Glossary of Business and Economics Terms, Quizzes of Principles of Marketing

Download Glossary of Business and Economics Terms and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 Balance of Trade DEFINITION 1 difference between a nations imports & its exports, in monetary terms TERM 2 SURPLUS DEFINITION 2 when exports > imports TERM 3 DEFICIT DEFINITION 3 when imports > exports TERM 4 Emerging Markets DEFINITION 4 countries in the process of rapid growth & industrialization TERM 5 Countertrade DEFINITION 5 exchanging goods or services which are paid for, in whole or part, with other goods or services, rather than with money TERM 6 Tariff DEFINITION 6 government tax on goods entering or leaving a country TERM 7 Quota DEFINITION 7 restriction imposed on quantity of a product allowed to enter or leave a country TERM 8 Dumping DEFINITION 8 occurs when a company exports a product at a price that is either lower than the price normally charged in its domestic market, or lower than the cost of production; this export practice is usually prohibited by law, and subject to penalties & fines TERM 9 Semiotics DEFINITION 9 study of symbols & their meaning TERM 10 Ethnocentrism DEFINITION 10 judging others using your own (narrow) values TERM 21 Structured data DEFINITION 21 is highly organized, mechanized, manageable information TERM 22 Unstructured data DEFINITION 22 raw and unorganized, e.g. email TERM 23 Owned social media DEFINITION 23 conversations you control TERM 24 Earned social media DEFINITION 24 conversations about you TERM 25 Services DEFINITION 25 intangible activities or benefits provided in exchange for money or something of value TERM 26 Idle production capacity DEFINITION 26 service provider is available but there is no demand TERM 27 Off-peak pricing DEFINITION 27 charging different prices at different times to reflect or offset different levels of demand TERM 28 Non-profit organizations DEFINITION 28 organizations whose principle aims in life are focused on causes rather than on making profits; distinguished by tax status TERM 29 Relationship marketing DEFINITION 29 managing relationships with current and future customers/clients, in order to retain their support in the long term TERM 30 Customer contact audit DEFINITION 30 focus on service encounter opportunities, when there is interaction between providers and consumers TERM 31 Derived demand DEFINITION 31 A single consumer market demand can give rise to hundreds of business market demands. Each of these growing demands has further triggered more demands. Thus as the spending power of citizens increase, the country generally sees a upward wave in its economy TERM 32 Supplier development DEFINITION 32 systematic development of networks of supplier-partners to ensure appropriate and dependable supplies of products and materials used in making their own products TERM 33 Just-in-time inventory management system DEFINITION 33 reduces inventory of production components to those to be used within hours or days. TERM 34 Reciprocity DEFINITION 34 industrial buying practice where 2 companies agree to buy each others products & services. TERM 35 Supply partnership DEFINITION 35 buyer & supplier adopt mutually beneficial objectives, policies, procedures to lower costs or increase value delivered to ultimate consumer TERM 46 Inseparability DEFINITION 46 services are received to through people who deliver the service TERM 47 INVENTORY DEFINITION 47 carrying costs of services are related to idle production capacity, when the service provider is available but not in use TERM 48 Product DEFINITION 48 service. Branding becomes more important for services TERM 49 Price DEFINITION 49 charges, fees, fares, tuition, rates TERM 50 Place DEFINITION 50 distribution, provides access & convenience TERM 51 Promotion DEFINITION 51 advertising, publicity, personal selling, sales promotion, direct marketing to communicate benefits of service TERM 52 People create & deliver services DEFINITION 52 integral in delivering customer service experience TERM 53 Physical environment DEFINITION 53 important influence on customers perception of service TERM 54 Process DEFINITION 54 procedures, mechanisms & flow of activities involved in providing service TERM 55 Productivity DEFINITION 55 limited capacity due to inseparability