International Mkt Test 3 (Products And Brand Decisions)

Front 1

What personal characteristics are needed by international marketing managers

Back 1

-Flexibility
-Frame of reference beyond ones own region or country
-Tolerance of cultural differences
-Guaed against self-reference criterion

Front 2

What cultural skills are needed by international marketing managers

Back 2

-Culture/culture dynamics
-Different negotiation styles
-Verbal and non verbal language
-Political and legal systems
-Trade agreements

Front 3

Why is it important to use triangulation as an advised research technique when using secondary research to make major international marketing decisions

Back 3

-all secondary data must be cross-referenced in order to control for bias
-validity and reliability of the data needs to be established
-different points of view must be taken into account

Front 4

What quality databases can be used in international market entry decisions

Back 4

U.S. government sponsored website databases
- export.gov
- u.s. trade online
- cia world factbook

Commercially sponsored databases
- eye monitor/Passport GMD
- Datamonitor 360

Front 5

Standardization (Globalization)

Back 5

Keeping components of the marketing mic the 4Ps consistent across the globe with only change of language as needed

Front 6

Adaptation (Localization)

Back 6

Changing the components of the marketing mix 4Ps for individual host country markets in order to meet the needs and preferences of the internationals market that are different than those of the domestic market

Front 7

Adaptation and standardization

Back 7

Each component of the marketing mix 4Ps needs to be examined individually and standardized or adapted as needed

The strategy chose will depend on the similarities or differences between the needs and preferences of the host country consumers and the needs and preferences of the home country consumers

Front 8

Product (alternative international marketing strategie)

Back 8

Adaptation
- adapt based on differing wants and needs between host and home country

Standardization
-identical global product around the world including that sold in home market

Front 9

Place (alternative international marketing strategie)

Back 9

Adaptation
- adapt if market infrastructure is dissimilar to home country

Standardization
-use same type of distribution channel around the world

Front 10

Price (alternative international marketing strategie)

Back 10

Adaptation
- adapt based in higher/lower GDP between the home and host country

Standardization
-sold at same price around the world based on same % of GNI per capita for each market around the world

Front 11

Promotion (alternative international marketing strategie)

Back 11

Adaptation
-adapt if there is a host country/home country differential in the need for or use of the product under consideration

Standardization
-use same promotional strategy around the world with change of language only as needed

Front 12

Basic product concepts

Back 12

A product is a good, service, or idea
- tangible attributes
- intangible attributes

Product classification
-Consumer goods
-Industrial goods

Front 13

Brands

Back 13

-bundle of images and experiences in the customers mind
- a promise made by a particular company about a particular product
-a quality certification
- differentiation between competing products
- the sum of impressions about a brand is the brand image

Front 14

Brand Equity

Back 14

-The added value that accrues to a product as a result of investments in the marketing of the brand
- an asset that represents the value created by the relationship between the brand and customer over time

Front 15

Branding strategies

Back 15

Combination or tiered branding

Co-branding

Front 16

Combination or tiered Branding

Back 16

Allows marketers to leverage a company's reputation while developing a distinctive identity for a line of products

Front 17

Co-branding

Back 17

Features two or more different company or product brands
-NutraSweet and coca cola
-intel inside

Front 18

Brand Extension

Back 18

Brand acts as an umbrella for new products

Ex. The virgin group

Front 19

Local products and brands

Back 19

-Brands/products that have achieved success in a single national market
- Represent the lifeblood of domestic companies
- Entrenched local products/brands can be a significant competitive hurdle to global companies

Front 20

Regional/International products and brands

Back 20

Offered in several markets in a particular region
-Euro Brands

Front 21

Global Products

Back 21

Meets the wants and needs of a global market and offered in all world regions

Front 22

Global brands

Back 22

Have the same name and similar images and position throughout the world

Front 23

Globalizing a Brand Name: Checklist

Back 23

1. Does the brand name make sense outside of the source country?
2. If the name suggests a country association, is the effect positive
3. Is the name available legally in many countries?
4. Does the brand compete with other brands in the portfolio?
5. Should growth be limited to the criterion of a regional brand?

Front 24

1. Does the brand name make sense outside of the source country?
2. If the name suggests a country association, is the effect positive?
3. Is the name available legally in many countries?
4. Does the brand compete with other brands in the portfolio?
5. Should growth be limited to the creation of a regional brand?

Back 24

Globalizing a Brand Name: Checklist

Front 25

Perceptions about and attitudes toward particular countries often extend to products and brands known to originate in those countries
Japan
Germany
France
Italy

Back 25

Country of Origin as brand Element

Front 26

Offering product virtually unchanged in markets outside of home country

Back 26

Standardization

Front 27

Changing elements of design, function, and packaging according to needs of different country markets.

Back 27

Adaptation

Front 28

Developing new products for the world market

Back 28

Creation

Front 29

Important for reaching mass markets in less industrialized nations and certain segments of industrialized countries
Hand-cranked radios for areas with no electricity

Back 29

Product Creation
Strategy 5

Front 30

KNOW
Continuous Innovations - least disrupting influence on established consumption patterns (ex new flavor)
Dynamically Continuous Innovations - Some disrupting influence on established consumption patterns
Discontinuous Innovations - Requires new consumption patterns and the creation of previously unknown products

Back 30

KNOW
Continuous Innovations - least disrupting influence on established consumption patterns (ex new flavor)
Dynamically Continuous Innovations - Some disrupting influence on established consumption patterns
Discontinuous Innovations - Requires new consumption patterns and the creation of previously unknown products

Front 31

What is a new product? (3)

Back 31

1. New to those who use it or buy it
2. New to the organization
3. New to a market

Front 32

Diffusion Theory; Characteristics of Innovations
5 Factors that affect the rate at which innovations are adopted include:

Back 32

1. Relative Advantages
2. Compatibility - Norm Values
3. Complexity
4. Trail ability
5. Observability

Front 33

Packaging
Consumer packaged goods refers to

Back 33

1. Products whose packaging is designed to protect or contain the product during shipping at retail, or point of use.

Front 34

Packaging

Back 34

1. Consumer packaged goods refers to
2. Eco-packaging is key because package designers must address environmental issues
3. Offers communication cues that provide consumers with a basis making a purchase decision.

Front 35

1. Provides consumers with various types of information
2. Regulations differ by country regarding various products
• Health warnings on tobacco products
• American Automobile Labeling Act clarifies the
country of origin and final assembly point
• European Union requires labels on all food products that include ingredients from genetically modified crops

Back 35

Labeling

Front 36

1. Global marketers must understand the importance of visual aesthetics
2. Aesthetic styles (degree of complexity found on a label) differs around the world

Back 36

Aesthetics

Front 37

S-T-F Framework

Back 37

Segmentation - Targeting- Positioning

Front 38

The typical way of approaching global marketing strategy is similar to the so-called S-T-P framework:

Back 38

Segmentation
Targeting
Positioning

Front 39

Market Segmentation
Represents an effort to

Back 39

Split up the total market into segments of more homogenous subgroups

Front 40

1. The selection of segments that the company should market its product to that have a significant potential to respond
2. Focus on the segments that can be reached most effectively, efficiently, and profitability

Back 40

Targeting

Front 41

1. Exactly how the company should present the product to the target markets so its perception is most advantages relative to competition.
2. (I.E.) How to differentiate the product or brand in the minds of the target market.

Back 41

Positioning

Front 42

• Locating a brand in consumers’ minds over and against competitors in terms of attributes and benefits that the brand does and does not offer
a. Attribute or benefit
b. Quality and Price
c. Use or User
d. Competition

Back 42

Positioning

Front 43

1. Identifies the brand as a symbol of a particular global culture or segment
2. High touch and high tech products

Back 43

• Global consumer culture positioning

Front 44

Associate the brands users, use occasions, or products origins with a foreign country or culture.

Back 44

Foreign consumer culture positioning

Front 45

1. Identifies with local culture positioning
2. Consumed by local people
3. Locally produced for local people
4. Used frequently for food, personal and household nondurables
5 Ex Budweiser is identified with small- town America

Back 45

Local Consumer culture positioning (Positioning Strategies)

Front 46

• Similar Segment
The target segment is the same across countries
• Different Segment
The target segment differs across countries

Back 46

Market Segmentation Cases

Front 47

• Similar Positioning
Indicates a positioning which is the same across countries
• Different Positioning
Indicates that the positioning theme is adapted across countries.

Back 47

• Product Positioning Dimensions

Front 48

• Brand and product concepts
• Local, regional, and global brands
• Attitudes toward foreign products
• Strategic alternatives
• New product issues
• Positioning Strategies

Back 48

KEY POINTS

Front 49

DONE

Back 49

DONE