hadm_q2sty_sp08 - Marketing Principles Study Guide Exam 2...

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Marketing Principles Study Guide Exam 2 You Should Know: CHAPTERS: International, market research, segmentation 1) What are target markets? a) A group of people or organizations for which a business crates and maintains a marketing mix specifically designed to satisfy the needs of group members 2) What is market research? a) The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities 3) Global markets and international marketing (what does this distinction mean?) a) International marketing – developing and performing marketing activities across national boundaries; can provide tremendous opportunities for growth and renewed opportunity for the firm i) Wal-mart has over 1.5 million employees and over 5,300 stores in 10 countries ii) Starbucks serves 20 million customers a week at over 10,000 shops in 30 countries 4) Customization vs globalization (examples) a) Traditional full-scale international marketing involvement is based on products customized according to cultural, regional, and national differences. Demands some strategic planning if a firm is to incorporate foreign sales into its overall marketing strategy. Realizing that both similarities and differences exist across countries is a critical first step to developing the appropriate marketing strategy effort targeted to particular international markets. Many firms strive to build their marketing strategies around similarities that exist instead of customizing around differences. i) Soap and detergent manufacturers adapt products to local water conditions, equipment, and washing habits ii) Colgate-Palmolive even devised an inexpensive, plastic, hand powered washing machine for use in households that have no electricity in less developed countries
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This note was uploaded on 07/13/2008 for the course H ADM 243 taught by Professor Rkwortnik during the Spring '06 term at Cornell University (Engineering School).

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hadm_q2sty_sp08 - Marketing Principles Study Guide Exam 2...

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