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41 Cards in this Set
- Front
- Back
Ch. 7: Protectionism
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Hinders world trade through tariffs and quotas policies of countries, raising prices and limiting supply
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Ch. 7:Dumping
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occurs when a firm sells a product in a foreign country below its domestic price or below its actual cost
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Ch. 7: Exporting, Licensing, Joint Venture, Direct Investment
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from least to most, the amount of a firms financial commitment, risk and marketing control when entering global markets
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Ch. 7: Gray Market
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a situation where products are sold through unauthorized channels of distribution. also called parallel importing
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Ch. 8: Marketing Research
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is the planning, gathering, and analysis of information in order to make more informed marketing decisions... thereby reducing risk!
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Ch. 8: Five Step marketing Research process
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1 Define the problem: research objectives
2 Develop the research plan: identify data needed, determine collection 3 Collect relevant information: primary vs. secondary data 4 Develop findings: analyze data, present findings 5 take marketing actions: make recommendations, implement, evaluate |
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Ch. 8 Exploratory Research
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Hypothesis generation stage
relies largely on qualitative techniques that attempt to give structure to a problem, to gain understanding, to generate all plausible reason for a problem |
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Ch. 8: Descriptive Research
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Hypothesis evaluation stage
relies on more structured, defined and quantitative techniques used to narrow the possible causes by formal testing. |
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Ch. 8 Causal Research
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Hypothesis evaluation stage
approaches rely on more structured, defined, and quantitative techniques used to narrow the possible causes by formal testing. |
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Ch. 8 Data
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facts and figures pertinent to the problem
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Ch. 8 Secondary Data
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facts and figures already recorded prior to the project
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Ch. 8 Primary data
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facts and figures newly collected for the project
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Ch. 8 internal data
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data from inside the firm: financial statements, research reports, files, customer letters, sales call reports, customer lists, etc
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Ch. 8 external data
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data from outside the firm: Census reports, trade association studies and magazines, business periodicals, and Internet based reports
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Ch. 8 observational data
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data from watching people
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Ch. 8 Questionnaire data
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data from asking people: through interviews, phone calls, mail, online, etc
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Ch. 8 Experimental data
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the independent variable (usually "x")
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Ch. 8 Descriptive data
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the dependent variable (usually "y")
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Ch. 9 Market Segmentation Steps
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1 Identify market needs/benefits in terms of features, expense, quality, savings in time and convenience
2 link needs to actions: take steps to segment and target markets 3 execute marketing program actions: develop a marketing mix in terms of the 4 P's (product price place promotion) |
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Ch. 9 The five key steps in segmenting and targeting markets that link market needs to a firm's marketing program
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1 Group potential buyers into segments
2 group products to be sold into categories 3 develop a market-product grid and estimate size of markets 4 select target markets 5 take marketing actions to reach target markets |
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Ch. 9 Geographic Segmentation
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divided according to geographic units, such as nations, states, regions, counties, cities, or neighborhoods.
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Ch. 9 Demographic segmentation
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divided into categories based on demographic variables (demographics). Demographic segmentation is the most popular basis for dividing groups, primarily because consumer usage and wants or needs usually match demographic categories, but also because demographic variables are easy to measure and obtain. Age and life cycle segmentation is a form of demographic segmentation.
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Ch. 9 Psychographic segmentation
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divided according to social class, lifestyle, or personality characteristics. Marketers segment markets by social class for the promotion of products such as cars, clothes, home furnishings, and leisure activities.
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Ch. 9 Behavior Segmentation
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the division of the target market is made according to the patterns in which the people in the market live and spend their time and money. Buyers in a market will differ in their wants, resources, locations, buying attitudes, and buying practices, and any of these variables can be used to divide a market.
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Ch. 9 Target market criteria
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market size, expected growth, competitive position, cost of reaching segment, compatibility with organizational goals and resources
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Ch. 9 Head-to-head positioning
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position a product as a direct competitor to another company's product
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Ch. 9 Differentiation positioning
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positioning a product due to its differentiating qualities and what sets it apart from the competition
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Ch. 10 Convenience goods
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items that the consumer purchases frequently with minimum shopping effort
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Ch. 10 Shopping goods
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items for which the consumer compares several alternatives on criteria, such as price, quality, or style
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Ch. 10 Specialty goods
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items that a consumer makes a special effort to search out and buy
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Ch. 10 Unsought goods
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items that the consumer either does not know about of knows about but does not initially want
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Ch. 10 Protocol
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is a statement that before product development begins, identifies: a well defined target market, specific customers needs, wants and preferences and what the product will be and do
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Ch. 10 SWOT analysis
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comprehensive analysis of a products or businesses Strengths, Weaknesses, Opportunities, and Threats
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Ch. 11. Product Life Cycle
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Introduction, Growth, maturity, decline
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Ch. 11 Product adopters
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innovators, early adopters, early majority, late majority, laggards
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Ch. 11 Branding
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is a marketing decision by an organization to use a name, phrase, design or symbols, or combination of these to identify its products and distinguish them from those of competitors
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Ch. 11 Brand name
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is any word, device (design, shape, sound, or color) or combination of these used to distinguish a seller's goods or services
the brand name is that part of a brand that can be spoken (letters, numbers, and/ or words) name used to distinguish one product from its competitors. it can apply to a single product, an entire product line, or even a company |
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Ch. 11 Trademark
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a trademark identifies that a firm has legally registered its brand name (making it the trade name) so the firm has its exclusive use, thereby preventing others from using it
the term trademark covers all forms of brand (brand name, brand mark, etc) but brand name is the form most often meant when a trademark is used |
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Ch. 11 Valuing Brand Equity
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provides a financial advantage, thus had financial value (it is an asset) and thus is measured (by many consulting firms) and tracked by management
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Ch. 11 Brand Licensing
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is the contractual agreement whereby one company (licensor) allows its brand names or trademarks to be used with products or services offered by another company (licensee) for a royalty or fee
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Ch. 11 Product line
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consists of a group of products that are closely related because they satisfy a class of needs are used together, are sold to the same customer group, are distributed through the same type of outlets, or fall within a given price range
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