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Flashcards in int marketing revision Deck (13)
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1

What are the three different types of information required by an organisation considering entry into int. markets?

-Socio-cultural Info
-Consumer Buying Habits Info
-Competitor Info

2

Socio Cult. Info, Importance, Role and Examples?

Importance: How it impacts on buying behaviour
Role: Adapt mix to cultural preferences
Examples: Language, beliefs etc.

3

Consumer Buying Habits. Info, Importance, Role and Examples?

Importance: Impact on mix eg. some at markets some at malls
Role: Guides market decisions
Examples: Fashion, malls or supermarkets

4

Competitor. Info, Importance, Role and Examples?

Importance: Will influence entry to market
Role: Influence strategy of company
Examples: Reaction to our entry

5

What are the three steps org. should go through when deciding a target market

1. Micro Segmentation
2. Evaluate segment using 'SMART' analysis
3. Select a segment to target

6

Explain Micro Segmentation

• Geographical
• Demographic
• Psychographic
• Behavioural

7

Explain 'SMART analysis

• Specific
• Measurable
• Attainable
• Realistic
• Timely

8

Explain selecting a market to target

•DIFFERENTIATED (MULTI SEGMENT)
•UNDIFFIRENTIATED (MASS MARKET)
•CONCENTRATED (NICHE)

9

What are some essential factors that could influence the need for a product to be adapted/modified?

•Legal requirements e.g
•Tarriffs and taxation
•Nationalism
•Technical
•Climate eg

10

What are some Advantages of adaptation?

Product tailored to each markets consumers therefore increase sales revenue

11

Disadvantages of Adaptation

Cost of production can increase due to changes made to production processes

12

Advantage of Standardization

Take advantage of economies of scale

13

Disadvantage of economies of scale

-Product may not be as relevant to consumers and total sales revenue may suffer