Term
In the immediate enviroment, what is the first factor that affects the consumer? |
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Definition
the firm itself, in the immediate enviroment. ex: pepsi's strengths reside in manufacturer, distribution, and promotion. |
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Term
What are the three factors affecting the immediate enviroment? |
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Definition
1) successfully leveraging company capabilities 2.) competitors and competitive intelligence 3.)Corporate partners. |
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Term
What is used to collect and synthesize information about their position with respect to their rivals? |
|
Definition
competitive intelligence. |
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Term
give an example of CI techniques used in the razor industry. |
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Definition
If schick had not paid attention to release the mach 3, it might of never introduced the quattro. |
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Term
What is the third factor that affects consumers in the immediate enviroment? |
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Definition
corporate partners. few firms operate in isolation. |
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Term
What is the just in time inventory system? |
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Definition
Inventory management systems that deliver less merchandise more frequently. the firm gets merchandise just in time to use in manufacture of sales. also known as quick response systems in retailing. |
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Term
What are macroenviromental factors? |
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Definition
aspects of the external enviroment that affects a company, such as culture, demographics, social issues, technology, economics, and political/ regulatory enviroment. |
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Term
what are the 6 factors affecting consumers in the macro enviroment? |
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Definition
1.) culture 2.) political and legal influences 3.) economic 4.) demographics 5.) social trends 6.) technology |
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Term
what is culture and country culture? |
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Definition
culture is the shared meanings, beliefs, morals, values, and customs of a group of people. country culture is the visible nuances particular to a country, such as symbols, language, and food preferences, plus more subtle aspects. |
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Term
What is the regional culture? |
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Definition
the region in which people live in a particular country affects the way they refer to a particular product category. ex: soda vs pop |
|
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Term
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Definition
indicate the characteristics of human populations and segments, especially those used to identify consumer markets. ex: gender, race, religion, etc. |
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Term
What do demographics provide? |
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Definition
an easily understood snapshot of the typical consumer in a specific target market. |
|
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Term
What is a general cohort? |
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Definition
a group of people in the same generation that have similiar purchase behaviors because they share a lot of the same experiences and are at the same stage of life. |
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Term
What are the senior cohorts? |
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Definition
America's fastest growing generational cohort. people aged 55 to 64 years. they have time to shop and money to spend. they are loyal and are willing to spend, but extremely quality conscious and demand hassle free environments. |
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Term
What are the baby boomers? |
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Definition
generational cohort of people born after world war two between 1946 and 1964. they are induvidualistic, leisure time represents a high priority, they believe they will always be able to take care of themselves, they have an obession with maintaining youth. |
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Term
What are the generation X |
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Definition
those born between 1965 and 1976- first generation of latchkey children, 50 percent of them have divorced parents. they have considerable spending power. they are astute customers, demand convenience, and dont believe advertising claims. |
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Term
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Definition
people born between 1977 and 1995. biggest cohort since the original postwar baby boom. they celebrate diversity, are optimistic, induvidualistic, irregard insitutions, and are good at technology and multitasking. |
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Term
|
Definition
not teenagers, not children. they have a lot of buying power from influencing their parents. the are known as speeders. tweens are value concious. |
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Term
How is income distributed in the united states? |
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Definition
it has grown more polarize. highest income groups are growing, and many middle and lower income groups real purchasing power is declining. broad range of incomes created marketing opportunities at both the high and low ends of the market. people look for value now because incomes grow steadily, but taxes have increased faster. |
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Term
what are some demographics that affect the consumer and how? |
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Definition
gender- marketers try to transcend gender roles and bounds. women make majority of purchasing decisions. education- they can predict purchase behavior. ex: college student vs high school grad. ethnicity- due to diversity, marketers focus on large and growing middle and minority classes. |
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Term
how do social trends impact consumers and what are some? |
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Definition
they shape consumer values, they include greener consumers, privacy concerns, and time poor society. |
|
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Term
|
Definition
strategic effort by firms to supply customers with enviormentally friendly merchandise. demand for green oriented stuff has been a boon to the firms that supply them. green adds extra value to a firms product. |
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Term
why is privacy important? |
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Definition
now more than ever peoples identities are being stolen, and the internet and technology makes it easier to take advantage of someone. |
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Term
Why is a time poor society important? |
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Definition
both parents work, and kids are busy, and leisure time has dropped. consumers have more choices about the ways they might spend their dwindling leisure hours. this means a lot of people multitask. firms want to make life easier for people. |
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Term
how have technological advances influenced consumer behavior? |
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Definition
they improve value of products and services, help supply chain mangers, help forecast better. |
|
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Term
What is an economic situation? |
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Definition
how consumers buy merchandise and spend money it marketers home country and abroad. |
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Term
What are three factors of an economic situation? |
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Definition
inflation, foreign currency fluctuations, and interest rates. |
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Term
what is the political and regulatory enviroment? |
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Definition
political parties, government, and organizations.includes sherman antitrust act, clayton act, ftc, robinson patman act, wheeler lea act, and nafta |
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Term
why is regulatory enviroment important? |
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Definition
they require manufacturers to abstain from false or misleading advertising . practices. manufacturers are required to indentify and remove any hazardous material, organizations must adhere to fair and reasonable business practices.lastly, govt enacts laws focused on specific industries. |
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Term
What is scenario planning? |
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Definition
process that integrates macroenviromental information to understand potential outcomes of different applications of the marketing mix, enables a firm to predict, monitor and adapt to the everchanging future. |
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Term
What are the five steps of scenario planning? |
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Definition
step 1- assess strengths and weaknesses step 2- assess opportunities and threats step 3- identify different scenarios step 4- apply the different marketing mix to the different scenarios. step 5- assess the profitability of each scenario. |
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|
Term
What are the three types of buying decisions consumers go through? |
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Definition
Limited problem solving, habitual buying, and extended problem solving. |
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Term
What is limited problem solving? |
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Definition
occurs when a purchase decision that calls for a moderate amount of effort. relies more on past experience than external information. example: ordering netflix compared to other movie suppliers. |
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Term
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Definition
buying decisions made by customers on the spot when they see the merchandise. ex: popcorn and soda at checkout counter. |
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Term
what is habitual decision making |
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Definition
purchase decision process in which consumers expend little concious effort. achieved by creating strong brands and loyalty.ex: ordering a latte at starbucks every day. |
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Term
what is extended problem solving? |
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Definition
purchase decision process; consumer devotes considerable time and effort to analyzing alternatives, often because of the perception that purchase risk entails. Ex: buying a car. consumers want to reduce percieved risk. |
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Term
What is the need recognition? |
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Definition
beginning of consumer decision process; consumers recognize an unsatisfied need and want to move from their needy state to desired state. needs can be classified as functional, psychological or both. |
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Term
What are functional needs, and what are psychological needs? |
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Definition
functional needs pertain to the performance of a product. ex: rugged high performance sports wear. Psychological needs are personal gratification consumers associate with a product or service. Ex: shoes from sex in the city, or a 50 dollar haircut. |
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|
Term
what are the 6 steps of the consumer decision process? |
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Definition
need recognition, information search, alternative evaluation, purchase, post purchase. |
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Term
what does the search for info ( the second step ) entail? |
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Definition
the consumer searches for various option to satisfy the need. two types: internal and external. internal is memory and knowledge. external is outside info, from family friends, etc. |
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Term
What are some factors affecting consumers search processes? |
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Definition
the percieved benefits versus percieved cost of control. the locus of control ( internal means they have some control, external means fate determines outcome) actual or percieved risk ( performance, financial, psychological) type of product or service |
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Term
what are the three types of risks? |
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Definition
performance- percieved danger, such as phone failing before a job interview financial- monetary outlay includes cost of purchase and costs of using item. psychological risks- how people feel if the product doesnt convey the right image. |
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Term
what are specialty goods and services? |
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Definition
products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort for the best suppliers. |
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|
Term
what are shopping goods and services? |
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Definition
products or services for which consumers spend time comparing alternatives, such as apparel, fragrances, and appliances. |
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Term
what are convenience goods and services? |
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Definition
those products or services that the consumer is not willing to spend any effort to evaluate prior to purchase. |
|
|
Term
|
Definition
all possible choices for a product category |
|
|
Term
|
Definition
includes brands or stores that the consumer can readily bring forth from memory |
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|
Term
|
Definition
alternative brands or stores that the consumer would consider when making a purchase decision. |
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Term
what is evaluative criteria? |
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Definition
set of salient attributes about a particular product |
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|
Term
what is determinant attributes? |
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Definition
product or service features important to the buyer and on which competing brands or stores are percieved to differ. |
|
|
Term
what are consumer decision rules? |
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Definition
criteria consumers use conciously or subconsciously to select from several alternatives efficiently. |
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Term
what are compensatory decision rule |
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Definition
evaluation process of alternatives that trades off characteristics, such that good characteristics compensate for bad ones |
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|
Term
what is a noncompensenatory decision rule? |
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Definition
when consumers choose a product or service on the basis of a subset of characteristics, regardless of the values of other attributes |
|
|
Term
what are decision hieuristics? |
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Definition
mental shortcuts that help consumers narrow choices such as price, brand, and product presentation |
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|
Term
What is ritual consumption? |
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Definition
pattern of behaviors tied to life events that affect what and how people consume. |
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|
Term
what is post purchase dissonance? |
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Definition
psychologically uncomfortable state produced by an inconsistency between beliefs and behaviors that evokes a motivation to reduce the dissonance. |
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|
Term
why are marketers parituclarly interested in postpurchase behvaior? |
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Definition
because it entails actual rather than potential customers. |
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|
Term
What are the three outcomes of positive postpurchase? |
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Definition
increased customer satifaction, decreased postpurchase dissonance, increased customer loyalty. |
|
|
Term
when is post purchase dissonance most likely to happen? |
|
Definition
for products that are expensive, infrequently purchased, and associated with high levels of risk. |
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|
Term
to reduce post purchase dissonance, what can a consumer do? |
|
Definition
cancel their order, pay attention to positive info about the product, get positive feedback from friends, seek negative info about products not selected. |
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|
Term
when a customer buys a product, what are two things that could happen? |
|
Definition
they become loyal to the brand, or they dont buy anything else, or when they have negative word of mouth. |
|
|
Term
what are the four factors that affect the consumer decision process? |
|
Definition
marketing mix, social factors, situational factors, and psychological factors. |
|
|
Term
what are the four psychological factors? |
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Definition
Learning- motives- a need or want strong enough to cause the person to seek satisfaction. attitudes- a persons's enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea. and perception |
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|
Term
what is in the pssp hierarchy of needs? |
|
Definition
bottom to top, physiological needs, safety needs, social needs, personal needs. |
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|
Term
what is the cognitive component |
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Definition
component of attitude that reflects what a person believes to be true |
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|
Term
what is the affective component of attitude? |
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Definition
describes how a person feels about an issue at hand - his or her like or dislike of something. |
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|
Term
what is the behaviorial component? |
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Definition
comprises a person's actions with regard to the issue at hand. |
|
|
Term
|
Definition
process by which people select, organize, and interpret information to form a meaningful picture of the world. |
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|
Term
|
Definition
change in a persons thought process or behavior that arises from experience and takes place throughout the consumer decision process. |
|
|
Term
what are some social factors? |
|
Definition
family, culture, and reference groups |
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|
Term
why is it important that firms f?ocus on family |
|
Definition
because many purchase decisions are made about products or services the entire family will consume or use. they hold a lot of spending power. |
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|
Term
what is a reference group? |
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Definition
persons individual uses as a basis for comparison regarding beliefs, feelings, and behaviors. |
|
|
Term
What are some situational factors? |
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Definition
purchase, temporal, shopping |
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|
Term
what are situational factors? |
|
Definition
affect the consumer decision process those specific to the situation that may override or influence psychological and social issues. |
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|
Term
what is meant by purchase situation? |
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Definition
an example would be a girl buying something from tiffany and co instead of walmart for her best friends wedding. |
|
|
Term
what is meant by shopping situation? |
|
Definition
how store atmosphere, saleslpeople, crowding, and in store demonstrations, promotions, and packaging help influence consumers to either buy or not buy a product |
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|
Term
what is meant by temporal state of mind? |
|
Definition
how mood swings, or being a morning person, can can influence consumers ideas about products. |
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|
Term
What has been the driving force for growth in global economies? |
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Definition
technology, especcially communications technology. telegraph, radio, television, and internet. |
|
|
Term
|
Definition
processes by which goods, services, capital, people, information, and ideas flow across national borders. |
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|
Term
what is globalization of production ( offshoring) |
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Definition
manufacturers procurements of goods and services from around the globe to take advantage of differences in cost and quality of various factors of production |
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|
Term
by globalizing production, what can companies do? |
|
Definition
lower their total production costs and improve their overall competitive position because they can offer high quality products at a lower price. |
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|
Term
what kind of problem does offshoring lead to? |
|
Definition
the problem of invisible beneficiaries and very visible losers. |
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|
Term
what is the general agreement of tariffs and trade? |
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Definition
organization established to lower trade barriers, such as high tariffs on goods and restrictions on products that inhibit free flow of goods across borders. |
|
|
Term
What is the international monetary fund? |
|
Definition
Established with the GATT to promote international monetary cooperation and facilitate expansion and growth of international trade. |
|
|
Term
What is the world trade organization? |
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Definition
replaced GATT in 1994, based in geneva switzerland, it is the only established organization that deals with global rules of trade among nations. |
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|
Term
what is the world bank group? |
|
Definition
development bank that provides loans, policy advice, technical assistance, and knowledge services to low and middle income countries to reduce poverty in the developing world. |
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|
Term
what is the key difference betwen the IMF and the world bank? |
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Definition
IMF focuses on maintaining the international monetary system whereas the world bank concentrate's of poverty reduction through low interest loans and other programs. |
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|
Term
what is the primary critizism of the IMF and world bank? |
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Definition
world bank is merely a puppet of western industrialized nations that use world bank loans to assist their globalization efforts. |
|
|
Term
What are the components of market assessment? |
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Definition
Infrastructure and technology, economic analysis, government actions, sociocultural analysis |
|
|
Term
|
Definition
when a country imports more goods than it exports |
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|
Term
|
Definition
when a country exports more goods than it imports. |
|
|
Term
|
Definition
market value of the goods and services produced by a country in a year. most widely used standardized measure of output |
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Term
What is gross national income? |
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Definition
GDP plus the net income earned from investments abroad (minus payments made to nonresidents who contribute to the domestic economy) |
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|
Term
what is purchasing power parity? |
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Definition
If the exchange rates of two countries are in equilibrium, products purchased in one cost the same in the other, expressed in the same currency. |
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|
Term
What is human development index? |
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Definition
composite measure of three quality-of-life indicators: life expectancy at birth, educational attainment, and whether the average incomes meet the basic needs of life in that country. |
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Term
|
Definition
from 0 to 1. countries who score lower than .5 are classified as low human development. .8 or above is high human development. |
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Term
what are less developed nations experiencing? |
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Definition
rapid population growth, while many developed countries are experiencing either zero or negative population growth. countries with highest purchasing power today may become less attractive in the future due to stagnated growth. |
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|
Term
What is an important aspect to population? |
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Definition
where and how the population is distributed. rural vs urban. |
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|
Term
How have coke and pepsi made adjustments to be able to compete in india? |
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Definition
they made a 6 oz bottle and sells it for 12 cents. |
|
|
Term
|
Definition
basic facilities, services, and installations needed for society to function, such as transportation and communication systems, water and power lines, and public institutions. |
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Term
|
Definition
Tax levied on a good imported into a country |
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Term
The four components of infrastructure are essential to a marketing system because? |
|
Definition
1.) must be a system to transport goods throughout the various markets and to consumers in geographicaly dispersed marketplaces. 2.) Distribution channels must exist to deliver products in a timely manner and reasonable cost 3.) communication systems must be developed enough to allow customers to acess info about the products and services available in the marketplace. 4.) Commericial infrastructure- legal, banking, and regulatory systems that allow markets to function. |
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Term
|
Definition
makes imported goods more expensive, and protect domestic industries from foreign competition. |
|
|
Term
|
Definition
Practice of selling a good in a foreign market at a price lower than its domestic price or cost |
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|
Term
What are 5 government actions that can be taken? |
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Definition
Quota, boycott, exchange control, trade agreement, tariff |
|
|
Term
|
Definition
Designates maximum quantity of a product that may be brought into a country during a specified time period. they benefit domestic consumers. |
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|
Term
|
Definition
A groups refusal to deal commercially with an organization to protest its policies. |
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|
Term
What is exchange control, and exchange rate? |
|
Definition
the control is the regulation of a country's currency. Exchange rate is measure of how much one currency is worth in relation another. |
|
|
Term
|
Definition
Trade between two countries, goods are trades for other goods, not hard currency. |
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Term
What are some trade agreements? |
|
Definition
EU, NAFTA, CAFTA, MERCOSUR, ASEAN |
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|
Term
What is a trade agreement? |
|
Definition
Intergovernmental agreements designed to manage and promote trade activities for specific regions |
|
|
Term
|
Definition
Countries that have signed a particular trade agreement. |
|
|
Term
What 5 dimensions to cultures differ on? |
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Definition
1.) Power distance 2.) Uncertainty avoidance 3.) Induvidualism 4.) Masculinity 5.) Time orientation |
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|
Term
What is another means of classifying a country? |
|
Definition
importance of verbal communication. Ex: in china and south korea, nonverbal cues mean more than the contract itself. |
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Term
|
Definition
Producing goods in one country and selling them in another. |
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|
Term
|
Definition
Contractual agreement between franchisor and franchisee; franchisee operates a business using a name and format developed and supported by franchisor. |
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Term
What is a strategic alliance? |
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Definition
Collaborative relationship between independent firms that do not create an equity partnership or invest in each other. Ex: star alliance has 15 airline members representing in 16 countries. each member is stakeholder, but no member is an equity owner to the others. |
|
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Term
|
Definition
Formed when a firm entering a new market pools resources with a local firm to form a new company sharing ownership, control, and profits. ex: McDonalds and Disney |
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Term
What is a direct investment? |
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Definition
Firm maintains 100 percent ownership of its plants, operation facilities, and offices in a foreign country, often through wholly owned subsidaries. requires the highest level of investment and risk. |
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Term
Why is global segmentation, targeting, and positioning more complicated than local STP for several reasons? |
|
Definition
1.) difficulty understanding culture nuances. 2.) subcultures withing each country must be considered. 3.) consumers often view products and their role as consumers differently in different countries. |
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|
Term
What are three global product or service strategies? |
|
Definition
Sell the same product or service in both the home country market and the host country. 2.) Sell a product or service similiar to that sold in home country but include minor adaptations. 3.) Sell totally new products or services |
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|
Term
Why are global pricing strategies difficult to determine? |
|
Definition
many countries have rules governing the competitive marketplace, tariffs, quotas, antidumping laws, and currency exchange policies also affect pricing decisions. |
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|
Term
What are some important things to remember about global distribution strategies? |
|
Definition
global distribution networks form complex value chains that involve middlemen, exporters, importers, and different transportation systems. they add costs and drive up the ultimate selling price. |
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|
Term
What is the major challenge in developing a global communication strategy? |
|
Definition
identifying the elements that need to be adapted to be effective in the global marketplace. Ex: literacy levels, and media variability. Different language, customs, and culture. Also the regulatory actions in the host country. |
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|
Term
What are enviromental concerns? |
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Definition
Issues related to excessive use of natural resources, manufaturing refuse, and excess trash created by consumer goods packages and products. |
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|
Term
What are global labor issues? |
|
Definition
Concerns about working conditions and wages paid to factory workers in developing countries. |
|
|
Term
What is cultural imperialism? |
|
Definition
Belief that one's own culture is superior to that of other nations, can take the form of formal policy or more subtle general attitudes. |
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|
Term
What is the first step of the segmentation process? |
|
Definition
articulate the vision or the objectives of the company's marketing strategy clearly. The strategy must be consistent with and derived from the firms mission situation- its strengths, weaknesses, opportunities and threats. |
|
|
Term
Why is segmenting difficult? |
|
Definition
Sometimes it makes sense to not segment at all, other times a firm should concentrate n one segment or go after multiple segments at once. |
|
|
Term
What is the undifferentiated segmentation strategy? |
|
Definition
Mass marketing- strategy when the produt or service is percieved to provide the same benefits uniformly. no need to develop separate strategies for different groups. |
|
|
Term
|
Definition
Segmentation- Strategy or objectives -> describe segments Targeting- Evaluate segment attractiveness -> select target market. Positioning- Identify and develop positioning strategy |
|
|
Term
What are the four segmentation strategies? |
|
Definition
Undifferentiated, differentiated, concentrated, micromarketing or one on one |
|
|
Term
What is a differentiated marketing strategy? |
|
Definition
the firm targets several market segments with a different offering for each. |
|
|
Term
what is a concentrated segmentation strategy? |
|
Definition
Marketing strategy that selects a single target market and focuses on providing a product to fit its needs. |
|
|
Term
|
Definition
extreme form of segmentation that tailors a product or service to suit an individual customer's wants or needs. |
|
|
Term
What is mass customization? |
|
Definition
Practice of interacting one-to-one with many people to create custom made products or services, providing one-to-one marketing to masses. |
|
|
Term
What is geographic segmentation? |
|
Definition
Grouping of consumers according to where they live |
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|
Term
What is demographic segmentation? |
|
Definition
grouping of consumers according to easily measured, objective characteristics such as age, gender, income or education. |
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|
Term
What is the second step in the segmentation process? |
|
Definition
describe the different segments. |
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|
Term
|
Definition
in segmentation, how consumers describe themselves according to characteristics that determine their behavior and its underlying psychological reasons. |
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|
Term
|
Definition
Goals for life, not just daily goals, a component of psychographics that refers to overriding desires that drive how a person lives his or her life. |
|
|
Term
|
Definition
Image a person has of themselves. its a component of psychographics. |
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|
Term
What is meant by lifestyles? |
|
Definition
Component of psychographics; the way a person lives his or her life to achieve goals. |
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|
Term
What is the value and lifestyles survey? |
|
Definition
psychographic tool: classifies consumers into eight segments, innovators, thinkers, believers, achievers, strivers, experiencers, makers, or survivors. |
|
|
Term
What is benefit segmentation? |
|
Definition
grouping consumers on the bases of benefits they derive from products or services. |
|
|
Term
What is geodemographic segmentation? |
|
Definition
grouping of consumers according to a combination of geographic, demographic and lifestyle characterstics. |
|
|
Term
What is the loyalty segmentation? |
|
Definition
strategy of investing in loyalty initiatives to retain the most profitable customers. |
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|
Term
What do some firms do when it comes to the segmentation process? |
|
Definition
use multiple segmentation methods. combine the advantages of each and use it to meet the needs of customers. |
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|
Term
How do firms evaluate the segment of attractivness? |
|
Definition
based on whether or not it is identifiable, substantial, reachable, responsive, and profitable. |
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|
Term
What do each of the steps to evaluate a segment mean? |
|
Definition
Identifiable- who is withing their market to be able to design products or services to meet their needs. substantial- how big is their target market, what is their buying power? reachable- the consumer must know the product exists, understand what it can do, and recognize how to buy it. responsive- customers must react similarily and positively to the firms offerings. profitable- what is the market growth, competitivness, and market access and distribution channels. |
|
|
Term
What is the formula to determine segment profitability? |
|
Definition
Segment size - segments adoption percentage - purchase behavior - profit margin percentage - fixed costs. |
|
|
Term
What does segment size, segment adoption percentage, and purchase behavior mean? |
|
Definition
segment size- number of people in the segment. Segment adoption percentage- percentage of customers in the segment who are likely to adopt the product. Purchase behavior= purchase price x number of times the customer would buy the product / service during a given period. |
|
|
Term
What is the formula for profit margin percentage? |
|
Definition
( selling price - variable costs) / selling price |
|
|
Term
what is a good way to determine profitability if two segments have the same outcome from the formula? |
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Definition
it is more accurate to determine the percentage over a lifetime of one of its typical customers. they consider factors like how long the customer will remain loyal, the defection rate, the costs of replacing lost customers, whether customers will buy more merchandise in the future, and other factors. |
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Term
What is the fourth step in the STP process? and what is a key factor likely to affect this decision? |
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Definition
selecting a target market, and the key factor is the marketers ability to pursue such an opportunity or target segment, they can use the SWOT analysis. |
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Term
What is the final step in a market segmentation strategy? |
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Definition
position. it involves a process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products. |
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Term
What are the four positioning strategies? |
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Definition
Value, Competition, symbols, salient attributes. |
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Term
what is meant by the four positioning strategies? |
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Definition
value- it is popular because the relationship of price to quality is among the most important considerations for consumers when they make a purchase decision. Salient Attributes- what product attributes are most important to the market? Symbol- nike swoosh, tony the tiger, gerber baby, etc, it distinguishes it from competition. Competition- firms can choose to position their products or services against a specific competitor or entire product line. they must be areful that they dont place their product too close to competition. |
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Term
What is a perceptual map? |
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Definition
displays the position of products or brands in the consumers mind in two or more dimensions. |
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Term
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Definition
position at which a particular market segments ideal product would lie on a perceptual map. |
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Term
What are the 5 stages of positioning stages |
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Definition
1.) determine consumers perceptions and evaluations of the product or service in relation to competitors offerings. 2.) Identify competitors positions. 3.) determine consumer preferences 4.) select the position 5.) monitor the position strategy |
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Term
What can a firm do if it doesnt like its position? |
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Definition
it can reposition itself. |
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