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International Marketing > International Marketing Final > Flashcards

International Marketing Final Flashcards

1
Q

What is a good, service, or idea with tangible and intangible attributes that collectively create value for a buyer/user?

A

Product

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2
Q

What are the 3 product classifications?

A

User, Life span, how it can be purchased

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3
Q

What two products fall under User classification?

A

Consumer and industrial

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4
Q

What three products fall under Product’s life span classification?

A

Durable, nondurable, disposable

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5
Q

How do consumers decide to purchase a product?

A

Convenience (impulse or habit), Preference (routine), Shopping (limited), Specialty (extensive)

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6
Q

What are the 4 product related elements?

A

Packaging, Labeling, Aesthetics, Warranties

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7
Q

What does the packaging do?

A

contains and protects products, faciliates recycling and reducing environment, and serves as communication function

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8
Q

What is the purpose of the label on a product?

A

Provide product information, attact attention, support product’s position, help persuade consumers to buy, show reguations

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9
Q

What are aeshetics when it comes to products?

A

Elements that are deemed appropriate, attractive, and appealing in one’s home country may be perceived differently elsewhere

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10
Q

What do product warranties do?

A

Guarantees a product’s performance and provide a remedy in case of a product failure

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11
Q

What is a complex bundle of images and experiences in the customer’s mind that creates a promise of value and identification called?

A

A brand

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12
Q

What are some visual representations of a brand?

A

Word Marks and symbols

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13
Q

What is the added value that accrues to a product as a result of investments in the marketing of the brand?

A

Brand Equity

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14
Q

What are some benefits of brand equity?

A

premium price, brand preference,and loyalty

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15
Q

What is a product and brand that is used in a single national market and addresses the needs of a particular market?

A

Local

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16
Q

What is a product and brand used in several national markets in a particular region?

A

International (Euro brands)

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17
Q

What is the country of origin as a brand element effect?

A

Perceptions and attitudes toward particular countries often extend to products and brands known to originate in those countries (MADE IN USA)

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18
Q

What are some implications of the country of origin effect?

A

Exploit, disguise, and change buyer attitudes

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19
Q

What are the 5 strategies for alternatives in global marketing?

A

Dual extension (same product and message), Product extension Communication adaptation (motorcycle for fun or transport), product adapt communicate extention (soap), dual adaptation (sensitive), innovation

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20
Q

What do you have to take into consideration when developing a global brand or product?

A

Economies of scale, difficulty, and feasibility

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21
Q

What 2 errors are there that management makes in choosinga strategy?

A

NIH (ignore local people) AND SRC (whatever is successful in own culture is successful everywhere)

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22
Q

What 3 factors do you need to consider in choosing a marketing strategy?

A

The product, the market, and adaptation and manufacturing costs that will incur

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23
Q

What are the 3 types of innovations?

A

Continuous innovations (new flavor drink), dynamically continuous (desktop to a laptops), discontinuous innovations (new category - microwave)

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24
Q

What is a platform design?

A

It is a new product that adapts to each specific market

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25
Q

When do you test new products?

A

When there is a potential for a surprising and unexpected incompatibility when the product interacts with human, emchanical, or chemical elements

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26
Q

What is the one thing that you get from the consumer?

A

Pricing decisions

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27
Q

What is one thing you should never do when it comes to cost?

A

Go below the cost of product

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28
Q

When it comes to pricing competition, what should you not do?

A

Go above the price ceiling for comparable products

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29
Q

What does perceived value depend on?

A

The product itself, the channels of distribution, marketing communications, and the price

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30
Q

What are the 3 basic pricing concepts?

A

Cost, competition, demand

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31
Q

What are the 4 environmental influences on global pricing?

A

Currency flucuations, inflationary environment, government controls subsidies and regulations, and competition behavior

32
Q

When the home country currency is___, the exporting firm is in a ___ condition?

A

Weakened; favorable

33
Q

What is a persistent upward change in price levels?

A

Inflationary environement

34
Q

What are some government policies and regulations that influence global pricing?

A

Dumping legislation, resale price maintenance legislation, price ceilings, general reviews of price levels

35
Q

What are the 5 global pricing objectives and strategies?

A

Market skimming, penetration pricing, captive pricing, target costing, cost-plus pricing

36
Q

What is market skimming?

A

When you have a new product, you set a high introductory price and lower it over time (want return on investment)

37
Q

What is the purpose of penetration pricing?

A

To gain market shares and sales

38
Q

What is captive pricing?

A

Making everything needed for a product (Razor campanies make blades and razors)

39
Q

What does the terms of the sale do?

A

Specify the exact point at which the ownership of merchansdise is transferred from the seller to the buyer and which party pays which costs

40
Q

What are the different inco terms?

A

Ex-works, Free Carrier, Free alongside ship, Free on Board, Cost Insurance Freight, Cost and freight, Delivered duty paid

41
Q

What are the 3 globabl pricing policies?

A

Extension or ethnocentric, adaptation or polycentric, geocentric

42
Q

What does extension or ethnocentric pricing call for?

A

Same per-unit price worldwide

43
Q

What does adaptation or polycentric pricing call for?

A

Price is set by subsidiaries and local distributors

44
Q

What does geocentric pricing call for?

A

Realization of unique local market factors and price coordination from the headquarter (combine the other 2)

45
Q

What are 5 global pricing issues?

A

Gray market goods, dumping, price fixing, transfer pricing, countertrade

46
Q

What is the difference between horizontal and vertical price fixing?

A

Horizontal is when same supply chain level (manufacturers) fix prices

47
Q

What pricing policy issue is used to avoid taxes?

A

Tranfer pricing

48
Q

What are the 5 different ways to countertrade?

A

Barter,counterpurchase, offset, compensation trading, switch trading

49
Q

What is countertrading?

A

When payment is made in some form other than money

50
Q

What are distribution channels comprised of and what function do they perform?

A

Comprised of coordinated groups of individuals or firms that perform functions adding utility to a product

51
Q

What are the major categories of channel utilities?

A

Place, time, form, information

52
Q

What is the difference between direct and indirect involvement in channel design?

A

Direct is a company sales force where as indirect are independent agents and distributors

53
Q

What are some factors that influence channel design?

A

Customer, product, and middleman characteristics

54
Q

What is global retailing?

A

Retailing activities that cross national boundaries

55
Q

Why do companies retail globally?

A

High saturation in home country, recession, regulations on store development, high operating costs, high growth in other markets

56
Q

What are the 4 global retailing market expansion strategies?

A

Organic, Franchise, chain acquisition, joint venture

57
Q

What does supply chain include?

A

All The firms that perform support activities by generating raw materials, converting them into components or finished products, and making them available

58
Q

What is the supply chian?

A

Raw materials->Factories->Retail Distribution->Consumers

59
Q

What is logistics?

A

The management process that integrates the activities of all companies to ensure an efficient flow of goods through the supply chain to customers

60
Q

What are the 4 distribution activiites?

A

Order processing, warehousing, inventory management, transportation

61
Q

What the definiition of Integrated Marketing Communications?

A

Refers to all forms of communication used by organizations to influence buying attitudes and behaviors of customers

62
Q

What are the 5 components of IMC?

A

Advertising, public relations, sales promotions, direct marketing, personal selling

63
Q

Why do businesses want to do global advertising?

A

Consistent brand identity, economies of scales, improved access to distribution channels

64
Q

What are the advertising agencies and criteria for selecting the agencies?

A

Company organization, national responsiveness (hire agencies who have good understanding of local taste),area coverage (cover all relevant markets), buyer perception (what brand awareness to project)

65
Q

What are the 3 global media decision questions to ask?

A

Media Availability, pattern of media consumption, legal constraints

66
Q

What is the purpose of public relations?

A

To foster goodwill, understanding, and acceptance among a company’s various constituents and publics

67
Q

What are programs designed to build interest in or encourage purchase of a product during a specified time period?

A

Sales Promotion

68
Q

What are some consumer sales promotions?

A

Price-based (coupons, rebates, refunds, loyalty program) and Non-price(Contests and sweepstakes, samplings)

69
Q

What are some trade sales promotions?

A

Price based (allowances, discounts, co-op ad) and Non-price (Trade shows, promotional products, POS displays)

70
Q

What is the difference etween consumer and trade sales promotions?

A

Consumer designed to make consumers aware of a new product and trade sales are designed to increase product availability

71
Q

What are the 4 factors contributing to more headquarters involvement in the sales promotion effort?

A

Cost, global branding, compexity, transational trade

72
Q

The extent to which the promotion must be localized depends on:

A

level of economic development, market maturity, local perceptions of promotional tool, local regulations, trade structure in retailing industry

73
Q

What is personal selling?

A

Person-to-person communication between a company representative and a prospective buyer with a short term goal of making a sale and a long term goal of a relationship

74
Q

What are some personal selling hurdles?

A

Political risks, regulatory hurdles, currency flucuations, market unknowns

75
Q

What are some forms of direct marketing?

A

Catalogs, direct mail, infomercials, teleshopping, intereactive TV

International Marketing (3 decks)

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