Global Marketing and R&D Strategies Flashcards

Global Marketing and R&D Strategies Flashcards
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Marketing Mix: 4 P's

Product

Place

Price

Promotion

Got it
Dumping

Companies take this action when they sell exported goods much more cheaply than they sell the good in their home market.

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Promotional Adaptation

Businesses accomplish this by entering a new market and selling the same product while changing the strategy they use to advertise their product.

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Product Invention

You perform this process when you completely change a product in order to better sell it in a new market.

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Product Adaptation

The process of slightly changing a given product to better fit the preferences of different cultures.

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Tariff

This kind of tax is placed on imported products to raise their costs in relation to domestic goods.

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Population Growth Rate

This is how quickly the population of a country is expanding.

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Real Income Evaluation

The economic indicator that focuses on how much disposable income people in a given market have.

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Human Development Index (HDI)

Marketers look at this economic indicator to assess the target market of a country. It looks at average income levels and life expectancy for a population as well as educational levels.

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Gross Domestic Product (GDP)

This is the best known economic indicator. It assesses market potential and size by measuring the value of everything produced, both services and goods, in one year by a single country.

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Global Standardization: Adjustments

Companies typically have to make these to succeed in the global market. It can involve selling different goods in different places and is usually driven by the sensibilities of customers.

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Global Standardization: Disadvantages

The downside of this process relates to the sensibilities of different countries. Cultures do not all share the same perspective, which can force companies to adjust their marketing.

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Global Research and Development (R&D): Product Demands

Completing this process can help businesses determine what adjustments to make to products to ensure that they meet local needs around the world.

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Global Research and Development (R&D)

The process of researching and developing products for a world-wide market. This helps companies compete and may assist with dispersed customer networks.

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29 cards in set

Flashcard Content Overview

Working with these flashcards can help you go over the differences between pure and applied research. You'll be able to consider global marketing and the marketing mix. Both PESTLE and SWOT analysis are addressed by these cards. These cards also focus on global standardization and methods that companies use to adapt products or promotions for new markets.

Front
Back
Global Research and Development (R&D)

The process of researching and developing products for a world-wide market. This helps companies compete and may assist with dispersed customer networks.

Global Research and Development (R&D): Product Demands

Completing this process can help businesses determine what adjustments to make to products to ensure that they meet local needs around the world.

Global Standardization: Disadvantages

The downside of this process relates to the sensibilities of different countries. Cultures do not all share the same perspective, which can force companies to adjust their marketing.

Global Standardization: Adjustments

Companies typically have to make these to succeed in the global market. It can involve selling different goods in different places and is usually driven by the sensibilities of customers.

Gross Domestic Product (GDP)

This is the best known economic indicator. It assesses market potential and size by measuring the value of everything produced, both services and goods, in one year by a single country.

Human Development Index (HDI)

Marketers look at this economic indicator to assess the target market of a country. It looks at average income levels and life expectancy for a population as well as educational levels.

Real Income Evaluation

The economic indicator that focuses on how much disposable income people in a given market have.

Population Growth Rate

This is how quickly the population of a country is expanding.

Tariff

This kind of tax is placed on imported products to raise their costs in relation to domestic goods.

Product Adaptation

The process of slightly changing a given product to better fit the preferences of different cultures.

Product Invention

You perform this process when you completely change a product in order to better sell it in a new market.

Promotional Adaptation

Businesses accomplish this by entering a new market and selling the same product while changing the strategy they use to advertise their product.

Dumping

Companies take this action when they sell exported goods much more cheaply than they sell the good in their home market.

Marketing Mix: 4 P's

Product

Place

Price

Promotion

Global Marketing

This process of selling services or goods internationally with a plan can allow businesses to reach new markets.

Global Marketing: Disadvantages

Many people fear the increase in outsourcing that can accompany this process, as domestic jobs are moved overseas.

International E-Commerce: Risks

This type of commerce can be negatively impacted by local practices. For example, countries like Japan that avoid credit cards would limit the market for these sales.

E-Commerce

Businesses use this to buy or sell services and products electronically. It has had a tremendous impact on global business and sales.

SWOT Analysis: Opportunities

This portion of SWOT analysis focuses on external forces that can help a company improve. This includes new markets, new demands, and new technologies.

SWOT Analysis: Strengths

a company's internal advantages, including the methods that they use to retain customers and the processes that make them competitive

SWOT Analysis: Threats

These outside factors can damage companies. The economy, customer feelings, and technological changes may all be examples of these factors.

SWOT Analysis: Weaknesses

These are any internal processes that a company performs poorly. It could reflect on spending or actions that just aren't effective.

Target Market Identification

The process of locating the consumers who are most likely to buy a business's services or goods. This may also be called niche marketing.

Profit Margin

The money a company makes after it covers all of its costs. This can be increased by companies that market their products effectively over social media.

PESTLE Analysis

This kind of analysis assesses how businesses are impacted by a wide range of external elements. This can be applied on the international level.

PESTLE Analysis: Components

This analysis focuses on political, economic, social, technological, legal, and environmental factors.

Research Process: Pure (Basic) Research

This is the first part of the research process. It deals with grasping what a thing is or the way in which it functions with no focus on gaining a short-term payoff.

Research Process: Applied Research

You might see this as the research process's second step. It involves solving practical problems and offers some kind of payoff.

Research Process: Development Activities

These are actions that we take to improve upon processes or goods that have already been developed.

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