Business Marketing

Chapter 7 LO1. in that respect ar four major purports that have influenced world conduct and oecumenical merchandising . first sensation is decline of economic protectionism , is the practice of shield one or more industries within a countrifieds economy from foreign competition through the use of tariffs or quotas . gage is rise of economic integration , just like creation of the European Union and the North Amerifanny Free Trade Agreement . tierce , there exists world-wide competition among planetary companies for global consumers , resulting in firms adopting global merchandise strategies and promoting global brands .And finally , is the emergence of a networked global marketspace has emerged utilise internet engine room as a tool for exchanging goods , services , and knowledge on a global scale. LO2. world(a) marketing efforts was shape by three major environmental . first , cultural diversity , including a societys values , customs and cultural symbols and langu age . fleck , Economic considerations which include economic infrastructure , consumer income and purchasing power , money exchange rates is also shape global marketing efforts . The extend one is political-regulatory clime .Its for marketing in a country or region of the world means not only identifying the current climate but deter mine how long a favorable or disapproving climate will cobblers last . LO3. exporting , licensing , sound out venture , and develop entrustment argon four alternative approaches for entering global markets . Exporting involves producing goods in one country and selling them in another country . A smart set offers the right to a trademark , patent , trade secret , or other similarly valued item of reason property in return for a royalty or bung , that is licensing .When a foreign company and a local firm invest together to create a local business it is called a joint venture . They share ownership , control , and the profits of the new compan y . Finally , The direct investment is which entails a domestic firm genuinely investing in and owning a foreign subsidiary or element , that is the biggest commitment a company skunk make when entering the global market . LO4. Successful global marketers standardize global marketing programs whenever attainable and customize them wherever necessary .Companies distinguish between standardization and customization when crafting worldwide marketing programs . Standardization means that all elements of the marketing program are the same across counties and finishings , like Coca-Cola ,Levis jeans or Sony consumer electronics. Customization means that one or more elements of the marketing program are adapted to equal the needs or preferences of consumers is a particular country or culture .Like McDonalds does not sell beef hamburgers in its restaurants in India because the daunt is considered sacred by almost 85 percent of the population . Global marketers apply a simple rule whe n crafting worldwide marketing programs standardize marketing programs whenever possible and customize them wherever necessary . Chapter 8 LO1. merchandising explore is the process of defining a marketing problem and probability , systematically collecting and analyzing learning, and recommending actions .Marketing look into reduces risk by providing the vital reading to help marketing managers understand those wants and needs and translate them into marketing actions. LO2. Those are five- note decisions-making process to collect information that will help improve marketing decisions when engage marketing inquiryers. Define the problem is the first step should do . Every marketing problem faces its own research challenges , should setting the research objective and identifying possible marketing actions .Develop the research plan is the second step in the marketing research process requires , which the researcher specify the constaints on the marketing research activity , ide ntify the selective information needed for marketing decisions , and determine how to collect the info . Collect relevant information is the undermentioned step , which includes considering pertinent secondary information and primary data as well as victimization information technology and data mining to trigger marketing actions . Step 4 is develop findings from the marketing research data collected .This involved analyze the data and present the findings of the research . The last step is take marketing actions , which involves implement the action recommendations , pronounce the results . LO3. Secondary data have already been recorded before the scratch line of the project and consist of two parts internal secondary data , which originate from within the organization , much(prenominal) as gross revenue reports and node comments , and external secondary data , which are created y other organizations , such as the U. S.Census Bureau , or business and trade publications , P rimary data are collected specifically for the project and are obtained by either observing or questioning nation . LO4. Marketing researchers observe people in various ways , such as electronically using Nielsen people meters to measure TV viewing behavior or in person using mystery shoppers or ethnographic techniques . A recent electronic innovation is neuromarketing useing high-tech brain scanning to record the responses of a consumers brain to marketing stimuli like packages or TV ads .Questionnaires involve request people questions in person using interviews or focus groups or via a questionnaire using a telephone, fax , print, e-mail , or internet survey . Panels involve a sample of consumers or stores that are repeatedly measured through time to see if their behaviors change . Experiments , such as test markets , involve measuring the effect of marketing variables such as price or advertising on sales . Collecting data from social networks like Facebook or Twitter is increa singly important because users can share their opinions about products and services with countless friends around the globe.LO5. Todays marketing managers are often overloaded with datafrom internal sales and customer data to external on TV viewing habits or grocery purchases from the scanner data at checkout counters Information technology enables this massive amount of marketing data to be stored , accessed , and processed . The resulting databases can be queried using data mining to find statistical relationships serviceable for marketing decisions and actions . LO6. One approach uses subjective judgments of the decision maker , such as direct or lost-horse forecasts . A direct forecast involves estimating the alue to be forecast without any intervening steps . A lost-horse forecast starts with the last known value of the item being forecast , and then lists the factors that could arrogate the forecast , assesses whether thy have a positive or negative daze , and makes the fin al forecast . Surveys of knowledgeable groups , a second method , involves obtaining information such as the intentions of potential buyers or estimates of the salesforce . Statistical methods involving extending a phase observed in past data into the future are a third approach . The best-known statistical method is linear trend extrapolation .