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Marketing > marketing ch.7 > Flashcards

marketing ch.7 Flashcards

1
Q

how do imports/exports affect eachother

A

more exports–>more GDP–> more imports

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2
Q

Countertrade

A

using barter rather than money for global sales. 15-20% of world uses

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3
Q

US leader in what measure

A

GDP

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4
Q

Balance of Trade

A

the difference between monetary value of exports and imports

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5
Q

Deficit

A

imports>exports

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6
Q

4 elements of Competitive Advantage

A

factor conditiosn, demand conditions, related and supporting industries, company strategy structure and rivalry

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7
Q

Factor Conditions

A

the ability to turn natural resources/edu/infurstructure into competitive advantage

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8
Q

Demand Conditions

A

the number and sophistication of domestic customer. Ex. Japan demand high quality

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9
Q

Related and Supporting industries

A

need world class suppliers to accelerate innovation

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10
Q

Company Strategy, structure and rivalry

A

conditions governing business, intensity of competition domestically.

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11
Q

Economic Espionage Act (1996)

A

theft of trade secrets by foreign entities a federal crime in US

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12
Q

4 trends influencing global market

A

Trend 1: Gradual decline of economic protectionism by individual countries.
Trend 2: Formal economic integration and free trade among nations.
Trend 3: Global competition among global companies for global customers.
Trend 4: Emergence of a networked global market space.

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13
Q

Protectionism

A

shielding industries within a country’s economy through tariffs/quotas

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14
Q

Tariffs

A

government tax on goods/services entering a country

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15
Q

Quotas

A

restriction on amount of product allowed to enter/leave

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16
Q

World Trade Organization

A

sets rules governing trade between members

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17
Q

EU

A

European Union. Eliminated barriers to free flow of goods. Adopt Euro. Universal standards/regulations across Europe

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18
Q

NAFTA

A

North American Free Trade Agreement. Limit trade barriers between Canada Mexico US

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19
Q

Asian Free Trade Agreements

A

less formal attempt at EU and NAFTA

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20
Q

Strategic Alliances

A

agreements among firms to cooperate for the purpose of achieving common goals

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21
Q

Three types of global companies

A

international multinational transnational

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22
Q

International

A

Engages in trade and marketing in diff countries as extension of marketing strategy at home. Same product, Same marketing

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23
Q

Multinational

A

Markets to each part of the world differently. Different Product variations, brand names and ad programs in different countries. (Multidomestic marketing strategy)

24
Q

Multidomestic marketing strategy

A

they have different product variations, brand names and ad programs in different countries

25
Q

Transnational

A

views world as one giant market. Capitalizes on cultural similarities

uses global marketing strategy

markets global brand

26
Q

Global Marketing Strategy

A

standardizing marketing activities where there are cultural similarities. Adapting where the differ

27
Q

Global Brand

A

marketed under same name in multiple countries using same/coordinating marketing programs

28
Q

Cross cultural Analyisis

A

study of similarities and differences among consumers in nations

29
Q

Values

A

personally or socially preferable modes of conduct or states of existence. (ex. McDonalds dosnt sell beef in india, cow sacred)

30
Q

Customs

A

what is considered normal and expected about the way people do things in a specific country

31
Q

Semiotics

A

study of symbols

32
Q

Back translation

A

translated word/phrase is re translated by a different interpreter.

33
Q

Ethnocentricity

A

belief that one’s culture is superior to another

34
Q

Consumer Ethnocentrism

A

tendency to believe that it is inappropriate/immoral to purchase foreign made products

35
Q

Developed Economy

A

Mixed economies. Private enterprises dominate with substantial public sector

36
Q

Developing Economy

A

in the process of moving from agricultural to industrial.
Two groups:
those who made the move
those who remain locked in preindustrial

37
Q

Bottom of the pyramid

A

largest, poorest socioeconomic group

38
Q

Economic Infastructure

A

a country’s communications transportation, financial and distribution systems

39
Q

Microfinance

A

practice of offering small, collateral free loans to individuals who otherwise couldnt buy product

40
Q

Currency exhchange rate

A

the price of one country’s currency in terms of another currency

41
Q

Global Market Entry Strategies (4)

A

Exporting, Licensing, Joint Venture, Direct Investment

42
Q

Exporting as entry strategy

A

Producing good in one country, selling to antoher

allows least number of changes

indirect/direct

43
Q

Indirect exporting

A

firm sells products internationally through intermediary. Least Commitment, least profit

44
Q

Direct Exporting

A

sells domesically produced good without intermediaries

45
Q

Licensing as entry strategy

A

company offer right to trademark/patent/trademark in return for a royalty/fee

low risk, capital free…less profit and control

Franchising , Contract Manufacturing and Contract Assembly

46
Q

Contract Manufacturing

A

US company contracts a foreignfirm to manufacture acocrding to spec

47
Q

Contract Assembly

A

Firm assembles parts that have been shipped

48
Q

Joint Venture as entry strategy

A

when a foreign firm and local firm invest together to create business. Share ownership.control/profit

49
Q

Direct Investment as entry strategy

A

biggest commitment- firm investing in and owning a foreign subsidiary/division

50
Q

Product Extension

A

Selling same product, new countries

51
Q

Product Adaption

A

changing product to sell it to new country

52
Q

Product Invention

A

Companies create new product for new countries

53
Q

Product Adaptation strategy-

A

adpating promotion messages

54
Q

communication adaptation strategy

A

modifying both products and promotion

55
Q

Dumping

A

When a firm sells a product in a foregin country below its domestic price or below cost. Can be illegal

56
Q

Grey Market

A

when products are sold through unauthorized channels of distribution.

Marketing (18 decks)

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