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Marketing 330 > Chapters 9-12 > Flashcards

Chapters 9-12 Flashcards

1
Q

international marketing

A

developing and performing marketing activities across national boundaries

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2
Q

born globals

A

firms that are international from their inception

  • often small technology firms
    ex: eBay, google, etc
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3
Q

Environmental forces in global markets

A 
Sociocultural
economic
political, legal
ethical and social responsibility
competitive
technological
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4
Q

Environmental forces

A

Generate financial rewards
increase market share
heighten customer awareness

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5
Q

Sociocultural forces

A

family, religion, education, health, recreation, etc

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6
Q

Economic forces

A

global marketers must understand:
international trade
trade barriers

*developing nations offer much market potential

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7
Q

Political and legal forces

A

Import tariff: duty levied on a nation on goods bought outside and brought into the country

quota: limit on the amount of goods an importing country will accept in a period of time

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8
Q

Trade controls

A

Exchange controls: Government restrictions on the amount of a particular currency that can be bought or sold

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9
Q

WTO

A

World Trade Organization:

entity that promotes free trade among member nations

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10
Q

Dumping

A

selling products at unfairly low prices

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11
Q

Ethical and social responsibility

A

Differences in ethical standards:
bribery
intellectual property protection

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12
Q

Self-reference criterion (SRC)

A

the unconscious reference to one’s own cultural values, experience, etc

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13
Q

Competitive Forces

A

competition is a staple in the global marketplace

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14
Q

Technological forces

A

make international marketing faster, easier, more affordable

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15
Q

Modes of entry into international markets

A

STAGE 1: no regular export activities

STAGE 2: export via independent representatives

STAGE 3: Establishment of one or more sales subsidiaries internationally

STAGE 4: establishment of international production

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16
Q

Trading company

A

a company that links buyers and sellers in different countries

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17
Q

Licensing

A

an alternative to direct investment

requires a licensee to pay commissions or royalties on sales or supplies

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18
Q

Franchising

A

form of licensing - a franchiser grants a franchisee the right to market its product in accordance with the franchiser’s standards

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19
Q

Contract Manufacturing

A

practice of hiring a foreign firm to produce a designated volume of the product to specification

final product carries domestic firm’s name

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20
Q

Joint ventures

A

a partnership between a domestic firm and a foreign firm

*popular in industries requiring large investments

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21
Q

Direct ownership

A

a situation in which a company owns subsidiaries or other facilities overseas

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22
Q

multinational enterprise

A

a firm that has operations in many countries

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23
Q

levels of global marketing

A 
Domestic marketing
Limited exporting
Multinational marketing
Regional marketing
Global marketing
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24
Q

Digital Media

A

electronic media that functions using digital codes; media through computer, cell phones, etc

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25
Q

Digital marketing

A

uses all digital media to develop communication with customers

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26
Q

Interruption marketing

A

firms purchase the right to interrupt people and demand their attention

TV advertising, billboards, radio ads

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27
Q

Permission marketing

A

relies on attention being earned

opting into an email newsletter, following a social media page

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28
Q

e-marketing

A

the strategic process of distributing, promoting and pricing products using digital media

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29
Q

Benefits of digital marketing

A
  • allows marketers and customers to share info
  • now possible to target markets more precisely
  • still in early stages
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30
Q

Characteristics of online media

A

Addressability, Interactivity, Accessibility, connectivity, control

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31
Q

paid search

A

advertisers pay only when a customer clicks on an ad or link from a search page

32
Q

behavioral targeting

A

tracking consumer’s website surfing behavior

33
Q

content ads

A

ads that are determined by the content on a webpage

34
Q

Social media marketing (SMM)

A

Marketers use these sites to:

promote products, handle questions, provide info

35
Q

wiki

A

type of software that creates an interface that users can add or edit content

36
Q

Media sharing sites

A

Flickr, pinterest, instagram, youtube, etc

37
Q

Virtual sites

A

World of Warcraft, Sims, etc

38
Q

Pokemon Go

A

21 million users in 2016

$23 billion increase in Nintendo stock

39
Q

Products

A

goods, services, ideas

40
Q

Consumer products

A

products to satisfy family and personal wants and needs

41
Q

Business products

A

products to use in a firm’s operations to resell or make other products

42
Q

4 types of consumer products

A

convenience, shopping, specialty, unsought

43
Q

Convenience products

A

relatively inexpensive, purchased frequently, minimal effort

ex: soda, gum

44
Q

Shopping products

A

items which buyers are willing expend considerable effort in planning
ex: TV, phones

45
Q

Specialty products

A

items with unique characteristics that buyers are willing to expend considerable effort in planning

ex: watch, collectibles

46
Q

Unsought products

A

purchased to solve a sudden problem, consumers are unaware they need it

ex: AAA, ER

47
Q

Product item

A

specific version of a product that can be designated as a distinct offering among a firm’s products

48
Q

Product line

A

group of closely related product items viewed as a unit because of marketing

49
Q

Product mix

A

composite or total group of products that an organization makes available to customers

50
Q

Product life cycle

A

Introduction, growth, maturity, decline

51
Q

Introduction stage

A

sales at zero and profits are negative

high risk failure

52
Q

Growth stage

A

sales rise rapidly, profits peak

promotion costs drop

53
Q

Maturity stage

A

when sales start to decline

intense competition

54
Q

Decline stage

A

when sales fall rapidly

55
Q

Product adoption process

A 
Awareness
Interest
Evaluation
Trial
Adoption
56
Q

Adopters

A

Innovators - first adopters of new products
Early adopters - people who adopt new products early, are “the people to check with”
Early majority - adopt a new product just before the average person
Late majority - skeptics who adopt new products when they feel it’s necessary
Laggards: last adopters who distrust new products

57
Q

Brand

A

a name, term, design that identifies one seller’s products

58
Q

Brand name

A

part of the brand that can be spoken

59
Q

Brand mark

A

part of the brand that is a picture or symbol

60
Q

Trademark

A

legal designation of exclusive use of a brand

61
Q

Trade name

A

full legal name of an organization

62
Q

Brand loyalty

A

customer’s favorable attitude towards a brand

63
Q

three degrees of brand loyalty

A

Brand recognition: customer is aware a brand exists
Brand preference: customer prefers one brand over others
Brand insistence: customer strongly prefers a specific brand and won’t accept substitutes

64
Q

Brand equity

A

an organization may buy a brand from another company at a premium price because it may be less expensive

65
Q

3 most valuable brands in the world

A

Google, Apple, Microsoft

66
Q

Types of brands

A

Manufacturer: initiated by producers to show that producers are identified with their products

Private distributor: initiated and owned by reseller

Generic: brands indicating only the product category

67
Q

Individual branding

A

each product is given a different name

68
Q

Family branding

A

branding all of a firm’s products with the same name or part of the name

69
Q

Brand extension

A

when an organization uses one of its existing brands to brand a new product in a different category

70
Q

Co-branding

A

using two or more brands on one product

71
Q

Brand licensing

A

an agreement when a company permits another organization to use its brand on another product for a fee

72
Q

4 functions of packaging

A

visibility
information
emotional appeal
workability

73
Q

Line extension

A

development of a product closely related to existing products
may: increase sales and take market share

74
Q

Product modifications

A

changing characteristics of a product - ORIGINAL PRODUCT DROPS FROM PRODUCT LINE

75
Q

3 types of modification

A

quality
functional
aesthetic

76
Q

new product development process

A

idea generation - seeking product ideas

screening - selecting ideas with the greatest potential

concept testing - seeking a sample of buyers’ responses

business analysis - evaluating impact of a product idea

product development - determining if producing a product is feasible

test marketing - limited introduction of product

commercialization - finalizing plans for full-scale manufacturing

77
Q

Product positioning

A

use of perceptual maps

Marketing 330 (5 decks)

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