International Business Quiz 14

marketing

efforts to create, develop, and defend markets that satisfy the needs and wants of individual and business customers

supply chain

flow of products, services, finances, and information that passes through a set of entities from a source to the customer

supply chain management

activities to plan, organize, lead, and control the supply chain

marketing mix (product, price, promotion, place)

the four underlying components of marketing

product

offering that customers purchase

market segmentation

identifying segments of consumers who differ from others in purchasing a behavior

price

expenditures that customers are willing to pay for a product

price elasticity

how demand changes when price changes

value-based pricing (value pricing)

setting the price at a level that seems to the customer to have great value compared to the prices of other options

total cost of ownership

total cost needed to own a product, consisting of initial purchase cost and follow-up maintenance/service cost

promotion

communications that marketers insert into the marketplace

place

the location where products and services are provided

distribution channel

a set of firms that facilitates the movement of goods from producers to consumers

omnichannel

integration of different channels available to consumers (such as physical stores and online platforms)

agility

ability to react quickly to unexpected shifts in supply and demand

adaptability

ability to change supply chain configurations in response to longer-term changes in the environment and technology

alignment

balancing of interests of various players

third-party logistics (3PL) providers

a neutral, third-party intermediary in the supply chain that provides logistics and other support services

market orientation

a philosophy or way of thinking that places the highest priority on the creation of superior customer value in the marketplace

relationship orientation

a focus to establish, maintain, and enhance relationships with customers