int marketing revision Flashcards
What are the three different types of information required by an organisation considering entry into int. markets?
- Socio-cultural Info
- Consumer Buying Habits Info
- Competitor Info
Socio Cult. Info, Importance, Role and Examples?
Importance: How it impacts on buying behaviour
Role: Adapt mix to cultural preferences
Examples: Language, beliefs etc.
Consumer Buying Habits. Info, Importance, Role and Examples?
Importance: Impact on mix eg. some at markets some at malls
Role: Guides market decisions
Examples: Fashion, malls or supermarkets
Competitor. Info, Importance, Role and Examples?
Importance: Will influence entry to market
Role: Influence strategy of company
Examples: Reaction to our entry
What are the three steps org. should go through when deciding a target market
- Micro Segmentation
- Evaluate segment using ‘SMART’ analysis
- Select a segment to target
Explain Micro Segmentation
- Geographical
- Demographic
- Psychographic
- Behavioural
Explain ‘SMART analysis
- Specific
- Measurable
- Attainable
- Realistic
- Timely
Explain selecting a market to target
- DIFFERENTIATED (MULTI SEGMENT)
- UNDIFFIRENTIATED (MASS MARKET)
- CONCENTRATED (NICHE)
What are some essential factors that could influence the need for a product to be adapted/modified?
- Legal requirements e.g
- Tarriffs and taxation
- Nationalism
- Technical
- Climate eg
What are some Advantages of adaptation?
Product tailored to each markets consumers therefore increase sales revenue
Disadvantages of Adaptation
Cost of production can increase due to changes made to production processes
Advantage of Standardization
Take advantage of economies of scale
Disadvantage of economies of scale
-Product may not be as relevant to consumers and total sales revenue may suffer
