BMGT392 Quiz#9 – Flashcards
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Marketing Mix
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The set of choices the firm offers to its targeted markets is known as the marketing mix.
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Marketing mix factors
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1) Product, 2) Place (Distribution), 3) Pricing, and 4) Promotion (Communication).
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The Globalization of Markets and Brands
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• The continuing persistence of cultural and economic differences between nations acts as a major brake on any trend toward global consumer tastes and preferences. Eg. In developed countries, consumers are willing to pay more for products that have additional features and attributes customized to their tastes and preferences.
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Understanding Market Segmentation
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• It refers to identifying distinct groups of consumers whose purchasing behavior differs from others in important ways.
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Distribution strategy (place)
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: The way a product is delivered is determined by a firm's entry strategy, trying to define the optimal channel for delivering a product to the consumer
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Retail concentration
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Can be concentrated or fragmented in different countries
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Channel length (connections - middleman)
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A channel is considered to be long when a producer sells through an important agent, a wholesaler and a retailer
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Channel exclusivity
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Channel exclusivity is one that is difficult for outsiders to access
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Channel quality
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Refers to the selling capability and skills of the retailers
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Push strategy
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Personal selling: It makes sense when distribution channels are short. Involves taking the product to the consumer
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Pull strategy
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Mostly depends on mass media. Involves engaging the consumer to seek out the product/brand
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Push or Pull strategy?
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The choice depends upon: a) Product type and consumer sophistication; b) Channel length; and 3) Media availability
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Source effect
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occur when potential consumers evaluate the product on the basis of status of image of the promotion message.
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Country of Origin effect
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The extent to which the place of manufacturing influences product evaluations.