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41 Cards in this Set

  • Front
  • Back
Ch. 7: Protectionism
Hinders world trade through tariffs and quotas policies of countries, raising prices and limiting supply
Ch. 7:Dumping
occurs when a firm sells a product in a foreign country below its domestic price or below its actual cost
Ch. 7: Exporting, Licensing, Joint Venture, Direct Investment
from least to most, the amount of a firms financial commitment, risk and marketing control when entering global markets
Ch. 7: Gray Market
a situation where products are sold through unauthorized channels of distribution. also called parallel importing
Ch. 8: Marketing Research
is the planning, gathering, and analysis of information in order to make more informed marketing decisions... thereby reducing risk!
Ch. 8: Five Step marketing Research process
1 Define the problem: research objectives
2 Develop the research plan: identify data needed, determine collection
3 Collect relevant information: primary vs. secondary data
4 Develop findings: analyze data, present findings
5 take marketing actions: make recommendations, implement, evaluate
Ch. 8 Exploratory Research
Hypothesis generation stage

relies largely on qualitative
techniques that attempt to give structure to a problem, to gain understanding, to generate all plausible reason for a problem
Ch. 8: Descriptive Research
Hypothesis evaluation stage

relies on more structured, defined and quantitative techniques used to narrow the possible causes by formal testing.
Ch. 8 Causal Research
Hypothesis evaluation stage

approaches rely on more structured, defined, and quantitative techniques used to narrow the possible causes by formal testing.
Ch. 8 Data
facts and figures pertinent to the problem
Ch. 8 Secondary Data
facts and figures already recorded prior to the project
Ch. 8 Primary data
facts and figures newly collected for the project
Ch. 8 internal data
data from inside the firm: financial statements, research reports, files, customer letters, sales call reports, customer lists, etc
Ch. 8 external data
data from outside the firm: Census reports, trade association studies and magazines, business periodicals, and Internet based reports
Ch. 8 observational data
data from watching people
Ch. 8 Questionnaire data
data from asking people: through interviews, phone calls, mail, online, etc
Ch. 8 Experimental data
the independent variable (usually "x")
Ch. 8 Descriptive data
the dependent variable (usually "y")
Ch. 9 Market Segmentation Steps
1 Identify market needs/benefits in terms of features, expense, quality, savings in time and convenience
2 link needs to actions: take steps to segment and target markets
3 execute marketing program actions: develop a marketing mix in terms of the 4 P's (product price place promotion)
Ch. 9 The five key steps in segmenting and targeting markets that link market needs to a firm's marketing program
1 Group potential buyers into segments
2 group products to be sold into categories
3 develop a market-product grid and estimate size of markets
4 select target markets
5 take marketing actions to reach target markets
Ch. 9 Geographic Segmentation
divided according to geographic units, such as nations, states, regions, counties, cities, or neighborhoods.
Ch. 9 Demographic segmentation
divided into categories based on demographic variables (demographics). Demographic segmentation is the most popular basis for dividing groups, primarily because consumer usage and wants or needs usually match demographic categories, but also because demographic variables are easy to measure and obtain. Age and life cycle segmentation is a form of demographic segmentation.
Ch. 9 Psychographic segmentation
divided according to social class, lifestyle, or personality characteristics. Marketers segment markets by social class for the promotion of products such as cars, clothes, home furnishings, and leisure activities.
Ch. 9 Behavior Segmentation
the division of the target market is made according to the patterns in which the people in the market live and spend their time and money. Buyers in a market will differ in their wants, resources, locations, buying attitudes, and buying practices, and any of these variables can be used to divide a market.
Ch. 9 Target market criteria
market size, expected growth, competitive position, cost of reaching segment, compatibility with organizational goals and resources
Ch. 9 Head-to-head positioning
position a product as a direct competitor to another company's product
Ch. 9 Differentiation positioning
positioning a product due to its differentiating qualities and what sets it apart from the competition
Ch. 10 Convenience goods
items that the consumer purchases frequently with minimum shopping effort
Ch. 10 Shopping goods
items for which the consumer compares several alternatives on criteria, such as price, quality, or style
Ch. 10 Specialty goods
items that a consumer makes a special effort to search out and buy
Ch. 10 Unsought goods
items that the consumer either does not know about of knows about but does not initially want
Ch. 10 Protocol
is a statement that before product development begins, identifies: a well defined target market, specific customers needs, wants and preferences and what the product will be and do
Ch. 10 SWOT analysis
comprehensive analysis of a products or businesses Strengths, Weaknesses, Opportunities, and Threats
Ch. 11. Product Life Cycle
Introduction, Growth, maturity, decline
Ch. 11 Product adopters
innovators, early adopters, early majority, late majority, laggards
Ch. 11 Branding
is a marketing decision by an organization to use a name, phrase, design or symbols, or combination of these to identify its products and distinguish them from those of competitors
Ch. 11 Brand name
is any word, device (design, shape, sound, or color) or combination of these used to distinguish a seller's goods or services

the brand name is that part of a brand that can be spoken (letters, numbers, and/ or words)

name used to distinguish one product from its competitors. it can apply to a single product, an entire product line, or even a company
Ch. 11 Trademark
a trademark identifies that a firm has legally registered its brand name (making it the trade name) so the firm has its exclusive use, thereby preventing others from using it

the term trademark covers all forms of brand (brand name, brand mark, etc) but brand name is the form most often meant when a trademark is used
Ch. 11 Valuing Brand Equity
provides a financial advantage, thus had financial value (it is an asset) and thus is measured (by many consulting firms) and tracked by management
Ch. 11 Brand Licensing
is the contractual agreement whereby one company (licensor) allows its brand names or trademarks to be used with products or services offered by another company (licensee) for a royalty or fee
Ch. 11 Product line
consists of a group of products that are closely related because they satisfy a class of needs are used together, are sold to the same customer group, are distributed through the same type of outlets, or fall within a given price range