Global Marketing & Business Analytics (Chapter 16) Flashcards
Marketing Mix
product, place, price, promotion
Market Segmentation
identifying distinct groups of consumers (geography, demography, sociocultural, psychological)
Business Analytics
the knowledge, skills, and technology that investigate a firm’s international businesses strategies to drive future strategy development and implementation
2 Additional Issues covered by international market research compared to domestic research
1) translation of questionaries and reports into appropriate foreign languages
2) accounting for cultural and environmental differences in data collection
Concentrated Retail System
a few retailers supply most of the market
Fragmented Retail System
there are many retailers, none of which has a majority share of the market
Channel Length
number of intermediaries between the producer and the consumer
Source Effects
when the customer evaluates the message based on the status or image of the sender
Push Strategy
emphasizes personal selling
Pull Strategy
relies on mass media advertising
Pros of Standardized Advertising
spreads and lowers costs; creative talent is scarce, so one large effort produces better results; you can project a single brand image
Cons of Standardized Advertising
cultural differences may limit effectiveness; advertising regulations may block implementation
Creative Destruction
technological innovation
What is the most important aspect of cultural differences?
tradition
Multipoint Pricing
a firm’s pricing strategy in one market may have an impact on its rival’s pricing strategy in another market
