Marketing and Global Business Terms: A Comprehensive Glossary, Quizzes of Political Economy

Download Marketing and Global Business Terms: A Comprehensive Glossary and more Quizzes Political Economy in PDF only on Docsity! TERM 1 Marketing (p. 4)- DEFINITION 1 an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relations in a way that benefit the organization and its stakeholder TERM 2 Marketing mix (p. 4) DEFINITION 2 (product, price, placement, and promotion) comprises a contemporary marketers primary tools TERM 3 Global marketing (p. 4) DEFINITION 3 marketing that focuses its resources and competencies on global market opportunities and threats. The scope of activities is larger in global markets than general marketing TERM 4 Market development strategy (p. 4) DEFINITION 4 seeking new customers by introducing existing products or services into new geographical markets TERM 5 Diversification strategy (p. 4) DEFINITION 5 a company creates new products or services and introduces them into new geographical markets TERM 6 Value chain (p. 5) DEFINITION 6 set of activities and processes that , along with product design, manufacturing, and transportation logistics make up marketing; Value=Benefits/Price TERM 7 Competitive advantage (p. 6) DEFINITION 7 when a company succeeds in creating more value for customers than its competitors TERM 8 Globalization (p. 6) DEFINITION 8 the Integration of markets in a way that is enabling individuals, corporations, and nation-states to reach around farther, faster, deeper and cheaper than ever TERM 9 Global industry (p. 7) DEFINITION 9 competitive advantage can be achieved by integrating and leveraging operations on a worldwide scale TERM 10 Focus (p. 7) DEFINITION 10 the concentration of attention on a core business or competence TERM 21 Multinational company (p. 19) DEFINITION 21 Companies with polycentric TERM 22 Transnational/Global company (p. 19) DEFINITION 22 Companies with geocentric orientation TERM 23 Gross domestic product (p. 40)- DEFINITION 23 measure of a nations economic activity; GDP= C + I + G + NX TERM 24 Market capitalism (p. 43) DEFINITION 24 an economic system in which individuals and firms allocate resources and production resources are privately owned ( consumers decide what goods they desire and firms determine how much to produce) Mostly used in North America and EU TERM 25 Centrally planned socialism (p. 44) DEFINITION 25 The state holds broad power to serve the public interest as it sees fit; Top-down TERM 26 Centrally planned capitalism (p. 44) DEFINITION 26 command resources allocation is utilized extensively in an overall environment of private resource ownership TERM 27 Market socialism (p. 44) DEFINITION 27 marketing allocation policies are permitted within an overall environment of state of ownership TERM 28 Gross national income (p. 46) DEFINITION 28 World bank unit of income ( 4 types) TERM 29 Low-income countries (p. 48) DEFINITION 29 GNI per capita of less than $936, 40% of world population, agricultural, political instability, ex: Haiti, South Africa TERM 30 Lower-middle-income countries (p.49)- DEFINITION 30 a) GNI per capita between $936 and $3705, labor intensive (ex: India, China, high motivation labor) TERM 31 Upper-middle-income countries (p. 50) DEFINITION 31 GNI per capita of $3706 - $11455, rapid, export-driven economic growth, highly industrial, developing TERM 32 High-income countries (p. 53) DEFINITION 32 GNI of 11456 or higher, sustained economic growth, developed, G7 countries TERM 33 Balance of payments (p. 59 DEFINITION 33 provides trade statistics and summaries of economic activity for all countries in the world; 2 parts: Current account and capital account TERM 34 Current account (p. 59) DEFINITION 34 broad measure that includes merchandise trade and services trade plus certain categories of financial transfers like humanitarian aid TERM 35 Capital account (p. 59) DEFINITION 35 record of all long-term direct investments, portfolio investments and other short- and long-term capital flows TERM 46 Customs union (p. 78) DEFINITION 46 a) )- logical evolution of free trade; eliminates external barriers to trade and members of customs union agree to the establishment of common external tariffs TERM 47 Common market (p. 78)- DEFINITION 47 eliminates external barriers to trade and members of customs union agree to the establishment of common external tariffs and the free flow of factors of production TERM 48 Economic union (p. 78)- DEFINITION 48 eliminates external barriers to trade and members of customs union agree to the establishment of common external tariffs and the free flow of factors of production that seeks to harmonize trade (Example: European counties with unit currency etc.) TERM 49 a) Culture (p. 107) DEFINITION 49 ways of living, built up by a group of human beings, that are transmitted from one generation to another TERM 50 b) Attitude (p. 108) DEFINITION 50 learned tendency to respond in a consistent way to a given object or entity TERM 51 c) Belief (p. 108) DEFINITION 51 an organized pattern of knowledge that an individual holds to be true about the world TERM 52 d) Value (p. 108 DEFINITION 52 an enduring belief or feeling that a specific mode of conduct is personally or socially preferable to another TERM 53 e) Subculture (p. 108) DEFINITION 53 smaller groups of people with their own shared subset of attitudes, beliefs, and values TERM 54 f) Aesthetics (p. 110) DEFINITION 54 overall sense of what is beautiful and what is not, what represents good as opposed to tasteless etc. TERM 55 g) Low-context culture (p. 120) DEFINITION 55 messages are explicit and specific; words carry power TERM 56 h) High-context culture (p. 120 DEFINITION 56 less information is contained in verbal message ie: Japan, Saudi Arabia TERM 57 i) Power distance (p. 121 DEFINITION 57 Hofstedes first dimension; the extent to which the less powerful members of a society accept/expect power to be distributed equally TERM 58 j) Individualist cultures (p. 121) DEFINITION 58 Hofstedes second dimension; reflection of the degree to which individuals in a society are integrated, concerned with each member of society primarily concerned with his or her own interest and the interest of the immediate family is US TERM 59 k) Collectivist cultures (p. 121)- - DEFINITION 59 Hofstedes second dimension; reflection of the degree to which individuals in a society are integrated, concerned with all societys members integrated into cohesive groups ie Japan TERM 60 o) Self-reference criterion (SRC) (p. 125 DEFINITION 60 The unconscious reference to ones own cultural values