Introduction Flashcards
What is global marketing?
Constantly scanning the environment for threats and opportunities
not entering every market
Value = ?
Value = Benefits - Perceived costs/prices
What is differentiation?
- competitive advantage
- how you set yourself apart from other brands
- only perceived
- building trust > competitive advantage
What are the types of global marketing?
- semiglobalization
- localization
- glocalization
- standardization
Environmental influence on standardization vs adaptation
for standardization - economic/political integration - internet economy for adaptation - cross cultural diversity - tariff/non-tariff barriers
What is the first phase of the marketing planning process?
analyzing internal and external environments (customers, company, competitors)
What are the characteristics of services?
- intangible
- perishable
- heterogeneity
- inseparability
What is servuction?
A model that defines how a service is produced and shows what is the part of the seller and the customer
What is service dominant logic?
- broader perspective
- value creation through co-creation process between seller and the customer
What are the 3 P’s of service?
People, processes, physical evidence
What is the second stage of the marketing planning process?
Marketing strategy planning (segmentation & targeting, differentiation & positioning)
What is the third phase of the marketing planning process?
The marketing mix (the 7 p’s)
What are the seven p’s of the marketing mix
- product
- price
- place
- promotion
- physical evidence
- people
- process
Strategic marketing vs operational marketing
strategic marketing identifies value, operational marketing creates value, and they both deliver value and manage value
Identifying value is ___ term
longer term
market studies, segmentation, targeting, positioning
Delivering value is ___ term
Short term
distribution, sales force, communication
Creating value is ____ term
Medium term
Product, brand, price/cost
How do you manage value?
Through organization, information systems, and profitability
With the international product offer, from which direction of the product levels go from highest to lowest ability to standardize
Core > Actual > Augmented
What are the 3 categories of service
People processing, possession processing, and information-based services (low to high standardization potential in order)
Differences in the b2b market as opposed to b2c
- fewer and larger buyers
- relatively inelastic demand
- many participants in the buying process
- professional buyers
- no intermediaries
- technological links
Describe the BCG matrix
left is average growth rate, right is relative market share
it is divided into four quadrants from top left to bottom right:
- stars
- ?
- cash cows
- dogs
Standard promotion + standard product
Straight extension
Standard promotion + adapting product
product adaptation
Adapting promotion + standard product
promotion adaptation
Adapting promotion + adapting product
Dual adaptation
Growth strategies
Existing market + existing product
Growth in existing product markets
Growth strategies
Existing market + new product
Product development
Growth strategies
New market + existing product
Market development
Growth strategies
New market + new product
Diversification
What are the three types of product positioning?
- global product positioning
- high tech positioning
- high touch positioning
What is high tech positioning?
Used for products which are purchased for concrete product features, for people who already possess or which to acquire technical information
What is high touch positioning?
Emphasis lies on the products image
What are the three sections of brand management?
- functions of branding
- brand equity’s assets and liabilities
- brand options and branding decisions
What are the functions of branding?
To distinguish a companies offering and differentiate themselves, to create identification and awareness, to guarantee a certain level of quality and satisfaction, to help promote the product
What is a brand equity’s assets and liabilities
- brand loyalty
- brand awareness
- perceived quality
- brand associations
What are branding options and decisions?
private branding, co-branding, or manufacturer’s brand
What are the steps involved in celebrity licensing?
- identify rights
- negotiate terms and scope
- determine payment and other terms
What are the three dynamics customization of products?
- modularity
- intelligence
- organization
