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protectionism

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the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas

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tariff

answer

a government tax on goods or services entering a country, primarily serving to raise prices on imports

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quota

answer

a restriction placed on the amount of a product allowed to enter or leave a country

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World Trade Organization

answer

institution that sets rules governing trade between its members through a panel of trade experts

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global competition

answer

exists when firms originate, produce, and market their products and services worldwide

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multidomestic marketing strategy

answer

a multinational firm's strategy of offering as many different product variations, brand names, and advertising programs as countries in which it does business

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global marketing strategy

answer

the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ

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international firm

answer

engages in trade and marketing in different countries as an extension of the marketing strategy in it's home country

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multinational firm

answer

views the world as consisting of unique parts and markets to each part differently

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transnational firm

answer

views the world as 1 market and emphasizes universal consumer needs and wants more than differences among cultures

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global brand

answer

a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs

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global consumers

answer

consumer groups living around the world who have similar or seek similar benefits from products or services

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cross cultural analysis

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the study of similarities and differences among consumers in 2 or more nations or socieites

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values

answer

a society's personality or socially preferable modes of conduct or states of existence that tend to persist over time

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customs

answer

norms and expectations about the way people do things in a specific country

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Foreign Corrupt Practices Act (1977)

answer

A law that makes it a crime for US corporations to bribe an official of a foreign government or political party to obtain or retain business

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cultural symbols

answer

things that represent ideas or concepts in a specific culture

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back translation

answer

retranslating a word or phrase back into the original language using a different interpreter to catch errors

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economic infrastructure

answer

a country's communications, transportation, financial, and distribution systems

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currency exchange rate

answer

the price of 1 country's currency expressed in terms of another country's currency

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exporting

answer

producing goods in 1 country and selling them in another country

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direct exporting

answer

when a firm sells its domestically produced goods in a foreign country without intermediaries

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indirect exporting

answer

when a firm sells its domestically produced goods in a foreign country through a an intermediary

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licensing

answer

a company offers the right to a trademark, patent, trade secret or other similarly valued item of intellectual property in return for a royalty or fee

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joint venture

answer

when a foreign company and a local firm invest together to create a local business, sharing ownership, control, and the profits of the new company

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franchising

answer

variation of licensing

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direct investment

answer

when a domestic firm actually invests in and owns a foreign subsidiary or division

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Product extension

answer

selling virtually the same product in other countries

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product adaption

answer

changing a product in some way to make it more appropriate for a country's climate or consumer preferences

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product invention

answer

companies invent a totally new product designed to satisfy common needs across countries

question

dumping

answer

when a firm sells a product in a foreign country below its domestic price or below its actual cost

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gray market

answer

a situation in which products are sold through unauthorized channels of distribution

question

marketing research

answer

the process of collecting and analyzing information in order to recommend actions

question

decision

answer

a conscious choice from among 2 or more alternatives

question

decision making

answer

the act of choosing from alternatives

question

measures of success

answer

criteria or standards used in evaluating proposed solutions to a problem

question

constraints

answer

restrictions placed on potential solutions to a problem

question

concepts

answer

ideas about products or services

question

new-product concept

answer

a picture or verbal description of a product/service the firm might offer to sell

question

methods

answer

the approaches that can be used to collect data to solve all or part of a problem

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data

answer

the facts and figures related to a problem

question

secondary data

answer

facts and figures that have already been recorded before the project at hand. Advantages are tremendous time savings because the data have already been collected and low cost, such as free or inexpensive Census reports. Disadvantages are that data may be out of date, definitions or categories might not be quite right, and if collected for another purpose, may not be specific enough.

question

primary data

answer

facts and figures that are newly collected for a project

question

syndicated panel

answer

data economically answer questions that require consistent data collection over time

question

observational data

answer

facts and figures obtained by watching, either mechanically or in person, how people behave

question

ethnographic research

answer

a specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their "natural use environment" such as their home or car

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questionnaire data

answer

facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors

question

focus groups

answer

informal sessions of 6-10 past, present, or prospective customers in which a discussion leader, or moderator asks their opinions about the firm's and its competitors products, how they use these products and special needs they have that the products don't address

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actions

answer

what managers are responsible for, it means delivering the results in clear pictures and if possible a signle page

question

sales forecast

answer

the total sales of a product that a firm expects to sell during a specified time period under specified conditions

question

Five Step Marketing Approach

answer

Define the Problem, Develop the Research plan, Collect Relevant Information, Develop Findings, Take Marketing Actions

question

Special Methods to Marketing

answer

Sampling and Statistical Inference

question

Define the Problem

answer

Set research objectives, identify possible marketing actions

question

Develop the Research Plan

answer

Specify Constraints, Identify data needed for marketing actions, determine how to collect data

question

Collect Relevant Information

answer

Obtain secondary data, Obtain primary data

question

Develop Findings

answer

Analyze the data, Present the findings

question

Take Marketing Actions

answer

Make action recommendations, Implement action recommendations, Evaluate Results

question

Internal Secondary Data

answer

Financial Statements, research reports, files, customer letters, sales call reports, and customer lists

question

External Secondary Data

answer

US Census Reports, trade association studies and magazines, business periodicals, and internet-based reports

question

Open Ended Question

answer

Allows respondents to express opinions, ideas or behaviors in their own words without being forced to choose among alternatives that have been predetermined by a marketing researcher. This information is invaluable because it captures the voice of respondents

question

Closed End or Fixed Alternative Questions

answer

Require respondents to select one or more response options from a set of predetermined choices. Examples are dichotomous questions and scales

question

Dichotomous Question

answer

The simplest form of a fixed alternative question that allows only a yes or no response

question

Semantic differential Scale

answer

Five point scale in which the opposite ends have one or two word adjectives that have opposite meanings. For example one end of the scale says tasty and the other says not tasty, and you pick which of the five spaces is closest to your personal feelings about whatever they are asking you about

question

Likert Scale

answer

A scale in which the respondent indicates the extent to which he or she agrees or disagrees with a statement

question

Panel

answer

A sample of consumers or stores from which researchers take a series of measurements.

question

Experiment

answer

Involves obtaining data by manipulating factors under tightly controlled conditions to test cause and effect. The interest is in whether changing one of the independent variables will cause the behavior of the dependent variable that is studied.

question

Independent Variable

answer

The factor in an experiment that is manipulated ( the cause). Sometimes referred to as the marketing drivers.

question

Dependent Variable

answer

The observed part of an experiment to see how it is impacted by a change in the independent variable. The ideal example is a change in the purchases.

question

Information Technology

answer

Involves operating computer networks that can store and process data. Use data collected from this to create databases called data warehouses.

question

Sensitivity Analysis

answer

Marketers use this to ask hypothetical questions to determine how hypothetical changes in product or brand drivers, the factors that influence the buying decisions of a household or organizations, can affect sales.

question

Data Mining

answer

The extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.

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Direct Forecast

answer

Estimating the value to be forecast without any intervening steps.

question

Lost Horse Forecast

answer

Involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast.

question

Survey of Buyers' Intentions Forecast

answer

Involves asking prospective customers if they are likely to buy the product during some future time period. For industrial products with few prospective buyers, this can be effective.

question

Salesforce Survey Forecast

answer

Involves asking the firm's salespeople to estimate sales during a coming period. Because these people are in contact with customers and are likely to know what customers like and dislike, there is logic to this approach. However salespeople can be unreliable forecasters--painting too rosy a picture if they are enthusiastic about anew product and too grim a forecast if their sales quota and future compensation are based on it.

question

Trend Extrapolation

answer

Using past sales data, you fit a line to the data and extend it based on an equation to attempt to predict future sales.

question

market segmentation

answer

Aggregates potential buyers into groups that have common needs and will respond similarly to a marketing action.

question

market segments

answer

The relatively homogeneous groups of prospective buyers that result from the market segmentation process.

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product differentiation

answer

The strategy of using different marketing mix activities to help consumers perceive a product as being different and better than competing products.

question

market product grid

answer

A framework relating the segments of a market to products or marketing actions of the firm.

question

criteria to use in in the forming of segments

answer

1. simplicity and cost-effectiveness of assigning potential buyers to segments 2. potential for increased profit 3. similarity of needs of potential buyers within a segment 4. difference of needs of buyers among segments 5. potential of a marketing action to reach a segment

question

usage rate

answer

The quantity consumed or the number of store visits during a specific period.

question

80/20 rule

answer

The idea that 80 percent of a firm's sales are obtained from 20 percent of its customers.

question

product positioning

answer

The place a product occupies in consumers' mind based on important features relative to competitive products.

question

product re-positioning

answer

Changing the place a product occupies in consumers' minds relative to competitive products.

question

perceptual map

answer

A means of displaying the position of products or brands in consumers' minds.

question

Product

answer

A good, service, or idea consisting of tangible and intangible features that satisfies consumers' needs and is received in exchange for money or something else of value

question

Services

answer

Intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value

question

Consumer Products

answer

Products purchased by the ultimate consumer

question

Business Products

answer

Products organizations buy that assist directly or indirectly in providing other products for rescale

question

Four I's of Service

answer

The four unique elements that distinguish services from goods: intangibility, inconsistency, inseparability, and inventory

question

Idle Production Capacity

answer

When the service provider is available but there is no demand for the service

question

Product Item

answer

A specific product that has a unique brand, size, or price

question

Product Line

answer

A group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales outlets, or prices

question

Product Mix

answer

All the product lines offered by a company

question

New-Product Process

answer

The seven stages an organization goes through to identify business opportunities and convert them into salable products or services

question

Customer Experience Management (CEM)

answer

The process of managing the entire customer experience within the company

question

product life cycle

answer

The stages a new product goes through in the marketplace: introduction, growth, maturity, and decline.

question

primary demand

answer

The desire for the product class rather than for a specific brand, since there are a few competitors with the same product.

question

selective demand

answer

The preference for a specific brand.

question

repeat purchasers

answer

People who tried the product, were satisfied, and bought again.

question

A company will follow two strategies when handling a declining product:

answer

deletion or harvesting

question

important aspects of life cycles are:

answer

(1) their length (2) the shape of their sales curves (3) the rate at which consumers adopt products

question

two measures:

answer

(1) category development index (CDI) (2) brand development index (BDI)

question

branding

answer

An organization's use of a name, phrase, design, symbol, or combination of these to identify and distinguish its products.

question

brand name

answer

Any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller's goods or services.

question

brand personality

answer

A set of human characteristics associated with a brand name.

question

brand equity

answer

The added value a brand name gives to a product beyond the functional benefits provided.

question

multiproduct branding

answer

A branding strategy in which a company uses one name for all its products in a product class.

question

subbranding

answer

Combines a corporate or family brand with a new brand, to distinguish a part of its product line from others.

question

brand extension

answer

The practice of using a current brand name to enter a different product class.

question

multibranding

answer

A branding strategy that involves giving each product a distinct name.

question

package and label designers face four challenges:

answer

(1) the continuing need to connect with customers (2) environmental concerns (3) health, safety, and security issues (4) cost reduction

question

seven Ps of services marketing

answer

Expanding the four Ps framework to include people, physical environment, and process.

question

price plays two essential roles:

answer

(1) to affect consumer perceptions (2) to be used in capacity management

question

off-peak pricing

answer

Charging different prices during different times of the day or days of the week to reflect variations in demand for the service.

"Marketing The Core Chapters 6-10" – Flashcards

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