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Mktg 452
mktg
85
Marketing
Undergraduate 4
03/26/2013

Additional Marketing Flashcards

 


 

Cards

Term
Political Envirmonment
Definition
made of govt. institutions, political parties, that people use to wield power
Term
Political Culture
Definition
reflects importance of the government and legal system
Term
soveriegnty
Definition
countries independent ability to conduct business in country.
Term
Political risk
Definition
danger that political and military upheaval will change rules overnight
Term
perceived political risk
Definition
when high, country makes it difficult for foreign direct investment.
Term
international terrorism
Definition
the rise in this is a new political risk
Term
causes of political risk
Definition
primarily in lower income countries, aspirations and reality, in high income countries is due with long standing conflict.
Term
Political risk EX
Definition
War, Corruption Crime labor costs
Term
Nepotism
Definition
Giving Jobs to family
Term
Chronism
Definition
giving jobs to friends
Term
Taxes
Definition
This leads to black market growth, and cross border shopping
Term
Corporation Taxation
Definition
attempt to limit tax liability by shifting location of income
Term
Expropriation
Definition
govt action to dispossess a company or investment, compensation:promt,effective,adequate.
Term
confiscation
Definition
when no compensation is provided
Term
Nationalization
Definition
govt takes control of some or all the enterprises in an entire industry
Term
Creeping Expropriation
Definition
limits economic of foreign firms. strngle hold on business (limit profit dividends, high taxation)
Term
International law
Definition
rules and principles that nation states consider binding among themselves
Term
World Court
Definition
International Court of Justice (ICJ), judicial arm of the United Nations
Term
Civil Law
Definition
Napoleonic Code of 1804, Roman legal system basis for the Continental European nations
Term
English Common Law
Definition
united states law is rooted this way
Term
Common Law
Definition
Disputes decided on previous judicial decisions, companies INC by states
Term
Civil Law
Definition
reflects structural concepts and principles of roman empire, companies formed between 2 or more parties
Term
Islamic Law
Definition
Based on Sharia, comprehensive code governing Muslim conduct in all areas of life
Term
Jurisdiction
Definition
courts authority to rule on issues arising outside a nations border
Term
Jurisdiction
Definition
Employees of foreign companies should understand the extent of jurisdiction in host countries
Term
Patent
Definition
gives inventor exclusive right to make, use, and sell an invention for a specified times
Term
Trademark
Definition
Distinctive mark, motto, device or emblem used to compete with opposing products
Term
Copyright
Definition
ownership of a written, recorded, performed, or filmed creative work.
Term
Counterfeiting
Definition
unauthorized copying and production of a product
Term
Associative counterfeit
Definition
product name differs slightly from a well know brand
Term
Piracy
Definition
unauthorized publication or reproduction of copyrighted work
Term
GreyTrade
Definition
real products but sold in unauthorized way
Term
Foreign Corrupt Practice Act
Definition
requires publicly held companies to institute internal accounting, makes it a crime to bribe, prohibits payments to 3rd parties
Term
Omnibus Trade and Competitiveness Act
Definition
allows for grease payments to cut red tape, such as getting shipments through customs
Term
Information Technology
Definition
organizations processes for creating, storing exchanging, using, and managing information
Term
Management Information Systems
Definition
provide managers and other decision makers with a continuois flow of information about company information
Term
Tools of MIS
Definition
intranet, Electronic Data Interchange, Electronic Point of sale
Term
Intranet
Definition
private network, allows authorized users to share info electronically
Term
Electronic Data Interchange
Definition
Allows business units to: submit orders, issue invoices, transaction formats are universal
Term
Efficient Consumer Response
Definition
joint initiative by members of the supply change to work toward improving and optimizing aspects of the supply chain for customer benefit
Term
Customer Relationship Management
Definition
values two way communication between company & customer.
Term
Customer Relationship management
Definition
every point of contact with a consumer is an opportunity to collect data, makes employees more productive
Term
data warehouses
Definition
integral part of CRM, helps tune product assortment, enhance ability of management response to changing business conditions
Term
Personal Sources
Definition
company executes based abroad who have contact with distributors, consumers, and govt officials, friends acquaintances
Term
Direct Sensory Perception
Definition
Using the senses to find out firsthand what is going on in a country
Term
Global Marketing Research
Definition
project specific, systematic gathering of data in the search scanning made on global basis
Term
Existing Markets
Definition
customer needs already being served by one of more companies, info maybe readily available
Term
Latent Market
Definition
undiscovered market, demand would be there is product was there, no competition
Term
Incipient Market
Definition
Market will emerge as macro environmental trends continue
Term
Self Reference Criteria
Definition
when a persons values and beliefs intrude on foreign culture
Term
Self Reference Criteria
Definition
increases managements receptiveness to findings
Term
Survey Research
Definition
quantitative
Term
interviews
Definition
qualitative
Term
consumer panels
Definition
qualitative
Term
observation
Definition
qualitative
Term
focus groups
Definition
qualitative
Term
Sampling
Definition
selected subset of a population that is representative of the entire population
Term
Probability samples
Definition
randomly asking people
Term
non probability samples
Definition
convenient samples(friends family ETC)
Term
cleaning data
Definition
tabulate the data using statistical techniques ANOVA, regression, cluster analysis
Term
Segmentation, Targeting, Positioning
Definition
S-T-P framework
Term
Market Segmentation
Definition
splitting total market into segments of more homogeneous subgroups
Term
Targeting
Definition
selection of segments that the company should market its product to that have significant protential response
Term
Targeting
Definition
focus on the segments that can be reaches most effectively, efficiently, profitability
Term
Positioning
Definition
exactly how the company should present product to the target market so its perception is most advantageous relative to competition
Term
Conventional Segmentation wisdom
Definition
Assumes heterogeneity with countries. focuses on macro level cultural differences, relies on clustering national markets
Term
Unconventional Segmentation Wisdom
Definition
Assumes emergence of segments that transcend national boundaries, recognizies differences within countries
Term
Global Market Segmentaion
Definition
demographics, psychographics, benefits sought
Term
Demographic Segmentation
Definition
Income, population, age, gener, education, occupation
Term
income
Definition
is a valuable segmentation variable,
Term
75%
Definition
the world GNP is generated by triad, but only 13% of world population is in the triad
Term
Global Teens
Definition
young people between 12-19, group of teens randomly chosen from different parts of the world shore same tastes
Term
global elite
Definition
affluent consumers who are well traveled and have the money to spend on prestigous products with exclusivity
Term
Gender Segmentation
Definition
focusing on needs and wants of one gender, do not miss opportunities to serve the other
Term
Psychographic Segmentaion
Definition
grouping people according to attitudes values lifestyles
Term
Geodemographics
Definition
consumers who reside withing geographic clusters such as zip codes or neighborhoods also share demographic and lifestyles
Term
Law of Disproptionality/Paretos law
Definition
80% of a companys revenues are accounted for by 20% of the customers
Term
Benefit Segmentation
Definition
focuses on value equation: value = benefits/price. based on understanding the problem a porduct solves
Term
Assessing Market potential
Definition
competition, current size of the segment and anticipated growth, compatibility of company
Term
differentiated strategy
Definition
developing global strategy, some companies make efforts to be a player in diff countries and market segments
Term
Concentrated strategy
Definition
markets and segments can be given more attention and markets positions fortified
Term
Positioning
Definition
locating a brand in consumers minds over and against competitors in terms of attributes and benefits that the brand does and does not offer
Term
Global consumer culture positioning
Definition
identifies the brand as a symbol of a particular culture or segment
Term
Foreign consumer positioning
Definition
associates the brands users use occasions or product origins with a foreign country
Term
Local consumer positioning
Definition
identifies with local cultural meanings, consumed by local people
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