Midterm Study Guide for ECU MKTG 3832 Lang
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| Decision Time at Tupperware | How to refresh the Tupperware Brand image. Utilize PR. Since the campaign launched in April 2005, Tupperware has seen a significant increase in the number of media exposures it has gotten
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| Social Profit | ??
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| Business Ethics | Basics values that guide a firm’s behavior
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| Code of Ethics | Written standards of behavior to which everyone in the organization must subscribe
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| Consumerism | A social movement that attempts to protect consumers from harmful business practices
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| The Consumer Bill of Rights | The right to be safe, be informed, be heard and choose freely
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| Ethics in the Marketing Mix | Making the product safe, pricing the product fairly, promoting the product ethically, making the product available ethically
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| Social Responsibility | Organizations engaging in activities that have a positive effect on society and promote public good like serving the environment, serving society (cause marketing) and serving the community(promoting cultural diversity)
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| Cause Marketing | Serving society
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| Cultural Diversity | Serving the community
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| World Trade | The flow of goods and services among different countries - the value of all the exports and imports of the world’s nations
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| Decision Model for Entering Foreign Markets |
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| Protectionism | A policy adopted by a government to give domestic companies an advantage.
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| Import Quotas | Limitations set by a government on the amount of product allowed to enter or leave a country
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| Embargo | A quota completely prohibiting specified goods from entering or leaving the country.
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| Tariffs | Taxes on imported goods.
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| Economic Environment: Indicators of Health | GDP: total dollar value of goods/services a country produces within its borders in a year, GNP: value of all goods/servics produced by a country’s citizens or organizations, Economic Infrastructure: Quality of country’s distribution, financial and communi
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| Economic Environment: Level of Economic Development | LDC: Least developed country. Economic base is often agricultural. Developing countries: economy shifts emphasis from agriculture to industry. Developed countries: offer wide range of opportunities for international marketers
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| Economic Environment: The Business Cycle | All economies go through periods of: prosperity, recession, recovery, depression, inflation
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| The Competitive Environment – product competition, brand competition |
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| discretionary income |
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| The Technological Environment | Technology: provides firms with important competitive advantages, profoundly affects marketing activities, can transform industries. Patent: legal document giving inventors exclusive rights to produce/sell a particular invention in that country.
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| The Political and Legal Environment: Political Influences | Retaliatory actions against American businesses sometimes occur as a result of political activity or war. Political constraints on trade are commonly imposed: economic sanctions, nationalization, expropriation
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| The Political and Legal Environment: Legal Influences | Local state, national & global laws and regs affect businesses. Purpose of American Law: to make sure businesses compete fairly with each other & to make sure businesses don’t take advantage of consumers. Human rights issues, regulatory constraints
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| The Sociocultural Environment | Demographics, Cultural Values, Norms, Customs, Mores, Conventions, Language, Ethnocentrism
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| Demographics in the Sociocultural Environment | Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation and family structure
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| Cultural Values in the Sociocultural Environment | A societies deeply held beliefs about right and wrong ways to live. Collectivist vs. individualistic cultures
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| Norms in the Sociocultural Environment | Specific rules dictating what is right or wrong, acceptable or unacceptable
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| Customs in the Sociocultural Environment | A norm handed down from the past that controls basic behaviors
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| Mores in the Sociocultural Environment | Customs with a strong moral outcome.
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| Conventions in the Sociocultural Environment | Norms regarding the conduct of everyday life
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| Language in the Sociocultural Environment | Language barrier that confronts marketers who wish to break into foreign markets that can be embarrassing or affect product labeling and usage instructions, advertising and personal selling.
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| Ethnocentrism in the Sociocultural Environment | The tendency to prefer products from one’s own culture.
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| Market Entry Strategies | From lowest to highest level of commitment, risk and control: Domestic Strategy, Exporting Strategy, Contractual Agreements (licensing, franchising), Strategic Alliances, Direct Investment
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| Export Merchants | Intermediaries a firm uses to represent it in other countries
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| Licensing Agreement | An agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for royalties.
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| Franchising | A form of licensing involving the right to adapt an entire system of doing business.
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| Strategic Alliance | Relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in the target country
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| Direct Investment | An even deeper level occurs when a firm expands internationally through ownership, usually by buying business in the host country outright. Gives freedom and control and dodges import restrictions.
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| Standardization vs. Localization | Chose a marketing mix strategy before tweaking the marketing mix (product, promotion, price, place/distribution).
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| Standardization | Offers the same products in all markets
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| Localization | Offers a customized marketing mix for each country
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| Product Decisions in Tweaking the Marketing Mix | Straight extension (market existing product in foreign market), product adaptation(modifies product for foreign market), product invention (develops new product for foreign market)
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