16: Global Marketing and Business Analytics

marketing mix

Choices about product attributes, distribution strategy, communication strategy, and pricing strategy that a firm offers its targeted markets.

market segmentation

identifying groups of consumers whose purchasing behavior differs from others in important ways.

intermarket segment

A segment of customers that spans multiple countries, transcending national borders

business analytics

The knowledge, skills, and technology that allow for the exploration as well as deeper investigation of a company’s international business strategies and activities to gain insight and drive future strategy development and implementation.

big data

A massive volume of structured and/or unstructured data that are so large they may be difficult to process using traditional database and software techniques.

international market research

The systematic collection, recording, analysis, and interpretation of data to provide knowledge that is useful for decision making in a global company

concentrated retail system

A retail system in which a few retailers supply most of the market

fragmented retail system

A retail system in which there are many retailers, none of which has a major share of the market.

channel length

The number of intermediaries that a product has to go through before it reaches the final consumer.

exclusive distribution channel

A distribution channel that outsiders find difficult to access.

channel quality

The expertise, competencies, and skills of established retailers in a nation and their ability to sell and support the products of international businesses.

social media

A technology that facilitates the sharing of information and the building of virtual global networks and communities.

source effects

Effects that occur when the receiver of the message (i.e., a potential consumer) evaluates the message on the basis of status or image of the sender.

country of origin effects

A subset of source effects, the extent to which the place of manufacturing influences product evaluations.

noise

The number of other messages competing for a potential consumer’s attention.

push strategy

A marketing strategy emphasizing personal selling rather than mass media advertising.

pull strategy

A marketing strategy emphasizing mass media advertising as opposed to personal selling.

price elasticity of demand

A measure of how responsive demand for a product is to changes in price.

elastic

A small change in price produces a large change in demand.

inelastic

When a large change in price produces only a small change in demand.

strategic pricing

The concept containing the three aspects: predatory pricing, multipoint pricing, and experience curve pricing.

predatory pricing

Reducing prices below fair market value as a competitive weapon to drive weaker competitors out of the market (“fair” being cost plus some reasonable profit margin).

multipoint pricing

Occurs when a pricing strategy in one market may have an impact on a rival’s pricing strategy in another market.

experience curve pricing

Aggressive pricing designed to increase volume and help the firm realize experience curve economies