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MGT 302 Final Exam > chapter 19 > Flashcards

chapter 19 Flashcards

1
Q

business analytics

A

the knowledge, skills, and technology that allow for the exploration and investigation into business strategies and activities to gain insight and drive future strategy development and implementation
- 3 types (descriptive, predictive, prescriptive)

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2
Q

descriptive analytics

A

simple statistics (demographics, market share and trends)

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3
Q

predictive analytics

A

advanced statistical techniques to identify and build predictive models to identify trends and relationships (cause and effect, market sizing etc)

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4
Q

prescriptive analytics

A

management science (applied mathematical techniques)- how to best use resources

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5
Q

the marketing mix

A

the choices the firm offers to its targeted market (is comprised of the 4Ps)

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6
Q

the 4 Ps

A

Product- product attributes
Place- distribution strategy
Promotion- communication strategy
Price- pricing strategy

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7
Q

market segmentation

A
  • identifying distinct groups of consumers whose purchasing behavior differs from others in important ways
  • segments- purchasing/needs and wants are similar
  • segmentation by:
    - geography: urban/rural, country
    - demography: gender, age, education
    - sociocultural factors: social class, values, lifestyle
    - psychological factors: personality
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8
Q

summarize localization strategies and why it makes sense to vary products from country to country

A

*the current consensus is that while the world is moving towards global markets, global standardization is not possible because of these things:

  • cultural differences among nations (product, promotion)
  • economic differences among nations (pricing)
  • infrastructure, trade barriers- distribution (place)
  • differences in product and technical standards (product, price)
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9
Q

the differences between countries in the structure of market segments:

A
  • may have to develop a unique marekting mix to appeal to a certain segment in a given country
  • ikea store design in china
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10
Q

the existence of segments that transcend national borders

A
  • when segments transcend national borders (known as intermarket segments) a global stratey is possible
  • example ikea in europe
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11
Q

distribution strategy

A
  • the means the firm chooses for delivering the product to the consumer
  • depends on market-entry strategy
    - firms that produce locally: sell directly to consumer, retailer, or wholesaler
    - firms that produce outside of the country may also sell to an import agent (utalize export agent)
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12
Q

retail concentration (recall why and how firms distribution strategy might vary among countries)

A
  • concentrated retail system has a few retailers (developed countries)- like walmart (short channels)
  • fragmented retail systems (has many (developing countries) none of which has a major share of the market- like mom and pop retailers (long channels)
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13
Q

channel length

A
  • number of intermediaries
  • short channel: sells directly to the consumer (developed countries/concentrated systems)- or maybe one middleman
  • long channel: has many intermediaries- import agent, wholesaler, retailer (developing countries and fragmented systems)- require a few middleman to help get product to market
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14
Q

channel exclusivity

A

how difficult for outsiders to access the channel (Mcdonlds only using coke products not pepsi)
- japan’s system is very exclusive
- relationships and history

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15
Q

channel quality

A
  • expertise, competencies and skills of established retailers and their ability to sell and support the products of international businesses
    • good quality:generally developed countries and varies in emerging markets
    • firms may devote considerable resources to upgrade channel quality

example: how apple does their stores

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16
Q

distribution- channel quality example apple

A
  • expertise- education
  • competencies- customer support
  • skills of established retailers
  • ability to sell and support products
    • point of sale for new or sophisticated products
17
Q

communication channels available to a firm include (why and how promotional strategies might vary among countries)

A
  • direct selling- sales people
  • sales promotion- media and non-media marketing
  • direct marketing- communicate directly with consumers
  • advertising- paid promotional communication
18
Q

when looking at different communication channels, need to be mindful of:

A

cultural barriers
source and country of origin effects
noise levels

19
Q

cultural barriers

A

difficult to communicate messages cross culture
- local input and cross cultural literacy (need to develop these so we can make certain we communicate effective and are respectful)

20
Q

source and country of origin effects

A
  • source effects- status and image of message sender (football player taking about insurance aka likeable and image reflects positively)
  • country of origin effects- place of manufacturing influences product evaluation (french wine vs. polish wine)
21
Q

noise levels

A
  • competitive messages
  • mindful of what competition is doing in international markets so we can plan the quantity of ads necessary to overcome competitive messages
22
Q

two communication strategies

A
  • push strategy
  • pull strategy
23
Q

push strategy

A
  • emphasizes personal selling (business-to-business relationships)
  • industrial products or complex products
  • short distribution channels
  • few print or electronic media
  • “pushing” our product on to the consumer
24
Q

pull strategy

A
  • emphasizes mass media advertising (an ad pulling you into the store to purchase)
  • long distribution channels
  • sufficient print or electronic media to carry the message
25
Q

price discrimination (why and how firms pricing strategies might vary among countries)

A
  • firms charge consumers in different countries diff prices
  • do this in order to keep national markets separate
  • countries have different price elasticity of demand
    - elastic vs. inelastic
    example: purchasing pharmaceuticals in canada cuz cheaper than in US
26
Q

elastic

A

small price change equal large demand change
example: kit kat bar

27
Q

inelastic

A

large change in price produces only small demand change
example: price of gas, salt (still have to get gas so prices go up and we have to continue buying gas)

28
Q

strategic pricing

A
  • predatory: aggressive pricing to drive competitors out
  • multipoint pricing: strategy in one market may have an impact on a rivals pricing in another market- aggressive pricing in one market
  • experience curve pricing: price low worldwide to build global sales volume rapidly- take losses initially (amazon having no profit at beginning and now wildly profitable)
29
Q

pricing regulations- that affect pricing decisions

A

antidumping regulations: dumping products for a price below the cost to produce- regulation sets the price floor for exports

30
Q

sample question

A

T/F: firms based in less-developed nations tend to build a lot of extra performance attributes into their products

ANSWER: False
bc we have to be mindful in less developed nations of costs and economic conditions… generally developed nations want diff performance attributes more than less developed nations

31
Q

The “german engineered” label haas leveraged by Mercedes in the global market. this is an example of a —– effect

A

A.) linguistic
B.) promotional
C.) cultural
D.) country of origin

ANSWER: D.) country of origin

MGT 302 Final Exam (3 decks)

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