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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 |
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What is Protectionism? |
Shielding industry within country from foreign competition |
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What is the Rise of Economic Integration |
When countries with similar goals form trade groups. |
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What is Global Competition? |
When firms originate, produce and market products worldwide |
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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 |
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What is the difference between multidomestic and global marketing? |
Multidomestic- different strategies for different countries Global- Standard market across cultures |
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What is a global brand name? |
Brand marketed under same name in different countries |
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Economic Espionage |
illicit collection of info on competitors |
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What is the difference between values and customs? |
Values- socially preferable modes of conduct Customs- norms and expectations |
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What is an example of a cultural symbol? |
eiffel tower, thumbs up symbol |
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What are 3 economic considerations when looking at countries? |
Economic Infrastructure Consumer Income Currency Exchange Rates |
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What are the global marketing entry strategies? |
1. Exporting 2. Licensing 3. Joint Venture 4. Indirect Investment |
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Ways a Product can be sold globally? |
Product Extension- same product Product Adaption- changing to country's prefs Product Invention- new product |
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What is Dumping? |
selling product below market price to gain market share
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What is marketing research? |
Defining a marketing problem and opportunity, collecting and analyzing info, and recommending actions. |
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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 |
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What are the 2 categories of data, and the subcategories within each? |
Secondary- Internal, External Primary- Watching, Asking, Other Sources. |
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What is sampling and statistical inference? |
Sampling- selecting certain groups that represent a whole group Statistical Inference- generalize results to larger groups |
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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 |
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What is trend extrapolation? |
extending the past pattern into the future |
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What are the types of surveys? |
Buyers Intentions- if they will buy product Salesforce- asking sales force what they predict |
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What is Market Segmentation? |
grouping customers based on same needs and similar response to stimulus |
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What is the market-product grid? |
A framework to relate market segments to potential products |
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What are the the market Segmentation Methods? |
1. One Product Multiple Markets 2. Multiple Product Multiple Market 3. Segments of One: Mass Customization |
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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 |
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What are some criteria to use in forming market segments? |
simplicity, cost effectiveness, profit potential, similarity of needs, action needed to reach segment |
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What are the 6 ways to segment markets? |
Demographic Geographic Psychographic (lifestyle) Behavioral Price Benefits |
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What are the 3 ways to segment Business markets? |
Geographic Demographic Behavioral |
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What are the two Axis of the Product-Market Grid? |
Product/ product group Market Segment |
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What are the 5 criteria for selecting a target market? |
Market Size Expected Growth Competition Cost of Reaching Segment Compatibility with Org's objectives |
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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 |
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What is the difference between market and product synergies? |
Market Synergies- multiple products for one market Product Synergies- one product for multiple segments |
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What is Product Positioning? |
the place a product occupies in consumers minds |
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What are the 2 types of positioning? |
Head-to-Head Differentiation |
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What is a perceptual map? |
graph of how product is perceived by consumers |
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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 |
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What is the difference between a product, a good, and a service? |
Product- good, service or idea Good- tangible attributes Service- intangible activities |
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What are the 4 different types of consumer products? |
Convenience Shopping Specialty Unsought |
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What are the ways that consumer products differ? |
1. effort spent 2. attributes used 3. frequency of purchase |
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What are the types of business products? |
Derived Demand Components Support Products |
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What is a Derived Demand product? |
business product sales resulting from consumer sales |
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What are the 3 ways services can be delivered? |
People or Equipment Business Firm Government |
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What are the Four I's of service that distinguish it from a good? |
Intangibility Inconsistency Inseparability Inventory |
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What is Gap Analysis? |
difference between customer expectations and actual experience |
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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 |
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How do Consumers define a New Product based off of Learning needed? |
Continuous Innovation Dynamically Continuous Innovation Discontinuous Innovation |
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How long are you legally allowed to call something new? |
6 months |
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How do Businesses define new products based on risk? |
Product-line extension Brand extension radical/revolutionary innovation |
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What are the 2 organizational reasons that new products fail? |
Groupthink NIH (not invented here) |
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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 |
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What does the product Protocol do? |
defines roll of product in firms overall objectives |
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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 |
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What is customer experience management? |
managing the entire customer experience within the company |
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What is the point of the Business Analysis step in developing new products? |
specify features of product and marketing strategy needed |
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What are the 3 types of market tests? |
1. Standard 2. Controlled 3. Simulated |
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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 |