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Marketing Test 2

Back translation
Practice where a translated word or phrase is re-translated into the original language

Balance of trade
Difference between the monetary value of a nation’s exports and imports

Bottom of the pyramid
Largest but poorest socieconomic group of people in the world

Consumer ethnocentrism
Don’t buy foreign products

Countertrade
Bartering
15-20% of world trade

Cross-cultural analysis
Study of similarities and differences among consumers in two or more nations

Cultural symbols
Things that represent ideas and concepts

Direct investment
Domestic firm investing in and owning a foreign subsidiary division

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

Foreign Corrupt Practices Act
Crime to bribe an official of a foreign gov

Global marketing strategy
Transnational firms practice standardized marketing activities when there are cultural similarities and adapting them when cultures differ

Gray market
Unauthorized channels

Microfinance
Small loans to individuals

Multidomestic marketing strategy
Firms with different product variations, brand names, and advertising programs in countries

Semiotics
Examines correspondence between symbols and their role in the assignment of meaning for people

Data mining
Extraction of hidden predictive info from large databases to find statistical links between consumer purchasing patterns and marketing actions

Primary data
Facts that are newly collected

Secondary data
Facts that have already been recorded

80/20 rule
80% of a firm’s sales are obtained from 20% of its customers

Market segmentation
Aggregating buyers into groups that:
Have common needs
Will respond similarly to a marketing action

Product repositioning
Changing the place a product occupies in a consumer’s mind relative to competitive products

New-product process
Seven stages an organization goes through to identify business opportunities and convert them to a salable good or service

New-product strategy development
Stage of the new-product process that defines the role for a new product in terms of the firm’s overall objectives

Protocol
Statement that, before product development begins, identifies:
1) well-defined target market
2) specific customers’ needs, wants, and preferences
3) what the product will be and do

Screening and evaluation
Stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort

Shopping product
Items for which the consumer compares several alternatives on criteria, such as price, quality, or style

Specialty products
Items that a consumer makes a special effort to search out and buy

Unsought products
Items that consumer does not know about, and does not initially want

8 stages in the new-product process
Strategy development (SWOT, Protocol)

Idea generation

Screening and evaluation (Get input from others)

Business analysis (Can you sell it?)

Development

Market testing (Not all products can use this)

Commercialization

Slotting fee
Payment a manufacturer makes to place a new item on shelf

Failure fee
Penalty payment a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make

Trade feedback effect
Exports lead to imports and imports lead to more exports

Trade surplus
When exports exceed its imports

Porter’s diamond on how to explain a nation’s competitive advantage
Factor conditions (Ability of a nation to turn its natural resources into an advantage)

Demand conditions

Related and supporting industries (Need world-class suppliers)

Company strategy, structure, and rivalry

International firm
Engages trade with other countries as an extension of its marketing strategy

Multinational firm
Multidomestic marketing strategy

Multidomestic marketing
They have as many different product variations, brand names, and advertising programs as the countries in which they do business with

Transnational firm
World is one marketplace

emphasizes cultural similarities across countries

5 step marketing process
Define the problem
Develop research plan
Collect relevant info
Develop findings
Take marketing actions

Constraints
Restrictions placed on potential solutions

Observational data
Watching how people behave

Mechanical methods
Data collected by a people meter

People meter
Boxes attached to certain cable boxes

Informational technology
Operating computer networks that can store and process data

Marketing input data
Relate to the effort expended to make sales

Marketing outcome data
Results of the marketing efforts

Advantages of internal data
Time saving
Low cost

Disadvantages of internal data
May be outdated
Categories might not fit quite right

Advantage of primary data
More flexible and specific

Product differentiation
Firm using different marketing mix actions, to make the product look different and better than others

Market-product grid
Framework to relate the market segments of potential buyers to products offered or potential marketing actions

One product and multiple market segments strategy
Org produces only one product or service

Books and magazines

Multiple products and multiple market segments strategy
Different products

Automobile industry

Segments of one: Mass customization strategy
Tailoring goods or services to individual customers at a high-volume scale

Build-to-order

Build-to-order
Manufacturing a product only when there is an order

Cannibalization
If segmentation and differentiation don’t work, than don’t do it

Market segementation
Aggregating prospective buyers into groups that have common needs, and will respond similarily

Product positioning
Place a product that seems to have important attributes than to others in consumers’ minds

Head-to-head positioning
Involves competing with competitors on similar product attributes in the same market

Differentiation positioning
Seeking a less-competitive, smaller market niche in which to locate a brand

Convenience products
Item purchased frequently, with minimum effort

Shopping products
Items for which consumer compares several alternatives on criteria

Product item
Specific product that has a unique brand, size, or price. Each has an SKU

Separate stock keeping unit (SKU)
Unique identification number that defines an item for ordering and inventory purchases

Product line
Group of products closely related

Product mix
Consists of all of the product lines offered by an organization

Continuous innovation
Consumers don’t need to learn new behaviors

Dynamically continuous innovation
Only minor changes in behavior are required

Discontinuous innovation
Learn entirely new consumption patterns

Product line extension
Incremental improvement of an existing product line the company already sells

Involves the least risk

Brand extension
Significant jump in innovation or tech

Established brand name on a new product in an unfamiliar market

8 protocols that need improvement
Insignificant point of difference (Most important)

Incomplete market and product protocol before development (Vague product for phantom market)

Not satisfying consumer needs

Bad timing

No economical access to buyers

Poor product quality

Poor execution of the marketing mix

Too little market attractiveness

Marketing mix
Target market:
Product, price, place, promotion

Which segment of global consumers have Adidas, Coca-Cola, and Apple capitalized?
Youth market

Arguments for protectionism
Preserves jobs
Protects a nation’ political security
Discourages dependency on other countries
Promotes domestic industries

Members of world trade account for how much of trade?
90%

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