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Marketing 330 > Chapters 9-12 > Flashcards

Chapters 9-12 Flashcards

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1
Q

international marketing

A

developing and performing marketing activities across national boundaries

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2
Q

born globals

A

firms that are international from their inception

  • often small technology firms
    ex: eBay, google, etc
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3
Q

Environmental forces in global markets

A 
Sociocultural
economic
political, legal
ethical and social responsibility
competitive
technological
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4
Q

Environmental forces

A

Generate financial rewards
increase market share
heighten customer awareness

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5
Q

Sociocultural forces

A

family, religion, education, health, recreation, etc

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6
Q

Economic forces

A

global marketers must understand:
international trade
trade barriers

*developing nations offer much market potential

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7
Q

Political and legal forces

A

Import tariff: duty levied on a nation on goods bought outside and brought into the country

quota: limit on the amount of goods an importing country will accept in a period of time

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8
Q

Trade controls

A

Exchange controls: Government restrictions on the amount of a particular currency that can be bought or sold

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9
Q

WTO

A

World Trade Organization:

entity that promotes free trade among member nations

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10
Q

Dumping

A

selling products at unfairly low prices

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11
Q

Ethical and social responsibility

A

Differences in ethical standards:
bribery
intellectual property protection

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12
Q

Self-reference criterion (SRC)

A

the unconscious reference to one’s own cultural values, experience, etc

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13
Q

Competitive Forces

A

competition is a staple in the global marketplace

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14
Q

Technological forces

A

make international marketing faster, easier, more affordable

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15
Q

Modes of entry into international markets

A

STAGE 1: no regular export activities

STAGE 2: export via independent representatives

STAGE 3: Establishment of one or more sales subsidiaries internationally

STAGE 4: establishment of international production

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16
Q

Trading company

A

a company that links buyers and sellers in different countries

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17
Q

Licensing

A

an alternative to direct investment

requires a licensee to pay commissions or royalties on sales or supplies

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18
Q

Franchising

A

form of licensing - a franchiser grants a franchisee the right to market its product in accordance with the franchiser’s standards

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19
Q

Contract Manufacturing

A

practice of hiring a foreign firm to produce a designated volume of the product to specification

final product carries domestic firm’s name

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20
Q

Joint ventures

A

a partnership between a domestic firm and a foreign firm

*popular in industries requiring large investments

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21
Q

Direct ownership

A

a situation in which a company owns subsidiaries or other facilities overseas

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22
Q

multinational enterprise

A

a firm that has operations in many countries

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23
Q

levels of global marketing

A 
Domestic marketing
Limited exporting
Multinational marketing
Regional marketing
Global marketing
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24
Q

Digital Media

A

electronic media that functions using digital codes; media through computer, cell phones, etc

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25
Digital marketing
uses all digital media to develop communication with customers
26
Interruption marketing
firms purchase the right to interrupt people and demand their attention TV advertising, billboards, radio ads
27
Permission marketing
relies on attention being earned opting into an email newsletter, following a social media page
28
e-marketing
the strategic process of distributing, promoting and pricing products using digital media
29
Benefits of digital marketing
- allows marketers and customers to share info - now possible to target markets more precisely - still in early stages
30
Characteristics of online media
Addressability, Interactivity, Accessibility, connectivity, control
31
paid search
advertisers pay only when a customer clicks on an ad or link from a search page
32
behavioral targeting
tracking consumer's website surfing behavior
33
content ads
ads that are determined by the content on a webpage
34
Social media marketing (SMM)
Marketers use these sites to: | promote products, handle questions, provide info
35
wiki
type of software that creates an interface that users can add or edit content
36
Media sharing sites
Flickr, pinterest, instagram, youtube, etc
37
Virtual sites
World of Warcraft, Sims, etc
38
Pokemon Go
21 million users in 2016 | $23 billion increase in Nintendo stock
39
Products
goods, services, ideas
40
Consumer products
products to satisfy family and personal wants and needs
41
Business products
products to use in a firm's operations to resell or make other products
42
4 types of consumer products
convenience, shopping, specialty, unsought
43
Convenience products
relatively inexpensive, purchased frequently, minimal effort | ex: soda, gum
44
Shopping products
items which buyers are willing expend considerable effort in planning ex: TV, phones
45
Specialty products
items with unique characteristics that buyers are willing to expend considerable effort in planning ex: watch, collectibles
46
Unsought products
purchased to solve a sudden problem, consumers are unaware they need it ex: AAA, ER
47
Product item
specific version of a product that can be designated as a distinct offering among a firm's products
48
Product line
group of closely related product items viewed as a unit because of marketing
49
Product mix
composite or total group of products that an organization makes available to customers
50
Product life cycle
Introduction, growth, maturity, decline
51
Introduction stage
sales at zero and profits are negative | high risk failure
52
Growth stage
sales rise rapidly, profits peak | promotion costs drop
53
Maturity stage
when sales start to decline | intense competition
54
Decline stage
when sales fall rapidly
55
Product adoption process
``` Awareness Interest Evaluation Trial Adoption ```
56
Adopters
Innovators - first adopters of new products Early adopters - people who adopt new products early, are "the people to check with" Early majority - adopt a new product just before the average person Late majority - skeptics who adopt new products when they feel it's necessary Laggards: last adopters who distrust new products
57
Brand
a name, term, design that identifies one seller's products
58
Brand name
part of the brand that can be spoken
59
Brand mark
part of the brand that is a picture or symbol
60
Trademark
legal designation of exclusive use of a brand
61
Trade name
full legal name of an organization
62
Brand loyalty
customer's favorable attitude towards a brand
63
three degrees of brand loyalty
Brand recognition: customer is aware a brand exists Brand preference: customer prefers one brand over others Brand insistence: customer strongly prefers a specific brand and won't accept substitutes
64
Brand equity
an organization may buy a brand from another company at a premium price because it may be less expensive
65
3 most valuable brands in the world
Google, Apple, Microsoft
66
Types of brands
Manufacturer: initiated by producers to show that producers are identified with their products Private distributor: initiated and owned by reseller Generic: brands indicating only the product category
67
Individual branding
each product is given a different name
68
Family branding
branding all of a firm's products with the same name or part of the name
69
Brand extension
when an organization uses one of its existing brands to brand a new product in a different category
70
Co-branding
using two or more brands on one product
71
Brand licensing
an agreement when a company permits another organization to use its brand on another product for a fee
72
4 functions of packaging
visibility information emotional appeal workability
73
Line extension
development of a product closely related to existing products may: increase sales and take market share
74
Product modifications
changing characteristics of a product - ORIGINAL PRODUCT DROPS FROM PRODUCT LINE
75
3 types of modification
quality functional aesthetic
76
new product development process
idea generation - seeking product ideas screening - selecting ideas with the greatest potential concept testing - seeking a sample of buyers' responses business analysis - evaluating impact of a product idea product development - determining if producing a product is feasible test marketing - limited introduction of product commercialization - finalizing plans for full-scale manufacturing
77
Product positioning
use of perceptual maps

Marketing 330 (5 decks)

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