Global Marketing and Business Analytics

These flashcards cover key concepts and terminology from the chapter on Global Marketing and Business Analytics, providing definitions and insights related to international market research, segmentation, pricing strategies, and more.

Business Analytics

Knowledge, skills, and technology that allow for exploration of a company’s international strategies to drive future development and implementation.

Market Segmentation

The process of identifying distinct groups of consumers whose needs, wants, and purchasing behavior differs in important ways.

Product Attributes

Products can be viewed as a bundle of attributes that sell well when they match consumer needs, which vary from country to country.

Cultural Differences

Factors such as tradition, social structure, language, religion, and education that influence consumer preferences and behavior in different countries.

Price Discrimination

A pricing strategy where different prices are charged to consumers in different countries for the same product or slightly different variations.

Elasticity of Demand

A measure of how responsive the demand for a product is to changes in price; determined by factors like income level and competitive conditions.

Distribution Channel

The path through which goods and services flow from the manufacturer to the consumer, varying significantly between countries.

Push Strategy

A marketing strategy that emphasizes personal selling to push products through distribution channels.

Pull Strategy

A marketing strategy that emphasizes mass media advertising to create demand that pulls products through distribution channels.

Globalization of Markets

The trend towards increasing similarity of markets worldwide, although localized marketing may still be necessary for consumer products.

Advertising Adaptation

The strategy of modifying advertising strategies to meet the cultural and regulatory differences in various countries.

Regulatory Influences on Prices

Regulations such as antidumping rules and competition policies that affect how prices can be set in different markets.

Marketing Mix

The set of decisions a firm makes regarding product attributes, pricing, promotion, and distribution strategy tailored to target markets.

Predatory Pricing

A strategy where profits gained in one market support aggressive pricing to eliminate competitors in another market.

Experience Curve Pricing

Pricing low to build sales volume rapidly, with the expectation of achieving reduced costs and substantial profits later.