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52 Cards in this Set
- Front
- Back
Social Profit
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The net benefit both the firm and society receive from a firm's ethical practices and socially responsible behavior.
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Business Ethics
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Rules of conduct for an organization.
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Codes of Ethics
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written standards of behavior to which everyone in an organization must subscribe.
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Consumerism
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A social movement that attempts to protect consumers from harmful business practices.
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Consumer Bill of Rights
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The rights of consumers to be protected by the federal government.
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Consumer Bill of Rights (4):
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-The right to be:
--safe --informed --heard --the right to choose freely |
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Corrective Advertising
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Advertising that clarifies or qualifies previous deceptive advertising claims.
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Puffery
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Claims made in advertising that cannot be proved true or untrue.
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Slotting Allowance
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A fee paid by a manufacturer to a retail store in exchange for agreeing to place products on the retailer's shelves.
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Social Responsibility
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A MGT practice philosophy in which organizations seek to engage in activities that have a positive effect on society and promote the public good.
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Environmental Stewardship
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A position taken by organizations to protect or enhance the natural environment as it conducts its business activities.
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Green Marketing
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A MKT strategy that supports environmental stewardship by creating an environmentally founded differential benefit in the minds of consumers.
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Cause Marketing
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A strategy of joining forces with a not-for-profit organization to tackle a social problem.
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Cultural Diversity
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A MGT practice that actively seeks to include people of different races, ethnicities, religions, and sexes in its employees, customers, suppliers, and distribution channel partners.
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World Trade
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The flow of goods and services among different countries.
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Countertrade
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A type of trade in which goods are paid for with other goods instead of cash.
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Born-Global Firms
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Companies that try to sell their products in multiple countries from the moment they are created.
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Protectionism
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A policy adopted by a government to give domestic companies an advantage.
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Import Quotas
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Limitations set by a government on the amount of a product allowed to enter or leave a country.
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Embargo
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An extreme quota that completely prohibits the import or export of certain goods.
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Tariffs
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Taxes on imported goods.
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General Agreements on Tariffs and Trade (GATT)
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International treaty to reduce import tax levels and trade restrictions.
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World Trade Organization (WTO)
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Sets trade rules for its member nations and mediates between disputes between nations. Replaced GATT.
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Economic Communities
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Groups of countries that band together for the promotion of trade and to make it easier for member countries to compete elsewhere. EU
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European Union (EU)
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An economic community that includes most of Europe.
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North American Free Trade Agreement (NAFTA)
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The world's largest economic community composed of the United States, Mexico, and and Canada.
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Gross Domestic Product (GDP)
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The total dollar amount of goods and services produced by a nation within its borders in a year.
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Gross National Product (GNP)
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The value of all goods and services produced by a country's citizens or organizations, whether located in the country's borders or not.
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Economic Infrastructure
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The quality of a country's distribution, financial, and communication systems.
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Less Developed Country (LDC)
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A country at the lowest stage of economic development.
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Standard of Living
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An indicator of the average quality and quantity of goods and services consumed in a country.
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Developing Countries
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Countries in which the economy is shifting its emphasis from agriculture to industry.
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Developed Country
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A country that boasts sophisticated MKT systems, strong private enterprise, and bountiful market potential for many goods and services.
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Economic Sanctions
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Trade prohibitions imposed by one country against another.
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Nationalization
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A domestic government's takeover of a foreign company for its assets with some reimbursement, though often not for the full value.
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Expropriation
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A domestic government's seizure of a foreign company's assets without any compensation.
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Local Content Rules
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A form of protectionism stipulating that a certain proportion of a product must consist of components supplied by industries in the host country.
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Cultural values
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Deeply held beliefs about right and wrong ways to live.
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Collectivist Cultures
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Cultures in which people subordinate their personal goals to those of a stable community.
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Individualistic Cultures
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Cultures in which people tend to attach more importance to personal goals than to those of the larger community.
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Norms
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Specific rules dictating what is right and wrong, acceptable or unacceptable.
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Custom
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A norm handed down from the past that controls basic behaviors.
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Mores
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Customs with a strong moral overtone.
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Conventions
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Norms regarding the conduct of everyday life.
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Ethnocentrism
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The tendency to prefer products or people of one's own culture.
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Export Merchants
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Intermediaries used by a firm to represent them in other countries.
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Licensing (In foreign markets)
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An agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for royalties.
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Franchising
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A from of licensing involving the right to adapt an entire system of doing business.
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Strategic Alliance
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Relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in a target country.
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Joint Venture
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A strategic alliance in which a new entity owned by two or more firms is created to allow the partners to pool their resources for common goals.
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Gray market goods
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Items manufactured outside a country and then imported without the consent of the trademark holder.
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Dumping
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A company tries to get a toehold in a foreign market by pricing its products lower than they are offered at home.
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