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MARK 3000 FINAL (74 Cards)

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One out of how many jobs is supported by exports in the US?

1/10

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1/X of industrial production, or about $X00 billion in goods, is exported from the US.

1/5

800 billion

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Exports account for XX% of US economic growth.

25%

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T/F: Argentina is the world's leader in exported farm products, followed closely by the US.

False: I just made that up. The US is the world exporter of agricultural products.

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The common set of values shared by its citizens that determine what is socially acceptable.

Culture

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is when a message is translated to the new country's language, but then the newly translated message is translated back by someone who knows the language in order to ensure it is interpreted correctly.

Back translation

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T/F: In Saudi Arabia, it is offensive for an outsider to wear the same dress.

True - It is expected that you wear modest clothing, just not similar clothing

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T/F: Punctuality is very important to the French.
T/F: Eye contract and debate are important to the French.

False: Punctuality is less important.

True

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T/F: India's middle class alone is larger than the entire US population.

True

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What are the two stages of economic development according to the notes?

Developed countries and Less Developed countries

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What is a local content rule?

a rule that says a certain percentage of goods have to be made in the home country

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What does CAFTA stand for?

Central American Free Trade Agreement

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Name the five different methods of entering the Global Marketplace in order from least to most risky.

1) Export
2) Licensing
3) Contract Manufacturing
4) Joint Venture
5) Direct Investment

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While Licensing allows someone to use your manufacturing, patents, or knowledge, Contract Manufacturing involves...

...allowing a company in a foreign country to produce your goods to exact specifications.

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When a domestic firm buys or joins a foreign company to create a new entity, this is called a...

Joint Venture

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involves the active ownership of a foreign company or manufacturing facility.

Direct Investment

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What is it called when you keep are going global with a product and promotion and you... keep the same product and the same message?

Global Market Standardization

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What is it called when you keep are going global with a product and promotion and you... Keep the product but change the message?

Message Adaption

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What is it called when you keep are going global with a product and promotion and you... change the product and the message?

Product Invention

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What is it called when you keep are going global with a product and promotion and you... Change the product but keep the message?

Product Adaption

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What is the advantage of Global Market Standardization? Disadvantage?

Adv: economies of scale
Disadvantage: only works with small number of products since usually something has to be changed

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Product Adaption is common in what industries (if you go by the examples given in class)?

Junk food and cola

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Which of the following is NOT a hindrance to "Place"?
A. Poor Infrastructure
B. Sewage Infrastructure
C. Complicated Systems
D. Extended Channel Arrangements

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What is "Dumping"?

selling a good for at or below cost in a foreign market to increase share or offset low domestic demand

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Developing strategies to determine the organization's future and specific marketing activities

Marketing Planning

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A written document that acts as a guidebook of marketing activities for the marketing manager

Marketing Plan

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What are the five steps in the Marketing Plan?

1) Define Business Mission
2) Set Plan Objectives
3) Conduct SWOT Analysis
4) Set Strategic Direction
5) Implement (Test Marketing and 4Ps)

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What is Marketing Myopia?

having too narrow of a scope

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1) Define Business Mission
What is this an example of?
A CD manufacturer says their mission is to produce CDs. A better statement wold be to "provide entertainment".

Marketing Myopia

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2) Set Plan Objectives
During this stage, what should you focus on? Give an example.

Creating an objective, which is a statement of what is to be accomplished.

Example: to achieve a 10% market share in technology division within 12 months."

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3) Conduct SWOT Analysis
What is SWOT?

Strengths, Weaknesses, Opportunities, Threats

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T/F: Cost is the most effective type of competitive advantage and is likely to be sustained.

False: It is the LEAST effective and is LEAST likely to be sustained over the long haul.

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Which of the following is NOT a competitive advantage?
A. Cost
B. Product/Service
C. Niche
D. Quality

D. Quality is NOT a competitive advantage according to the book.

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4) Set Strategic Direction
For specific product lines, what three options must you consider? How do you decide on an option?

Product lines:
Grow by increasing resources
Consolidate by decreasing resources
Hold by maintaining the current level

How do you decide?
Using portfolio analysis: notably the BCG Matrix

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4) Set Strategic Direction (continued)
A) The BCG Matrix "compares relative market share to..."

1) If there is high market growth and you have a high relative market share, what should you do?
2) If there is low market growth and you have a high relative market share, what should you do?
3) If there is high market growth and you have a low relative market share, what should you do?

A) ...rate of industry growth.

1) Invest & grow
2) maintain & milk
3) Invest more or lessen resources (Watch/Hold)

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What are the four ways to grow?

1) Market Penetration
2) Market Development
3) Product Development
4) Diversification

Read the notes for descriptions

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Market penetration = (new/existing) customers with a (new/existing) product.

existing product; existing customers

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Market Development = (new/existing) customers with a (new/existing) product.

new customers and existing product

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Product Development = (new/existing) customers with a (new/existing) product.

new product, existing customers

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Diversification = (new/existing) customers with a (new/existing) product.

new products, new customers

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What are the four ways to Consolidate?

1) Harvesting
2) Divestment
3) Pruning
4) Retrenchment

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What are the four ways to Consolidate?
1) Harvesting - What is it?

simply cutting back on resources devoted to the product or market

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What are the four ways to Consolidate?
2) Divestment - What is it?

Elimination of an entire product line or division

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What are the four ways to Consolidate?
3) Pruning - What is it?

Eliminate specific product or a specific variety

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What are the four ways to Consolidate?
4) Retrenchment - What is it?

Cut back geographically

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5) Implement
What must be done here? Which of the 4 Ps do not change?

Identify the target market and the 4 Ps for the product or division

Price and Product do not change.

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What are the four different characteristics of a service?

1) Intangible
2) Inseparable
3) Heterogeneous
4) Perishable

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What five things is the quality of a service measured by? (RRAET)

Reliability
Responsiveness
Assurance
Empathy
Tangibles

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The shows the problem areas in the service sector that influence consumers' perfections of quality. An example of this would be asking "What do consumers want vs. what does upper management think consumers want?"

Gap Model

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The Marketing Mix contains Service Strategy, Distribution Strategy, Promotional Strategy, and Price Strategy.

Service Marketing Mix

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Service Strategy is when a company focuses on one or more things. What four things can a services company process? Define each.

People Procession - service is for the customer directly (ie dentist)
Possession Processing - for customer's belongings
Mental Stimulus Processing - to satisfy intellectual side (college)
Info Procession - technology is used to affect the customer's belongings (ie car insurance)

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What is the difference between a core and supplementary service?

Core service is what the consumer spends their money for.

Supplementary services are extras that make the core service more appealing. Think of a bottle of water after a back massage.

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Give an example of Mass Customization.

You get a letter in the mail from Kroger with your name and a coupon for something you frequently buy.

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Which of the following is NOT a Distribution strategy?
1. Convenience
2. # of stores
3. Type of Distribution
4. Expedience of service
5. Location
6. Scheduling

4 is NOT a Distribution strategy

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These are the four strategies to promote services:
1. Tangible cues
2. Find a personal source of info
3. Strong company image
4. Communication after purchase

Explain each.

1. Tangible cues - associate your service with something tangible, like Allstate's "You're in good hands" logo

2. Find a personal source of info - find someone the target audience can relate to, like a celebrity endorser

3. Strong company image - make sure retail locations are tidy and in working order

4. Communication after purchase - follow up afterwards (like a car salesman)

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What are the three suggested ways to price a service? Briefly define each.

1) Revenue-oriented - focused on getting the most money

2) Operations-oriented - different prices based on supply/demand

3) Patron-oriented - prices depend on how many people will use the service and their ability to pay

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What is the difference between a Discrete Transaction and Membership services?

Discrete Transaction is a one time service while Membership services are continual.

They both, however, give you the opportunity for relationship marketing.

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There are three levels of Relationship Marketing. They are Level 1, Level 2, and Level 3. Explain each.

Level 1 - price discounts or incentives (Kroger Plus Card)

Level 2 - company designs services to specifically meet consumer's needs by learning about them

Level 3 - company gives other incentives that are not just financial (strippers?) that they cannot get anywhere else; often the most effective

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What is Internal Marketing?

treating both employees and customers with respect and making sure their needs are satisfied; happy employees = happy customers

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The legal restriction known as says a company must sell their products to a central agency (that can be a large limiting factor).

Exchange control

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Uruguay Round was signed by almost 150 countries. It protects patents for A years, includes services, and uses the B as its regulatory agency.

A. 20 years

B. WTO

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What is the difference between an Export Broker and an Export Agent?

Export Broker - bring together buyer and seller and never takes control of the product

Export Agent - bring together buyer and seller but helps with transfer of product and lives in international territory

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If US dollars depreciate to the French Euro, do you need more or less US dollars to buy a Euro?

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If the US dollar appreciates to the Euro, does it take more or fewer Euros to purchase a dollar? More or fewer dollars to purchase the Euro?

More euros to purchase the dollar

Fewer dollars to purchase the Euro

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Which of the following is NOT a reason to dump goods into a foreign market?
A. In an effort to increase the market share internationally
B. To get rid of inventory
C. per unit costs decrease with more quantity
D. Can keep consistent prices when exchange rates are moving
E. ALL of the above are reasons to dump
F. None of the Above

E. All of the Above are correct.

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, or when companies literally trade goods instead of setting a price, typically accounts for % of international exchange.

Countertrade

accounts for 30%

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T/F: "Borderless commerce" is a phrase used to describe the internet's role in the Global Marketing Mix.

True

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T/F: To prevent Marketing Myopia, you should focus on products and services you provide rather than the benefit your products provide.

FALSE: focus on the benefit of your products

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List the five steps in the Marketing Plan.

1) Business Mission Statement
2) Marketing Objectives
3) SWOT Analysis
4) Marketing Strategy
5) Evaluation Method

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T/F: Environmental Scanning is useful in determining potential threats during the SWOT Analysis.

True

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The following are all methods to reduce A , thereby giving the firm a B .
-Experience curves
-Efficient labor
-No-frills goods and services
-Government subsidies
-Product design
-Reengineering
-Product Innovations
-Service delivery methods improved

A. costs
B. Cost advantage

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When a firm has a product or service that the competition cannot match, it has a .

Product/service advantage (duh)

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What are the names of the following Strategic Directions? Where do they go?
Market Development
Product Development
Market Penetration
Diversification

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When making a Market Opportunity Analysis you have to choose between three alternatives. The first is: Focus on one target market. What are the other two?

2. Appeal to entire market with one marketing mix
3. Appeal to multiple target markets with multiple marketing mixes

Flashcard set info:

Author: savhighsmith

Main topic: Economics

Topic: Marketing

School / Univ.: UGA

City: Athens

Published: 14.12.2010

Tags: Emmelhainz, Fall 2010

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MARK 3000 FINAL (74 Cards)