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MKTG Exam II
| Term | Definition |
|---|---|
| international marketing | a company starts doing business outside their home countries |
| multinational corporation | a company that does business in other countries |
| globalization market theory | a company should be able to sell the same item, the same way, all over the world |
| 5 methods of entering the global marketplace | export, licensing, contract manufacturing, strategic alliance, joint venture, direct investment |
| export | sell domestically produced products to buyers in other countries (lowest risk & return) |
| licensing (franchising) | legal process allowing use of manufacturing/patents/knowledge |
| contract manufacturing | a company that has been domestically producing, goes offshore (outsourcing) |
| strategic alliance | collaborative relationship between independent firms that do not invest in each other (airline partners between country companies) |
| joint venture | a domestic firm buys/joins a foreign company to create a new entity (sum is greater than the total of its parts) |
| direct investment | active ownership of a foreign company/manufacturing facility |
| market research | legit gathering of information so that marketer researchers are better able to help people solve their problems & meet their goals |
| market research process | define problem, create research vehicle, collect data, analyze data, prepare report, develop & implement plan |
| define the problem | why are we undertaking this project |
| create the research vehicle | what kind of research |
| primary data | information collected for the first time |
| secondary data | data previously collected for any purpose other than the one at hand |
| analyze the data | looking for trends, patterns, commonalities |
| prepare/present the report | what we were asked to do, what we did, how we did it, what we found, what we think you should do with what we found |
| develop & implement the action plan | company that asked for the report acts out the plan (follow up) |
| types of surveys | in-home/executive interviews, mail surveys, mall intercept interviews, scanner/panel, telephone interviews, focus groups |
| observations | people watching people, machines watching people, machines watching phenomena |
| product | something you get in an exchange whether tangible or intangible |
| *consumer product classification | convenience, shopping, specialty, unsought |
| *convenience goods | easily accessible (staples, impulse items, emergency) |
| *shopping goods | take time to compare (more expensive, not bought often) |
| *specialty goods | accept no substitutes (only buy one kind of something) |
| *unsought goods | consumer is not actively looking, new & unknown to consumer (not something they want to think about - ex: life insurance) |
| product item | individual unit (smallest) |
| product line | collection of closely related product items |
| product mix | all of the companies lines (largest) |
| depth | how many product items are in a product line |
| width | how many product lines are in the company's total product mix |
| branding | a name, term, symbol, design, or combo that identifies a seller's products & differentiates them from competitor's products |
| co-branding | 2 brands together (ex: intel chip in a windows computer) |
| types of brands | manufacturer, private label |
| manufacturer | carries the name of the companies that make them |
| private label/house | carries the name of the store where it's sold |
| branding decisions | individual, family, line extension, brand extension |
| individual | every item in the product line & mix has it's own name |
| family | every item carries the name of the company |
| line extension | a company builds on their current line |
| brand extension | a company adds new brands |
| functions of packaging | contain & protect, promote, facilitate storage, use & convenience, facilitate recycling |
| product life cycle | introduction, growth, maturity, decline |
| area before introduction | sunk costs |
| growth | profits peak & start to decline (get in when the getting is good) |
| maturity | sales peak & start to decline (getting is not so good - market shakeout) |
| extended maturity | sells consistently |
| decline | product has alternatives |
| *new product development process | idea generation, concept testing, product development, market testing, product launch |
| adopter categories | innovators, early adopters, early majority, late majority, laggards |
| innovators | more highly educated, higher income (wants latest & greatest) |
| early adopters | don't need the cutting edge, waits for the kinks to be worked out (opinion leaders) |
| early majority | buys once opinion leaders say it's good (50% adoption) |
| late majority | more skeptical, lower income |
| laggards | don't want/don't care to have |
| service | any intangible offering that involves a deed, performance, or error that cannot be psychically possessed |
| *characteristics of services | intangible, inseparable, heterogeneous, perishable |
| *intangible | services that cannot be touched, seen, tasted, heard, or felt in the same manner as goods |
| *inseparable | allows services to be produced & consumed immediately |
| *heterogeneous | less standardized & uniform than goods (can differ from human error) |
| *perishable | prevents them from being stored, warehoused, or inventoried (variable pricing) |
| channel | direct, indirect 1 & 2 |
| distribution (place) | getting final goods into the hands of the user |
| supply chain management | managing all aspects of the supply chain: ordering, receiving, inventory management, transportation |
| channel intermediaries | retailers, merchant wholesalers, agents & brokers |
| retailers | owns the goods (business to consumer) |
| merchant wholesalers | take title to the goods (business to business) |
| agents & brokers | do not take title to the goods: match sellers to buyers or buyers to sellers (never physically handle the goods) |
| direct channel | manufacturer to customer |
| indirect channel: 1 intermediary | manufacturer to retailer to customer |
| indirect channel: 2 intermediaries | manufacturer to wholesaler to retailer to customer |
| *channel strategy decisions | factors affecting channel choice: market, product, producer |
| *market factors | the who, what, when, where, how of target market (segmentation variables) |
| *product factors | what type of product & what is the buying behavior involved |
| *producer factors | who's bringing the product to the market, how much money & power do they have (captains) |
| retailing | distribution channel that gets goods into the hands of consumers for personal/household use |
| types of retailers | food, general merchandise, service |
| food retailers | supermarkets, supercenters, warehouse clubs, convenience stores |
| general merchandise retailers | department stores, full-line discount, specialty, drugstores, category killers, extreme value, off-price |
| services retailers | firms that primarily sell services rather than merchandise are large & growing part of the retail industry |
Created by:
krmgipson
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