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115 Cards in this Set
- Front
- Back
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Marketing
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an organizational function and a set of of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its shareholders
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Global Marketing
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focusing resources and competencies on global market opportunities and threats
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market development strategy
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seeking new customers by introducing existing products or services into new geographical markets
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diversification strategy
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a company creates new products or services and introduces them into new geographical markets
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market penetration strategy
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existing products into existing markets
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product development strategy
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existing markets with new products
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value chain
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the various activities that a company performs (e.g. R&D, manufacturing, marketing, phys. distribution, logistics) in order to create value for customers
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value equation
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value = benefits/price (money, time, effort, etc.)
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market
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people or organizations that are both able and willing to buy
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competitive advantage
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when a company succeeds in creating more value for customers than its competitors
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globalization
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integration of markets, nation-states, and technologies to reach around the world farther, faster, deeper, and cheaper
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global industry
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one in which competitive advantage can be achieved by integrating and leveraging operations on a worldwide scale
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focus
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the concentration of attention on a core or business or competence
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global marketing strategy (gms)
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blueprint for pursuing global market opportunities that addresses four issues:
1. standardization/localization 2. key marketing in a few countries or widely dispersed 3. guidelines for marketing coordination 4. scope of global market participation S/ACCP |
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global market participation
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the extent to which a company has operations in major world markets
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standardization vs. adaptation
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the extent to which each marketing mix element is standardized (i.e. executed the same way) or adapted (i.e. executed in different ways) in various country markets
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concentration of marketing activities
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the extent to which activities related to the marketing mix are performed in one or a few country locations
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coordination of marketing activities
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the extent to which marketing activities related to the marketing mix are planned and executed interdependently around the globe
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integration of competitive moves
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the extent to which a firm's competitive marketing tactics in different parts of the world are interdependent
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global localization
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a successful global marketer must have the ability to "think globally and act locally"
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ethnocentric orientation
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assuming that your home country is superior to the rest of the world
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standardized (or extension) approach
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minimal marketing mix variation in different countries
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polycentric orientation
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the opposite of ethnocentrism; management's belief/assumption that each country in which a company does business is unique
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multinational company
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the structure in which each subsidiary develops its own unique business and marketing strategies in order to succeed
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localized (adaptation) approach
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assumes products must be adapted in response to different market conditions
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regiocentric orientation
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a region becomes the relevant geographic unit; management's goal is to develop an integrated regional strategy
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geocentric orientation
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views the world as a potential market and strives to develop integrated global strategies
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global/transnational company
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a company whose management has adopted a geocentric orientation
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leverage
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some type of advantage that a company enjoys by virtue of the fact that it has experience in more than one company
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four types of leverage are:
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1. experience transfers
2. scale economies 3. resource utilization 4. global strategy ESRG |
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four types of restraining forces are:
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1. management myopia (nearsightedness)
2. organizational culture 3. national controls 4. opposition to globalization NOLO |
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nontariff barriers (NTB)
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non-monetary restrictions on cross-border trade such as the proposed "Buy American" provision in Washington's economic stimulus package, food safety rules, and other bureaucratic obstacles
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An ethnocentric orientation characterizes _____ and ____ companies. _____ companies pursue marketing opportunities outside the home market by extending various elements of the marketing mix.
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domestic and international
international |
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A polycentric worldview predominates at a _____ company, where country managers operating autonomously adapt the marketing mix.
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multinational
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When a management moves to integrate and coordinate activities on a regional basis, the decision reflects a _____ orientation.
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regiocentric
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Managers at ___ and ___ companies are geocentric in their orientation and pursue both extension and adaptation strategies in global markets.
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global and transnational
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culture
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the collective programming of the mind that distinguishes the members of one category of people from those of another
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material culture
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referred to as the physical component or physical culture and includes physical objects and artifacts created by humans such as clothing and tools
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nonmaterial culture
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aka subjective or abstract culture includes intangibles such as religion, perceptions, attitudes, beliefs, and values
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attitude
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a learned tendency to respond in a consistent way to a given object or entity, clusters of unrelated beliefs
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belief
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an organized pattern of knowledge that an individual holds to be true about the world
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value
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an enduring belief or feeling that a specific mode of conduct is personally or socially preferable to another mode of conduct
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subcultures
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smaller groups of people with their own shared subset of attitudes, beliefs, and values
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aesthetics
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an overall sense of what is beautiful and what is not beautiful, what represents good taste as opposed to tastelessness or obscenity and so on.
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visual aesthetics
aesthetic styles |
the color or shape of a product, label, or package
various degrees of complexity |
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four main areas of spoken or verbal language:
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1. syntax: rules of sentence formation
2. semantics: system of meaning 3. phonology: system of sound patterns 4. morphology: word formation SSPM |
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unspoken or nonverbal communication includes:
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gestures, touching, and other forms of silent body language that supplement spoken communication
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semiotics
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the study of signs and their meanings
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Important Communications Issues
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-Sequencing: concerns whether the discussion goes directly from point A to point B or seems to go off on tangents
-Phasing: whether certain important agenda items are discussed immediately or after the parties have taken some time to establish rapport |
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low-context culture
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- messages are explicit and specific; words carry the most communication power
-Reliance on legal paperwork -Focus on non-personal documentation of credibility |
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high-context culture
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-less information is contained in the verbal part of the message
-more information resides in the context of communication, including background, associations, societal values, and basic values of the communicators -Less emphasis on legal paperwork -Focus on personal reputation |
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power distance
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the extent to which the less powerful members of a society accept or expect power to be distributed unequally
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individualistic cultures
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each member of society is primarily concerned with his or her own interest and those of the immediate family
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collectivist cultures
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all of society's members are integrated into cohesive in-groups
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masculinity
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describes a society in which men are expected to be assertive, competitive, and concerned with material success, and women fulfill the role of nurturer and are concerned with issues such as the welfare of children
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femininity
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describes a society in which the social roles of men and women overlap, with neither gender exhibiting overly ambitious or competitive behavior
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uncertainty avoidance
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-the extent to which the members of a society are uncomfortable with unclear, ambiguous, or unstructured situations
-uncertainty avoidance cultures: aggressive, emotional, intolerant, belief of absolute truth -uncertainty acceptance cultures: more tolerant of persons whose opinion differ from their own |
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long-term orientation (LTO) v. short-term orientation
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-Assesses the sense of immediacy within a culture, whether gratification should be immediate or deferred
-society's search for virtue LTO values... -persistence:general tenacity in the pursuit of a goal -ordering relationships:status reflect the presence of societal hierarchies - observing this order: acceptance of complementary relations - thrift: manifests itself in high savings rates - sense of shame: sensitivity in social contacts PROTS To lead to economic growth: -the existence of a market -supportive political context |
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self-reference criterion (SRC)
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-the unconscious reference to one's own cultural values
To avoid this: 1. Define the problem/goal in terms of home-country culture 2. " in terms of host-country culture 3. Isolate SRC influence and examine to see how it complicates 4. Redefine the problem w/o SRC influence and solve for the host-country market situation |
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diffusion of innovation
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-framework developed by Rogers to explain the way that new products are adopted by a culture over time
-includes the five stage innovation adoption process, characteristics of innovations, and innovation adopter categories |
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adoption process
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-the mental stages through which an individual passes from the time of his or her own first knowledge of an innovation to the time of product adoption or purchase
Stages of adoption process: - awareness - interest - evaluation - trial - adoption AIETA |
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characteristics of innovations
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the factors that affect the rate at which innovations are adopted:
-relative advantage: how a new product compares with existing products or methods in the eyes of customers -compatibility: the extent to which a product is consistent with existing values and past experiences of adopters -complexity: the degree to which an innovation or new product is difficult to understand and use -divisibilty: the ability of a product to be tried and used on a limited basis without great expense -communicability: the degree to which benefits of an innovation or the value of a product may be communicate RaCCDC |
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adopter categories
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classifications of individuals within a market on the basis of their innovativeness
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interaction effect
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the process through which individuals who have adopted an innovation influence others
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Hofstede's Cultural Typology
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-Power distance
-Individualism/collectivism -Masculinity -Uncertainty avoidance -Long-term orientation |
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environmental sensitivity
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the extent to which products must be adapted to the culture-specific needs of different national markets
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Rogers' classic study on the ____ _ _____ helps explain how products are adopted over time by different ____ _____.
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diffusion of innovations, adopter categories
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The ___ ____ that consumers go through can be divided into a multi-stage hierarchy of effects.
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adoption process
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information technology (IT)
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an organization's processes for creating, storing, exchanging, using, and managing information
CSEUM |
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management information system (MIS)
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provides managers and other decision makers with a continuous flow of information about company operations
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intranet
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a private network that allows authorized company personnel or outsiders to share information electronically in a secure fashion without generating mountains of paper
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Intranets allow a company's information system to serve as a 24-hour nerve center, enabling companies to operate as ___ ___ ______(RTEs).
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real time enterprises
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electronic data interchange (EDI)
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a system that allows a company's business units to SUBMIT ORDERS, ISSUE INVOICES, AND CONDUCT BUSINESS ELECTRONICALLY with other company units as well as outside companies
OIE |
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efficient customer response (ECR)
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a joint initiative by members of a supply chain to work toward improving and optimizing aspects of the supply chain to benefit customers
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electronic point of sale (EPOS)
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data gathered by checkout scanners to help retailers identify product sales patterns and how customer preferences vary with geography
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customer relationship management (CRM)
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a philosophy that values two-way communication between company and customer
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sales force automation (SFA)
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refers to a software system that automates routine aspects of sales and marketing functions such as lead assignment, follow-up, and opportunity reporting
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data warehouses
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a database, part of a company's MIS, that is used to support management decision making
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Sources of Market Information
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-personal sources
-direct sensory perception |
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Market research
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-the project-specific, systematic gathering of data
-the activity that links the consumer, customer and public to the marketer through information |
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global market research
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-MR on a global scale; challenge is to recognize and respond to the important national differences that influence the way information can be obtained (includes cultural, linguistic, economic, political, religious, historical, and market differences)
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Process of collecting data and converting it into useful information in 8 basic steps:
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1. Information Requirement
2. Problem definition 3. Choose Unit of Analysis 4. Examine Data Availability 5. Assess Value of Research 6. Research Design 7. Data Analysis 8. Interpretation and Presentation IR, PD, UoA, DAv, VoR, RD, DA, IP |
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secondary data
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-data available in company files, the library, industry or trade journals, or online databases
-not gathered for the specific project at hand |
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primary data
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gathered through original research pertaining to the particular problem identified in step 1
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triangulation
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pinpointing the location of a third object given the known location of two objects
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latent market
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an undiscovered segment; a market in which demand would materialize if an appropriate product were made available
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incipient market
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a market that will emerge if a particular economic, demographic, political, or sociocultural trend continues
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survey research
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utilizes questionnaires designed to elicit quantitative data, qualitative responses, or both
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personal interviews
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allow research to ask "why?" and then explore answers with the respondent on a face-to-face basis
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consumer panel
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a sample of respondents whose behavior is tracked over time
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peoplemeter
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an electronic device that collects national audience data
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observation
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one or more trained observers (or mechanical device) watch and record the behavior of actual or prospective buyers
problems: -sensitivity to private issues -reactivity: the tendency of research subjects to behave differently for the simple reason that they know they are under study |
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focus group
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a trained moderator facilitates discussion of a product concept, a brand's image and personality, advertisement, social trend, or other topic with a group comprised of 6-10 people
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projective technique
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Researcher presents open-ended or ambiguous stimuli to a subject. When verbalizing a response, the subject will "project" their unconscious attitudes and biases.
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Nominal scale
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measurement used to identify a survey element
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Scalar equivalence
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two respondents in different countries with the same value for a given variable receive equivalent scores on the same survey item
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convenience sample
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a form of nonprobability sample, researchers select people who are easy to reach
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quota sample
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researcher divides the population under study into categories; a sample is then taken from each category and to make sure that enough people are chosen in each category to reflect the overall makeup of the population
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interdependence techniques
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interaction between variables
-factor analysis -cluster analysis -multidimensional scaling (MDS) |
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factor analysis
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-can be used to transform large amounts of data into manageable units
-specialized computer programs perform data reduction by "distilling out" a few meaningful factors that underlie attitudes and perceptions from a multitude of survey responses |
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cluster analysis
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grouping variables into clusters that maximize within-group similarities and between-group differences
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multidimensional scaling (MDS)
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respondent is given the task of comparing products or brands, one pair at a time, and judging them in terms of similarity
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conjoint analysis
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-helps to gain insight into the combination of features that will be most attractive to consumers
-assumed that features affect both perception and preferences |
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emic analysis
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similar to ethnography in that it attempts to study a culture from within, using its own system of meanings and values
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etic analysis
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"from the outside"; more detached perspective that is often used in comparative or multi-country studies
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_ _ _, _ _ _ _, e___ c___ r____, _ _ _, and ___ ______, are some new tools and techniques available to access and manipulate data to assist in decision making
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EDI, EPOS, efficient consumer response, CRM, and data warehouses
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The research process begins when marketers define a problem and set research objectives, including assessing whether a particular market should be classified as l____ or i____.
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latent, incipient
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Research can be conducted via s___ r____, p____ i___, c___ p___, o____, and f___ g___.
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survey research, personal interviews, consumer panels, observation, and focus groups
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International is the performance of business activities designed to p___, p___, p_____, and d____ the flow of a company’s goods and services to consumers or users in more than one nation for a profit.
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plan, price, promote, and direct
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The key to successful international marketing is a_____ to the e______ d_____ from one market to another
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adaptation, environmental differences
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SRC
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an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions.
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Ethnocentrism
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the notion that one’s own culture or company knows best how to do things
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Stages of International Marketing Involvement
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•No direct foreign marketing
•Infrequent foreign marketing •Regular foreign marketing •International marketing •Global marketing |
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Monochronic time
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–Tend to concentrate on one thing at a time
–Divide time into small units and are concerned with promptness –Most low-context cultures operate on M-Time |
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Polychronic time
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–Dominant in high-context cultures
–Characterized by the simultaneous occurrence of many things –Allows for relationships to build and context to be absorbed as parts of high-context cultures. |
