Marketing exam 6-11 Flashcards
Global Competition
Firms creating markets worldwide broadening the competitive landscape
5 trends that affect global marketing
Effective cultural symbols
Symbols that represent ideas and concepts and can evoke feelings or emotions, Great wall of China, Leaning tower of Pisa
Global marketing entry strategies
Exporting -
indirect - selling through a foreign intermediary
direct - not selling through a foreign intermediary
licensing - right to a trademark, patent, or trade secret
joint venture - foreign and local companies invest together
Direct Investment - Own a foreign subsidiary
Product adaption
Adapting your product for different cultures and countries
Movies and Market research
movies:
title testing
concept and script assessment
screenings
track studies/ social listening
5 step marketing approach
1 Define the problem
2. Develop the research plan
3 Collect relevant information
4 Develop findings
5 Take marketing actions
Primary data
Facts and figures newly collected for the project
Secondary data
Facts and figures recorded prior to the project
Pros and Cons of primary and secondary data
primary - more flexible and specific to problem but also more expensive and time consuming
secondary - Using external data outside the firm (census reports) and things such as financial statements and recorded transactions
Market research challenges
transforming data into useful data
large amounts of results and hard to analyze
Cannibalization
Stealing sales from yourself (loss in sales in one product due to a new product launch)
Different types of market segmentations
Geographic
Psychographic
Demographic
Behavorial
Market segments one product vs multiproduct
one product segment would be something like books whereas multiproduct would be something like cars
Product
A good that is purchased
