Marketing Quiz 2

variables for segmenting markets

- demographic - geographic - psychographic - behavioralistic

offshoring

moving a business process to a foreign country

joint venture

new company formed by joining a domestic firm and a foreign firm or government

strategic alliance

partnership formed to create a competitive advantage on a worldwide basis

contract marketing

practice of hiring outside firm to produce a firm's products

probability sampling

random

undifferentiated targeting strategy

target everyone (homogeneous market)

differentiated targeting strategy

targets 2 + segments by developing a marketing mix for each

tariff

tax levied by a nation on good brought into the country

quota

limit on the amount of goods an importing country will accept

levels of involvement in global marketing

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

conditions for successful segmentation

1. heterogeneous customer needs 2. identifiable and divisible segments 3. segments compared on sales potential, cost, and profit 4. each segment can be reached w/ a particular marketing mix

target market selection process

1. identify appropriate targeting strategy (homogeneous or heterogeneous) 2. pick segmentation variables to use 3. develop segment profiles 4. evaluate relevant segments 5. select specific target markets

Marketing Research Process

1. locating/defining problems 2. Design research project 3. collect data 4. interpret findings 5. report findings

homogeneous market

Large portion of customers in a total market must have similar needs for the product

multinational enterprise

a firm that has operations or subsidiaries in many countries

direct ownership

a situation in which a company owns subsidiaries or other facilities overseas

embargo

a suspension of trade in a particular product or with a given country

interpreting findings

conclusion -> table format or graph statistical interpretation -> analysis of what's typical and what deviates from mean

consumer-generated marketing (CGM)

connectivity allowed consumer-generated information to gain importance. - word of mouth, reviews, etc.

outsourcing

contracting operations with an outside organization

offshore outsourcing

contracting with an organization to perform some or all business functions in a country other than where the product/service is sold

non-probabilty sampling

convenience

heterogeneous market

diverse needs for products in a specific product class

explanatory vs. collective research

explanatory: information that you need is loosely defined; provides insight and understanding. conclusive: information that you need is clearly defined; very specific to your research question.

"born global"

firms with knowledge, resources, and goals that accelerate their participation and investment in global marketplace.

concentrated (niche) targeting strategy

focus on one segment