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Marketing > Marketing Ch. 9-12 > Flashcards

Marketing Ch. 9-12 Flashcards

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1
Q

International Marketing

A

Developing and performing marketing activities across national boundaries

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2
Q

Traditional international marketing

A

entered global marketplace incrementally as they gained knowledge about various markets and opportunities

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3
Q

Born globals

A

firms that are international from their inception, often technology-based firms, earn most of their sales outside the domestic home market. eBay, Google, and Logitech

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4
Q

Environnmental Forces in Global Markets

A

Sociocultural, economic, political/legal/regulatory, ethical/social responsibility, competitive, and technological

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5
Q

Proper environmental analysis of international markets can:

A

generate financial rewards, increase market share, heighten customer awareness of products

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6
Q

Sociocultural Forces

A

Family, religion, education, health, recreation, language, and country of origin

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7
Q

Faster acceptance of a product or service through:

A

sensitivity to and understanding of cultural differences

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8
Q

Cultural similarities lead to

A

faster acceptance of an existing product or service

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9
Q

Economic: Differences between nations-

A

standards of living, availability of credit, buying power, income distribution, national resources, and exchange rates

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10
Q

Gross domestic product (GDP)

A

the market value of a nation’s total output of goods and services for a given period; and overall measure of economic standing

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11
Q

Import tariff

A

a duty levied by a nation on goods bought outside its borders and brought into the country

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12
Q

Quota

A

a limit on the amount of goods an importing country will accept for certain product categories in a specific period of time

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13
Q

Embargo

A

a gov’t’s suspension of trade in a particular product or with a given country

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14
Q

Technological advances have

A

made international marketing easier, faster, and more affordable

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15
Q

North American Free Trade Agreement (NAFTA)

A

alliance that merges Canada, Mexico, and the US into a single market, eliminates most tariffs and trade restrictions on agricultural and manufactured products to encourage trade

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16
Q

Modes of entry into international markets (Stages)

A

Stage 1- No regular export activitiesStage 2- Export via independent reps (agents)Stage 3- Establishment of one or more sales subsidiaries internationallyStage 4- Establishment of international production/manufacturing facilities

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17
Q

Exchange controls

A

gov’t restrictions on the amount of a particular currency that can be bough or sold

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18
Q

Balance of trade

A

the difference in value between a nation’s exports and imports

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19
Q

Exporting intermediarie

A

can perform most marketing functions for minimal effort and cost

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20
Q

Export agents

A

unitebuyers and sellers and collect a commission for arranging sales

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21
Q

Export houses and export merchants

A

purchase products from different companies and then sell them abroad

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22
Q

Licensing

A

an alternative to direct investment that requires a licensee to pay commissions or royalties on sales or supplies used in manufacturing

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23
Q

Licensing is a good alternative when:

A

resources for direct investment are not available, product sold is outside the core competency of a company, a foreign country is politically unstable

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24
Q

Franchising

A

form of licensing in which a franchiser, in exchange for a financial commitment, grants a franchisee the right to market its product in accordance with the franchiser’s standards

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25
The franchisee must:
pay an initial fee and royalties to the franchiser and adhere to all franchise standards
26
Benefits of international franchising:
don't have to put up a large capital investment, revenue stream is fairly consistent because franchisees pay a fixed fee and royalties, retains control of its name and increases global penetration, franchise agreements ensure a standard of conduct and protect the franchise name
27
Joint venture:
partnership between a domestic firm and a foreign firm or gov't
28
Strategic alliance:
partnership that is formed to create a competitive advantage on a worldwide basis
29
Direct ownership:
situation in which a company owns subsidiaries or other facilities overseas
30
Multinational enterprise(corporation):
a firm that has operations or subsidiaries in many countries- may be semi-autonomous or part of a network led by HQ
31
Characteristics of Online Media:Addressability-
ability of the marketer to identify customers before they make a purchase; facilitates relationship marketing
32
Characteristics of Online Media:Interactivity-
ability of customers to express their needs and wants directly to the firm in response to its marketing communications; allows interaction in real time, helps maintain high-quality relationships w/ existing customers
33
Characteristics of Online Media:Accessibility-
ability for marketers to obtain digital info
34
Characteristics of Online Media:Connectivity-
ability for consumers to be connected with marketers/other consumers
35
Characteristics of Online Media:Control-
customer's ability to regulate the info they view/the rate and exposure to that info; internet is a pull medium-> users can regulate info they're exposed to
36
Consumer-generated marketing:
consumers publish their own thoughts, tend to trust other consumers over corporations
37
Online consumers segments:
Creators, conversationalists, critics, collectors, joiners, spectators, inactives
38
The total product includes:
the core product, supplemental features, and symbolic/experiential benefits
39
Core product:
the product's fundamental utility/main benefit
40
Supplemental features:
provide added value- installation, delivery, training, financing
41
Symbols are used to
make intangible products more real to the customer
42
Consumer products
products purchased to satisfy person and family wants and needs
43
Business products
products bout to use in a firm's operations to resell/make other products
44
Convenience products
inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
45
Shopping products
items for which buyers are willing to expend considerable effort in planning and making purchases
46
Specialty products
items w/ unique characteristics that buyers are willing to expend considerable effort to obtain
47
Unsought products
products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying, i.e. life insurance, pre-planned funeral
48
Product item
specific version of a product that can be designated as a distinct offering among a firm's products (whole milk)
49
Product line
group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations (2%, skim, whole)
50
Product mix
total group of products that an organization makes available to customers
51
Width of product mix-
of product lines a company offers
52
Depth of product mix-
avg # of different products in each product line
53
Product life cycle:
intro, growth, maturity, decline
54
Intro-
sales start @ 0, profits negative, high risk of failure
55
Growth-
sales rise rapidly, profits peak and then start to decline
56
Maturity-
sales curve peaks and starts to decline, and profits continue to fall
57
Decline-
sales fall rapidly, marketers will eliminate/reposition items, cut promotion, eliminate marginal distributors, plan to phase out product
58
Decline strategies-
harvesting products remaining value, divesting the product -> selling
59
Product adoption process (Five steps):
awareness, interest, evaluation, trial, adoption
60
Adopter categories:
innovators, early adopters, early majority (adopt new product just prior to avg person), late majority (adopt when necessary), laggards (last)
61
Why some products fail:
failure to match product to needs, failure to send right message, technical/design problems, poor timing, overestimate market, ineffective promotion, insufficient distribution
62
Why some products succeed:
provide a significant/perceivable benefit to a sizable # of customers; have a systematic and customer focused plan
63
By assessing the current product mix, a marketer can
identify weakness and gaps which can lead to improving the product mix through line extensions and product modifications
64
Line extension:
development of a product closely related to existing products in the line, but design specifically to meet different customer needs (less risky than new products)
65
Line extensions may:
increase sales, take market share from competitors, target different segments
66
Product modifications:
changing 1+ characteristics of a product, original product drops from the line (more risk)
67
Quality modifications:
changes to a product's dependability and durability (can increase or decrease)
68
Functional modifications:
changes that affect a product's versatility, effectiveness, convenience or safety (ie Tide HE)
69
Aesthetic modifications:
changes to the sensory appeal (taste, texture, sound, smell, appearance) of a product (BIG RISK)
70
Developing new products...
enhances a product mix and adds depth to a product line, risky and expensive
71
Phases of new-product development process:
idea generation, screening, concept testing, business analysis, product development, test marketing, commercialization
72
Gradual product intro/Roll out:
introducing a product in stages across geographic areas; risk- allows competitors to catch up

Marketing (2 decks)

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