Week 11 Flashcards
FITB: Globalization of Markets and brands: Theodore Levitt’s Article
a) Importance of ____ in globalization
b) ____ differences in national and regional preferences (fewer/greater)
c) Global corporations sell the same things ____ way (the same/different)
d) Leads to _____ of products, manufacturing, trade, and ____
a) technology
b) fewer
c) the same
d) standardization, commerce
What are some ways to segment a market? (4)
- geography
- demography
- sociocultural factors
- psychological factors
What are 3 issues to market segmentation for marketing managers?
- Differences between countries in the structure of market segments
- Existence of segments that transcend national borders
- 2 choices: one country and multiple market segments or many countries and the intermarket segment
Who am I? segment that transcend national borders
intermarket segment
Which one is true for intermarket segment?
a) views the global marketplace as a single entity
b) views the global marketplace as multiple market segments
a)
What are the 3 core applications of business analytics?
descriptive, predictive, prescriptive
T/F: in business analytics, in order to understand companies’ current products and services in the global marketplace, only big data is used.
False: both small data and big data are used
What are the 4 components of international market research?
systematic collection, recording, analysis, interpretation of data
FITB: International market research - business analytics
a) All the issues of ___ marketing research
b) Translation of questionnaires/reports into appropriate ___ ____
c) Accounting for ____ and ____ differences in data collection
a) domestic
b) foreign languages
c) cultural, environmental
T/F: For international marketing research, global companies often have an in-house department
True
T/F: Only global companies conduct international marketing research
False: Also conducted by customer-satisfaction companies and international market research firms
What are the 3 types of basic data collection for business analytics?
- Data on the country and potential market segments
- Data to forecast customer demands within specific country or world region
- Data to make marketing mix decision
Place the international market research steps in order
1. Assessing the costs and benefits of the research
2. Reporting the research findings
3. Defining the research objectives
4. Analyzing and interpreting the data
5. Determining the data sources
6. Collecting the data
3, 5, 1, 6, 4, 2
What are the 3 steps for international marketing research: objectives and data?
- Defining the research objectives
- Determining the data sources
- Assessing costs and benefits
Describe step 1 “defining the research objectives” of international marketing research - objectives and data (2)
- defining the research problem
- setting objectives for the international market research
What are the 4 types of data sources for international marketing research?
quantitative
qualitative
primary data
secondary data
Which is more costly: primary data or secondary data?
primary data
What are the 3 dimensions to product attributes?
- Product and technical standards
- Cultural differences
- Economic development
FITB: product attributes - product and technical standards
a) ____ trade agreements
b) Differing ____-_____ product standards
c) Differences in ____ standards
a) regional
b) government-mandated
c) technical
FITB: product attributes - cultural differences
a) consumer ____ vary
b) social structure, language, ____, education…
c) impact of ___
d) some evidence tastes and preferences are becoming ____
a) needs
b) religion
c) tradition
d) cosmopolitan
FITB: product attributes - economic development
a) consumer behaviour is influenced by ____ ____ of a country
b) consumers in developed countries (are/ are not) willing to sacrifice preferences for lower prices
c) Consumers in advanced countries (are/are not) willing to pay more for products with additional customized attributes
a) economic development
b) are not
c) are
See: typical distribution system
see book
What are the 4 differences between countries for distribution strategy?
retail concentration
channel length
channel exclusivity
channel quality
What are the 2 types of retail concentration system?
- concentrated retail system
- fragmented retail system
What are 2 components to consider when choosing a distribution strategy?
- relative costs and benefits
- link between channel length, final selling price, and profit margin
What are 3 barriers to international communication?
Noise levels
cultural differences
country of origin
Who am I? refers to the number of other messages competing for a potential consumer’s attention
Noise levels
FITB: noise levels
a) ___ in highly developed countries
b) ___ in developing countries
a) High
b) Lower
What are 4 examples of cultural differences?
- low context vs high context
- individualism vs collectivism
- power distance
- mono-chronic cultures vs poly-chronic cultures
What are 4 criteria to take into consideration when choosing between a push and a pull strategy?
- consumer sophistication
- channel length
- media availability
- product type
Associate every characteristic to either a push or a pull strategy:
a) For consumer goods
b) For industrial products or complex new products
c) When distribution channels are short
d) When distribution channels are long
e) When few prints or social media are available
f) When sufficient print and social media available to carry marketing message
a) Pull
b) Push
c) Push
d) Pull
e) Push
f) Pull
What are 3 arguments FOR standardized advertising?
- economic advantages
- shortage of creative talent
- global brand names
What are 2 arguments AGAINST standardized advertising?
- cultural differences
- advertising regulations
Who am I? a measure of responsiveness of demand for a product to change in price
Price elasticity of demand
FITB: Price discrimination - price elasticity of demand
a) Elasticity is greater in countries with ___ (low/high) income levels and ___ (more/less) competition
b) Inelastic demand means large change in price produces ____ (large/small) change in demand
a) low, more
b) small
What are the 4 pricing strategies?
- strategic pricing
- predatory pricing
- multipoint pricing strategy
- experience curve pricing
What are 2 regulatory influences to pricing strategies?
- antidumping regulations
- competition policy
What are 6 factors affecting the marketing mix configuration?
- local differences in culture
- economic conditions
- competitive conditions
- product and technical standards
- distribution systems
- government regulations
Give an example of questions to address the product strategy - product core
Do the customers have similar product needs across international market segments?
Give an example of questions to address the product strategy - product adoption
How is the product bought by customers in the international market segments targeted?
Give an example of questions to address the product strategy - product management
How are established products versus new products managed for customers in the international market segments?
Give an example of questions to address the product strategy - product branding
What is the perception of the product brand by customers in the international market segments?
Give an example of questions to address the distribution strategy - distribution channels
Where is the product typically bought by customers in the international market segments?
Give an example of questions to address the distribution strategy - wholesale distribution
What is the role of wholesalers for the international market segments targeted?
Give an example of questions to address the distribution strategy - retail distribution
What is the availability of different types of retail stores in the international markets for the customer segments targeted?
Give an example of questions to address the communication strategy - advertising
How is product awareness created for a product to reach customers in the international market segments targeted?
Give an example of questions to address the communication strategy - mass media
What role do various media (for example, TV, radio, newspapers, magazines, billboards) have in reaching customers in the international market segments targeted?
Give an example of questions to address the communication strategy - publicity
What role does publicity (for example, public relations) play among customers in the international market segments targeted?
Give an example of questions to address the communication strategy - social media
What role do various social media (for example, Facebook, Twitter, blogs, virtual communities), mainly focused on user-generated content, have in communicating with customers in the international market segments targeted?
Give an example of questions to address the communication strategy - sales promotion
Are rebates, coupons, and other sale offers a widespread activity to motivate customers in the international market segments targeted to buy a company’s products?
Give an example of questions to address the pricing strategy - value
Is the price of a product critical to the customer’s understanding (or perception) of the value of the product itself among customers in the international market segments?
Give an example of questions to address the pricing strategy - demand
Is the demand for the product among customers in the international market segments targeted similar to domestic demands?
Give an example of questions to address the pricing strategy - costs
Are the fixed and variable costs of the product the same when targeting customers in the international market segments (e.g., are there variable costs that change significantly when going international)?
Give an example of questions to address the pricing strategy - retail price
Are there trade tariffs, nontariff barriers, and/or other regulatory influences on price that will influence the pricing equation used to determine the retail price to customers in the international market segments?
What are 4 success factors for product development
- International marketing
- R&D
- Manufacturing
- Technological innovation
What are 3 success factors of technological innovation?
- pace of change accelerating
- shorter product life cycles
- creative destruction
FITB: Product development and R&D: Location Factor
Rate of new-product development is greatest in countries where…
a) More money is spent on ____ and ____ R&D
b) Underlying demand is ____
c) Consumers are ____
d) Competition is ____
a) basic and applied
b) strong
c) affluent
d) intense
Give 3 reasons why new-product development has a high failure rate
- Development of a technology for which demand is limited
- Failure to adequately commercialize promising technology
- Inability to manufacture a new product cost effectively
Give 4 benefits tight cross-functional integration can help ensure
- Product development projects are driven by customer needs
- New products are designed for ease of manufacture
- Development costs are kept in check
- Time to market is minimized
FITB: product development and R&D - Cross-functional teams
a) Objective: take a product development project from the initial concept development to ____ ____
b) ___-___ project manager
c) T/F: it is not necessary to have at least one member from each key function
d) physically in ___ (one/multiple) location(s) if possible
e) Clear ___ and ___
f) Processes for ____ and ____ ____
a) market introduction
b) High-power
c) False
d) one
e) plan, goals
f) communication, conflict resolution
T/F: Commercialization may require different versions of a new product to be produced for various countries
True
