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

University of North Carolina (UNC) - CharlottePrinciples of Marketing

This is a list of business and economics terms, including balance of trade, surplus, deficit, emerging markets, tariff, quota, dumping, semiotics, ethnocentrism, currency exchange rate, protectionism, WTO, bottom of the pyramid, microfinance, primary data, secondary data, big data, analytics, marketing research, owned/earned social media, services, idle production capacity, off-peak pricing, non-profits, relationship marketing, customer contact audit, derived demand, supplier development, just-in-time inventory, reciprocity, supply partnership, e-marketplaces, ISO 9000, traditional/reverse auctions, market segments/segmentation, product differentiation/positioning, intangibility/inconsistency/inseparability, inventory, product, price, place, promotion, people, physical environment, and process.

Typology: Quizzes

2015/2016

Uploaded on 10/17/2016

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bg1
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
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Balance of Trade

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

Tariff

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

Primary data

facts and figures collected specifically for this project

TERM 17

Secondary data

DEFINITION 17

facts and figures that have been collected and recorded

before the current project, and usually by other parties

TERM 18

BIG DATA

DEFINITION 18

collection of huge, complex data sets

TERM 19

ANALYTICS

DEFINITION 19

discovery and interpretation of meaningful patterns in data

TERM 20

Marketing research

DEFINITION 20

process of defining a marketing problem and opportunity,

then systematically collecting and analyzing information, and

recommending actions

Structured data

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

Derived demand

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

E-Marketplaces

online trading communities that bring together buyers &

supplier organizations

TERM 37

ISO 9000

DEFINITION 37

refers to standards regarding quality systems

TERM 38

traditional auction

DEFINITION 38

seller offers item for sale, prospective buyers bid on it

TERM 39

reverse auction

DEFINITION 39

buyer communicates need for product or service,

prospective suppliers bid on it

TERM 40

Market

segments

DEFINITION 40

groups of consumers with common needs & similar

responses to marketing stimuli

Inseparability

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

Promotion

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