International Marketing Test 2 - Chapter 13

Adoption

A product becomes accepted and used among consumers

Market perceived quality

Airlines, sports shoes, cars

Innovation

An idea perceived as new by a group of people. When applied to a product, an innovation may be something completely new or something that is perceived as new in a given country or culture

Green marketing

Business practices that require environmental consideration and responsibility

Support service components

Deliveries, warranty, spare parts, legality, repair & maintenance, installation, instructions, other related services

Multidomestic market orientation

Develop different products fit for each country market

Domestic market extension

Extending reach inside a company's country of origin

Global market orientation

Global focused marketing strategy where businesses adapt some products, leave some as is, or create new ones depending on regional factors

Trickle down

Initially a product may be so expensive that only the wealthy can afford it. Over time, however, the price will fall until it is inexpensive enough for the general public to purchase.

Core components

Product platform, design features, functional features, legality

Performance quality

Products need to perform well or they risk failing

Diffusion

The adoption or spread of products across markets by increasing numbers of consumers. The process by which an innovation spreads

Quality

The essential character of something such as a good or service. Defined in two dimensions: market perceived quality and performance quality. Consumer perception of a product's quality often has more to do with market perceived quality than performance quality.

Product positioning

The process marketers use to determine how to best communicate their products' attributes to their target customers based on customer needs, competitive pressures, available communication channels and carefully crafted key messages.

Global brand

The worldwide use of a name, term, sign, symbol, design, or a combination thereof to identify goods or services of seller and to differentiate them form those of competitors.

Packaging components

Trademark, brandname, legality, price, quality, packaging, styling

Product component model

Using this model, the impact of the cultural, physical, and mandatory factors that affect a markets acceptance of a product can be focused on the core component, packaging component, and support services component