MKT 300 Exam 2 Study Guide

KFC Won Over China

More KFC's in China than ANYWHERE else on the planet. What they did right: KFC went in to smaller cities to plant their flag and be the first in those markets. KFC partnered with YUM China. Tailored their menu to the local cuisine. Created spin-off, healthier restaurants. What McDonald's did wrong: McDonald's didn't see the same hit in China because they didn't adjust their menu. It became known as a child's place due to their advertising but the 1-child policy in China hurt McDonald's business.

As we discussed in Chapter 5, Gap Inc. has several brands including Old Navy and Banana Republic. Gap Inc. uses a ____ strategy to market its products to consumers.

differentiated target strategy

The United States' former prohibition against importing cigars from Cuba for resale was an example of a(n)

embargo

A marketer that targets customers based on marital status and the presence and age of

family life style

Both Adidas and Brooks standardize many of their shoe models and colors worldwide, which is an example of

globalization

Most markets for products are made up of individuals or groups with diverse needs for products and are called _______________________ markets.

heterogeneous

A(n) ______________________________________ is often used to raise revenue for a country and/or to protect domestic products

import tariff

Within the buying center, ________________________ are technical personnel who develop product specifications and evaluate alternatives, while ___________________________ actually choose the products.

influencers , deciders

St. Agatha's Orthodox Church brews fresh coffee for its attendees as part of its hospitality ministry every Sunday. St. Agatha's is a(n) _________________________ market for coffee.

institutional

In the consumer buying decision process, a buyer will search his or her memory for information about products that might solve the problem they have identified in the ___

internal search

Digital influences, such as online review sites and social networks, allow shoppers to reduce their ___________________________________ by gaining information from others.

risk in trying an unknown product

According to the KFC video we watched in Chapter 8, ____ is a reason why KFC succeeded in China..

*First and largest quick service in China ever *Added other cultural items to the menu *Expanded into smaller cities of Chine, taking over the market there

target market selection

1. IDENITIFY the appropriate targeting strategy 2. DETERMINE which segmentation variables to use 3. DEVELOP market segment profiles 4. EVALUATE relevant market segments 5. SELECT specific tartget markets

List the levels of involvement in global marketing from the lowest to the highest:

1. domestic marketing 2. limited exporting 3. multinational marketing 4. regional marketing 5. globalized marketing

________________________________ and ____________________________ are the two ways governments make purchases.

Bids , negotiated contracts

Trek Bicycles

Role of the buying center: THEY WANT TO FIND THE BEST SUPPLIERS AND VENDORS TO MAKE THE BIKES. Who is likely to be apart of the decision making process?: purchasing manager, buyers who identify the sources and components, representatives from research development, people in production, and people in quality control. What selection criteria do they utilize: quality, delivery capabilities, price, and environmental impact

Dollar Shave Club

They send razors right to your door. They're $1 per blade. "it's so gentle a toddler can use" "making new jobs" Positioning themselves as young, affordable, convenient, efficient. Solution to the cost of buying razor blades.

Old Navy is currently expanding its stores into Canada and Mexico. This expansion is being facilitated by the

USMCA (United States - Mexico - Canada Agreement)

At the heart of the _______________________________ are agreements that provide legal ground rules for international commerce and trade policy.

WTO

______ is focusing marketing efforts on very small geographic markets.

micromarketing

While shopping at a local grocery store, Cameron sees a display of his favorite brand of energy drink. He buys some to take home for the weekend. This purchase process would be described as _________________________________________.

routinized response behavior

After a firm has identified an appropriate targeting strategy, the next step in the target market selection process is

Determine Which Segmentation Variables to Use.

________________________________ involves developing and performing marketing activities across national boundaries.

International marketing

_____________________________________ occurs when a consumer becomes aware thatthere is a difference between a desired state and an actual condition.

Problem recognition

Coors may choose to segment its market based on heavy, moderate, and light drinkers of its alcoholic beverages. This is an example of market segmentation based on

behavioristic variables

According to your text, ______________________________ are small technology-based firms operating in international markets almost immediately after their establishment and realizing as much as 70% of their sales outside the domestic home market.

born globals

After purchasing a new Infiniti, Phil sees a Lexus pass by on the street and begins to wonder if he made the right choice. Phil is experiencing _______________________________________.

cognitive dissonance

The maximum percentage of market potential that an individual firm can expect to obtain for a

company sales potential

If Woody's Inc, a producer of home siding, decking, and other wood products, focused its marketing efforts to home construction companies only, it would be using a(n) _______________________ strategy. If it sold the same products to both construction companies and DIY retailers such as Home Depot, it would be using a(n) _______________________ strategy.

concentrated, differentiated

When shopping for detergent, Dylan looks at Arm & Hammer, Gain, Method, and Cheer andchooses the one that is on sale. These four brands make up his _______________________ set.

consideration set

Purposeful actions to take advantage of or harm others during a transaction is best described as _____

consumer fraud

____________________________________ refers to the idea that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures.

cultural relativism

When a forecaster analyzes monthly sales figures for a three- to five-year period to ascertain whether sales fluctuate in a consistent, periodic manner, he or she is using

cycle analysis

Segmentation variables for consumer markets are usually grouped into four categories:

demographic, geographic, psychographic, and behavioristic.

Stan spends most of his free time participating in extreme sports and traveling to exotic locations with a group of close friends who share his interests and opinions about most things. This is a description of Stan's __________________________________.

lifestyle

Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a

market

Phillips calculates that the total number of light bulbs sold to consumers in the next year by all light bulb producers is 1 billion, given anticipated marketing efforts by the firms involved. This figure represents the industry's

market potential

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

market segmentation

Publix is attempting to forecast sales for a new ice cream cake. To come up with an accurate forecast, Publix places the product in Atlanta supermarkets for a period of four months. In this instance, Publix is using a

market test

As Danielle walks to classes, she selects, organizes, and interprets the sensations she is receiving through her sense organs. Danielle is experiencing the process of

perception

A ___ is useful in positioning strategy because it is a representation of consumer perceptions across various dimensions.

perceptual map

Hereditary characteristics combined with personal experiences that together make an individual unique form one's ________________________________________.

personality

AMD buys silicone, which is used in its chip-making process. AMD produces microchips for use within a wide variety of products for other firms, such as Motorola, LG, and Samsung. AMD is a buyer in a(n) ________________________________ market.

producer

After deciding to order replacement parts for aging machinery, the buyer for a construction company examines catalogs and trade publications looking for these parts. The buyer is at the _________________________________ stage in the business buying decision process.

product-supplier search and evaluation

Repositioning a product can be executed by physically changing the product, its price, or its

promotion

If India, in an attempt to bolster the sales of its own auto manufacturers, decided to limit the number of automobiles that could be brought in from other countries, India would be using a

quota

Mei is on the marketing team for a Gulf Coast drywall company. Her team is working to determine whether Hurricane Harvey had an effect on the firm's erratic sales last year. Mei's team should use _____ to understand the situation.

random factor analysis

Advertisers often use ________________________________ to boost consumers' information

repetition

As we discussed in class in Chapter 11-4, many people point to the Oldsmobile "Not Your Father's Oldsmobile" campaign as the beginning of the end for Oldsmobile and a prime example what type of a failed ____________________________ strategy.

repositioning

Amos's Produce Stand buys produce from area farmers, marks the merchandise up to a price that includes some profit, and then sells the fruit and vegetables to the people in and around Plum Creek. Amos's would be classified as part of a ___________________________ market.

reseller

Ainsley is a prosecuting attorney for the city of Toronto. She is also vice president for the local parent/teacher organization and a coach for her daughter's soccer team. The actions andactivities associated with each of these positions constitute Ainsley's _____________________

role

Consumers tend to remember information inputs that support their feelings and beliefs andforget inputs that do not. This is known as

selective retention

People's needs to grow, develop, and achieve their full potential are referred to by Maslow as ________________________________ needs.

self-actualization

If White Mountain Group saw all table sugar customers as pretty much alike and thus offered only one marketing mix, it would be using the ________________________________ strategy.

undifferentiated