BUSM 2010 Questions With Solutions
Marketing Mix: The 4 P's of Marketing (controllable factors) Product, Price, Place and
Promotion
Product something that provides an unmet need or want to consumers (oxy clean
example)
Price Set prices that provide genuine value to the targeted segment of cu...
, BUSM 2010 Questions With Solutions
Middlemen facilitates interaction between parties, typically for a commission or fee
Govt. role in a market economy 1. Protect consumers 2. Police industry 3. Ensure fair
competition
Customer value proposition cluster of benefits that an organization promises customers to
satisfy their needs
Balance of Trade The difference between the monetary value of a nation's exports and
imports
-Country's exports exceed its imports → surplus in its balance of trade
Country's imports exceed its exports → balance of trade deficit (U.S.)
Trade feedback effect -An argument for free trade among nations
-World trade exports and imports are complementary economic flows
-Nation's greater demand for imports stimulates the exports of other countries.
-Increased demand for exports of other nations energizes their economic activity, resulting in
higher national income, which stimulates their demand for imports
, BUSM 2010 Questions With Solutions
Countertrade The practice of using barter rather than money for making global sales
Protectionism Hinders world trade through tariffs and quotas policies of countries, raising
prices and limiting supply
Cross-Cultural Analysis of Trade To market effefctively on a global scale, one must
analyze the similarities and differences of consumers across global geographies in 5 key areas:
Values, Customs, Cultural symbols, language and ethnocentrism
Exporting A global market-entry strategy in which a company produces products in one
and sells them in another country
Contract manufacturing The product is produced abroad by a third party
Contract Assembly The product is assembled abroad by a third party (taking parts of the
product from other places and literally assembling it somewhere else)
Franchising The right to use company trademark as well as certain business systems and
processes to produce and market a good or service
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