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International Marketing > Exam 2 > Flashcards

Exam 2 Flashcards

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1
Q

What are the steps of the product life cycle?

A 
Research and development
Introduction
Growth
Maturity
Decline
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2
Q

What can a company do during the introductory phase?

A

Influence consumer’s cognitive system and the purchase decision du to limited availability of information related product benefits.

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3
Q

What is characteristics of the maturity phase?

A

Demand slowdown that settles on steady growth rate

Marketing: shift from information to persuasionp

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4
Q

How is the PLC different from country to country?

A 
Differences in:
Shape of the curve
Product phase in the life cycle
The starting point
The take off point
Acceptance rate
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5
Q

How does word-of-mouth affect the PLC?

A

The increase of the adoption rate after the take-off point is mainly due to the interpersonal communication development i.e. word-of-mouth among the members of the foreign target segment, which can vary from country to country

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6
Q

What is significant about the PLC in regards to different countries?

A

The product can be in decline in the domestic market, in the maturity stage in country X and in the introduction stage in country Y

Companies need to manage the PLC across different countries to guarantee a constant level of profits

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7
Q

What is standardization?

A

Existence of global or regional markets

Development of similar marketing activities across national boundaries

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8
Q

What is adaptation?

A

Opting for a differentiated strategy that allows for adopting to the specific characteristics of foreign markets and to competition

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9
Q

Advantages and disadvantages of standardization?

A 
Advantages:
Environment: homogenous
Costs: cost reduction
Image: global image
Planning and control: easier
Innovation: diffusion of innovation
Consumers: homogenous
Legal issues: no differences
Distribution: low costs
Competition: global
Customers: global

Disadvantages:
Customer satisfaction low because of lack to meet local needs

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10
Q

Advantages and disadvantages of adaptation?

A 
Advantages:
Consumer satisfaction high
Environment: non-homogenous
Image: local image
Motivation: motivation of local managers
Consumers: benefits for local consumers
Competition: local
Customers: local

Disadvantages:
Higher costs of manufacturing
Legal issues: many differences
Distribution: high costs, but can be reduced

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11
Q

What is the optimal level of standardization and adaptation?

A

When the combined costs of manufacturing and lost sales are at a minimum

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12
Q

Product use in a foreign market means to consider?

A

Use function
Use situation
Use conditions
Product utilization level

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13
Q

What’s the use situation of a product?

A

Considering all factors that define a “time” and a “place” that have a systematic effect on the consumer’s behavior

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14
Q

A different use situation can modify?

A

The importance consumers give to the product’s characteristics
The number and the type of brands taken into consideration in the purchase process
The acceptable price threshold
The time dedicated to information search
The information resources used

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15
Q

What are the 4 elements to packaging analysis?

A

Labeling
Packaging style and design
Packaging dimensions
Functional characteristics

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16
Q

What are the most important branding decisions in an international context?

A 
Brand strategy (global v. local)
Brand positioning
Brand selection (name, logo)
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17
Q

What can be critical for the success of global brands?

A 
Recognition
Consistency
Emotion
Uniqueness
Adaptability
Management
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18
Q

What’s consistency?

A

A brand is able to deliver a consistent customer experience worldwide, e.g. McDonalds

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19
Q

What’s the emotional dimension?

A

Human values and aspirations
Common appeal despite cultural differences
e.g. Nike

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20
Q

What’s uniqueness?

A

Product features and communication (e.g. Apple, concept of innovation)

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21
Q

What’s adaptability?

A

A global brand demonstrates that it is able to respect local factors while fulfilling a global mission e.g. HSBC

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22
Q

Why are the brand name and logo significant?

A

They are part of the communication strategy

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23
Q

What do brands have to think about internationally when deciding on a name / logo?

A

Can we use the same brand name in all our potential markets?

Can we standardize our logo on an international level?

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24
Q

When would it be necessary to change the brand name in a foreign country?

A

When the brand name has a different meaning

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25
What is the significance of the country-of-origin / made-in effect?
Attitudes are linked more specifically to the general perception on the quality of the products manufactured in that country
26
What's the ethnocentrism phenomenon?
The believe that locally made products are more valuable then imported products.
27
How can the product nationality perception be influenced?
National product image vs. imported / international products Generic products perceived country of origin The manufacturing company's national image The image diffused by the brand name The label's "made in" image
28
What are the ideal tools to win over consumers about a foreign product and to strengthen brand image?
Products are guaranteed by independent manufacturers Products have been examined by external labs Warranties are offered Partner with a prestigious distributor
29
Setting global prices ...
Price must be in line with purchasing power | Pricing strategies need to be coordinated across countries and geographic areas to avoid ruining the image / brand
30
What factors influence international pricing decision?
Competitive factors Consumer factors Product factors and distribution channels Country factors
31
What is monetary price?
The idea that a consumer has regarding a product's price (e.g. expensive / cheap)
32
What is non-monetary price?
Represents the sacrifice that a consumer must face when purchasing a product (e.g. time, effort, risk)
33
What are choice strategies consumers may use under uncertainty?
Best value Price-seeking Price-averse
34
What is a price-seeking strategy?
Choosing quality over price
35
What is a price-averse strategy?
Choosing the cheapest product
36
What's a skimming strategy?
A company can charge some consumer segments higher prices for a product
37
What are the risks of a skimming strategy?
High prices should be justified by distinctive product features Possibility of favoring parallel imports (gray market)
38
What's a penetration strategy?
Sets a low price for the new product in order to enter a foreign market
39
What does penetration pricing allow?
Quickly penetrate the market Obtain significant market share Gain economies of scale
40
How must penetration pricing be evaluated?
As a strategy to gain market share | Effects on the company's overall business strategy
41
What are the internal factors that influence distribution decisions?
Product complexity Size and development of the company's marketing and sales function Distribution strategy influenced by objectives of market penetration, competitive structure and financial strength International marketing strategy influenced by entry strategy and desired control
42
What are the external factors that influence distribution decisions?
``` Characteristics of the distribution system Local regulations Stage of the product life cycle Consumer shopping habits and market size Competitive climate ```
43
What's an intensive distribution strategy?
Occurs when producers use as many outlets as possible
44
When is an intensive distribution strategy most common?
Fast-moving goods manufactured by large multi-nationals that aim to penetrate all segments of the population
45
What's a selective distribution strategy?
Fewer but selective intermediaries (e.g. Armani)
46
What's an exclusive distribution strategy?
Limited number of retailers get the right to sell the product in specific territories (e.g. Zara)
47
An intensive strategy requires?
High penetration objectives necessarily require an intensive strategy that requires strong financial investment
48
What are direct distribution channels?
Absence of intermediaries | Manufacturer sells directly to customers
49
What are indirect distribution channels?
One or more intermediaries (i.e. agent, wholesaler, retailer) are involved in the transaction
50
What's the length of a distribution channel?
Determined by the number of levels and types of intermediaries
51
What's the width of a distribution channel?
Can be evaluated for each type of intermediary / channel member Defined by the number of intermediaries of the same typology operating in the channel
52
What's an agent?
Operates in the name of the company but does not take title to the goods
53
What's a wholesaler?
Takes title to the goods and sells them to customers buying for reselling or business use
54
What's a retailer?
Manage the final link between the provider and consumer
55
What are the tasks of agents?
Sell supplier-owned products primarily to retailers and wholesalers Don't take title to the goods Don't act in the name of the company they represent Offer limited service Work for a commission or fee Generally used for textiles, clothing, footwear
56
What are the tasks of wholesalers?
Sell goods supplied by other firms to retailers or directly to industrial, commercial and other end users Take title to the goods Also sort, assemble, warehouse goods Provide services such as packaging, labeling, negotiating and selling
57
What are the tasks of retailers?
``` Ordering Storing Creating assortments Presenting goods Packaging Financing After-sales services ```
58
Promotional activities can be divided into 4 main categories?
Advertising Sales promotion Public relations Personal selling
59
What's an integrated marketing communications strategy?
Various elements of a company's communication strategy must be carefully coordinated Impact as a whole on the market needs to be considered
60
What is standardized advertising?
Nothing changes in a given advertisement except the language translation
61
What are the advantages of standardized advertising?
``` Savings Consistency Control Stronger brand recognition Leverage products across multiple markets ```
62
Products suitable for standardized advertising?
``` Industrial brands (e.g. Intel) Prestige brands Master brands Luxury High-tech Fashion Automotive ```
63
Why are prestige and master brands better suited for standardized advertising?
Appeal to their customers' ambitions and desire for exclusivity (more universal feelings)
64
What is adapted / localized advertising?
Communications reflect each market's cultural and social conditions
65
What is the goal of adapted advertising?
Increase recognition | Acceptance of the brand and product
66
What is the theory behind adapted advertising?
Presenting a brand in the context of local cultural values and tastes will allow more people to identify with the brand
67
Advertising style in China?
``` Educational Quality Tradition Status Respect ```
68
Advertising style in France?
Humor Sensuality Symbolism
69
Advertising style in Germany?
``` Logic Tradition Value Authority Testimonials ```
70
Advertising style in Italy?
Emotional Lifestyle Celebrities Theatrical
71
Advertising style in Japan?
``` Indirect appeals Soft-sell Entertaining Mood Symbolism ```
72
Advertising style in Spain?
Indirect appeals Idealistic Pleasant
73
Advertising style in The Netherlands?
Entertaining Realistic Modesty
74
Advertising style in the United Kingdom?
Presentational Humor Subtle Testimonials
75
Advertising style in the United States?
Lecture Direct appeals Hard-sell argumentative
76
What was the name of the speaker who presented the Puzzle of Motivation?
Dan Pink
77
What was the name of the speaker who presented How schools kill creativity?
Sir Ken Robinson

International Marketing (2 decks)

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