You got this mf shit part 2 BA 370 marketing

Today, many developed countries are experiencing ________Blank population growth.

zero or negative

When entering a foreign market, the strategy with the least financial risk is

exporting.

The most important consideration when a firm chooses a global product strategy should be

the needs of the target market.

Which statement best describes global expansion through a strategic alliance?

A strategic alliance is a relationship in which two firms collaborate on a business opportunity but do not invest in each other.

Global expansion often begins with

exporting of goods.

When a firm pools its resources with that of a local firm to enter a new market, they create a(n)

joint venture.

What situation has recently had an impact on Russia’s economic situation?

its 2022 invasion of Russia

What is included in Hofstede’s cultural dimensions?

masculinity

Global pricing strategies should strive to be consistent with

the local pricing structure.

Global businesses often find it particularly difficult to understand the ________Blank of a country’s culture.

underlying values

Devon Handcrafted Furniture planned to sell its dining sets around the globe. What would be an example of global localization of these dining sets?

the same product in all countries, with slight variations in the size and weight of the tables for some countries

Because they inhibit trade, some firms, both within and outside the U.S., may suffer substantial losses as a result of poorly designed

tariffs.

What is a major trade agreement affecting global marketing?

AfCFTA

Economic measures like GDP and GNI do not fully account for a country’s economic health because they measure only

material output.

A technology company plans to outsource its production-related tasks to a BRICS country. It is assessing opportunities and is attracted to this country due to its population of young, well-educated, technically-skilled workers who are fluent in English.

India

Shakira wants to sell her products in Europe, since they are doing well in the United States. She does not have a lot of capital and is risk-averse, so she most likely would choose to begin with

exporting her products.

China has three main languages and many more dialects. This presents a particular challenge to developing a global ________Blank strategy.

communication

For many years, Guinness only brewed its beer in Dublin, Ireland. The brewery would then send its beer to retailers all over the world. This is an example of

exporting.

Spotify and Microsoft partnered to give Xbox Game Pass Ultimate members free access to Spotify Premium for six months. This is an example of

a strategic alliance

Janee’s Jewelry has 49 stores in the United States and wants to expand globally. Janee’s wants to achieve the highest possible returns and is not concerned about pursuing a high-risk strategy as long as it maintains complete control over its stores. The most likely global entry strategy for Janee’s is

direct investment.

When IKEA opened its store in India, it added some features geared to Indian culture, such as offering vegan Swedish meatballs. This was part of IKEA’s global ________Blank strategy.

product

Carly laughed at some of the cultural mistakes companies made in advertising and promotion in international trade while she was in school. Now she was trying to determine what had gone wrong with the campaign she planned in Latin America for her company’s product, and it didn’t seem quite as amusing. Carly narrowed the issues to cultural factors, and considered the two levels of culture: ________Blank and ________Blank.

visible artifacts; underlying values

Hometown Manufacturing learned when selling overseas that local fulfillment can be more cost-effective, and it also can decrease delivery time and improve customer service. This is an example of a global ________strategy.

supply chain

If you visit a KFC restaurant in China, along with KFC’s standard menu items, you will find congee, a rice porridge that can feature pork, pickles, mushrooms, and preserved egg, on the menu. This is an example of which global product strategy?

sell totally new products or services

The retail company Zara’s products are relatively inexpensive in its home country, Spain, but are more expensive in North America because of transportation expenses and currency fluctuations. This is an example of

a global pricing strategy.

The processes by which goods, services, capital, people, information, and ideas flow across national borders.

globalization

Results when a country imports more goods than it exports.

trade deficit

Occurs when a country has a higher level of exports than imports.

trade surplus

Defined as the market value of the goods and services produced by a country in a year; the most widely used standardized measure of output.

gross domestic product (GDP)

Consists of GDP plus the net income earned from investments abroad (minus any payments made to nonresidents who contribute to the domestic economy).

gross national income (GNI)

A theory that states that if the exchange rates of two countries are in equilibrium, a product purchased in one will cost the same in the other, expressed in the same currency.

purchasing power parity (PPP)

A term used for economic settings in which consumers earn very low wages.

bottom of the pyramid

The basic facilities, services, and installations needed for a community or society to function, such as transportation and communications systems, water and power lines, and public institutions like schools, post offices, and prisons.

infrastructure

A tax levied on a good imported into a country; also called a duty.

tariff

Designates the maximum quantity of a product that may be brought into a country during a specified time period.

quota

The regulation of a country’s currency exchange rate.

exchange control

The measure of how much one currency is worth in relation to another.

exchange rate

Intergovernmental agreement designed to manage and promote trade activities for specific regions.

trade agreement

Consists of those countries that have signed a particular trade agreement

trading bloc

Producing goods in one country and selling them in another.

exporting

A contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a business using a name and format developed and supported by the franchisor.

franchising

A collaborative relationship between independent firms, though the partnering firms do not create an equity partnership; that is, they do not invest in one another.

strategic alliance

Formed when a firm entering a new market pools its resources with those of a local firm to form a new company in which ownership, control, and profits are shared.

joint venture

When a firm maintains 100 percent ownership of its plants, operation facilities, and offices in a foreign country, often through the formation of wholly owned subsidiaries.

direct investment

The process of firms standardizing their products globally, but using different promotional campaigns to sell them.

glocalization

The first step in the STP process is to

establish the overall strategy or objectives.

Firms use a differentiated targeting strategy because

it helps obtain a bigger share of the market.

o develop psychographic segments, the marketer must understand consumers’

self-values, self-concept, and lifestyles.

A ________Blank is often used to illustrate the position of a firm’s products or brands in consumers’ minds.

perceptual map

Maintaining a unique ________Blank can be sustained in the long term only in monopoly situations or monopolistic competition situations.

value proposition

While demographic and geographic segmentation of retail customers are relatively easy, these characteristics do not help marketers determine

what their customers need.

Eric wants to position his firm against his competitors. In doing so he should

avoid looking too much like the competitor so as not to infringe on a trademark.

A financial services company can position its services according to

the value proposition.

When airlines created frequent-flyer programs, they were early users of _______Blank segmentation.

Loyalty

What is a key element of a value proposition statement?

the target market

With access to the Internet nearly universal in the United States, many potential market segments have become more

reachable.

The first step in the segmentation process is to

articulate the vision or objectives of the company’s marketing strategy clearly.

Laurie is completing a segmentation, targeting, and positioning (STP) analysis for a sporting goods company. When she organizes the company's customers based on whether they live in the Pacific Northwest or the Southwest, which segmentation method is she using?

geographic

When P&G offers different products, such as SK-II antiaging face care products and Old Spice for men, it is segmenting the market using ________Blank segmentation methods.

demographic

What is a key component of a value proposition statement?

offering name or brand

For each target market, a manufacturer of imaging equipment will engage in positioning, adjusting its marketing mix variables to give customers

a clear, distinctive, and desirable understanding of their products relative to competing products.

Travel companies often use television commercials with images of young people laughing and enjoying themselves on a beach or in a club. These images are designed to appeal to consumers’ ________Blank, suggesting “be like me.”

self-concepts

Whenever the president of the local public university promotes the institution, she emphasizes the university’s price (much lower than neighboring private colleges) and high quality. She is positioning the institution based primarily on

the value proposition.

A university using benefit segmentation and targeting students who want to get a degree quickly while still working full-time would most likely focus on

providing classes at convenient times and offering online courses.

Jeremy is looking to expand his pet grooming business and wants to evaluate the profitability of a potential new market. The area he is looking at has 2,000 homes and Jeremy estimates that 20 percent of them would be likely to use his service. He charges $45 per grooming and on average customers groom their pets six times a year. Jeremy estimates his variable costs to expand his business will be $10 per grooming and his fixed costs are $10,000. How much profit would Jeremy make on this new segment?

$72,240

An engaged couple is meeting with a bakery to order their wedding cake. They want a cake that will represent their specific styles and tastes. Bakeries that cater to such unique requests are pursuing what kind of targeting strategy?

micromarketing

The Tapestry™ Segmentation system divides and sorts small geographic areas into categories using 65 or more demographic and lifestyle characteristics. This market research tool is an example of ________Blank segmentation.

geodemographic

Marketers often employ a combination of segmentation methods, using ________Blank to identify and target their customers, and ________Blank to design products and messages to appeal to them.

Demographics and geography; lifestyle or benefit segmentation

Television advertising has recently expanded to include “mini-ads,” which are short ads lasting five to ten seconds. These ads are most useful in advertising to men, since men are more likely than women to channel surf during commercial breaks. Given this fact, this type of advertising will be more useful to marketers engaged in ________Blank segmentation.

demographic

Whenever Leah calls on potential pest control customers, she emphasizes the fact that, unlike the national franchise competitors, she is a local businessperson and has been in business over 20 years. Leah is ________Blank her business relative to the competition.

positioning

The grouping of consumers on the basis of where they live.

geographic segmentation

The grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education.

demographic segmentation

A method of segmenting customers based on how they spend their time and money, what activities they pursue, and their attitudes and opinions about the world in which they live.

psychographic segmentation

Used in segmentation; delves into how consumers describe themselves; allows people to describe themselves using those characteristics that help them choose how they occupy their time (behavior) and what underlying psychological reasons determine those choices.

psychographics

Goals for life, not just the goals one wants to accomplish in a day; a component of psychographics that refers to overriding desires that drive how a person lives his or her life.

self-values

The image a person has of himself or herself; a component of psychographics.

self-concept

The way a person lives his or her life to achieve goals.

lifestyle

A psychographic tool developed by SRI Consulting Business Intelligence; classifies consumers into eight segments: innovators, thinkers, believers, achievers, strivers, experiencers, makers, or survivors.

Values and Lifestyles Survey (VALS)

The grouping of consumers on the basis of the benefits they derive from products or services.

benefit segmentation

A segmentation method that divides customers into groups based on how they use the product or service. Some common behavioral measures include occasion and loyalty.

behavioral segmentation

A type of behavioral segmentation based on when a product or service is purchased or consumed.

occasion segmentation

Strategy of investing in loyalty initiatives to retain the firm’s most profitable customers.

loyalty segmentation

The grouping of consumers on the basis of a combination of geographic, demographic, and lifestyle characteristics.

geodemographic segmentation

A marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups.

undifferentiated targeting strategy (mass marketing)

A strategy through which a firm targets several market segments with a different offering for each.

differentiated targeting strategy

A marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit that market’s needs.

concentrated targeting strategy

An extreme form of segmentation that tailors a product or service to suit an individual customer’s wants or needs; also called one-to-one marketing.

micromarketing

The process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

market positioning

The unique value that a product or service provides to its customers and how it is better than and different from those of competitors.

value proposition

Reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives.

value

Displays, in two or more dimensions, the position of products or brands in the consumer’s mind.

perceptual map

The position at which a particular market segment’s ideal product would lie on a perceptual map

ideal point

Kraft uses a _______Blank branding strategy, in which several product lines are sold under one name.

family

The complete set of all products offered by a firm is called its

product mix.

Thanks to new scientific innovations and designs, _______Blank packaging, which has less of a negative impact on the environment, is rapidly evolving.

sustainable

Marketers need to think about the product offer on three levels. Which level includes associated services such as warranties, financing, support, and after-sale service?

augmented product

For a brand name to be effective, it needs to be

easy for consumers to recognize and remember.

Which brand strategy is being used when Mrs. Field’s Cookies decides to add a new cookie flavor to its menu?

a line extension

When Disney flooded retail stores with products based on its movie Encanto, it used

brand licensing.

What U.S. government agency has the primary responsibility in reviewing food and package labels to ensure claims made by the manufacturer about the product are true?

Food and Drug Administration