MKT study guide exam 2

Least amount of commitment and risk also return less

Info iconThis preview shows pages 2–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Least amount of commitment and risk, also return less profit Direct Exporting —when a firm sells its domestically produced goods in a foreign country without intermediaries
Background image of page 2

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
o More risk but increased profit Licensing A company offers the right to a trademark, patent, trade secret, or other similarly valued item of intellectual property in return for a royalty or fee o Low risk and chance to enter foreign market at little cost o Drawbacks: licensor forgoes control of product, reduces potential profits Franchising Joint Venture When a foreign company and a local firm invest together to create a local business, sharing ownership, control and the profits Help each other out Disadvantages: disagreement about policies and courses of action Direct Investment When a domestic firm actually invest in and owns a foreign subsidiary or division o Cost savings, better understanding of local market conditions and fewer local restrictions CRAFTING A WORLDWIDE MARKETING PROGRAM Product and Promotion Strategies Product Extension—selling the same product in other countries o Works best when the target market is similar across countries and cultures Product Adaptation--Changing a product in some way to make it more appropriate for a country’s climate/preferences Product Invention—invent totally new products designed to satisfy common needs across countries o Adoption of a new promotion message
Background image of page 3
Distribution Strategy Depends on economic infrastructure of the country Pricing Strategy Countries may impose constraints on pricing Dumping —when a firm sells a product in a foreign country below its domestic price or below its actual cost Gray Market —a situation in which products are sold through unauthorized channels of distribution
Background image of page 4

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Chapter 8: Marketing Research: From Customer Insights to Actions 29/10/2012 19:24:00 THE ROLE OF MARKETING RESEARCH What is Marketing Research? The process of collecting and analyzing information in order to recommend actions STEP 1: DEFINE THE PROBLEM Set the Research Objectives Specific, measurable goals the decision maker seeks to achieve in conducting the marketing research Identify Possible Marketing Actions Based on measures of success STEP 2: DEVELOP THE RESEARCH PLAN Specify Constraints Identify Data Needed for Marketing Action Determine How to Collect Data Concepts: ideas about products or services Methods: approaches that can be used to collect data o Sampling: selecting a group and asking them questions, treating their answers as typical of all market o statistical inference: generalize the results from the sample to much larger groups to decide marketing actions STEP 3: COLLECT RELEVANT INFORMATION Secondary data— facts and figures that have already been recorded before the project at hand Primary data —facts and figures that are newly collected for a project Advantages/Disadvantages of Secondary Data Advantages
Background image of page 5
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page2 / 22

Least amount of commitment and risk also return less profit...

This preview shows document pages 2 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online