Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing 300 uky > Chapter 8 &9 exam review > Flashcards

Chapter 8 &9 exam review Flashcards

1
Q

Individuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products. or use in general daily operations

A

Business Markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

individuals or business organizations that purchase products in order to make a profit by using them in producing other products or in their operations

A

Producer Markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Resellers: intermediaries (wholesalers) who buy finished goods and resell them to final consumers for a profit.

A

Reseller Markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

federal, state, county, or local governments that buy goods and services to support operations and provide products to their constituencies

A

government markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what are the factors resellers consider?

A

level of demand, resale price, space required, sales per square foot, suppliers ability adequate quantities when and where needed, availability of technical assistance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

organizations with charitable, educational, community, or other non-business goals; members can include churches, hospitals, charitable organizations, and private colleges; marketers may use special techniques to target them

A

Institution Markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

information about business customers is based on industrial classification systems

A

Industrial classification systems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

system was developed by the federal government but replaced

A

standard industrial classification (SIC)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

is used by the U.S., Canada, and Mexico to help generate comparable statistics

A

North American Industrial Classification System (NAICS)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

An arrangement in which two organizations agree to buy from each other

A

Reciprocity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

large orders, expensive items, extended negotiations, and reciprocity

A

Characteristics of transactions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

well informed about the procedures about the products they purchase; demand detailed information and technical specifications; help the firm achieve organizational objectives; engage in rational buying behaviors, often perform partnerships with suppliers

A

Attributes of Business Customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Price, Product Quality, Service, and supplier relationships are all part of what dimension of marketing to business customers

A

Primary Concerns of Business Customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

a business customer views price as the amount of investment necessary to obtain a certain level of return or savings

A

Price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

a product must meet specifications

A

Product Quality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

offered by suppliers, directly and indirectly, influences customers’ costs, sales, and profits

A

Services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what are the methods of Business Buying?

A

Description, inspection, sampling, negotiation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

when products are highly standardized, a buyer can order by describing quantity, grade, and other attributes

A

Description

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

used with some products that have unique characteristics and vary in regard to condition

A

Inspection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Entails taking a specimen of the product and evaluating it for sustainability before purchase

A

Sampling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

some purchases are based on negotiated contracts wherein buyers describe what they need, and sellers submit bids

A

Negotiation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

3 types of business purchases

A

New task purchase, Straight Rebuy, Modified Rebuy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

an item is purchased to be used to perform a new job or solve a new problem

A

New task purchase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

a routine purchases of the same products under approximately the same terms

A

straight rebuy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

a new-task purchase that is changed on subsequent orders or when straight-rebuy requirements are modified

A

Modified rebuy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

3 types of demand

A

derived demand, inelastic demand, Joint demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

demand for business products that is the result if demand for consumer products

A

Derived Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

demand that is not significantly altered by a price increase or decrease

A

Inelastic Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

when two or more items are used in combination to produce a product; demand for the product drives demand for both items

A

Joint Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

the purchase behavior of producers, government units, institutions and resellers

A

Business (organizational) Buying Behavior

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

the group of people within the organization who make business purchase decisions; roles include: initiators/users, influencers, buyers, deciders, and gatekeeper

A

The buying center

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What are the 5 stages of the Business Buying Decision Process

A

1) Recognizing a Problem 2) develop product specifications to solve problem 3) Search for and evaluate possible products and suppliers 4) select product and supplier and order product. 5) evaluate product and supplier performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

an evaluation of each component of a potential purchase

A

Value analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

a formal, systematic evaluation of current and potential vendors

A

Vendor analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

and organization’s decision to use several suppliers

A

multiple sourcing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

an organization’s decision to use only one supplier

A

sole sourcing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

environmental, organizational, interpersonal, individual are all influences of….

A

Influences of the business buying decision process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

include competitive and economic factors, political forces, legal and regulatory forces, technological changes, and sociocultural issues

A

Environmental influences

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

include company objectives, purchasing policies and resources and size and composition of buying center

A

Organizational influences

40
Q

the relationships between people in the business; trust and collaboration are important

A

interpersonal influences

41
Q

personal characteristics (age, education level, personality and tenure, and position) of participants in the buying center

A

Individual influences

42
Q

online marketplaces where business buyers and sellers from around the world can exchange information, goods, services, ideas, and payments

A

B2B eCommerce sites

43
Q

developing and performing marketing activities across national boundaries; provides growth opportunities

A

international marketing

44
Q

firms that are international from their inception; often small-technology based firms; earn most of their sales outside the domestic home market; ex: ebay , google, logitech

A

Born Globals

45
Q

proper environmental analysis of international markets can:

A

generate financial awards, increase market share, heighten customer awareness of products

46
Q

marketing activities are influenced by beliefs and values regarding family, religion, education, health, and recreation

A

Sociocultural Factors

47
Q

For Economic Forces, Global marketers must understand:

A

international trade systems, economic stability/ instability of nations, trade barriers, economic disparities between nations

48
Q

many differences between nations

A

standards of living, availability of credit, buying power, income distribution, national resources, exchange rates

49
Q

the market value of a nations total output of goods and services for a given period; an overall measure of economic standing; gives insights into a nation’s wealth and market potential

A

Gross domestic product

50
Q

any duty levied by a nation on goods bought outside its borders and brought into the country

A

import tariff

51
Q

A limit on the amount of goods an importing country will accept for certain product categories in a specific period of time

A

Quota

52
Q

A governments suspension of trade in a particular product or with a given country; is generally directed at a specific country or product

A

Embargo

53
Q

Government restrictions on the amount of a particular currency that can be bought or sold that can affect international trade

A

exchange controls

54
Q

the difference in value between a nation’s exports and its imports

A

balance of trade

55
Q

import tariffs, Quota, Embargo, exchange controls, and balance of trade are what type of forces

A

Political, Legal and regulatory forces

56
Q

accepted business practices vary from country to country; differences exist in ethical standards; different modes of operations; dealing with different cultures; the least and most corrupt countries are what types of forces

A

ethical and social responsibility forces

57
Q

the unconscious reference to one’s own cultural values, experiences, and knowledge

A

Self-Reference Criterion (SRC)

58
Q

the concept that morality varies from one culture to another; “when in Rome, do as the Romar do.”

A

Cultural relativism

59
Q

competition is a staple of the global marketplace; firms that operate internationally be aware of competitive forces, identify the interdependence of countries, be mindful of a new breed of customers; each country has unique competitive aspects; the global consumer is changing international competition are all part of what force

A

Competitive forces

60
Q

Technological advances have made international marketing easier, faster, and more affordable is what kind of force

A

Technological Forces

61
Q

agreement that eliminates most tariffs and trade restrictions on agricultural and manufactured products to encourage trade among Canada, the U.S., and Mexico

A

North American Free Trade Agreement (NAFTA)

62
Q

a union of European Nations established in 1958 to promote trade among its members; one of the largest single markets in the world today: 28 countries; half a billion consumers and combined GDP of nearly $18 trillion

A

European Union (EU)

63
Q

promotes free circulation of goods, services, and production factors; common external tariff and commercial policy among member nations; south America and Latina America are catching the attention of many international businesses

A

The common Market of Southern Cone (MERCOSUR)

64
Q

an international trade alliance that promotes open trade and economic and technical cooperation among members; approximately 2.8 billion of the world’s population, 57% of the world GDP, and nearly 47% of global trade; 21 member alliance, most important economic power is China, which has become one of the most productive manufacturing nations.

A

Asia-Pacific Economic Cooperation

65
Q

established in 1967

A

Association of Southeast Asian Nation

66
Q

international organization dealing with the rules of trade between nations; officially founded in 1995; successor to GATT; 162 members representing 95% of global trade; many issues of dumping which is selling products at unfairly low prices

A

The World Trade Organization (WTO)

67
Q

The Four modes of entering an international market

A

Stage 1: No regular export activities Stage 2: export via independent representatives (agents) Stage 3: establishment of one or more subsidiaries internationally Stage 4: Establishment of international production/ manufacturing facilities

68
Q

What are the 5 levels of involvement in global marketing

A

globalized marketing, regional marketing, multinational marketing, limited exporting, domestic marketing

69
Q

marketing strategies are developed for the entire world with the focus on similarities across regions and country markets

A

Globalized Marketing

70
Q

marketing strategies are developed for each major region, with the countries in the region being marketed to in the same way based on similarities across the region

A

Regional Marketing

71
Q

international markets are a consideration in the marketing strategy, with customization for the country based on critical differences across regions and country markets

A

multinational markets

72
Q

the firm develops no international marketing strategies, but international distributors, foreign firms, or selected customers purchase some of its products

A

limited exporting

73
Q

all marketing strategies focus on the market in the country of origin

A

Domestic marketing

74
Q

the sale of products in foreign markets

A

exporting

75
Q

the purchase of a product from a foreign source

A

importing

76
Q

an organization that links buyers and sellers in different countries; reduces risk for those wanting to get involved

A

trading company

77
Q

an alternative to direct investment that requires a license to pay commission or royalties on sales or supplies used in manufacturing

A

licensing

78
Q

a form of licensing in which a franchiser, in exchange for a financial commitment, grants the franchisee the right to market a product in accordance with the franchise standards

A

Franchising

79
Q

3 types of contract manufacturing

A

outsourcing, offshoring, offshoring outsourcing

80
Q

contracting noncore operations with an organization that specializes in that operation

A

outsourcing

81
Q

moving a business process that was done domestically to a foreign country. The production accomplished in the foreign country may be performed by the local company or a third party

A

offshoring

82
Q

contracting with an organization to perform business functions in a country other than the country in which the product will be sold

A

Offshoring outsourcing

83
Q

a partnership between domestic and a foreign firm or government; popular in industries requiring large investments; may be a political necessity because of laws and regulations

A

Joint ventures

84
Q

partnerships formed to create global competitive advantages; firms may be traditional rivals competing for the same market; firms may compete in some markets while collaborating in others

A

Strategic Alliance

85
Q

a situation in which a company owns subsidiaries or other facilities overseas; owning facilities may be too expensive for many firms; Multinational enterprises (multinational corporation)

A

Multinational Enterprise

86
Q

three most common structures of architecture

A

product division structure, geographic area structure, global matrix structure

87
Q

a subunit of the marketing department

A

export departments

88
Q

centralizes all of the responsibility and communications related to international operations

A

international divisions

89
Q

most likely engage in direct ownership

A

international integrated structures

90
Q

the form used by most multinational enterprises
good for firms that are diversified, yet driven by domestic operations
esch unit is self-contained

A

Product division structure

91
Q

good for firms with low diversification

divides the world into logistical areas based on operations and customer’s characteristics

A

The Geographic Area Structure

92
Q

designed to achieve global integration, cost, efficiencies, knowledge transfers, and local responsiveness
most firms do not use this structure

A

The global matrix structure

93
Q

adapting marketing strategy and marketing mixes according to cultural, regional, and national differences

A

customization

94
Q

the development of marketing strategies that treat the entire world as a single entity (entails producing standardized products, promotion campaigns, prices, and distribution channels for all markets)

A

globalization

95
Q

maintaining a global presence creates fice opportunities for creating value:

A

adapt to local market differences
exploit economies of global scale
exploit economies of global scope
mine optimal locations for activities and resources
maximize the transfer of knowledge across locations

Marketing 300 uky (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions