Unit 3 Flashcards

Question

Diff between marketing plan and strategy

Answer 1

Strategy is a part of plan But in syllabus essentially same thing GENERALY Focus on situational analysis in plan question Focus on marketting mix in strategy question

Answer 2

Define technical analysis (with components), objectives, 4ps (seperately) In main answer 1 paragraph for each P and technical + objectives 1 para each.

Answer 3

Predicting future sales (revenue) 2 methods - extrapolation - moving averages

Answer 4

- Dividents given based on them (might overpay) - wrong forecasting can make u lose investor trust - wrong forecasting can make u go into loss and take lots of debt, especially when forecast during period of high spending - helps identify stock requirement - helps estimate workforce - used to asses competitiveness - used to attract investors - improves coordination b/w depts (production is making that many units, research is studying how to mass produce higher quality at that qty etc) - objectives Etc

Answer 5

- consumer taste changes - unforseen conditions (forest fires) - macroeconomic conditions can hit (inflation) - tech advancements can limit forecasts - new unforseen competitors - time and resources to analyze - human error - may not have enough data for accurate assesment

Answer 6

Practice questiosn

Answer 7

Google (but plot on graph and see where it goes, not sure if thats exactly it yet)

Answer 8

Increasing Freedom of goods, capital, services across globe Individual economies integrating into 1 large global economy

Answer 9

Promoting & selling products in markets outside of domestic market

Answer 10

Lower cost (cheaper fsctor inputs abroad) More customers More technology spread Increased SOL Access to new talent Talent also gets employment

Answer 11

- increase revenue when domestic market saturated and growth left limited - possibly sell for higher prices outside - business risk spread as less dependant on 1 economy doing well - rapid growth due to huge untapped market

Answer 12

Adapting marketing mix policy to national mkt taste & cultures (Eg netflix showing desi shows in india)

Answer 13

Adopting standard marketing mix policy for multiple countries Eg pepsi selling similar brand/product worldwide (maybe some regional differences)

Answer 14

- local tastes reflected (higher demand naturally) - less marketing needed to "explain" the product (money saved) - more likely to meet legal requirements (eg ham in muslim countries) - less local opposition

Answer 15

- EOS reduced (cuz mass supply, ads etc limited) - Brand could lose core identity/consistent reputation - additional costs to make products that specially fit locals - if done distastefully, bad reputation

Answer 16

- EOS - Standard identity (brand trust) - can make sta dard product availible for consumers no matter where in the world they are

Answer 17

- legal limitations (eg ham bans) - brand name translation issue - extra spending on promotion to make ppl understanding the product - resustance from locals becuz of cultural diff

Answer 18

1. Indirect Export 2. Direct exports 3. Franchising 4. Licensing 5. Joint venture

Answer 19

Directly exporting to the intl market without intermediary (eg pepsi)

Answer 20

ADV - control over foreign markets - more profit cuz intermediary payment cut out - more control over distribution (eg product handling) - better protection of trademarks/patents DISADV - higher cost to set up (transport etc) - more information on mkt needed (time consuming) -

Answer 21

-Language barrier for customers AND labor - equality policy for firms hurt cuz some employees are paid more relative to their economy - geopolitical situtation can cause tariffs/barriers - sometimes cou tries can take extreme measure against you (eg outright ban and seized factories in russia) - cultural identity loss - foreign worker exploitation (overowrk underpay) - racism/mistreatment etc - global competition can limit you (predatory pricing etc)

Answer 22

Exporting through domestically based export mediaries who ship and distribute them abroad Eg amazon

Answer 23

ADV - Less initial investmen - fast to enact (as process already set up) - can focus resources on production expansion/improvement rather than distribution (EOS) - no direct handling managerial problems DISADV - the 3rd party can be unreliable - COP rises due to distributer fee - limited/no control over marketing

Answer 24

Right to exclusively OR non exclusively have access to intellectual property (name, designs, patents) to manufacture and distribute in intl markets.

Answer 25

ADV - Expand for low risk (most risk on licensee) - extra income (theyre paid) with very little cost (just intellectual property which is nearly free) DISADV - Licensee can hurt brand image w low quality product - associated to company that may have poor publicity, ruining trademark

Answer 26

Right to sell a companies product to an another entity. It has support etc as well and guidelines

Answer 27

Collaboration between 2 companies while maintaining their identities. New division between them likely created for working together