Marketing exam 1

Be able to generate examples of how different products might be marketed during different stages/eras of the marketing concept.

-Product era: consumers will favor products that offer the most in quality, performance, and innovative features. Focus on continuous product improvements. Ex: Google constantly upgrades its products to render more satisfactory experiences and exceptional brand identity.
-Production era: cars and mass production, focus on efficient production and distribution, consumers will favor products that are available and highly affordable; ex, Coca-Cola puts minimal effort into research and development but no change in taste
-Selling era: used a more aggressive approach to market and sell, unsought goods that need more attention and effort to sell. Like life insurance or blood donations.
-Marketing era: customer focus and value are the paths to sales and profits, focused on making a relationship with customers. Customer-centered sense-and-respond philosophy. Nike's tagline of Just Do It
Societal Marketing- the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests. Cruelty-free brands beauty products, ex: Nestle and its mission to make the lives of farmers better globally.

How does a firm establish a sustainable competitive advantage? Use an example of a real or hypothetical firm and answer the question in the context of SWOT analysis. That is, how does SWOT allow an organization to identify competitive advantages? Think about turning W,S, T,O, and matching S to O.

By identifying and leveraging its unique strengths while mitigating its weaknesses, capitalizing on opportunities, and preparing or neutralizing threats. Also embracing ethics, not just as an afterthought.

What is the relationship between market segmentation and product positioning strategy? Together, how do they fit into the larger strategic marketing framework?

Market segmentation is the process of dividing a broader market into smaller, more defined groups of consumers who share similar characteristics, needs, or behaviors. The purpose of segmentation is to identify specific segments that a company can target more effectively than if it tried to appeal to the entire market. Key criteria for segmentation: demographics, geographic, and behavior. Product positioning is the process of creating a distinct image or identity for a product in the minds of the target market relative to competing products. This involves determining how the product should be perceived by the target audience and crafting marketing messages to reinforce that perception. Positioning strategies, by attribute, by price/quality, by use/application, by user, by competitor. Market segmentation helps identify gaps in the market or underserved segments. Positioning then differentiates the product in those segments by emphasizing its unique benefits or attributes compared to competitors.

Be able to draw the Corporate Social Responsibility period and use it to analyze business decisions

top- Philanthopic
ethical
legal
bottom- economic

Compare and contrast standardization/straight product extension vs. adaptation approaches to global marketing. Provide examples of products and services better suited to one or the other approach and be specific as to how the marketing mix might look different in each case.

Standardization involves using the same product, packaging, promotion, and marketing strategy across different markets with little or no modification. The company assumes that the product will be universally appealing and that the marketing approach will work effectively in all markets. Products suited for standardization would be Apple's iPhone and luxury goods like Rolex watches.
Adaptation involves modifying products, services, or marketing strategies to better align with local preferences, tastes, cultural nuances, regulations, and market conditions. Products suited for adaptation would be McDonald's menu items for it to cater to local tastes or L'Oreal adapting its skincare products to suit local skin types, climates, and beauty standards.

Defend the idea that selecting a target market is the most important component of strategic marketing.

This is the whole point of marketing; you need to have a target market in order to successfully run your business. Having a target marker influences every component in your plan and it will be who and what is driving the company.

Be prepared to draw a BCG matrix, classify products in the matrix, and make specific strategic marketing recommendations based on the matrix.

Star, Cash Cow, Question Mark, and Dog

What three macroenvironmental forces (do you think) are particularly relevant in global marketing and why?

Technological forces because the advancements are rapidly transforming how companies market and sell their products worldwide. Innovations in digital marketing, e-commerce platforms, social media, and AI have created new ways for companies to reach and engage customers globally. The proliferation of internet access and mobile technology has connected consumers across borders, enabling global brands to reach wider audiences and deliver personalized marketing experiences. Technology also facilitates market research, data analytics, and consumer insights, which help tailor marketing strategies to specific markets. Social factors significantly influence consumer preferences, buying behavior, and the perception of products and brands. Differences in language, values, beliefs, traditions, and social norms can greatly impact how marketing messages are received and interpreted in different regions. Understanding these cultural nuances is essential for developing effective marketing strategies that resonate with local audiences and avoid potential misunderstandings or cultural insensitivity. Political and legal environments vary significantly across countries and regions, affecting market entry, operations, and marketing practices. Changes in government policies, regulations, trade agreements, and tariffs can create both opportunities and challenges for global marketers. Compliance with local laws and regulations, such as advertising standards, data protection rules, and product safety requirements, is crucial for avoiding legal issues, fines, and reputational damage.

What are Hofstede's cultural dimensions and how do they related to the Global Marketing environment?

Hofstede's 6 Dimensions of National Culture framework recognizes that a given country's national culture is not monolithic. Instead, it reflects the sum of individuals with a range of values personality traits, and habits. Power distance index- high vs low: This dimension deals with the extent to which less powerful members of society are comfortable with an unequal distribution of power across its members. Societies showing a high degree of comfort, with power being concentrated in the hands of a select few, are high on this dimension. Societies that see themselves as more democratic or equal across members score low.
- Individualism vs Collectivism: In highly individualistic societies, people are more focused on the needs and well-being of themselves and their immediate family members. By contrast, in highly collectivistic societies, people are embedded in strong social networks and expect that the large social group will take care of their needs in exchange for their own loyalty and contributions.
- Toughness vs Tenderness: tougher societies tend to prefer achievement, heroism, assertiveness, and material rewards. More tender societies seek cooperation, exhibit modesty, feel a sense of caring for less fortunate or weak society members, and emphasize quality of life. 15
- Uncertainty Avoidance index- high vs low: Societies that are high on this dimension dislike uncertainty, work in line with a well-established belief and value system and try to control the future to reduce uncertainty. By contrast, societies that are low on this dimension are comfortable with uncertainty, adopt a flexible attitude to the future, and accept things as they come.
- Long-term Orientation vs Short-Term Orientation: Societies value their pasts differently. Societies that are long-term oriented tend to be ready for future change, even when

What do you think is the most important social criticism of marketing, and why?

The promotion of materialism and unsustainable focus on material possessions. People are judged by what they own rather than who they are. Critics view this as a result of false wants created by marketing. Marketers stimulate people's desires for possessions and create materialistic models of the good life. In that view, marketing's purpose is to promote consumption and the outcome of that is unsustainable overconsumption.

What do you think is the most important social criticism of marketing, and why?

The promotion of materialism and unsustainable focus on material possessions. People are judged by what they own rather than who they are. Critics view this as a result of false wants created by marketing. Marketers stimulate people's desires for possessions and create materialistic models of the good life. In that view, marketing's purpose is to promote consumption and the outcome of that is unsustainable overconsumption.

Be familiar with the various ways in which companies engage in sustainable marketing and try to reduce environmental harm.

Companies engage in sustainable marketing by trying to reduce their carbon footprint. Also, engaging environmentalism and making efforts to address the contamination of fresh water, global warming, etc. Different companies use different methods, like sponsoring different campaigns.

Be familiar with the AMA code of ethics.

Honesty: Marketers should be truthful in all advertising, communications, and transactions.
They must avoid deceptive practices and misrepresentations of products or services.
Ensure that claims about products or services are supported by evidence and are not misleading. -Fairness: Treat all stakeholders fairly, including customers, employees, suppliers, and competitors.
Avoid practices that may harm or take advantage of consumers, such as manipulative pricing, coercion, or discrimination. Promote transparency in marketing strategies, pricing, and business practices.
Responsibility: Marketers should accept the consequences of their actions and ensure their marketing practices are socially responsible. Consider the well-being of vulnerable populations, such as children, the elderly, and those with disabilities. Promote products in ways that do not exploit social stereotypes or contribute to harmful behaviors.
Respect: Acknowledge the privacy and autonomy of customers and other stakeholders. Protect personal and confidential information and ensure it is collected, used, and stored responsibly. Show consideration for cultural, social, and individual differences and avoid actions that may offend or disrespect.
Transparency: Disclose all necessary information to allow consumers to make informed decisions. Provide clear, accurate information about product quality, features, and pricing. Maintain open communication channels and be prepared to provide justifications for marketing practices.
Citizenship: Contribute positively to society by engaging in practices that promote the common good. Avoid harmful or damaging actions to the environment or society. Support sustainable business practices and encourage corporate social responsibility.