Mark Quiz

Front 1

​Google's "Innovation​ Time-Off" and​ 3M's "Dreamdays"​ programs, in which employees are granted time away from their regular duties in order to develop new​ innovations, are examples of a concept known as​ ________.

Back 1

Intrapreneurship

Front 2

​Samsung's "Open​ Innovation" program connects the firm with a broad array of outside collaborators and entrepreneurs to develop new products and technologies. Through the​ program, Samsung creates alliances with top industry and university researchers around the​ world, participates actively in​ industry-wide forums, and seeks out and invests in promising startup companies.​Samsung's program is an example of the concept of​ ________.

Back 2

Crowdsourcing

Front 3

​________ calls for testing new product concepts to groups of target consumers.

Back 3

Concept Testing

Front 4

Whereas a product idea is an idea for a possible product that the company can see itself offering to the​ market, a​ ________ is a detailed version of the idea stated in meaningful consumer terms.

Back 4

Product Concept

Front 5

With respect to the product life​ cycle, the​ ________ stage is a period of slowdown in sales growth because the product has achieved acceptance by most potential buyers.

Back 5

Maturity

Front 6

During the​ ________ stage of the product life​ cycle, firms often shift some advertising from simply building awareness toward building stronger brand conviction and purchase behaviors.

Back 6

Growth

Front 7

Established by the U.S. Congress in​ 1972, the​ ________ has the authority to ban or seize potentially harmful products and set severe penalties for manufacturer violations of federal law.

Back 7

Consumer Products Safety Commission

Front 8

As a result of growing litigation and increased product liability​ insurance, some companies are now appointing​ ________, whose job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

Back 8

Product Stewards

Front 9

​________ is the only element in the marketing mix that produces revenue.

Back 9

Price

Front 10

​________ is typically considered the most flexible of the marketing mix elements.

Back 10

Price

Front 11

Even as frugal consumer spending habits linger in the wake of the​ recession, some movie theater chains are adding​ amenities, such as upgraded leather seating and​ seat-side service, and charging more for tickets rather than cutting services to maintain a lower admission price. This example illustrates the concept of​ ________ pricing strategy.

Back 11

Value-added

Front 12

For companies such as Walmart or Southwest​ Airlines, which have worked hard to position themselves as the​ low-cost producers in their​ industries, it makes great sense to set prices based on the costs of​ producing, distributing, and selling the product plus a fair rate of return for the​ company's effort and risk. This approach is known as​ ________ pricing strategy.

Back 12

Cost-based

Front 13

The​ ________ shows the number of units the market will buy in a given time period at different prices that might be charged.

Back 13

Demand Curve

Front 14

The term​ ________ refers to how responsive demand will be to a change in price.

Back 14

Price Elasticity

Front 15

When a phone company releases its greatly anticipated new phone models at a premium​ price, only to discount them slowly over​time, this is an example of a​ ________ pricing strategy.

*Product quality and image must supportthe price

* lBuyers must want the product at the price *Costs of producing the product in smallvolume should not cancel the advantage of higher prices

*Competitors should not be able to enterthe market easily

Back 15

Market-Skimming

Front 16

Companies that set a low initial price in order to attract a large number of buyers quickly and win a large market share are employing a​ ________ pricing strategy.

Back 16

Market Penetration

Front 17

Combo meals at​ fast-food restaurants are an example of​ ________ pricing.

Back 17

Product Bundle

Front 18

​________ pricing is an appropriate strategy for companies that offer multiple products within a given category with varying levels of quality or functionality.

Back 18

Product Line

Front 19

Whereas a​ round-trip economy seat on a flight from New York to London might cost​ $1,000, a​ business-class seat on the same flight might cost​ $4,700 or more. This type of segmented pricing strategy is known as​ ________ pricing.

Back 19

Product Form

Front 20

A grocery store places its store brand picante​ salsa, priced at​ $2.49, directly next to bottles of national brand Pace picante​ salsa, priced at​ $3.19. In so​ doing, the store is encouraging the use of the higher priced item as a​ ________ price.

Back 20

Reference

Front 21

If a specific market segment is being lost to​ lower-priced rivals and​ price-sensitive customers are unresponsive to arguments of higher​ quality, a firm might choose to introduce a new​ ________ brand at a​ lower-price point rather than lower the price and quality perceptions of its premium quality brands.

Back 21

Fighter

Front 22

When gasoline prices rise​ rapidly, angry customers often accuse the major oil companies of​ ________, or enriching themselves at the expense of consumers.

Back 22

Price Gouging

Front 23

Federal legislation precludes sellers from talking to competitors prior to setting​ prices, an illegal practice known as​ ________.

Back 23

Price Fixing

Front 24

The​ Robinson-Patman Act seeks to prevent unfair price​ ________ by ensuring that sellers offer the same price terms to customers at a given level of trade.

Back 24

Discrimination

Front 25

​Marketers, however, have traditionally focused on the downstream side of the supply​ chain, often referred to as the​ ________ channels, that look toward the customer.

Back 25

Distribution

Front 26

Big​ food, drug, and discount​ retailers, such as​ Safeway, Walgreens, and​ Target, buy various types of candy bars by the truckload and stock it on their​ stores' shelves. In​ turn, you can buy a single Snickers bar along with a shopping cart full of other items when you visit the store. This example demonstrates how channel intermediaries contribute value by performing the​ ________ function.

Back 26

Matching

Front 27

Although channel members depend on one​ another, they often act alone in their own​ short-run best interests and might disagree on their respective roles and rewards. Such disagreements over​ goals, roles, and rewards generate​ ________.

Back 27

Conflict

Front 28

Online music download services such as iTunes and Amazon Music have pretty much put traditional​ music-store retailers out of business. This is an example of the concept of​ ________.

Back 28

Disintermediation

Front 29

Producers of convenience​ products, such as bar soap and​ candy, typically seek to employ​ ________ distribution strategies.

Back 29

Intensive

Front 30

Many producers of luxury items purposely limit the number of intermediaries handling their products in order to enhance perceptions of the premium quality of their​ goods, a practice known as​ ________.

Back 30

Exclusive Distribution

Front 31

​________ involves the processes associated with​ selecting, managing, and motivating individual channel members and evaluating their performance over time.

Back 31

Channel Management

Front 32

Most companies see their intermediaries as​ first-line customers and partners. They employ​ a(n) ________ approach to forge​long-term partnerships with channel members.

Back 32

Partner Relationship Management

Front 33

​________, also called​ "physical distribution," involves​ planning, implementing, and controlling the physical flow of​ goods, services, and related information from points of origin to points of consumption to meet customer requirements at a profit.

Back 33

Marketing Logistics

Front 34

​________ refers to processes that make it easier and more efficient for customers and resellers to​ reuse, recycle,​ refurbish, or dispose of​ broken, unwanted, or excess products.

Back 34

Reverse Logistics

Front 35

Idea Generation

Back 35

Systematic search for new product ideas

Front 36

Product Concept

Back 36

Detailed version of the new product idea stated in meaningful terms

Front 37

Commericalization

Back 37

Introducing a new product to the market

Front 38

Growth

Back 38

Period of rapid market acceptance and increasing profits

Front 39

Maturity

Back 39

Period of slowdown in sales growth because product has achieved acceptance

Front 40

Product Class

Back 40

(Gasoline powered cars)

Longest Life Cycles

Front 41

Product Form

Back 41

SUVS, VHS tapes, Film Cameras

Front 42

Product Brand

Back 42

(Ford Escape)

Front 43

Fashion

Back 43

Currently accepted or popular style in a given field

Front 44

Customer Value Based Pricing

Back 44

Setting price based on buyers perceptions rather than on the seller's cost

Front 45

Good Value Pricing

Back 45

Offering just the right combination of quality and good service at a fair price

Front 46

Value Added Pricing

Back 46

Attaching value-added features and services to differentiate a company's offers and charging higher prices

Front 47

Cost Based Pricing

Back 47

Setting prices based on the costs of producing, distributing, selling the product plus a fair rate of return for effort and risk

Front 48

Cost-Plus Pricing

Back 48

Adding a standard markup to the cost of the pricing

Front 49

Target Costing

Back 49

Pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met

Front 50

Inelastic

Back 50

If demand hardly changes with a small change in price

Front 51

Elastic

Back 51

Demand changes greatly

Front 52

Price Skimming

Back 52

Setting a high price for a new product in order to skim maximum revenues layer by layer from the segments willing to pay the high price; The company makes fewer but more profitable sales

Front 53

Product Concept

Back 53

Detailed version of product idea

Front 54

Product Image

Back 54

Ways consumers perceive product

Front 55

Market Penetration

Back 55

Setting a low price for a new product in order to attract a large # of buyers and a large market share

Front 56

Product Line Pricing

Back 56

Setting prices across an entire product line

Front 57

Captive-Product Pricing

Back 57

Pricing products that must be used with the main product (Razors, video games, printers, keurig coffee makers, and tablets

Front 58

By Product-Pricing

Back 58

Pricing low value products to get rid of or make money on them ex) coca-cola converts waste from beverage operations into profitable by products

Front 59

Segmented Pricing

Back 59

Selling a product or service at two or more prices where the difference in prices is not based on differences in costs. (Customer-Segmented is senior-citizen and student discounts while product form is like first class seating)

Front 60

FOB-Origin Pricing

Back 60

Goods are placed free on board a carrier; passenger pays freight from the factory to the destination

Front 61

Dynamic Pricing

Back 61

Adjusting prices continually to meet the characteristics and needs of individual customers and situations

Front 62

Direct Marketing Channel

Back 62

Has no intermediary levels

Front 63

Indirect Marketing Channel

Back 63

Containing one or more intermediary levels

Front 64

Acquisition

Back 64

refersto the buying of a whole company, a patent, or a license to produce someoneelse’sproduct

Front 65

Law of Duality

Back 65

In the long run, every marketbecomes a two horse race.

Front 66

High Low Pricing

Back 66

charging higher prices on an everydaybasis but running frequent promotions to lower prices temporarily on selecteditems

Front 67

Location Based Pricing

Back 67

(Out of state tuition being higher, and theater seat prices varying)

Front 68

Geographical Based Pricing

Back 68

Pricing changes for locations based on diff. parts of the country and world

Front 69

Target Return Pricing

Back 69

is the price at which the firm will breakeven or make the profit it’s seeking

Front 70

Law of the Ladder

Back 70

Thestrategy to use depends on which rung you occupy on the ladder

Front 71

Intermediaries

Back 71

offer producers greater efficiency inmaking goods available to target markets. Through their contacts, experience,specialization, and scale of operations, intermediaries usually offer the firmmore than it can achieve on its own.

Front 72

Marketing Channel

Back 72

consists of firms that have partnered fortheir common good with each member playing a specialized role

Front 73

Horizontal Conflict

Back 73

Occurs among firms at the same level

Front 74

Vertical Conflict

Back 74

Occurs at diff. levels

Front 75

Conventional Distribution Channel

Back 75

Consists of one or more independent producers, wholesalers, and retailers. Each are a separate business seeking to maximize profits perhaps at the expense of the profits of the system as a whole

Front 76

Vertical Marketing System

Back 76

Channel Structure in which producers, wholesalers, and retailers act as a unified system. One channel member owns the others, has contracts with them

Front 77

Corporate VMS

Back 77

Vertical marketing system that combines stages of production and distribution under single ownership

Front 78

Contractual VMS

Back 78

Independent firms at diff. levels of production and distribution join together through contracts

Front 79

Administered VMS

Back 79

Successive stages of production and distribution through the size and power of one of the parties

Front 80

Horizontal Marketing System

Back 80

Two or more companies at one level join together for a new marketing opportunity

Front 81

MultiChannel System

Back 81

Single firm sets up two or more marketing channels to reach one of more customer segments

Front 82

Disintermediation

Back 82

Cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types

Front 83

Exclusive Territorial Agreements

Back 83

Producer may agree not to sell to other dealers in a given area, or buyer agrees to sell only in its own territory

Front 84

Price Policy

Back 84

must fit the target market andpositioning, product and service assortment, and competition

Front 85

Self-Service Retailers

Back 85

Serve customers who are willing to perform their own locate-compare-select process to save time or money. Basis of all discount operations and used by retailers selling convenience goods like supermarkets or Target/Kohls

Front 86

Limited Service Retailers

Back 86

Provide more sales assistance because they carry more shopping goods about which customers information. Results in higher prices. (Sears and JCPenney)

Front 87

Category Killler

Back 87

Giant specialty store that carries a very deep assortment of a particular line

Front 88

Service Retailer

Back 88

Retailer whose product line is actually a service; examples include hotels, airlines, banks, colleges, and many others.

Front 89

Factory Outlet

Back 89

Off-price retailing operation that is owned and operated by a manufacturer (Gap, J.Crew, etc)

Front 90

Corporate Chains

Back 90

Two or more outlets that are commonly owned or controlled

Front 91

Showrooming

Back 91

Practice of coming to retail store showrooms to check out merchandise and prices but instead buying from an online-only rival, sometimes while in the store.

Front 92

Merchant Wholesaler

Back 92

Independently owned wholesale business that takes title to the merchandise it handles

Front 93

Drop shippers

Back 93

Do not carry inventory or handle the product

Front 94

Rack jobbers

Back 94

Serve grocery and drug retailers mostly in nonfood items

Front 95

Producer's cooperatives

Back 95

Farmer owned members that assemble farm product for sale in local markets

Front 96

Commission Merchants

Back 96

Take physical possession of products and negotiate sales

Front 97

Promotion Mix

Back 97

lspecific blend of advertising, publicrelations, personal selling, and direct-marketing tools that the company usesto persuasively communicate customer value and build customer relationshipsell_count

Front 98

Advertising

Back 98

is any paid form of non-personalpresentation and promotion of ideas, goods, or services by an identifiedsponsor

Front 99

Sales Promotion

Back 99

is the short-term incentive to encouragethe purchase or sale of a product or service

Front 100

Personal Selling

Back 100

is the personal presentation by thefirm’s sales force for the purpose of making sales and building customerrelationships

Front 101

Integrated Marketing Communications

Back 101

is the integration by the company of itscommunication channels to deliver a clear, consistent, and compelling messageabout the organization and its brands

Front 102

AIDA Model

Back 102

Get Attention

Hold Interest

Around Desire

Obtain Action

Front 103

Rational Appeal

Back 103

Relates to the audience's self-interest

Front 104

Opinion Leaders

Back 104

are people within a reference group who,because of their special skills, knowledge, personality, or othercharacteristics, exerts social influence on others

Front 105

Buzz Marketing

Back 105

involves cultivating opinion leaders andgetting them to spread information about a product or service to others intheir communities

Front 106

Atmospheres

Back 106

are designed environments that create orreinforce the buyer’s leanings toward buying a product

Front 107

NonpersonalCommunication Channels

Back 107

Events are staged occurrences thatcommunicate messages to target audienceslPress conferences

Grand openings

Exhibits

Public tours

Front 108

Percentageof salesmethod

Back 108

sets the budget at a certain percentageof current or forecasted sales or unit sales price

Front 109

Competitive-paritymethod

Back 109

sets the budget to match competitoroutlays

Front 110

Objective-and-taskmethod

Back 110

sets the budget based on what the firmwants to accomplish with promotion and includes:

Front 111

Sales Promotion

Back 111

includes coupons, contests, cents-offdeals, and premiums that attract consumer attention and offer strong incentivesto purchase, and can be used to dramatize product offers and to boost saggingsales

Front 112

Many advertisers are now introducing video ad campaigns that stretch across multiple viewing​ platforms, such as traditional television and​ digital, mobile, and social​ media, a concept known as​ ________.

Back 112

digital video ad convergence

Front 113

Due to unplanned​ ________ during the communication​ process, a receiver may end up getting a different message than the one the sender sent.

Back 113

Noise

Front 114

Under the​ ________ budgeting​ method, the company sets its promotion budget based on what it wants to accomplish with promotion. This budgeting method entails​ (1) defining specific promotion​ objectives, (2) determining the tasks needed to achieve these​ objectives, and​ (3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget.

Back 114

Objective and task

Front 115

​________ is the most effective tool at certain stages of the buying​ process, particularly in building up​ buyers' preferences,​convictions, and actions.  

Back 115

Personal Selling

Front 116

Content Marketing

Back 116

Creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels

Front 117

Push Strategy

Back 117

Calls for using sales force and trade promotion to push the product through channels. Producer promotes the product to channel members who in turn promote it to final customers

Front 118

Pull Strategy

Back 118

Calls for spending a lot on consumer advertising and promotion to induce customers to buy the product

Front 119

Advertising objectives can be classified by whether their primary purpose is to​ ________, persuade, or remind.

Back 119

Inform

Front 120

Advertising strategy consists of two major​ elements: creating advertising messages and​ ________.

Back 120

selecting advertising media

Front 121

Advertising appeals should be​ meaningful, believable, and​ ________.

Back 121

Distinctive

Front 122

An​ advertisement's ________ refers to the​ style, tone,​ words, and format employed in delivering the brand message.

Back 122

Execution

Front 123

​________ refers to all the​ mass-promotion activities designed to engage and build good relations with the​ company's various publics.

Back 123

Public Relations

Front 124

Building and maintaining national or local community relationships is part of the​ ________ function of public relations.

Back 124

Public Affairs

Front 125

Public relations professionals often utilize​ ________, such as news conferences and​ speeches, brand​ tours, sponsorships, and educational​ programs, in order to reach and interest target publics.

Back 125

Special Events

Front 126

​________ include(s) items like​ logos, stationery,​ brochures, signs, business​ forms, business​ cards, buildings,​ uniforms, and even company​ vehicles, all designed with the intent to create a strong corporate identity that the public immediately recognizes.

Back 126

Corporate Identity Materials

Front 127

Execution Style

Back 127

Approach, style, tone, words, and format used

Front 128

Madison and Vine

Back 128

Merging of advertisement and entertainment in an effort to break through the clutter and create new avenues for reaching customers with more engaging messages

Front 129

Reach

Back 129

Measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time

Front 130

Continuity

Back 130

Schedule ads evenly through given period

Front 131

Pulsing

Back 131

Scheduling ads unevenly

Front 132

Persuasive Adv

Back 132

importantwith increased competition to build selective demand

Front 133

A document that will serve as a guide andensure that everyone is working with the same understanding

Back 133

Creative Brief

Front 134

Development

Back 134

involvespublic relations with donors or members of nonprofit organizations to gainfinancial or volunteer support

Front 135

Public Relations Impact

Back 135

lLowercost than advertisingl

Strongerimpact on public awareness than advertisingl

Haspower to engage consumers and make them part of the brand story

Front 136

Advertising consists largely of​ non-personal communication with large groups of​ consumers, whereas​ ________ involves interpersonal interactions and engagement between company representatives and individual customers.

Back 136

Personal Selling

Front 137

The concept of​ ________ is based on the idea that for many​ customers, the salesperson is the companylong dash—the only tangible manifestation of the company with which they ever interact. As a​ result, strong relationships with the salesperson often translate into loyalty to the company and its products.

Back 137

Salesperson owned loyalty

Front 138

Because many industry sectors require highly specialized​ knowledge, General Electric employs different sales forces in each of its different product and service divisions. This approach to sales organization is known as a​ _______ sales force structure.

Back 138

Product

Front 139

Many software companies pair account representatives with computer engineers as well as other experts from areas such as​marketing, technical​ support, and research and development. This concept is known as​ ________.

Back 139

Team selling

Front 140

Before calling on a​ prospect, the salesperson should learn as much as possible about the organization​ (what it​ needs, who is involved in the​ buying) and its buyers​ (their characteristics and buying​ styles). This stage of the selling process is known as​________.

Back 140

Preapproach

Front 141

The first step in the selling process is​ ________, during which the salesperson identifies qualified potential customers.

Back 141

Prospecting

Front 142

Manufacturers utilize​ ________ in order to persuade retailers to carry new items and more​ inventory, promote the​ company's products, and give them more shelf space.

Back 142

Trade Promotions

Front 143

​________ include(s) a wide range of tools such as free​ samples, coupons,​ point-of-purchase displays, and sweepstakes.

Back 143

Consumer Promotions

Front 144

Seven step selling process

Back 144

1. Prospecting

2. Preapproach/Needs Assessment

3. Approach

4. Presentation

5. Questions/Objections

6. Close

7. Follow-up

Front 145

Product Sales Force Structure

Back 145

Sales force organization in which salespeople specialize in selling only a portion of the company's products

Front 146

Customer or market sales force

Back 146

Salespeople specialize in selling only to certain customers or industries

Front 147

Sales Quota

Back 147

Standard that states the amount a salesperson should sell and how sales should be divided among company's products

Front 148

Social Selling

Back 148

Using online, mobile, and social media to engage customers, build stronger relationships and augment sales performance

Front 149

Prospecting

Back 149

Step up in which a salesperson identifies potential customers

Front 150

Sales Promotion

Back 150

Short-term incentives to encourage the purchase or sale of a product or service

Front 151

Consumer Promotions

Back 151

Sales promotion tools used to boost short-term customer buying and engagement or enhance long term customer relationships

Front 152

Rebates

Back 152

Coupons except that the price reduction occurs after purchase rather than at the retail outlet

Front 153

Price packs

Back 153

Consumer savings off the regular price of a product

Front 154

Premiums

Back 154

Goods offered either free or at low cost as an incentive to buy a product

Front 155

Point of Purchase Promotions

Back 155

displays and demonstrations that take place at point of sale

Front 156

Trade Promotions

Back 156

Sales promotion tools used to persuade resellers to carry a brand, give it shelf space, and promote it in advertising

Front 157

DMA

Back 157

lAn interactive form of marketingusing one or more advertising media to effect a measurable response and/ortransaction at any location, with this activity stored in a database.

Front 158

Direct and Digital Marketing

Back 158

Engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting relationships

Front 159

Multichannel Marketing

Back 159

Marketing through stores and other traditional offline channels and through digital, social, media, and mobile channels

Front 160

​Pepsi's Mountain Dew brand supplements its​ mass-media advertising by managing several branded Web sites and using social media to engage its customer community. This example illustrates how​ _______ has been transformed by the emergence of the Internet and social technologies.

Back 160

Direct marketing

Front 161

According to the Direct Marketing Association​ (DMA), U.S. companies spent almost​ $133 billion on direct and digital marketing last year. As a​ result, direct-marketing-driven sales now account for approximately​ ________ percent of the U.S. economy.

Back 161

13

Front 162

In one simple but honest​ McDonald's video, the director of marketing at​ McDonald's Canada answers an online​ viewer's question about why​ McDonald's products look better in ads than in real life by conducting a​ behind-the-scenes tour of how a​ McDonald's ad is made. The​ award-winning 3½-minute video received almost 15 million views and​ 15,000 shares. This example illustrates the concept of​ ________.

Back 162

Viral

Front 163

When you search Google for​ "dishwashers," you are likely to see a number of inconspicuous ads for​ advertisers, including product manufacturers such as Samsung and​ Bosch, as well as​ retailers, such as​ Walmart.com, Lowe's, and Best Buy. This is an example of​________.

Back 163

Search-related Advertising

Front 164

While browsing​ sports-related content on your​ smartphone, a bright orange Gatorade G Series banner emerges across your screen. Then a​ well-known professional football player bursts through the banner before the action settles on a stationary​ click-through display ad that shows how some of the​ world's biggest sports stars use Gatorade Prime to​ pre-fuel their bodies before games. This example illustrates the use of rich media in presenting brand information via​ ________.

Back 164

Online display

Front 165

With the widespread diffusion of​ smartphones, companies today increasingly use​ ________ to stimulate immediate​ buying, make shopping easier and enriching the brand experience.

Back 165

Mobile marketing

Front 166

Marketers can now watch​ what's trending on social media and create marketing content to match. This practice is known as​________.

Back 166

Real time

Front 167

Rather than competing head to head with established​ competitors, many companies seek out unoccupied positions in uncontested market spaces. By aiming to create products and services for which there are no direct​ competitors, the goal of​ ________ is to make competition irrelevant.

Back 167

Blue-Ocean Strategy

Front 168

The​ video-rental superstore Blockbuster​ didn't go bankrupt at the hands of other traditional​ brick-and-mortar retailers. It fell victim first to unexpected competitors such as direct marketer Netflix and kiosk marketer​ Redbox, and then to a host of new digital video streaming services and technologies.​ Blockbuster's inability to recognize new sources of competition may be referred to as​________.

Back 168

Competitor Myopia

Front 169

By focusing on the needs of​ small- and​ medium-sized businesses, often overlooked by larger​ players, ByGeorge Marketing​ & PR has achieved a​ small, but highly profitable market share in its region. This approach is known as​ a(n) ________ strategy.

Back 169

Market Nicher

Front 170

Although the market leader is able to gather dominant market​ shares, researchers have found that in many cases that later challengers are able to achieve profits by closely observing what the market leader successfully does and copying or improving upon it. This approach is known as a​ ________ strategy.

Back 170

Market Follower

Front 171

In​ today's fast-paced business​ environment, it is important for companies to be​ ________, paying close attention to both customers and competitors.

Back 171

Market Oriented

Front 172

One of the negatives associated with a​ ________ strategy is that a company may end up simply matching or extending industry practices rather than seeking innovative new ways to create more value for customers.

Back 172

Competitor Centered

Front 173

Strategic Group

Back 173

Group of firms in an industry following the same or a similar strategy

Front 174

Law of Resources

Back 174

Without adequate funding, an idea won't get off the ground

Front 175

Competitive Strategies

Back 175

Overall cost leadership(low costs and large market share), differentiation, focus(focus on serving a few market segments well rather than go after the whole market), middle of the road(Don't stand out with the lowest costs, highest value, don't stand out with anything)

Front 176

Focus Strategy

Back 176

a company focuses its effort on serving few market segments well rather than going after the whole market

Front 177

Quotas

Back 177

arelimits on the amount of foreign imports a country will accept in certainproduct categories to conserve on foreign exchange and protect domesticindustry and employment

Front 178

Exchange Controls

Back 178

area limit on the amount of foreign exchange and the exchange rate against othercurrencies

Front 179

Nontariff trade barriers

Back 179

arebiases against bids or restrictive product standards that go against Americanproduct features

Front 180

Benchmarking

Back 180

Comparing company's products and processes to those of competitors or leading firms in other industries to identify ways to improve quality and performance

Front 181

Formulated Marketing

Back 181

As small companies achieve success, they move toward more formulated marketing

Front 182

Intrapreneurial Marketing

Back 182

Marketing at the local level

Front 183

Value Disciplines

Back 183

Operational Excellence, Customer Intimacy, Product Leadership

Front 184

Market Leader

Back 184

Owns the market share. To remain number one, find ways to expand total demand, protect share with good defensive and offensive actions, and can expand market share futher

Front 185

A​ country's industrial structure shapes its product and service​ needs, income​ levels, and employment levels. The industrial structure of countries experiencing rapid overall economic growth fueled largely by increased manufacturing is best described as​ ________ economy.

Back 185

An emerging

Front 186

Honda​ Motors' fundamental philosophy is​ "to build automobiles where we​ sell." This philosophy is reflected in the fact that more than​90% of all Honda vehicles sold in the U.S. are manufactured in North America. Based upon this​ example, Honda's preferred approach to foreign market entry is​ ________.

Back 186

Direct Investment

Front 187

In a​ _________ agreement, a company enters into a contract with a firm in the foreign market under which it buys the right to use the​company's manufacturing​ process, trademark,​ patent, trade​ secret, or other item of value.

Back 187

Licensing

Front 188

​McDonald's serves salmon burgers in​ Norway, mashed-potato burgers in​ China, shrimp burgers in​ Japan, a Samurai Pork Burger in​Thailand, chicken porridge in​ Malaysia, and Spam and eggs in Hawaii. This exemplifies the concept of​ ________, which involves changing the product to meet local​ requirements, conditions, or wants.

Back 188

Product Adaption

Front 189

Chinese appliance producer Haier developed sturdier washing machines for rural users in emerging​ markets, where it found that​lighter-duty machines often became clogged with mud when farmers used them to clean vegetables as well as clothes. This example illustrates a​ ________ strategy.

Back 189

Product Invention

Front 190

A firm normally gets into international marketing by simply shipping out its goods. If its international sales​ expand, the company will typically establish​ a(an) ________ with a sales manager and a few assistants.

Back 190

Export Department

Front 191

International divisions are organized in a variety of ways. Using the​ ________ approach, country managers are responsible for​salespeople, sales​ branches, distributors, and licensees in their respective countries.

Back 191

Geographical Organization

Front 192

Subsistence Economies

Back 192

Vast majority of people engage in agriculture

Front 193

Raw Material Exporting Economies

Back 193

Economies rich in one of more natural resources but poor in other ways

Front 194

Management Contracting

Back 194

Joint venture in which the domestic firm supplies management know-how to a foreign company that supplies the capital; domestic firm exports management services

Front 195

Direct Investment

Back 195

Entering a foreign market by developing foreign based assembly or manufacturing facilities

Front 196

Straight Product Extension

Back 196

Marketing a product in a foreign market without making any changes to the product