marketing exam 2.docx

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University of Massachusetts Amherst
Bruce Weinberg

Chapter 7 Understanding and Reaching Global Consumers and MarketsCountertrade is the practice of using barter rather than money for making global salesGross domestic product GDP is the monetary value of all goods and services produced in a country during one yearBalance of trade is the difference between the monetary value of a nations exports and importsProtectionism is the practice of shielding one or more industries within a countrys economy from foreign competition through the use of tariffs or quotasTariffs are government taxes on goods or services entering a country that primarily serve toraise prices on importsA quota is a restriction placed on the amount of a product allowed to enter or leave a countryThe World Trade Organization WTO is a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisionsGlobal competition exists when firms originate produce and market their products andservices worldwideStrategic alliances are agreements among two or more independent firms to cooperatefor the purpose of achieving common goalsA multidomestic marketing strategy involves multinational firms that have as many different product variations brand names and advertising programs as countries in which they do businessA global marketing strategy involves transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differA global brand is a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programsGlobal consumers are consumer groups living in many countries or regions of the world that have similar needs or seek similar features and benefits from products or servicesCrosscultural analysis involves the study of similarities and differences among consumers in two or more nations or societiesValues are a societys personally or socially preferable modes of conduct or states of existencethat tend to persist over timeCustoms are what is considered normal and expected about the way people do things in a specific countryCultural symbols are things that represent ideas and conceptsConsumer ethnocentrism is the tendency to believe that it is inappropriate indeed immoral to purchase foreignmade productsBottom of the pyramid is the largest but poorest socioeconomic group in the worldMicrofinance is the practice of offering small collateralfree loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other incomegenerating activitiesA currency exchange rate is the price of one countrys currency expressed in terms of another countrys currencyExporting is a global marketentry strategy in which a company produces goods in one country and sells them in another countryJoint venture is a global marketentry strategy in which a foreign company and a local firm invest together to create a local business in order to share ownership control and profits of the new companyDirect investment is a global marketentry strategy that entails a domestic firm actually investing in and owning a foreign subsidiary or divisionDumping occurs when a firm sells a product in a foreign country below its domestic price or below its actual costA gray market is a situation where products are sold through unauthorized channels of distributionAlso called parallel importingSustainability is development that meets the needs of the present without compromising the ability of future generations to meet their own needs Sustainability involves moving from linear to cyclical processes and technologies The only processes we can rely on indefinitely are cyclical all linear processes must eventually come to an endChapter 8 Marketing Research From Customer Insights to Actions Marketing research is the process of defining a marketing problem and opportunity systematically collecting and analyzing information and recommending actionsData are the facts and figures related to the problem that are divided into two main parts secondary data and primary dataSecondary data are the facts and figures that have already been recorded before the project at hand
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