The 4 P's
Specific group of customers a company attempts to aim their products at
What is a target market?
The re-sale of goods by retailers
What are retailers?
Economy in which the government owns of production and makes all economic decisions
What is command economy?
A non-intervention by the government
What is laissez-faire?
The response the receiver provides to the sender’s message, can be verbal or nonverbal
What is feedback?
Allows customers to purchase a product and then pay the price off in payments, with interest rates applied
What is finance?
Activities performed to boost the sales of a product or service
What is promotion?
Foundation of basic systems and facilities serving a nation; includes sewage, water, electric, transportation, and communication systems
What is infrastructure?
Highly centralized government in which citizens have no influence on laws of the government and freedoms are highly restricted; includes communism and fascism
What is a Totalitarian Government?
Occurs between one organization and an outside party
What is external communication?
The four components of the marketing mix are all directly related and reliant on one another
What is Interdependence?
An agent or connector between people and things
What is an intermediary?
Degree to which a country is industrialized, adopts new technologies, provides basic resources for its citizens, and sustains a minimum standard of living
What is economic development?
Total market value for all goods and services produced within a country during a specific time period
What is gross domestic product (GDP)?
Type of leadership driven by authority; tells others what to do, limits discussions, new ideas and group teamwork
What is autocratic?
Defines the key management decisions needed to be successful in marketing
What is the marketing mix?
The path a product takes from the manufacturer to the hands of a consumer
Practice by which nations conduct relationships with one another
What is diplomacy
estimate of the adjustment necessary on the exchange rate so an exchange will be equivalent to each currency’s buying power
What is purchasing power parity (PPP)?
Type of management that involves the group and facilitates teamwork
What is participating?
The difference between the amounts of money it costs a company to manufacture a product compared to the cost they charge customers for it
What is mark up percentage
The details of an organization and the functions that keep it running appropriately
What is logistics?
Integration of the world’s economy through increased international business
What is globalization?
Government in which citizens can influence laws of the government and are allowed certain rights and freedoms; includes presidential and parliamentary democracies
What is democratic government?
Type of management that trusts employees’ work ability, has a high workload and is confident
What is delegating?