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International Marketing Final Flashcards

(75 cards)

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1
Q

What is a good, service, or idea with tangible and intangible attributes that collectively create value for a buyer/user?

A

Product

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2
Q

What are the 3 product classifications?

A

User, Life span, how it can be purchased

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3
Q

What two products fall under User classification?

A

Consumer and industrial

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4
Q

What three products fall under Product’s life span classification?

A

Durable, nondurable, disposable

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5
Q

How do consumers decide to purchase a product?

A

Convenience (impulse or habit), Preference (routine), Shopping (limited), Specialty (extensive)

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6
Q

What are the 4 product related elements?

A

Packaging, Labeling, Aesthetics, Warranties

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7
Q

What does the packaging do?

A

contains and protects products, faciliates recycling and reducing environment, and serves as communication function

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8
Q

What is the purpose of the label on a product?

A

Provide product information, attact attention, support product’s position, help persuade consumers to buy, show reguations

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9
Q

What are aeshetics when it comes to products?

A

Elements that are deemed appropriate, attractive, and appealing in one’s home country may be perceived differently elsewhere

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10
Q

What do product warranties do?

A

Guarantees a product’s performance and provide a remedy in case of a product failure

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11
Q

What is a complex bundle of images and experiences in the customer’s mind that creates a promise of value and identification called?

A

A brand

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12
Q

What are some visual representations of a brand?

A

Word Marks and symbols

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13
Q

What is the added value that accrues to a product as a result of investments in the marketing of the brand?

A

Brand Equity

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14
Q

What are some benefits of brand equity?

A

premium price, brand preference,and loyalty

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15
Q

What is a product and brand that is used in a single national market and addresses the needs of a particular market?

A

Local

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16
Q

What is a product and brand used in several national markets in a particular region?

A

International (Euro brands)

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17
Q

What is the country of origin as a brand element effect?

A

Perceptions and attitudes toward particular countries often extend to products and brands known to originate in those countries (MADE IN USA)

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18
Q

What are some implications of the country of origin effect?

A

Exploit, disguise, and change buyer attitudes

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19
Q

What are the 5 strategies for alternatives in global marketing?

A

Dual extension (same product and message), Product extension Communication adaptation (motorcycle for fun or transport), product adapt communicate extention (soap), dual adaptation (sensitive), innovation

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20
Q

What do you have to take into consideration when developing a global brand or product?

A

Economies of scale, difficulty, and feasibility

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21
Q

What 2 errors are there that management makes in choosinga strategy?

A

NIH (ignore local people) AND SRC (whatever is successful in own culture is successful everywhere)

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22
Q

What 3 factors do you need to consider in choosing a marketing strategy?

A

The product, the market, and adaptation and manufacturing costs that will incur

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23
Q

What are the 3 types of innovations?

A

Continuous innovations (new flavor drink), dynamically continuous (desktop to a laptops), discontinuous innovations (new category - microwave)

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24
Q

What is a platform design?

A

It is a new product that adapts to each specific market

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25
When do you test new products?
When there is a potential for a surprising and unexpected incompatibility when the product interacts with human, emchanical, or chemical elements
26
What is the one thing that you get from the consumer?
Pricing decisions
27
What is one thing you should never do when it comes to cost?
Go below the cost of product
28
When it comes to pricing competition, what should you not do?
Go above the price ceiling for comparable products
29
What does perceived value depend on?
The product itself, the channels of distribution, marketing communications, and the price
30
What are the 3 basic pricing concepts?
Cost, competition, demand
31
What are the 4 environmental influences on global pricing?
Currency flucuations, inflationary environment, government controls subsidies and regulations, and competition behavior
32
When the home country currency is___, the exporting firm is in a ___ condition?
Weakened; favorable
33
What is a persistent upward change in price levels?
Inflationary environement
34
What are some government policies and regulations that influence global pricing?
Dumping legislation, resale price maintenance legislation, price ceilings, general reviews of price levels
35
What are the 5 global pricing objectives and strategies?
Market skimming, penetration pricing, captive pricing, target costing, cost-plus pricing
36
What is market skimming?
When you have a new product, you set a high introductory price and lower it over time (want return on investment)
37
What is the purpose of penetration pricing?
To gain market shares and sales
38
What is captive pricing?
Making everything needed for a product (Razor campanies make blades and razors)
39
What does the terms of the sale do?
Specify the exact point at which the ownership of merchansdise is transferred from the seller to the buyer and which party pays which costs
40
What are the different inco terms?
Ex-works, Free Carrier, Free alongside ship, Free on Board, Cost Insurance Freight, Cost and freight, Delivered duty paid
41
What are the 3 globabl pricing policies?
Extension or ethnocentric, adaptation or polycentric, geocentric
42
What does extension or ethnocentric pricing call for?
Same per-unit price worldwide
43
What does adaptation or polycentric pricing call for?
Price is set by subsidiaries and local distributors
44
What does geocentric pricing call for?
Realization of unique local market factors and price coordination from the headquarter (combine the other 2)
45
What are 5 global pricing issues?
Gray market goods, dumping, price fixing, transfer pricing, countertrade
46
What is the difference between horizontal and vertical price fixing?
Horizontal is when same supply chain level (manufacturers) fix prices
47
What pricing policy issue is used to avoid taxes?
Tranfer pricing
48
What are the 5 different ways to countertrade?
Barter,counterpurchase, offset, compensation trading, switch trading
49
What is countertrading?
When payment is made in some form other than money
50
What are distribution channels comprised of and what function do they perform?
Comprised of coordinated groups of individuals or firms that perform functions adding utility to a product
51
What are the major categories of channel utilities?
Place, time, form, information
52
What is the difference between direct and indirect involvement in channel design?
Direct is a company sales force where as indirect are independent agents and distributors
53
What are some factors that influence channel design?
Customer, product, and middleman characteristics
54
What is global retailing?
Retailing activities that cross national boundaries
55
Why do companies retail globally?
High saturation in home country, recession, regulations on store development, high operating costs, high growth in other markets
56
What are the 4 global retailing market expansion strategies?
Organic, Franchise, chain acquisition, joint venture
57
What does supply chain include?
All The firms that perform support activities by generating raw materials, converting them into components or finished products, and making them available
58
What is the supply chian?
Raw materials->Factories->Retail Distribution->Consumers
59
What is logistics?
The management process that integrates the activities of all companies to ensure an efficient flow of goods through the supply chain to customers
60
What are the 4 distribution activiites?
Order processing, warehousing, inventory management, transportation
61
What the definiition of Integrated Marketing Communications?
Refers to all forms of communication used by organizations to influence buying attitudes and behaviors of customers
62
What are the 5 components of IMC?
Advertising, public relations, sales promotions, direct marketing, personal selling
63
Why do businesses want to do global advertising?
Consistent brand identity, economies of scales, improved access to distribution channels
64
What are the advertising agencies and criteria for selecting the agencies?
Company organization, national responsiveness (hire agencies who have good understanding of local taste),area coverage (cover all relevant markets), buyer perception (what brand awareness to project)
65
What are the 3 global media decision questions to ask?
Media Availability, pattern of media consumption, legal constraints
66
What is the purpose of public relations?
To foster goodwill, understanding, and acceptance among a company's various constituents and publics
67
What are programs designed to build interest in or encourage purchase of a product during a specified time period?
Sales Promotion
68
What are some consumer sales promotions?
Price-based (coupons, rebates, refunds, loyalty program) and Non-price(Contests and sweepstakes, samplings)
69
What are some trade sales promotions?
Price based (allowances, discounts, co-op ad) and Non-price (Trade shows, promotional products, POS displays)
70
What is the difference etween consumer and trade sales promotions?
Consumer designed to make consumers aware of a new product and trade sales are designed to increase product availability
71
What are the 4 factors contributing to more headquarters involvement in the sales promotion effort?
Cost, global branding, compexity, transational trade
72
The extent to which the promotion must be localized depends on:
level of economic development, market maturity, local perceptions of promotional tool, local regulations, trade structure in retailing industry
73
What is personal selling?
Person-to-person communication between a company representative and a prospective buyer with a short term goal of making a sale and a long term goal of a relationship
74
What are some personal selling hurdles?
Political risks, regulatory hurdles, currency flucuations, market unknowns
75
What are some forms of direct marketing?
Catalogs, direct mail, infomercials, teleshopping, intereactive TV

International Marketing (3 decks)

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