| Definition | Answer |
|---|
| when exchange rates literally float up and down based on the supply and demand of the product | |
| this is when the market plan gets put into action | |
| other services that come with the purchase of the core product that enhance the core product (make it more appealing to consumers) | |
| defined as a company that does extensive trade (beyond just importing and exporting good for products) | |
| share one or more characteristic that unify them all (similar demos, similar product needs) | |
| this is the products that are growing and looking to become market leaders; they typically have higher profits, but also have higher costs; need to really reinvest the profits gai | |
| is what the company does better than any other company in the field | |
| when companies literally trade goods (kind of like a barter) | |
| this is when the company wants to increase market share with their current customers (i.e. coupons); customer databases can be increasingly helpful with this strategy | |
| this limits the number of imports that are allowed to come into a new country (very good for domestic companies) | |
| it means you need more of that specific country’s money to purchase another country’s money | |
| hows the problem areas in the service sector that influence consumers perceptions of quality | |
| growing extremely fast, allows people to open up a company with the same brand name as an already existing company | |
| how timely the service is performed (i.e. people expect prompt service from McDonalds) | |
| consumers measure this by the consistency of the service over time; it also means giving the consumer a good, correct service the first time | |
| the government is ALWAYS involved in business, so no matter what country a company is looking to get into, they need to be aware of the political structure | |
| this includes everything that gets the products name out into the public (PR, advertising, personal selling, coupons, etc.) | |
| is when countries do not allow certain products/brands allowed in a new country | |
| consists of 27 European countries; the whole purpose is to try to get Europe to unify | |
| this is a combination of everything where the company produces new products for potentially new customers | |
| this is when the company tries to pull in new customers with the products/services they already have | |
| when companies try to customize products/service to every specific consumer (i.e. when you get a flyer in the mail that is addressed just to you, and gives you a coupon for a produ | |
| tends to be a longer lasting competitive advantage; is literally either a product or service that the brand/company has that the competition cannot match | |
| it is what marketing activities need to get done | |
| defined as treating both employees and customers with respect and making sure their needs are satisfied | |
| is when management defines the business mission by what products and services they can make for customers rather than the benefits those customers are looking to get from the produ | |
| t is the values that are shared by the people who live in a set place | |
| is when the price of the product far surpasses the cost that the competition charges | |
| many different ways to reach the target market | |
| typically has low profits, but high growth potential; they tend to need more cash to support the growth within the industry; | |
| | Definition | Answer |
|---|
| is when companies sell a product cheaper internationally than domestically | |
| this is when the company produces new products to appeal to its already existing customers | |
| gives money with low interest rates to poor countries | |
| includes the US and Central America in NAFTA (highly reduces the costs to the US because they are the leading exporter to those nations) | |
| this is when a domestic company purchases enough of an international company to have interest in them, or owns a majority of the international company | |
| is a separate business or related business within the larger company | |
| it requires that companies sell the products to a central agency (can limit what type of exchange is occurring and can hinder the exporting process) | |
| low growth, and relatively low market share; these products need to be dropped | |
| it means you need less of that specific country’s money to purchase another country’s money | |
| this is made to specifically target markets and gives the company specific strategies as to how they want to do it based on the 4 P’s | |
| when the best technology is used, it can likely reduce the time and cost associated with producing one unit of product, therefore reducing the cost to the consumer | |
| this pulls companies together to enhance the trading abilities of the group | |
| Stands for strengths, weaknesses, opportunities, and threats | |
| is when people or machines do something for other people or objects | |
| targeting different markets throughout the world | |
| is when the manufacturer lets other companies use their intangible property (i.e. trademarks, patents, anything protected by law, specific manufacturing processes) | |
| free trade between USA, Canada, and Mexico | |
| formerly product): within services, the outcome of purchasing from a company can be either tangible or intangible, which leads to the possibility of processing different things: | |
| this concerns getting the product in the hands of the consumers when they want to purchase them | |
| determines what business the company is in | |
| an intermediary that just brings the seller and the buyer together; they never take control over the products; they work domestically | |
| is brand name production done in a foreign country | |
| _____ % of GDP comes from services | |
| is an outline of what objectives the company wants to reach, and what steps they are taking to reach them (a guide for the marketing team) | |
| is managing the company objectives and the capabilities/resources available | |
| making plans to reach the marketing objectives (it should be the basis for all day – to – day decisions | |
| an intermediary that brings together the buyer and seller but in international territory; they help with the transfer of the products (tariffs, shipping, payment); they live in the | |
| any sort of agreement that encourages international trading | |
| signed by almost 150 countries, this agreement lowers the taxes and tariffs (also encompasses services as well as products) | |
| Many European nations import over ____% of their GDP | |
| | Definition | Answer |
|---|
| this is the money (or something they barter with) to get the product | |
| are the physical part of the service (i.e. the fact that your hair is shorter or colored when you go to the salon, or the milkshake you got at Steak and Shake) | |
| Negatives about globalization | |
| this is how alike the different service/how much they vary are from each other | |
| what the consumer is spending their money to get (i.e. the tangible haircut that you get) | |
| is when management tries to figure out future plans and set reasonable objectives for the future | |
| when services are sold, they are likely produced by the seller and consumed by the purchaser at the same time (whereas products are sold, then consumed) | |
| Typically accounts for 30% of international exchange | |
| is when the company redesigns the business process to make significant differences in performance | |
| experienced, knowledgeable, trustworthy employees make the face of the company better | |
| this is how the marketing plan is evaluated in line with the objectives | |
| this looks at the sale potential and the size of the market segments that the company is looking to target | |
| basically, how developed the country is | |
| this is when the domestic firm takes over an international country, or merges with them to make a whole new company | |
| taxes that are placed on goods and services when coming into a new country | |
| employees must understand the needs of the consumers, and whole-heartedly care that they are satisfied | |
| is a product/service that has steady levels of profits; typically, they reside in a low - growth market, but still gain reasonable profits; | |
| this is when the target market is one 'smaller' segment of the total population and they only choose them to market to | |
| this is when the objectives are measured against what actually happened | |
| his is if it can be inventoried, or stored for later consumption | |
| this is considered the heart of the marketing mix, because without the product, there is no need for the mix | |
| pretty much when new technology comes out on the market that makes producing the product cheaper | |
| this is when the company classified the strategic business units (SBUs) by how they think they will grow/die in the future | |
| services cannot be touched, tasted, felt or heard like products, which in turn, makes evaluating the quality harder | |
| means that the company requires a high amount of assets rather than employees | |
| when companies make products then sell them over seas | |
| an intermediary between the manufacturing and a buyer in another country, they purchase the products and resell them to international buyers (they mark up the products to make a p | |
| they give money to nations that can meet their budget expenses – typically as a last resort option | |
|
Chat Acronyms (Common)
3 Letter Body Parts
Corporate Logos
