Levitt and Robertson Flashcards
What is Globalization?
“The emergence of global markets for standarized consumer products on a previously unimagined scale of magnitude” - Levitt
What does a multinational corporation do?
It operates in a number of countries and adjusts its products and practices in each–> HIGH relative cost (Adapted)
And a GLOBAL corporation?
It operates with resolute constancy-at LOW relative cost–> sells the same things in the same way everywhere. (standard)
What is Marketing Myopia?
Marketing managers focus too much on their existing products that they forget the needs of the customers (their needs change and this existing product may not satisfy them anymore
How many levels of product are there?
5
Which are the levels of product?
- Core Benefit
- Basic Product
- Expected Product
- Augmented Product
- Potential Product
Basic version of the product made up of only those features necessary fo it to function–> which level is it?
Base Product
Set of features that the customers expect when they buy the product.–>which level is it?
Expected Product
Includes all augmentations and transformations the product might undergo in the future. In simple language, this means that to continue to surprise and delight customers the product must be augmented –> Level?
Potential Product
It’s the Fundamental need or wants of the customer that is satisfied when they buy the product–> level?
Core benefit
Refers to any product variations, extra features, or services that help differentiate the product from its competitors –> level?
Augmented Product
What are the 4 P’s of Marketing?
- Product
- Promotion
- Place
- Price
Some competition companies face in the globalized market include:
- Import of foreign products
- Competition from emerging countries
- Global industries–> competitive advantage by operating in different markets
- Companies that operate in creativity and communication not only on manufacturing
When was the Marketing Concept first introduced?
It became popular after the WWII (50’s-60’s)
What are the Internationalisation objectives?
- New Markets and Sales
- Reduce costs
- Access to resources
- Gov Policy
- Risk reduction
INCREASE AND SUSTAIN REVENUE PROFIT
