International Marketing Flashcards
What are marketing principles similar in
Marketing principals in foreign markets are similar to those in domestic markets
What are the seven P’s in marketing
Product Price Promotion Place People Process Product Physical evidence
What does your international marketing strategy depend on
Your international marketing strategy depends on your marketing orientation
Types of marketing orientation
Product orientation Sales Customer Strategic marketing Social marketing
Product orientation definition
Key four on production
Relevant in commodities markets
Sales orientation definition
Assumption of similarities between export and home markets
Active sales promotion
Risk/advantage of developing global product
Customer orientation definition
Customer / market characteristics dominates products and marketing mix
Strategic marketing orientation
MNEs regularly selling abroad chose a mix of production/sale and customer orientation
What is social marketing orientation
Close attention is payed to the social action of the firms impacts on the environment
Marketing is beyond sales and looks at how the products are made
Ways you can segment a market
By country
By global segment
By market
Why firms may alter products
Legal
Cultural
Economic
Pricing strategies
Price skimming
Penetrating pricing
Cost plus
Product diversity
What is price skimming
High price for a new product, first target those who can afford it then target others to capture a wider market
What is penetration pricing
Introducing the product at a low price to get a market hold
Cost plus definition
A product price is set at a set price over total costs
Product diversions
The selling and handling of goods through unofficial distributors
What are the promotional mix
Advertising Personal selling Sale promotions PR Direct marketing Push / Pull mix
Promotional mix definition
The promotional mix refers to one of the 7ps.
It is defined as all the forms of communication that an organisation uses to establish meaning for its product or service as well as a way to influence the buyers buying behaviour
Advantages of standardised marketing
Advantages
- lower costs
- common global image
- rapid entry into markets
Disadvantages of standardised marketing
Disadvantages
- translation
- legality
- market need
Questions that need to be asked when choosing a distribution strategy
Where the company can handle it
Are they qualified to do so
Reliability of the service
What is gap analysis and what is it used for
The gap anylsis is a reporting process used to improve processes within various industries.
A strong gap anylisis will allow a project manager to determine where the business is and where it wants to be
