemaximum number of products that can be imported at a reduced tariffembargoban on product/service trade or activity with another countryexchange ratethe value of one nations currency expressed in terms of another nations currencybalance of tradea countries exports minus its importsrisk level for five methods of entering the global marketplace1. exporting 2.licensing 3. contract manufacturing 4. joint venture 5. direct investmentdumpingsale of an exported product at a lower price than that charged for a similar product in the "home" market of the exporterGray Marketpractice of selling and distributing products outside of normal distribution channelsconsumer behaviorthe why/how/when of what people think/ feel and dopercieved valuethe relationship between a product's or service's benefits and its costDerived Valueconsumers evaluations of net worth that results from a particular behaviorutilitarian valuevalue derived from a product or service that helps the consumer solve problems and accomplish tasksHedonic valuevalue that acts as an end rather than as a means to an endthe consumer decision making process1. need recognition 2. information search 3. evaluation of alternatives 4. decision 5. post decision behaviorrepositioningattempts to change consumers perceptions of brand or product/serviceexternal positioningEX: chicken salad chick VS. News, Vs. beagle bagelinternal positioningchick salad chick with its variety or different salad flavorspositioning types1. internal positioning 2. external positioningpositioningattempts to shape potential customers overall percepts of a brand, product line, or organization in generaltarget marketgroup of people or organizations for which an organization designs, implements and maintains a marketing mixundifferentiated targeting strategytreat entire market as the same segmentconcertrated/niche targeting strategyfocus on relatively small segment with specialized needs ex: online blog about single dad and his daily life and experiencesgeographyoften based on segment accessibilitydemographicstweede beedle, boutique baby war targeted at parentspsychographicsconsumer lifestylesinformation searchthe state of the buyers decision process in which the consumer is motivated to search for more informationinternal information searchrecalling past information store in the memoryexternal information searchseeking information in outside environmentevaluation of alternativeschoosing among brands, sizes, styles and colorsthe three "sets"1. evoked/consideration 2.inept: unacceptable alternatives, either due to situation or negative attributes 3. Inert: alternatives that may be acceptable, but the consumer doesn't knowcognitive dissonanceinner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions