Details Title: chapter 3 Description: marketing Total Flash Cards: 51 Created: 09/21/2009 21:17:12		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: Term World Trade Definition The flow of goods and services among different countries--the value of all the exports and imports of the worlds nations Term Countertrade Definition A type of trade in which goods are paid for with other items instead of with cash. Term Protectionism Definition Apolicy adopted by a government to give domestic companies an advantage Term Import Quotas Definition Limitations set by a government on the amount of a product allowed to enter or leave a country. Term Embargo Definition A quota completely prohibiting specified goods from entering or leaving a country. Term Tariffs Definition Taxes on imported goods. Term General Agreement on Tariffs and Trade (GATT) Definition International treaty to reduce import tax levels and trade restrictions. Term World Trade Organization (WTO) Definition An organizational that replaces GATT, the WTO sets trade rules for its member nations and mediates disputes between nations. Term Economic Communities Definition Groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere. Term Gross Domestic Product (GDP) Definition The total dollar value of goods and services produced by a nation within its borders in a year. Term Gross National Product (GNP) Definition The value of all goods and services produces by a countries citizens or organizations, whether located within the country's borders or not. Term Economic Infrastructure Definition The quality of a country's distribution, financial, and communications systems. Term Level of Economic Development Definition The broader economic picture of a country. Term Standard of Living Definition An indicator of the average quality and quantity of goods and services consumed in a country. Term Least Developed Country (LDC) Definition A country at the lowest stage of economic development. Term Developing Countries Definition Countries in which the economy is shifting its emphasis from agriculture to industy. Term Developed Country Definition A country that boasts sophisticated marketing systems, strong private enterprise, and bountiful market potential for many goods and services. Term Business Cycle Definition The overall patterns of change in the economy--including periods of prosperity, recession, depression and recovery--that affect consumer and business purchasing power. Term Competitive Intelligence (CI) Definition The process of gathering and analyzing publicly available information about rivals.  Term Discretionary Income Definition The portion of income people have left over after paying for necessities such as housing, utilities, food, and clothing. Term Product Competition Definition When firms offering different products compete to satisfy the same consumer needs and wants. Term Brand Competition Definition When firms offering similiar goods or services compete on the basis of their brands reputation or perceived benefits. Term Monopoly Definition A market situation in which one firm, the only supplier of a particular product, is able to control the price, quality, and supplu of that product. Term Oligopoly Definition A market structure in which a relatively small number of sellers, each holding a substantial share of the market, compete in a market with many buyers. Term Monopolistic Competition Definition A market structure in which many firms, each having slightly different products, offer unique consumer benefits. Term Perfect Competition Definition A market structure in which many small sellers, all of whom offer similar products, are unable to have an impact on the quality, price, or supply of a product. Term Patent Definition Legal documentation granting an individual or firm exclusive rights to produce and sell a particular invention. Term Local content Rules Definition A form of protectionism stipulating that a certain proportion of a product must consist of components supplied by industries in the host country or economic community. Term U.S. Generalized System of Preferences (GSP) Definition A program to promote economic growth in developing countries by allowing duty-free entry of goods into the U.S. Term Demographics Definition Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure. Term Cultural Values Definition A societys deeply held beliefs about right and wrong ways to live. Term Collectivist cultures Definition Cultures in which people subordinae their personal goals to those of a stable community. Term Individualist Cultures Definition Cultures in which people tend toattach more importance to personal goals than to those of the larger community. Term Norms Definition Specific rules dictating what is right or wrong, acceptable or unacceptable. Term Custom Definition A norm handed down from the past that controls basic behaviors. Term Mores Definition Customs with a strong moral overtone. Term Conventions Definition Norms regarding the conduct of everyday life. Term Ethnocentrism Definition The tendency to prefer products or people of ones own culture. Term Bribery Definition When someone voluntarily offers payment to get an illegal advantage. Term Extortion Definition When someone in authority extracts payment under duress. Term Export Merchants Definition Intermediaries a firm uses to represent it in other countries. Term Licensing Agreement Definition An agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for royalties. Term Franchising Definition A form of licensing involving the right to adapt an entire system of doing business. Term Startegic Alliance Definition Relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in the target country. Term Joint Venture Definition A strategic alliance in which a new entity owned by two or more firms allows the partners to pool their resources for common goals. Term Born-Global Firms Definition Companies that try to sell their products in multiple countries from the moment they're created. Term Straight Extension Strategy Definition Product strategy in which a firm offers the same product in both domestic and foriegn markets. Term Product Adaption Strategy Definition Product strategy in which a firm offers a similar but modified product in foreign markets. Term Product Invention Strategy Definition Product strategy in which a firm develops a new product for foreign markets. Term Gray Market Goods Definition Items manufactured outside a country and then imported without the consent of the trademark holder. Term Dumping Definition A company tries to get a toehold in a foreign market by pricing its products lower than it offers them at home.