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MKT 474 Test #1
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83
Anatomy
6th Grade
02/18/2014

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Term
Marketing
Definition
activities that facilitate exchange between buyers and sellers
Term
Four parts of marketing
Definition
1. Understand the market—Analysis of Market Exchange of Goods and Services by People & Institutions
2. Identify the market—Segmentation and Targeting
3. Decompose the offering components with respect to the market—Strategic framework
a. Product
b. Price
c. Promotion
d. Place (distribution)
4. Focus the offering for the market—Custer orientation
Term
Internationalization
Definition
Focusing on changing the face of U.S. business
• Increasing globalization of markets
• Changing competitive structures
• Many U.S. companies now foreign controlled
• U.S. markets seeking foreign markets to increase profit
• Changing demand structures
• Domestic market segmentation
Term
Market Saturation
Definition
the point at which a market is no longer generating new demand for a firm’s products due to competition, decreased need, obsolescence, or some other factor
Term
Stages of international marketing
Definition
No direct foreign marketing
Infrequent foreign marketing
Regular foreign marketing
International marketing
Global Marketing
Term
No direct foreign marketing
Definition
this stage, a company does not send its products overseas directly, but its products may become available in other countries through intermediaries or middlemen such as trading companies. Occasional internet sales because of a request from an overseas customer may also fall into this category
Term
Infrequent Foreign marketing
Definition
temporary surpluses in inventory may cause companies to sell their excess product in overseas markets. Note that in the first two stages of International Marketing Involvement, the strategies are reactive rather than proactive
Term
Regular foreign marketing
Definition
in this stage a firm has committed permanent resources towards international marketing and engages in it regularly on a proactive basis. The firm may use intermediaries to engage in international marketing
Term
International marketing
Definition
in this stage has planned production and marketing to many countries around the world with specific targets for each overseas country market. It involves not only marketing but also production of goods in overseas markets
Term
Global Marketing
Definition
firm starts viewing the world, including their home market as one market. The major change is the orientation towards world markets and the activities directed at supporting this view
Term
Strategic Orientation
Definition
• Taking an environmental/cultural approach
• Relating the foreign environment to marketing
• Illustrating how culture influences marketing
• Understanding that the cultural environment can change dramatically from country to country
Term
Ethnocentrism
Definition
refers to the notion that one’s own culture or company know best how to do things
Term
Starbucks Case
Definition
• Market Saturation
o “A new Starbucks opens in restroom of existing Starbucks”
• Younger generation “turned off”?
• Lack Attention to Service & Employee Satisfaction
Term
Levitt vs. Douglas & wind Contrast
Definition
• Technology drivers
o The driving force of today’s society
• Adaptation v. standardization
• Homogenization of preference
Term
International Marketing Definition
Definition
the performance of business activities designed to plan, price, promote and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit
Term
Controllable Elements
Definition
can be altered in the long run, usually, in the short run to adjust to changing market conditions, consumer tastes, or corporate objectives (inner circle)
• Firm Characteristics
• Product
• Price
• Place
• Promotion
• Research
Term
Uncontrollable elements
Definition
uncontrollable elements within a market that a marketer must evaluate and adapt to
• Domestic Environment
• Foreign Environment
Term
Domestic Environment Uncontrollable
Definition
represented by the second circle
• Political forces
• Legal forces
• Economic forces
• Competition
Term
Foreign Environment Uncontrollable
Definition
represented by the outer circle
• Political forces
• Legal forces
• Economic forces
• Competition
Term
Self-Reference Criterion
Definition
an unconscious reference to one’s own cultural values, experiences and knowledge as a basis for decisions
Term
Global Awareness
Definition
also involves knowledge of world market potentials and global, economic, social and political trends
Term
Multinational Corporations (MNC) Concept
Definition
1. International Economic Competition Begins (Japan, Germany, USA)
2. Newly Industrialized Countries (NIC) Emerge (S. Korea, Taiwan, Singapore, Hong Kong)
3. More Emerging Markets Enter the Marketplace (China, India, Indonesia, Thailand, Malaysia, Brazil, Mexico, Vietnam)
4. BRIC’s Emerge – the 4 potential growth markets (Brazil, Russia, India, China)
5. World’s largest corporations (MNC’s) start migration.
Term
NAFTA
Definition
North American Free Trade Agreement
Term
World Bank Group (WBG)
Definition
goal of WBG is to reduce poverty and improvement of living standards by promoting sustainable growth and investment in people
Term
World Bank Group Jobs
Definition
• Lending money to countries to finance development projects in education, health and infrastructure;
• Providing assistance for projects to the poorest developing countries;
• Lending directly to private sector in developing countries with long-term loans, equity investments and other financial assistance;
• Provide investors with investment guarantees against “noncommercial risk,” so developing countries will attract FDI; and
• Provide conciliation and arbitration of disputes between governments and foreign investors
Term
Monetary Barriers (3)
Definition
Blocked Currency
Differential Exchange rate
Government approval
Term
Blocked Currency
Definition
Blockage is accomplished by refusing to allow importers to exchange its national currency for the sellers’ currency.
Term
Differential Exchange Rates
Definition
It encourages the importation of goods the government deems desirable and discourages importation of goods the government does not want by adjusting the exchange rate. The exchange rate for importation of a desirable product is favorable and vice-versa
Term
Government approval
Definition
In countries where there is a severe shortage of foreign exchange, an exchange permit to import foreign goods is required from the government
Term
Boycott
Definition
withdraw from commercial or social relations with (a country, organization, or person) as a punishment or protest
Term
Quota
Definition
a specific unit or dollar limit applied to a particular type of good
Term
BRICS Countries
Definition
association of five major emerging national economies: Brazil, Russia, India, China and South Africa
Term
Trade-Related Investment Measures (TRIM)
Definition
rules that apply to the domestic regulations a country applies to foreign investors, often as part of an industrial policy; rules that restrict preference of domestic firms and thereby enable international firms to operate more easily within foreign markets
Term
Trade-Related Aspects of Intellectual Property Rights (TRIP)
Definition
establishes substantially higher standards of protection for a full range of intellectual property rights (patents, copyrights, trademarks, trade secrets, industrial designs, and semiconductor chip mask works) than are embodied in current international agreements, and it provides for the effective enforcement of those standards both internally and at the border.
Term
World Trade Organizations (WTO)
Definition
created as an institution not an agreement
1. Sets many rules governing trade between its member countries
2. Provides a panel of experts to hear and rule on trade disputes between members, and, unlike GATT, issues binding decisions
Term
General Agreement on Tariffs and Trade (GATT)
Definition
1. Created as an agency to serve as watchdog over world trade and provide process to reduce tariffs
2. Provided a mechanism to resolve trade disputes bilaterally
3. Now replaced by the World Trade Organization (WTO)
Term
Balance of Payments (3)
Definition
Current account
Capital account
Reserve account
Term
Current account
Definition
a record of all merchandise exports, imports, and services plus unilateral transfers of funds
Term
Capital account
Definition
a record of direct investment, portfolio investment, and short-term capital movements to and from countries
Term
Reserve account
Definition
a record of exports and imports of gold, increases or decreases in foreign exchange, and increases or decreases in liabilities to foreign central banks
Term
Protectionism
Definition
Government actions and policies that restrict or restrain international trade, often done with the intent of protecting local businesses and jobs from foreign competition. Typical methods of protectionism are import tariffs, quotas, subsidies or tax cuts to local businesses and direct state intervention
Term
Tariff
Definition
a tax imposed by a government on goods entering at its borders; they can be a percentage tax or a per unit tax
Term
Non-tariff Barriers (6)
Definition
1. Specific Limitations on trade
2. Customs and Administrative entry proc
3. Standards
4. Government part. in trade
5. Charges on Imports
6. Other
Term
Specific Limitations to trade
Definition
a. Quotas
b. Import licensing requirements
c. Proportion restrictions of foreign to domestic goods (local content requirements)
d. Minimum import price limits
e. Embargoes
Term
Customs and Administrative Entry Procedures
Definition
a. Valuation systems
b. Antidumping practices
c. Tariff classifications
d. Documentation requirements
e. Fees
Term
Standards
Definition
a. Standard disparities
b. Intergovernmental acceptances of testing methods and standards
c. Packaging, labeling, and marking
Term
Government Participation in trade
Definition
a. Government procurement policies
b. Export subsidies
c. Countervailing duties
d. Domestic assistance programs
Term
Charges on Imports
Definition
a. Prior import deposit subsidies
b. Administrative fees
c. Special supplementary duties
d. Import credit discriminations
e. Variable levies
f. Border taxes
Term
Other
Definition
a. Voluntary export restraints
b. Orderly marketing agreements
Term
Voluntary Export Restaints (VER)
Definition
A trade restriction on the quantity of a good that an exporting country is allowed to export to another country
Term
International Monetary Fund (IMF)
Definition
• Created to assist nations in becoming and remaining economically viable
• Assists countries that seek capital for economic development and restructuring
• Loans come with stipulations that borrowing countries slash spending and impose controls to curb inflation
• Helps maintain stability in the world financial markets
Term
Special Drawing Rights (SDR)
Definition
supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). Not a currency, SDRs instead represent a claim to currency held by IMF member countries for which they may be exchanged
Term
Geography
Definition
one of the uncontrollable elements that international marketers have to deal with. Geography has three major components, Climate and Topography, Economic Growth and Development and Natural Resources
Term
Taiping Rebellion
Definition
massive civil war in southern China from 1850 to 1864, against the ruling Manchu-led Qing Dynasty; it was a millenarian movement led by Hong Xiuquan, who announced that he had received visions in which he learned that he was the younger brother of Jesus. At least 20 million people died, mainly civilians, in one of the deadliest military conflicts in history
Term
Confucian Philosophy
Definition
emphasizes the basic virtue of loyalty “of friend to friend, of wife to husband, of child to parent, of brother to brother, but, above all, of subject to lord,” that is, to country.
Term
Manifest Destiny
Definition
meant that Americans were a chosen people ordained by God to create a model society; more specifically, it referred to the territorial expansion of the United States from the Atlantic to the Pacific *justified U.S. expansion*
• Annexation of Texas, Oregon, New Mexico, and California
• U.S. involvement in Cuba, Alaska, Hawaii, and the Philippines
Term
Monroe Doctrine
Definition
a cornerstone of early U.S. foreign policy, was enunciated by President James Monroe in a public statement proclaiming three basic dicta: no further European colonization in the New World, abstention of the United States from European political affairs, and nonintervention by European governments in the governments of the Western Hemisphere
Term
Rules of Monroe Doctrine
Definition
• No further European colonization in the New World
• Abstention of the U.S. from European political affairs
• Nonintervention of European governments in the governments of the Western Hemisphere
Term
Roosevelt Corollary
Definition
— Theodore Roosevelt applied the Monroe Doctrine with an extension In 1881, its principles were evoked in discussing the development of a canal across the Isthmus of Panama
• Whatever is good for the U.S. is justifiable
Term
Sustainable Development
Definition
a joint approach among those (e.g., governments, businesses, environmentalists, and others) who seek economic growth with “wise resource management, equitable distribution of benefits and reduction of negative eff ects on people and the environment from the process of economic growth
Term
Hofstede's Classification
Definition
• defines culture as “software of the mind” he said it was “the collective programming of the mind which distinguishes the members of one group or category from those of another”
Term
Nuclear Family
Definition
to define a family group consisting of a pair of adults and their children
Term
Extended Family
Definition
a family that extends beyond the immediate family, consisting of grandparents, aunts, uncles, and cousins all living nearby or in the same household
Term
Decentralized Decision Making
Definition
any process where the decision making authority is distributed throughout a larger group. It also connotes a higher authority given to lower level functionaries, executives, and workers
Term
Group Decision Making
Definition
a situation faced when individuals collectively make a choice from the alternatives before them
Term
Culture
Definition
the sum of the “values, rituals, symbols, beliefs, and thought processes that are learned, shared by a group of people, and transmitted from generation to generation”
Term
Social Institutions
Definition
family, religion, school, the media, government , and corporations all aff ect the ways in which people relate to one another, organize their activities to live in harmony with one another, teach acceptable behavior to succeeding generations, and govern themselves
Term
Cultural Values
Definition
the importance of things and ideas
Term
rituals
Definition
patterns of behavior and interaction that are learned and repeated
Term
Lingusistic Distance
Definition
measure of difference between languages; an important factor in determining the amount of trade between nations
Term
Aesthetics
Definition
philosophically, the creation and appreciation of beauty; collectively, the arts, including folklore, music, drama, and dance
Term
Cultural Sensitivity
Definition
awareness of the nuances of culture so that a culture can be viewed objectively, evaluated, and appreciated; an important part of foreign marketing
Term
Cultural Borrowing
Definition
phenomenon by which societies learn from other cultures’ ways and borrow ideas to solve problems or improve conditions
Term
Cultural Congruence
Definition
marketing strategy in which products are marketed in a way similar to the marketing of products already in the market in a manner as congruent as possible with existing cultural norms
Term
Planned Change
Definition
marketing strategy in which a company deliberately sets out to change those aspects of a foreign culture resistant to predetermined marketing goals
Term
Cultural Imperative
Definition
a business custom (as in a foreign country) that must be recognized and accommodated
Term
Cultural Electives
Definition
a business custom (as in a foreign country) to which adaptation is helpful but not necessary
Term
Cultural Exclusives
Definition
a business custom (as in a foreign country) in which an outsider must not participate
Term
M-Time
Definition
monochromatic time; describing a view of time, typical of most North Americans, Swiss, Germans, and Scandinavians, as something that is linear and can be saved, wasted, spent, and lost; m-time cultures tend to concentrate on one thing at a time and value promptness
Term
P-Time
Definition
polychromatic time; a view of time, as held in “high context” cultures, in which the completion of a human transaction is more important than holding to schedules; p-time is characterized by the simultaneous occurrence of many things
Term
Bribery
Definition
use of funds, usually illegally, to influence decisions made by public employees and government officials. Such payments oft en range into the millions of dollars in international commerce
Term
Lubrication
Definition
use of funds to expedite actions of public employees and government officials; the payments made to minor officials may or may not be illegal and are usually of inconsequential amounts
Term
Subordination
Definition
giving of large sums of money—frequently not fully accounted for—designed to entice an official to commit an illegal act on behalf of the one offering the money
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