Marketing 310

protectionism
the practice of shielding one or more industries within a countries economy from foreign competition through the use of tariffs or quotas
tariff
A government tax on goods or services entering a country, primarily serving to raise prices on imports
quota
A restriction placed on the amount of a product allowed to enter or leave a country
World Trade Organization
Institution that sets rules governing trade between its members through a panel of trade experts
global competition
Exists when a firms originate, produce, and market their products and services worldwide
multi domestic marketing strategy
a multi national firms strategy of offering as many different product variations, brand names in advertising programs in countries in which it does business
global marketing strategy
the practice standardizing marketing activities when there is cultural similiarities adapting them when they are different
global brand
a brand marketed under the same name, in multiple countries, similar and centerally coordinated marketing programs
global consumers
consumer groups living around the world that have similar needs and seek similar benefits from products or services
cross cultural analysis
the study of similarities and differences among consumers of two or more nations or societies
values
a societies personally or socially preferred modes of conduct or states of existence that persist over time
customs
Norms and expectations about the way people do rings in a specific country
Foreign Corrupt Practices Act
A law that makes a crime for US corps to bribe an official of foreign government of a political party to retain a business
Cultural Symbols
things that represent ideas or concepts in a specific cultural
back translation
Retranslating a word or phrase back into the original language using a different interpreter to catch errors
microfinance
the practice of offering small, collateral free loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other income generating activities
currency exchange rate
the price of one countrys currency expressed in terms of another countrys currency
exporting
producing goods in one country and selling them in another country
joint venture
when a foreign company and a local firm invest together to create a local business, sharing ownership, control, and the profits of the new company
marketing research
the process of collecting and analyzing information in order to recommend actions
measures of success
criteria or standards used in evaluating proposed solutions to a problem
constraints
Restrictions placed on potential solutions to a problem
data
the facts and figures related to a problem
secondary data
Facts and figures that have already been recorded prior to the project at hand
primary data
facts and figures that are newly collected for a project
observational data
facts and figures obtained by watching, either mechanically or in person, how people have
questionnaire data
facts and figures obtained b asking people about their attitudes, awareness, intentions, and behaviors
information technology
involves operating computer networks that can store and process data
sales forecast
the total sales of a product that a firm expects to sell during a specified time period under specified conditions
market segmentation
aggregates potential buyers into groups that have common needs and will respond similarly to a marketing action
market segments
the relatively homogeneous groups of prospective buyers that result from the market segmentation process
product differentiation
the strategy of using different marketing mix activities to help consumers perceive a product as being different and better than competing products
market product grid
a framework relating the segments of a market to products or marketing actions of the firm
usage rate
the quantity consumed or the number of store visits during a specific period
80/20
the idea that 80 percent of a firms sales are obtained from 20 percent of its consumers
product positioning
the place a product occupies in consumers minds based on important features relative to competitive products
product repositioning
changing the place a product occupies in consumers minds relative to competitive products
perceptual map
a means of displaying the position of products or brands in consumers minds
product
a good, service, or idea consisting of intangible features that satisfies consumers’ needs and is received in exchange for money or something else of value
services
intangible activities or benefits or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something of value
consumer products
products purchased by the ultimate consumer
business products
products organizations buy that assist directly or indirectly in providing other products for resale
four I’s of service
the four unique elements from goods:
Intangibility
Inconsistency
inseparability
inventory
idle production capacity
when the service provider is available but there is no demand for the service
Product item
a specific product that has a unique brand, size or price
product line
a group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales outlets, or prices
Product Mix
All the products product lines offered by a company
new product process
the seven stages an organization goes through to identify business opportunities and convert them into salable products or services
Customer Experience Management
the process of managing the entire customer experience within the company
product life cycle
the stages a new product goes through in the marketplace: introduction, growth, maturity and decline
branding
an organization’s use of a name, phrase, design, symbol or combination of these to identify and distinguish its products
brand name
any word device (design, shape, sound or color) or combination of these used to distinguish a seller’s goods or services
Brand personality
a set of human characteristics associated with a brand name
brand equity
the added value a brand name gives to a product beyond the functional benefits provided
multiproduct branding
a branding strategy in which a company uses one name for all its products in a product class
multibranding
a branding strategy that involves giving each product a distinct name
seven P’s of Service Marketing
expanding 4 p’s to include: people, physical environment and process
off peak pricing
charging different prices during different times of the day or days of the week to reflect variations in demand for the service
capacity management
integrating the service component of the marketing mix with efforts to influence consumer demands
price
the money or other considerations (including other products and services) exchanged for the ownership or se of a product or service
value
the ratio of perceived benefits to price
profit equation
profits equals total revenue minus total cost
demand curve
a graph relating the quantity sold and the price, which shows how many units will be sold a a given price
price elasticity of demand
the percentage change in the quantity demanded relative to a percentage change in price
total revenue
the total money received from the sale of a product, the unit price of a product multiplied by the quantity sold
total cost
the total expenses incurred by a firm in producing and marketing a product, total cost is the sum of fixed costs and variable costs
break even analysis
a technique that examines the relationship between total revenue and total cost to determine profitability at different levels of output
pricing objectives
expectations that specify the role of price in an organizations marketing and strategic plan
pricing constraints
factors that limit the range of prices a firm may set