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Having a global vision means
- -recognizing and reacting to international marketing opportunities
- - using effective global marketing strategies
- -being aware of threats from foreign competitors
External factors facing global markets
- - economic and technological development
- - political structure
- - demographic makeup
- - natural resources
the common set of values shared by its citizens that determine what is socially acceptable
a tax levied on goods entering a country
limit on the amount of product entering a country
exclusion of products from a country
Wall that does not allow product to enter the country
An agreement to stimulate international trade
Why "Go Global?"
- - earn more profits
- - leverage a unique product or technological advantage
- - Possess exclusive market information
- - Saturated domestic markets
- - excess capacity
- - Utilize "Economies of Scale"
How to enter a global market
- - export
- - licensing
- - contract manufacturing
- - joint venture
- - direct investment
Consumer decision making process
- 1. need recognition
- 2. info search
- 3. evaluate alternatives
- 4. Purchase
- 5. Postpurchase behavior
Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions
A homogeneous group of people who share elements of the overall culture as well as unique elements of their own group
a cooperative agreement between business firms
Measuring Segmentation Success
- Sustainability: Segment must be large enough to warrant a special marketing mix
- Identifiability and Measurability: must be identifiable and their size measurable
- Accessibility: Members of targeted segments must be reachable with marketing mix
- Responsiveness: Unless segment responds to a marketing mix differently, no seperate treatment is needed
Undifferentiated target strategy
A marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix
used to select one segment of a market for targeting efforts
developing a specific marketing mix to influence potential customers overall perception of a brand, product line, or organization in general.
20 percent of all customers generate 80 percent of the demand
the advantage acheived when a firm seeks to target and effectively serve a small segment of the market
difference between a business and consumer product?
- the intended use of the product
the elimination of intermediaries such as wholesalers or distributors from a marketing channel.
the quantity of a product that will be sold in the market at various prices for a specified period
A situation in which consumer demand is sensitive to changes in price.
A situation in which an increase or a decrease in price will not significantly affect demand for the product
the demand for two or more items used together in a final product
the practice of business purchasers choosing to buy from their own customers