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busi 240 lecture notes
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a collaborative relationship between independent firms, though the partnering firms do
not create an equity partnership; that is, they do not invest in one another
strategic alliance
a part of the segment attractiveness that focuses on size and growth potential
substantial
the process of evaluating the attractiveness of various segments and then deciding
which to pursue as a market
target marketing
taxes levied on a good imported into a country (duty)
tariffs
need recognition
information search
alternative evaluation
purchase
post purchase
consumer buying process
the change in consumption resulting from a change in real income
income effect
refers to consumers' ability to substitute other products for the focal brand, thus
increasing the price elasticity of demand for the focal brand
substitution effect
Intergovernmental agreements designed to manage and promote trade activities for
specific regions
trade agreement
results when a country imports more goods than exports
trade deficit
consists of those countries that have signed a particular trade agreement
trading bloc
a posting made on the social media website Twitter
tweets
The average production cost per unit
unit cost
the set of values, guiding beliefs, understandings, and ways of doing things shared by
members of a society
culture
involves a focus on retaining loyal customers and excellent customer service
customer excellence
the use of a variety of statistical analysis tools to uncover previously unknown patterns
in the data stored in databases or relationships among variables
data mines
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busi 240 lecture notes
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The buying center participant who ultimately determines any part of or the entire buying
decision—whether to buy, what to buy, how to buy, or where to buy.
decider
a type of service gap; the difference between the firm's service standards and the actual
service it provides to customers
delivery gap
shows how many units of a product or service consumers will demand during a specific
period at different prices
demand curve
the grouping of consumers according to easily measured, objective characteristics such
as age, gender, income, and education
demographic segmentation
information about the characteristics of human populations and segments, especially
those used to identify consumer markets such as by age, gender, income, and
education
demographics
retailers that carry a broad variety and deep assortment, offer customer services, and
organize their stores into distinct departments for displaying merchandise
department stores
when a firm maintains 100% ownership of its plants, operation facilities, and offices in a
foreign country, often through the formation of wholly owned subsidiaries
direct investment
a facility for the receipt, storage, and redistribution of goods to company stores or
customers; may be operated by retailers, manufacturers, or distribution specialists
distribution center
