Global Advertising and Marketing: Terms and Concepts, Quizzes of International Management

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TERM 1 target market DEFINITION 1 productpriceplacepromotion TERM 2 product DEFINITION 2 what does the customer want from the productwhat features does it have to meet these needshow and where will the customer use itwhat does it look like?what size, color, should it bewhat is it to be calledhow is it brandedhow is it differentiated vs your competitors TERM 3 price DEFINITION 3 what is the value of the product or service to the buyerare there best price points for products or services in this areais the customer price sensitivewhat discounts should be offered to trade customershow will your price compare with your competitors TERM 4 promotion DEFINITION 4 where and when can you get across your marketing messages to your target marketwill you reach your audience by advertising in the press, or on tv, or radio, or on billboards?when is the best time to promotehow do your competitors do their promotions? and how does that influence your choice of promotional activity TERM 5 place DEFINITION 5 where do buyers look for your product or serviceif they look in a store, what kindhow can you access the right distribution channelsdo you need to use a sales forcewhat do you competitors do, and how can you learn from that and/or differentiate TERM 6 marketing communications DEFINITION 6 tells customers about the benefits and values that a company, product, or service offers TERM 7 marketing communications DEFINITION 7 advertisingsales promotionevents and experiencesPR and publicitydirect marketinginteractive marketingpersonal selling TERM 8 advertising DEFINITION 8 any sponsored, paid message that is communicated in a non personal waysingle countryregionalglobal TERM 9 global advertising DEFINITION 9 use of the same advertising appeals, messages, art, copy, photographs, stories, and video segments for worldwide suitability TERM 10 top 9 global marketers DEFINITION 10 proctor and gambleunileverl'orealGMnestlecoketoyotavolkswagonmcdonalds TERM 21 selling proposition DEFINITION 21 the promise or claim that captures the reason for buying the product or the benefit that ownership conferssince products are at differing stages of the product life cycle in different national markets and because of cultural, social and economic differences, the most effective appeal or selling proposition may vary TERM 22 creative execution DEFINITION 22 the way an appeal or proposition is presentedstraight sellscientific evidencedemonstrationcomparisonslice of lifeanimationfantasydramatization TERM 23 copy DEFINITION 23 written or spoken communication elements TERM 24 copywriters DEFINITION 24 language specialists who develop headlines, subheads, and body copy TERM 25 copywriting decisions DEFINITION 25 prepare new copy for foreign markets in host country's languagetranslate the original copy into target languageleave some or all copy elements in home country language TERM 26 global media decisions DEFINITION 26 which medium or media to use?-print such as daily and weekly newspapers to magazines with regional, national, or international audiences-electronic media like broadcast TV, cable TV, radio, and the internet-other such as outdoor, transit, and direct mailmust know country specific regulations-ex: france tv ads by retailers were banned up until 2006 TERM 27 global advertising expenditures and media vehicles DEFINITION 27 more money spent in the us than anywhere else in the world; $160 billion in 2012-japan is number 2 at 52 billworldwide tv is the #1 medium with best spending of 163 billion in 2012; tv captured slightly more than 40% of global ad spendingin germany newspapers are #1 ad vehicles TERM 28 media decisions DEFINITION 28 the availability of tv, newspapers, and other media varies widely globallyin developed countries, newspapers are declining as internet usage risesin india, newly redesigned papers are growing-300 daily papers, only 4 mil indians subscribe to internet service TERM 29 marketing communications DEFINITION 29 tells customers about the benefits and values that a company, product, or service offers TERM 30 public relations DEFINITION 30 fosters goodwill and understandinggenerates favorable publicitytools-news releases-media kits-press conferences- tours-articles in trade, professional journals-tv and radio talk show appearances-special events and social media TERM 31 publicity DEFINITION 31 communication about a company or product for which the company does not pay TERM 32 sales promotion DEFINITION 32 refers to any paid consumer or trade communication program of limited duration that adds tangible value to a product or brand TERM 33 consumer sales promotions DEFINITION 33 designed to make consumers aware of a new product, to stimulate nonusers to sample an existing product, or to increase overall consumer demand TERM 34 sales promotion DEFINITION 34 provide a tangible incentive to buyersreduce the perceived risk associated with purchasing a productprovide accountability for communications activityprovide method of collecting additional data for database TERM 35 sampling DEFINITION 35 sales promotion technique that provides potential customers with the opportunity to try a product or service at no cost TERM 46 legal procedures DEFINITION 46 government red tapeproduct liabilitylicensingcustoms/dutycontractagent/distributor agreements TERM 47 servicing exports DEFINITION 47 providing parts availabilityproviding repair serviceproviding technical adviceproviding warehousing TERM 48 sales promotion DEFINITION 48 advertisingsales effortmarketing information TERM 49 foreign market intelligence DEFINITION 49 locating marketstrade restrictionscompetition overseas TERM 50 national policies governing exports and imports DEFINITION 50 most nations encourage exports and restrict importsin 2012, the total imports was $2.5 trillion in the useuropean union trade, domestic and foreign, is $3 trillion+ TERM 51 government programs that support exports DEFINITION 51 tax incentivessubsidiesgovernmental assistancefree trade zones TERM 52 governmental actions to discourage imports and block market access DEFINITION 52 tariffsnontariff barriers-quotas-discriminatory procurement policies-restrictive customs procedures-arbitrary monetary policies-restrictive regulations TERM 53 sourcing decision DEFINITION 53 whether a company makes or buys its products as well as where it makes or buys its products TERM 54 outsourcing DEFINITION 54 shifting production jobs or work assignments to another company to cut costswhen ____ work moves to another country, the terms global ___ or offshoring are sometimes used TERM 55 sourcing DEFINITION 55 must emphasize benefits of sourcing from country other than home countrymust assess vision and values of company leadershipthe decision of where to locate key business activities depends on other factors besides cost TERM 56 factors that affect sourcing DEFINITION 56 management visionfactor costs and conditionscustomer needslogisticscountry infrastructurepolitical riskexchange rate, availability, and convertibility of local money TERM 57 investment cost of marketing entry strategies DEFINITION 57 exportinglicensingcontract manufacturingjoint ventureequity stake or acquisition (high involvement/cost) TERM 58 which strategy should be used? DEFINITION 58 it depends on:-vision-attitude toward risk-available investment capital-how much control is desired TERM 59 exporting DEFINITION 59 functional of international trade whereby goods produced in one country are shipped to another country for future sale or tradeselling vs marketingmost nations encourage exports and restrict imports TERM 60 licensing DEFINITION 60 contractual agreement whereby one company (the licensor) makes an asset available to another company (the licensee) in exchange for royalties, license fees, or some other form of compensation-patent-trade secret-brand name-product formulations TERM 71 joint venture advantages DEFINITION 71 allows for risk sharing-financial and politicalprovides opportunity to learn new environmentprovides opportunity to achieve synergy by combining strengths of partnersmay be the only way to enter market given barriers to entry TERM 72 joint venture disadvantages DEFINITION 72 requires more investment than a licensing agreementmust share rewards as well as risksrequires strong coordinationpotential for conflict among partnerspartner may become a competitor TERM 73 investment via direct foreign investment DEFINITION 73 1. start up of new operations-greenfield investment2. merger with an existing enterprise3. acquisition of an existing enterprise TERM 74 equity stake DEFINITION 74 simply an investment; if the investor owns fewer than 50% of the shares, it is a minority ____; ownership of more than half the shares makes it a majority TERM 75 market expansion strategies DEFINITION 75 companies must decide to expand by:seeking new markets in existing countriesseeking new country markets for already identified and served market segments TERM 76 country and market concentration DEFINITION 76 strategy 1involves targeting a limited number of customer segments in a few countries. this is typically a starting point for most companiesit matches company resources and market investment needs TERM 77 country concentration and segment diversification DEFINITION 77 strategy 2company serves many markets in a few countriesstrategy was implemented by many european companies that remained in europe and sough growth by expanding into new markets TERM 78 country diversification and market concentration DEFINITION 78 strategy 3classic global strategy whereby a company seeks out the world market for a product TERM 79 country and segment diversification DEFINITION 79 strategy 4corporate strategy of a global, multi business company such as matsushita. overall M is multi country in scope and its various business units and groups serve multiple segments