Global Marketing

Question 1

Global Marketing Strategy:

Answer 1

The approach a company takes to decide which market segments to target, how to position offerings, and whether to standardize or differentiate products and services in each market.

Question 2

Marketing Mix:

Answer 2

The combination of product, place, price, and promotion decisions companies make to bring products or services to market.

Question 3

Market Segmentation:

Answer 3

Grouping customers into homogeneous groups based on factors like geography, culture, or behavior to target them effectively.

Question 4

Global Market Segmentation:

Answer 4

The process of grouping customers across multiple national markets based on criteria like economic development, culture, language, and regulatory environment.

Question 5

Standardization:

Answer 5

Using the same marketing strategies across different markets to achieve efficiency and global branding. It works well when customer needs and preferences are similar across markets.

Question 6

Differentiation:

Answer 6

Adapting products and marketing strategies to meet local needs, preferences, or cultural differences. It is more effective in markets where customer requirements vary significantly.

Question 7

Glocalization:

Answer 7

A hybrid approach combining both standardization and differentiation, where firms standardize parts of their marketing but also adapt to local cultures.

Question 8

Global Branding:

Answer 8

a marketing approach where promotion, product, and price are standardized globally

Question 9

Brand Awareness:

Answer 9

The extent to which consumers recognize a brand. It is often built through advertising or creative strategies like guerrilla or viral marketing.

Question 10

Brand Image:

Answer 10

The set of associations customers hold about a brand, based on their experiences and perceptions. It contributes to the emotional and symbolic value of the brand.

Question 11

Brand Loyalty:

Answer 11

The commitment of customers to repeatedly buy a brand’s products, despite competition or price changes.

Question 12

Brand Equity:

Answer 12

The additional value and market share a brand earns because of its strength and reputation in the market.

Question 13

Pricing Strategies:

Answer 13

Cost-Plus Pricing: Adding a margin to the production cost to set the price.

Penetration Pricing: Setting a low price to enter a new market and gain share quickly.

Skimming: Setting high prices initially to maximize profits from customers willing to pay a premium before lowering prices over time.

Question 14

Dumping:

Answer 14

Selling a product in a foreign market at a price below its production cost to capture market share, often considered illegal under WTO rules.

Question 15

Gray Market Activity:

Answer 15

The sale of products in markets at lower prices than intended by the manufacturer, often through unauthorized channels.

Question 16

Transfer Pricing:

Answer 16

The price set between divisions of the same company for goods or services exchanged across borders, which can have significant tax implications.

Question 17

Distribution Channels:

Answer 17

The methods used to move goods from production to consumption, such as through direct sales, online platforms, or using local distributors.

Question 18

Cost-Plus Pricing Strategy.

Answer 18

A cost-plus strategy prices a product or service at some margin over the seller’s cost. If a product costs a company $1 and the company uses a 50 percent margin strategy, the price to customers is $1.50. Cost-plus pricing is common in emerging markets, particularly where competition is low.

Question 19

Push Marketing

Answer 19

A strategy where marketing efforts actively push a product through distribution channels from producers to consumers, often using promotions and direct selling.

Question 20

Pull Marketing

Answer 20

A strategy that creates consumer demand so that customers actively seek out the product, pulling it through the distribution channel.

Question 21

Pull vs Push marketing

Answer 21

Push Marketing is like you going door to door, telling people about your lemonade, and asking them to come buy it. You’re “pushing” your lemonade into people’s awareness by going to them first.

Pull Marketing is when you make a super cool lemonade sign and put it in front of your stand, and people see it and get excited, so they come to you on their own. You’re making them “pull” themselves toward your lemonade because they want it.