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Marketing > Marketing Ch. 9-12 > Flashcards

Marketing Ch. 9-12 Flashcards

1
Q

International Marketing

A

Developing and performing marketing activities across national boundaries

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2
Q

Traditional international marketing

A

entered global marketplace incrementally as they gained knowledge about various markets and opportunities

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3
Q

Born globals

A

firms that are international from their inception, often technology-based firms, earn most of their sales outside the domestic home market. eBay, Google, and Logitech

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4
Q

Environnmental Forces in Global Markets

A

Sociocultural, economic, political/legal/regulatory, ethical/social responsibility, competitive, and technological

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5
Q

Proper environmental analysis of international markets can:

A

generate financial rewards, increase market share, heighten customer awareness of products

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6
Q

Sociocultural Forces

A

Family, religion, education, health, recreation, language, and country of origin

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7
Q

Faster acceptance of a product or service through:

A

sensitivity to and understanding of cultural differences

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8
Q

Cultural similarities lead to

A

faster acceptance of an existing product or service

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9
Q

Economic: Differences between nations-

A

standards of living, availability of credit, buying power, income distribution, national resources, and exchange rates

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10
Q

Gross domestic product (GDP)

A

the market value of a nation’s total output of goods and services for a given period; and overall measure of economic standing

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11
Q

Import tariff

A

a duty levied by a nation on goods bought outside its borders and brought into the country

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12
Q

Quota

A

a limit on the amount of goods an importing country will accept for certain product categories in a specific period of time

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13
Q

Embargo

A

a gov’t’s suspension of trade in a particular product or with a given country

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14
Q

Technological advances have

A

made international marketing easier, faster, and more affordable

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15
Q

North American Free Trade Agreement (NAFTA)

A

alliance that merges Canada, Mexico, and the US into a single market, eliminates most tariffs and trade restrictions on agricultural and manufactured products to encourage trade

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16
Q

Modes of entry into international markets (Stages)

A

Stage 1- No regular export activitiesStage 2- Export via independent reps (agents)Stage 3- Establishment of one or more sales subsidiaries internationallyStage 4- Establishment of international production/manufacturing facilities

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17
Q

Exchange controls

A

gov’t restrictions on the amount of a particular currency that can be bough or sold

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18
Q

Balance of trade

A

the difference in value between a nation’s exports and imports

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19
Q

Exporting intermediarie

A

can perform most marketing functions for minimal effort and cost

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20
Q

Export agents

A

unitebuyers and sellers and collect a commission for arranging sales

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21
Q

Export houses and export merchants

A

purchase products from different companies and then sell them abroad

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22
Q

Licensing

A

an alternative to direct investment that requires a licensee to pay commissions or royalties on sales or supplies used in manufacturing

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23
Q

Licensing is a good alternative when:

A

resources for direct investment are not available, product sold is outside the core competency of a company, a foreign country is politically unstable

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24
Q

Franchising

A

form of licensing in which a franchiser, in exchange for a financial commitment, grants a franchisee the right to market its product in accordance with the franchiser’s standards

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25
Q

The franchisee must:

A

pay an initial fee and royalties to the franchiser and adhere to all franchise standards

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26
Q

Benefits of international franchising:

A

don’t have to put up a large capital investment, revenue stream is fairly consistent because franchisees pay a fixed fee and royalties, retains control of its name and increases global penetration, franchise agreements ensure a standard of conduct and protect the franchise name

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27
Q

Joint venture:

A

partnership between a domestic firm and a foreign firm or gov’t

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28
Q

Strategic alliance:

A

partnership that is formed to create a competitive advantage on a worldwide basis

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29
Q

Direct ownership:

A

situation in which a company owns subsidiaries or other facilities overseas

30
Q

Multinational enterprise(corporation):

A

a firm that has operations or subsidiaries in many countries- may be semi-autonomous or part of a network led by HQ

31
Q

Characteristics of Online Media:Addressability-

A

ability of the marketer to identify customers before they make a purchase; facilitates relationship marketing

32
Q

Characteristics of Online Media:Interactivity-

A

ability of customers to express their needs and wants directly to the firm in response to its marketing communications; allows interaction in real time, helps maintain high-quality relationships w/ existing customers

33
Q

Characteristics of Online Media:Accessibility-

A

ability for marketers to obtain digital info

34
Q

Characteristics of Online Media:Connectivity-

A

ability for consumers to be connected with marketers/other consumers

35
Q

Characteristics of Online Media:Control-

A

customer’s ability to regulate the info they view/the rate and exposure to that info; internet is a pull medium-> users can regulate info they’re exposed to

36
Q

Consumer-generated marketing:

A

consumers publish their own thoughts, tend to trust other consumers over corporations

37
Q

Online consumers segments:

A

Creators, conversationalists, critics, collectors, joiners, spectators, inactives

38
Q

The total product includes:

A

the core product, supplemental features, and symbolic/experiential benefits

39
Q

Core product:

A

the product’s fundamental utility/main benefit

40
Q

Supplemental features:

A

provide added value- installation, delivery, training, financing

41
Q

Symbols are used to

A

make intangible products more real to the customer

42
Q

Consumer products

A

products purchased to satisfy person and family wants and needs

43
Q

Business products

A

products bout to use in a firm’s operations to resell/make other products

44
Q

Convenience products

A

inexpensive, frequently purchased items for which buyers exert minimal purchasing effort

45
Q

Shopping products

A

items for which buyers are willing to expend considerable effort in planning and making purchases

46
Q

Specialty products

A

items w/ unique characteristics that buyers are willing to expend considerable effort to obtain

47
Q

Unsought products

A

products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying, i.e. life insurance, pre-planned funeral

48
Q

Product item

A

specific version of a product that can be designated as a distinct offering among a firm’s products (whole milk)

49
Q

Product line

A

group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations (2%, skim, whole)

50
Q

Product mix

A

total group of products that an organization makes available to customers

51
Q

Width of product mix-

A

of product lines a company offers

52
Q

Depth of product mix-

A

avg # of different products in each product line

53
Q

Product life cycle:

A

intro, growth, maturity, decline

54
Q

Intro-

A

sales start @ 0, profits negative, high risk of failure

55
Q

Growth-

A

sales rise rapidly, profits peak and then start to decline

56
Q

Maturity-

A

sales curve peaks and starts to decline, and profits continue to fall

57
Q

Decline-

A

sales fall rapidly, marketers will eliminate/reposition items, cut promotion, eliminate marginal distributors, plan to phase out product

58
Q

Decline strategies-

A

harvesting products remaining value, divesting the product -> selling

59
Q

Product adoption process (Five steps):

A

awareness, interest, evaluation, trial, adoption

60
Q

Adopter categories:

A

innovators, early adopters, early majority (adopt new product just prior to avg person), late majority (adopt when necessary), laggards (last)

61
Q

Why some products fail:

A

failure to match product to needs, failure to send right message, technical/design problems, poor timing, overestimate market, ineffective promotion, insufficient distribution

62
Q

Why some products succeed:

A

provide a significant/perceivable benefit to a sizable # of customers; have a systematic and customer focused plan

63
Q

By assessing the current product mix, a marketer can

A

identify weakness and gaps which can lead to improving the product mix through line extensions and product modifications

64
Q

Line extension:

A

development of a product closely related to existing products in the line, but design specifically to meet different customer needs (less risky than new products)

65
Q

Line extensions may:

A

increase sales, take market share from competitors, target different segments

66
Q

Product modifications:

A

changing 1+ characteristics of a product, original product drops from the line (more risk)

67
Q

Quality modifications:

A

changes to a product’s dependability and durability (can increase or decrease)

68
Q

Functional modifications:

A

changes that affect a product’s versatility, effectiveness, convenience or safety (ie Tide HE)

69
Q

Aesthetic modifications:

A

changes to the sensory appeal (taste, texture, sound, smell, appearance) of a product (BIG RISK)

70
Q

Developing new products…

A

enhances a product mix and adds depth to a product line, risky and expensive

71
Q

Phases of new-product development process:

A

idea generation, screening, concept testing, business analysis, product development, test marketing, commercialization

72
Q

Gradual product intro/Roll out:

A

introducing a product in stages across geographic areas; risk- allows competitors to catch up

Marketing (2 decks)

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