Marketing definitions

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Ethnocentric
Businesses measure other cultures against their own to see which is more ideal.
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Global identity
Identity between a person and a city, state or country. / A citizen of a particular nation or place.
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Domestic
Existing or occurring inside a particular country that is typically the home country. It isn't foreign or international.
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Geocentric
Mixture of polycentric and ethnocentric. Its manufacturing and processing facilities are established around the world in various regional and national markets.
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Consumer
A person who purchases goods or services for their own personal use.
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Market
A group of consumers or organisations that are interested in a product and has the intention and ability of purchasing it.
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Strategies
A plan of action that is determined to achieve a long-term or overall aim.
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Integrated
Combining or uniting something (mergers, departments, systems)
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Polycentric
The marketing mix is adapted in order to maximise sales. Companies spread out the appeal of their products in various countries around the world.
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Platform
A business model that creates value by bringing together consumers and producers. (two or more interdependent groups)
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Multinational
A company operating in several countries. / Owns or controls production of goods in one or more countries.
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Responsibility
Being given liability for something / Ability to act independently and make decisions without seeking authorisation.
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Globally
Doing business in a way that relates to the whole world.
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Foreign
A characteristic of a country or language that is different from one's own.
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Standardised
The application and formulation of guidelines and rules for common use, to achieve maximum uniformity.
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Brand
A name, term, symbol, or sound that distinguishes a company or a product from its competitors.
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Highly-ethnocentric countries
Customers who are more willing to buy products from a culturally similar country/background.
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Low-ethnocentric countries
Customers are less likely to buy products from cultures that are deemed as inferior.
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Competitive advantage
A condition or leverage that a business holds over other companies that gives them advantage over their competitors. I.e. Greater value/lower prices/better service.
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Market niche
A product or service that is aimed at a small, yet currently unsatisfied gap in the market. It aims to meet specific market needs.
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Direct competition
Two or more businesses offer products or services that essentially the same / two or more businesses competing for the same potential market.
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Market segment
The division of broad consumers or business markets into subgroups of consumers based on their shared characteristics.
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Subculture
A culture within a larger culture with distinct values or cultural norms - the beliefs are slightly different to those within the larger culture.
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Cultural differences
The contrast between the ideals, customs and social behaviour of a particular country or people.
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Cultural diversity
A range of different people or societies with different origins, traditions and religions living and interacting with each other.
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Other cards in this set

Card 2

Front

Identity between a person and a city, state or country. / A citizen of a particular nation or place.

Back

Global identity

Card 3

Front

Existing or occurring inside a particular country that is typically the home country. It isn't foreign or international.

Back

Preview of the back of card 3

Card 4

Front

Mixture of polycentric and ethnocentric. Its manufacturing and processing facilities are established around the world in various regional and national markets.

Back

Preview of the back of card 4

Card 5

Front

A person who purchases goods or services for their own personal use.

Back

Preview of the back of card 5
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