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56 Cards in this Set

  • Front
  • Back

Five Economic Landscape Influences

1. Decline of protectionism


2. Economic integration and free trade


3. Global Competition


4. Networked Global Marketspace


5. Growing prevalence of espionage

What is Protectionism?

Shielding industry within country from foreign competition

What is the Rise of Economic Integration

When countries with similar goals form trade groups.

What is Global Competition?

When firms originate, produce and market products worldwide

What are the 3 types of Global companies and description?

1. International- trades in other countries based on home country strategy


2. Multinational- views world as place consisting of many unique parts


3. Transnational- view world as one market and emphasize similarities

What is the difference between multidomestic and global marketing?

Multidomestic- different strategies for different countries


Global- Standard market across cultures

What is a global brand name?

Brand marketed under same name in different countries

Economic Espionage

illicit collection of info on competitors

What is the difference between values and customs?

Values- socially preferable modes of conduct




Customs- norms and expectations

What is an example of a cultural symbol?

eiffel tower, thumbs up symbol

What are 3 economic considerations when looking at countries?

Economic Infrastructure


Consumer Income


Currency Exchange Rates

What are the global marketing entry strategies?

1. Exporting


2. Licensing


3. Joint Venture


4. Indirect Investment

Ways a Product can be sold globally?

Product Extension- same product


Product Adaption- changing to country's prefs


Product Invention- new product

What is Dumping?

selling product below market price to gain market share


What is marketing research?

Defining a marketing problem and opportunity, collecting and analyzing info, and recommending actions.

What are the 5 steps in the Marketing Research Plan?

1. Define the Problem


2. Develop the Research Plan


3. Collect Relevant Info


4. Develop Findings


5. Take Marketing Actions

What are the 2 categories of data, and the subcategories within each?

Secondary- Internal, External




Primary- Watching, Asking, Other Sources.

What is sampling and statistical inference?

Sampling- selecting certain groups that represent a whole group




Statistical Inference- generalize results to larger groups

What are the three types of forecasts?

Sales Forecast- prediction of sales


Direct Forecast- estimating value


Lost-horse- starting with last known value and assessing situation to make prediction

What is trend extrapolation?

extending the past pattern into the future

What are the types of surveys?

Buyers Intentions- if they will buy product


Salesforce- asking sales force what they predict

What is Market Segmentation?

grouping customers based on same needs and similar response to stimulus

What is the market-product grid?

A framework to relate market segments to potential products

What are the the market Segmentation Methods?

1. One Product Multiple Markets


2. Multiple Product Multiple Market


3. Segments of One: Mass Customization

5 Steps for Segmenting and Targeting Markets

1. Group Buyers into Segments


2. Group products into categories


3. Develop Product-Market Grid


4. Select Target Market


5. Take Marketing Actions to Reach Targets

What are some criteria to use in forming market segments?

simplicity, cost effectiveness, profit potential, similarity of needs, action needed to reach segment

What are the 6 ways to segment markets?

Demographic


Geographic


Psychographic (lifestyle)


Behavioral


Price


Benefits

What are the 3 ways to segment Business markets?

Geographic


Demographic


Behavioral

What are the two Axis of the Product-Market Grid?

Product/ product group


Market Segment

What are the 5 criteria for selecting a target market?

Market Size


Expected Growth


Competition


Cost of Reaching Segment


Compatibility with Org's objectives

What do you do in the "Take Marketing Actions" step of segmenting buyers?

Find an immediate strategy


Keep an eye on the competition


Think of future strategies

What is the difference between market and product synergies?

Market Synergies- multiple products for one market




Product Synergies- one product for multiple segments

What is Product Positioning?

the place a product occupies in consumers minds

What are the 2 types of positioning?

Head-to-Head




Differentiation

What is a perceptual map?

graph of how product is perceived by consumers

What are the steps to Repostioning?

1. identify important attributes


2. Find how they rate competing products


3. Find where product is in their mind


4. Repostion

What is the difference between a product, a good, and a service?

Product- good, service or idea


Good- tangible attributes


Service- intangible activities

What are the 4 different types of consumer products?

Convenience


Shopping


Specialty


Unsought

What are the ways that consumer products differ?

1. effort spent


2. attributes used


3. frequency of purchase

What are the types of business products?

Derived Demand


Components


Support Products

What is a Derived Demand product?

business product sales resulting from consumer sales

What are the 3 ways services can be delivered?

People or Equipment


Business Firm


Government

What are the Four I's of service that distinguish it from a good?

Intangibility


Inconsistency


Inseparability


Inventory

What is Gap Analysis?

difference between customer expectations and actual experience

What is a product class, item, line, and mix

class- industry which it belongs


item- one specific product


line- closely relate products


mixes- all lines offered by org

How do Consumers define a New Product based off of Learning needed?

Continuous Innovation


Dynamically Continuous Innovation


Discontinuous Innovation

How long are you legally allowed to call something new?

6 months

How do Businesses define new products based on risk?

Product-line extension


Brand extension


radical/revolutionary innovation

What are the 2 organizational reasons that new products fail?

Groupthink


NIH (not invented here)

What are the 7 steps in the New Product Process?

1. Strategy Development


2. Idea Generation


3. Screening and Eval


4. Business Analysis


5. Development


6. Market Testing


7. Commercialization

What does the product Protocol do?

defines roll of product in firms overall objectives

What are the 5 ways a company can obtain idea through open innovation?

1 Friends and Employees


2 Customers and Suppliers


3 Research Labs


4 Competitive Products


5. Smaller firms and universities

What is customer experience management?

managing the entire customer experience within the company

What is the point of the Business Analysis step in developing new products?

specify features of product and marketing strategy needed

What are the 3 types of market tests?

1. Standard


2. Controlled


3. Simulated

What is the difference between a standard and controlled market test?

standard- made and sold in select distribution channels




controlled- contracting test to outside service