Chapter Ten International Marketing

Front 1

The __ __ __ __ involves a complex relationship between the product life cycle stage & international trade & investment.

Back 1

International Product Life Cycle: IPLC

Front 2

As products advance into the __ stage, product specification & & manufacturing process stablize.

Back 2

Maturity Stage

Front 3

At maturity, __ competition becomes intense & ___ markets emerge, promoting firms to move production abroad to beneift from lower __ costs.

Back 3

-Price
-International
-Manufacturing

Front 4

In this stage of the IPLC, products are developed and marketed in industrilized countries

Back 4

Introduction Stage

Front 5

In this stage of the IPLC, it's characterized by increasing competition and rapid product adopting by the target market.

Back 5

Growth Stage

Front 6

In this stage of the IPLC, companies move production to developing countires; begins importing to home country

Back 6

Early Maturity

Front 7

This stage in the IPLC is characterized by a slowdown in sales growth as the product is adopted by most target consumers and by the leveling or declining in profits (due to price compt.)

Back 7

Maturity Stage

Front 8

In this stage of the IPLC, products are rapidly losing ground to new technologies or product alternatives, causing a decrease in sales & Profits

Back 8

Decline Stage

Front 9

IPLC makes sense: products are produced in __ countries where they are first adopted & later available in __ countries

Back 9

-Developed
-Developing

Front 10

The complete assortment of products that a company offers to its target international consumers

Back 10

Product Mix

Front 11

All the brands the company offers in the same product category.

Back 11

Product Line

Front 12

Different product lines are used to achieve __ __ & __ goals.

Back 12

Market Share
Profitability

Front 13

The extent to which a company's different product lines are related, use the same distribution channels & have the same final consumer

Back 13

Product Consistency

Front 14

The total number of brands in the product mix
-All the brands sold by the company

Back 14

Product Length

Front 15

The total number of product lines that a company offers to its target international consumer.

Back 15

Product Width

Front 16

The number of different offerings for a particular brand.
-Companies alter their product mix by purchasing existing brands to do this.

Back 16

Product Depth

Front 17

New products are developed to:
-Maintaing a ___ advantage
-Ensure ___ & ____
-to meet the needs of the __

Back 17

-Competitive advantage
-Survival & Growth
-Market

Front 18

__/___ development is the key to a company's success & future.

Back 18

Product/Service

Front 19

Seeking ideas using different strategies as the first step in the new product development process

Back 19

Generating New Product ideas

Front 20

Eliminating product dieas that do not fit with the target consumers and/or the overall mission of the organization.

Back 20

Screening New Product ideas

Front 21

Determining how consumers will perceive and use a new product; a step in the new product development process.

Back 21

Developing & Evaluating

Front 22

Calculating projected costs such as return on investment and cash flow and determining the fixed and variable costs for the long term.

Back 22

Performing a product business analysis

Front 23

Developing product prototype and giving the product a name, a brand identity, and a marketing mix; a step in the new product development process

Back 23

Desiging & Developing the product design

Front 24

Testing new product perfromance in a limited area of a national or regional target market to estimate product performance in the respective country or region.

Back 24

Test Marketing

Front 25

Test marketing simulating purchase environments where samples of target consumers are observed in their product-related decision making processes

Back 25

Simulated Test Marketing

Front 26

Test marketing that involves offering a new product to a group of stores & evaluating the market's reaction to it.

Back 26

Controlled Test Marketing

Front 27

Inntroducing a new product to the international marke as the last step in the new product development process.

Back 27

Launching the product internationally

Front 28

The extent to which a product is new to the market in general or to a group of consumers.

Back 28

Degree of product/service newness

Front 29

A product never before offered to the market.

Back 29

New product or existing market

Front 30

A new product that the company offers to the market; the product competes with similar competitive offerings

Back 30

New product to existing companies

Front 31

A new product category offered by the company.

Back 31

New Line

Front 32

A new brand that the company offers to the market in an existing product line.

Back 32

New item in an existing product line

Front 33

The alteration of an existing company product

Back 33

Modification

Front 34

A product new to the world

Back 34

Innovation

Front 35

The creation of new industries or new standards of mgmt, manufacturing and servicing that represent fundamental changes for consumers, entailing departures from established consumption

Back 35

Radical Innovation

Front 36

Innovation that does not alter significantly consumer behavior but still entails a change in the consumption pattern.

Back 36

Dynamically continuous innovation

Front 37

Product innovation where there is no disruption in consumption patters; such innovations involve product alterations such as new flavors or new products that are improvements over the old offerings

Back 37

Continuous Innovation

Front 38

__ __ refers to the manner in qhich a product is adopted by consumers worldwide-the speed of adoption by various groups

Back 38

Product Diffusion

Front 39

New products/services must offer a __ advantage compared to the other offerings available to the market & must be __ with the needs of consumers.

Back 39

-Relative
-Compatiable

Front 40

The ability of the consumer to experience a product with minimal effort

Back 40

Trialability

Front 41

Countries where a product/service is first introduced & adopted

Back 41

Lead Countries

Front 42

Countries where a product/service is adopted after already being introduced in lead countries

Back 42

Lag Countries

Front 43

The process by which a product is adopted by consumers worldwide

Back 43

Diffusion process

Front 44

Risk takers who can afford to pay the higher purchase price charged by companies during the introduction stages of the product; they account for 2.5 percent of the total market.

Back 44

Innovators

Front 45

Consumers who purchase a product early in its product life cycle and who tend to be opinion leaders in their communities who take risks, but with greater discernment than innovators; they account for 13.5% of the total market.

Back 45

Early Adopters

Front 46

Consumers who enjoy the status of being among the first in their peer group to purchase a popular product; they account for 34% of the total market.

Back 46

Early Majority

Front 47

Individuals of limited means who are likely to adopt products only if the products are widely popular and the risk associated with buying them in minimal; they account for 34% of the total market.

Back 47

Late Majority

Front 48

Consumers who are the last to adopt new products and do so only in late maturity because they are risk averse and very conservatitive in their spending; they account for 16% of the total market.

Back 48

Laggards