Introduction Flashcards
What is global marketing?
Constantly scanning the environment for threats and opportunities
not entering every market
Value = ?
Value = Benefits - Perceived costs/prices
What is differentiation?
- competitive advantage
- how you set yourself apart from other brands
- only perceived
- building trust > competitive advantage
What are the types of global marketing?
- semiglobalization
- localization
- glocalization
- standardization
Environmental influence on standardization vs adaptation
for standardization - economic/political integration - internet economy for adaptation - cross cultural diversity - tariff/non-tariff barriers
What is the first phase of the marketing planning process?
analyzing internal and external environments (customers, company, competitors)
What are the characteristics of services?
- intangible
- perishable
- heterogeneity
- inseparability
What is servuction?
A model that defines how a service is produced and shows what is the part of the seller and the customer
What is service dominant logic?
- broader perspective
- value creation through co-creation process between seller and the customer
What are the 3 P’s of service?
People, processes, physical evidence
What is the second stage of the marketing planning process?
Marketing strategy planning (segmentation & targeting, differentiation & positioning)
What is the third phase of the marketing planning process?
The marketing mix (the 7 p’s)
What are the seven p’s of the marketing mix
- product
- price
- place
- promotion
- physical evidence
- people
- process
Strategic marketing vs operational marketing
strategic marketing identifies value, operational marketing creates value, and they both deliver value and manage value
Identifying value is ___ term
longer term
market studies, segmentation, targeting, positioning
Delivering value is ___ term
Short term
distribution, sales force, communication
Creating value is ____ term
Medium term
Product, brand, price/cost
How do you manage value?
Through organization, information systems, and profitability
With the international product offer, from which direction of the product levels go from highest to lowest ability to standardize
Core > Actual > Augmented
What are the 3 categories of service
People processing, possession processing, and information-based services (low to high standardization potential in order)
Differences in the b2b market as opposed to b2c
- fewer and larger buyers
- relatively inelastic demand
- many participants in the buying process
- professional buyers
- no intermediaries
- technological links
Describe the BCG matrix
left is average growth rate, right is relative market share
it is divided into four quadrants from top left to bottom right:
- stars
- ?
- cash cows
- dogs
Standard promotion + standard product
Straight extension
Standard promotion + adapting product
product adaptation
