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47 Cards in this Set

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brand image
the sum of impressions of a brand
brand equity
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
- can be found on BALANCE SHEET
- warren buffet says that strong global brands have better brand equity
co-brading
feature two or more company of product brands
-nutraSweet and Coca Cola
- Laundry detergent plus febreeze
Maslows Hierarchy of Needs
physio, safety, social, esteem, self actualization
- provides framework for extending local products aborad
Perceptions
products that originate from a certain country often lead to attitudes and perceptions of that country.
identifying new product ideas
discontinuing innovation- requires new consumption patterns
dynamically continuous innovation- something influences the consumption pattern
continuous innovation- least disruptive influence on consumption patterns
-you can also do line extensions like new sizes, flavors, low fat versions
penetration pricing
setting a low price so as to penetrate the mkt quickly
- appropriate to saturate the mkt before imitation by competitor
- get your product out there the most so that people are loyal to you
target costing based on price (cost based pricing)
an analysis of internal and external costs
- the price = how much it costs to make it (internal) and then the cost of getting it there and promo (external)
Three policies for global pricing
extension/ethnocentric- per unit price is the SAME everywhere. Importer pays for shipping. Fails to respond to individual markets
Adaptation/polycehtric- allows local mngrs to set prices. Creates gray mkting, but respons to local mkt.
Geocentric- local pricing, combination ethno/poly. Sets price according to local costs, income levels, competiion, and local mkt strategy
Gray Mkt Goods
where licensed items are transferred to another country so they can be sold by UNAUTHORIZED dealers (overstock.com)
dumping
as defined by GAAT
sale of an imported item at a price lower than what they would normally sell it for in country of origin
countertrade
when payment is made other than money
-barter system is a direct exchange of goods or services
- counterpurchase (agreement to do business w/ eachother)
- offset
-compensation trading or buyback
- switch trading ( triangular)
marketing channels
exist to create utility for customers
4 types of utilities given by marketing channels
place utility- makes the location of a product convenient
time utility- product is available to the consumer when they want it
form utility- availibility of a product ready to use/eat
information utility- availability of info about the product/service
piggyback marketing
where a manufracturer sends out the product via another company's distribution channel
-products must be similar/complimentary and target same customer.
industrial product
three basic elements
- manurfacturnig sales force
- dsitributor or agent
- wholesaler
manufacturers can have their own sales force (sell to wholesalers or directly to customers) they can sell to wholesalers without their sales force, or they can use an agent or distributor to call on wholesalers or direct customers
working with channel intermediaries
select distributors- dont let them select you
look for distributors that have the capabilities of creating a good mkt, rather than have a few good contacts
treat local distributors as long term partners, not just to get into the mkt
support market entry by committing financial, intellectual capital
from the start, maintain mkt strategy
make sure distributors provide you with mkt and financial data
build links among natinal distributors at the earliest opportnity
global retailng
any activity that crosses national boundaries
types of retail stores
department stores- different departments under one roof with few peeps staffed to run each one. (Macy's)
specialty stores- offer less variety than dept stores. narrowly focused, target particular target
supermarkets- one story store, deptmentalized, offer food and non food
convenient stores- same mix as supermarekts but emphasize high turnover items. (15-20% mark up)
discount stores- low prices
full line discounter- wal marts, lotta items, limited service
warehouse clubs- segment of disount retailing
types of retail stores (starting with hypermarkets)
hypermarkets- combination of discounter, supermkt, and warehouse clubs
supercenter- wide variety of grocery/general items. half size of hypermarket (kroger)
category killers- stores that specialize in one product category
outlet store- retails that have well known names that dispose of excess inventory.
chain acquisition
acquiring a chain that exists in the country already
easiest, and culturally close (franchising)
joint venture
advisable when it is culturally close and hard to enter
franchise
appropriate for when it is easy to enter but culturally different from your own
organic growth
company uses its own resources to start its own store, or acquire just ONE site
logistics
the management process that ties all 4 keys of the activities to ensure a smoothe transaction of goods thru the supply chain
order processing
three parts :order entry, order handing (locating, assembling, and moving products into distribution), and order delivery
warehousing
store goods until the order is needed to go thru to stores
inventory mgnmnt
ensures that you dont run out of inventory but at the same you do not incur costs of having too much inventory
-radio frequency tags help ensure this
channel strategy
seeing which mode of transportation would be the most effecient for a given situation
characteristics of transportation
mode
reliability
cost
speed
accessibility
capacity
tracking
global avertising
the use of the same advertising appeals, messages, art, copt etc., in multiple country segments
- no adaptation
communication
only takes place TRULY when the meaning of a message is transferred from one to another.
four difficulties that comprise an organizations communications efforts
message may not reach recipient (too much noise)
message may reach, not understood (eh?)
message reaches, understood, but doesn't prompt action
effectiveness of message is offset by too much noise
Pattern marketing
middle ground bt 100% standarization and 100% adaptation
adverstising appeal
communication efforts that relates to the motives of the target audiene
types of advertising appeal
rational- depends on logic and speaks to audience's intellect
emotional- may tug at emotional aspects of decision making process
creative execution- the way they present the message of a ads
advertising as a pr function
PR fosters goodwill and understanding
- generates favorable publicity
companies do not pay for the publicity (especially credible)
image adverstising- enhances public perception, creates goodwill
advocacy advertising- presents the company's POV on an issue
global sales promotion
sales promotion- consumer/trade communication that is paid and has limited duration
- can have price and nonprice promotions
- builds long term awareness
sales promotions, effectiveness of
in countries with low levels of economic development= low incomes, which means they inhibit promotional tools
local perception of a promotional tools vary as well
local regulations may rule out some tools
trade structure in the reatiling industry affecst use of sales promotions
couponing
coupons acct for 70% of consumer promotional spending
types
FSI- free standing inserts (sunday paper)
In- Pack- placed inside package
On-Pack - attached to, or part of package
cross coupons- distributed with one product but promotes diff product
selling process
prospect (referrals)
preapproach (looks at clipboard)
approach (handshake, intro)
needs assessment (fitness assesment)
presentation (tour)
handle objectives (sit down)
negotiation/close (rates)
FOLLOW UP
sales force nationality
expatriates- posess high level of product knowledgem commitment to service, training for promotion, greater headquarters
host-country national
economical, superior markt knokwledge, language skills, and superior knowledge of local culture, implementation is quicker
third country nationals
cultural sensitiviy, language skills, economical, allos regional sales coverage
direct marketing (going global)
stay local, not global
not everyone is americans, treat them as such
no such things as european
pick target, focus on country, do your homework
customers need to be able to return products locally, or believe there is a service locally
billboards
fastest growing outfdoors ads in the world
other forms of media
product placement,
transit (buses, taxis)
too much ads so the clutter hinders message effectiveness