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Mgmt 105 > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Greenhouse Effect

A

turning of our atmosphere into a kind of greenhouse as a result of the addition of carbon dioxide and other greenhouse gasses

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2
Q

global warming

A

a warming of the planet that will have disastrous effects on the planet

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3
Q

Arab Springs

A

series of anti-government protests and uprisings in a number of Arab countries facilitated by new social media tools available to people in the region

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4
Q

world trade

A

flow of goods and services among different countries- the value of all the exports and imports of the world’s nations

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5
Q

countertrade

A

type of trade in which goods are paid for with other items instead of with cash

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6
Q

General Agreement on Tariffs and Trade (GATT)

A

international treaty to reduce import tax levels and trade restrictions

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7
Q

World Trade Organization (WTO)

A

organization that replaced GATT; the WTO sets trade rules for its member nations and mediates disputes between nations

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8
Q

World Bank

A

international lending institutions that seeks to reduce poverty and improve the lives of people by improving economies and promoting sustainable development

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9
Q

International Monetary Fund (IMF)

A

international organization that seeks to ensure the stability of the international monetary exchange by controlling fluctuations in exchange rates

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10
Q

foreign exchange rates (forex rate)

A

price of a nation’s currency in terms of another currency

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11
Q

balance of payments

A

statement of how much trade a country has going out compare to how much it has coming in; if a country is buying more than selling, it will have a negative balance of payments

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12
Q

protectionism

A

policy adopted by a government to give domestic companies an advantage

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13
Q

import quotas

A

limitations set by a government on the amount of a product allowed to enter a country

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14
Q

embargo

A

quota completely prohibiting specified goods from entering/leaving a country

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15
Q

tariffs

A

taxes on imported goods

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16
Q

economic communities

A

groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere

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17
Q

least developed countries (LDC’s)

A

a country at the lowest stage of economic development

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18
Q

gross domestic product (GDP)

A

total dollar value of goods and services produced by a nation within its borders in a year

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19
Q

economic infrastructure

A

quality of a country’s distribution, financial, and communications systems

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20
Q

level of economic development

A

broader economic picture of a country

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21
Q

standard of living

A

indicator of the average quality and quantity of goods and services consumed in a country

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22
Q

developing countries

A

countries in which the economy is shifting its emphasis from agriculture to industry

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23
Q

bottom of the pyramid (BOP)

A

collective name for the group of consumers throughout the world who live on less than $2 a day

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24
Q

sachet

A

affordable one-use packages of cleaning products, fabric softeners, shampoo, etc., for sale to consumers in least developed and developing countries

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25
Q

BRICS countries

A

Brazil, Russia, India, China, South Africa
-fastest growing and developing countries; with more than 3 billion people, 42% of the world population, and about 20% of the gross world product

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26
Q

developed countries

A

country that boasts sophisticated marketing systems, strong private enterprise, and bountiful market potential for many goods and services

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27
Q

Group of Seven (G7)

A

informal forum of the 7 most economically developed countries that meets annually to discuss major economic and political issues facing the international community; formerly G8 but Russia was excluded in 2014

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28
Q

business cycle

A

overall patterns of change in the economy- including periods of prosperity, recession, depression, and recovery- that affect consumer and business purchasing power

29
Q

competitive intelligence (CI)

A

process of gathering and analyzing publicly available info about rivals

30
Q

discretionary income

A

portion of income people have left over after paying for necessities such as housing, utilities, food, and clothing

31
Q

product competition

A

when firms offering different products compete to satisfy the same consumer needs and wants

32
Q

broad competition

A

when firms offering similar goods/services compete on the basis of their brand’s reputation or perceived benefits

33
Q

monopoly

A

market situation in which one firm, the only supplier of a particular product, is able to control the price, quality, and supply of that product

34
Q

oligopoly

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

35
Q

monopolistic competition

A

market structure in which many firms, each having slightly different products, offer unique consumer benefits

36
Q

perfect competition

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

37
Q

drones (UAV’s)

A

unmanned arial vehicles or flying robots controlled remotely using GPS tech

38
Q

patent

A

legal mechanism to prevent competitors from producing or selling an invention; aimed at reducing or eliminating competition in a market for a period of time

39
Q

nationalization

A

when a domestic government reimburses a foreign company (often not for full value) for its assets after taking over

40
Q

expropriation

A

when a domestic government seizes a foreign company’s assets without any reimbursement

41
Q

local content rules

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

42
Q

US Generalized System of Preferences (GSP)

A

program to promote economic growth in developing countries by allowing duty-free entry of goods into the US

43
Q

demographics

A

statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure

44
Q

cultural values

A

society’s deeply held beliefs about right and wrong ways to live

45
Q

collectivist cultures

A

cultures in which people subordinate their personal goals to those of a stable community

46
Q

individualist cultures

A

cultures in which people tend to attach more importance to personal goals than to those of the larger community

47
Q

social norms

A

specific rules dictating what is right or wrong, acceptable or unacceptable

48
Q

consumer ethnocentrism

A

consumers’ feeling that products from their own country are superior or that it is to buy products produced in another country

49
Q

export merchants

A

intermediaries a firm uses to represent in it other countries

50
Q

licensing agreement

A

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

51
Q

franchising

A

form of licensing involving the right to adapt an entire system of doing business

52
Q

strategic alliance

A

relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in the target country

53
Q

joint venture

A

strategic alliance in which a new entity owned by two or more firms allows the partners to pool their resources for common goals

54
Q

straight extension strategy

A

product strategy in which a firm offers the same product in both domestic and foreign markets

55
Q

product adaptation strategy

A

product strategy in which a firm offers a similar but modified product in foreign markets

56
Q

product invention strategy

A

product strategy in which a firm develops a new product for foreign markets

57
Q

backward invention

A

product strategy in which a firm develops a less advanced product to serve the needs of people living in countries without electricity or other elements of a developed infrastructure

58
Q

free trade zones

A

designated areas where foreign companies can warehouse goods without paying taxes or customs duties until they move the goods into the marketplace

59
Q

gray market goods

A

items manufactured outside a country and then imported without the consent of the trademark holder

60
Q

dumping

A

a company tries to get a toehold in a foreign market by pricing its products lower than it offers them at homes

61
Q

ethical relativism

A

suggests that what is ethical in one culture is not necessarily the same as in another culture

62
Q

business ethics

A

basic values that guide a firm’s behavior

63
Q

code of ethics

A

written standards of behavior to which everyone in the organization must subscribe

64
Q

bribery

A

when someone voluntarily offers payment to get an illegal advantage

65
Q

extortion

A

when someone in authority extracts payment under duress

66
Q

green customers

A

those consumers who are most likely to actively look for and buy products that are eco-friendly

67
Q

fair trade suppliers

A

companies that pledge to pay a fair price to producers in developing countries, to ensure that the workers who produce the goods receive a fair wage, and to ensure that these manufacturers rely where possible on environmentally sustainable production practices

68
Q

locavorism

A

trend for shoppers to actively look for products that come from farms within 50-100 miles from where they live

Mgmt 105 (5 decks)

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