Marketing 351 CSUF Final Exam Lebard Rated A+

Marketing 351 CSUF Final Exam Lebard Rated A+ "A Market" A point, place, or sphere in which the ownership of goods is affect Marketing Concept Assumes achieving organizational goals depends on determining the needs and wants of the target markets and delivering desired satisfactions more efficiently than competitors do Distinctive Capabilities * Theory given by John Kay * Relevant factor of an organization's resources * Companies with distinctive capabilities have attributes, which others don't have and cannot replicate. Societal Classification of Offerings Based on the degree of immediate consumer satisfaction and long-run consumer benefit Deficient Offerings Have neither immediate appeal nor long-run benefits (low immediate satisfaction and low long-run consumer benefit) [example: bad-tasting and unhealthful snack food] Salutary Offerings Have low appeal but benefit the consumer (low immediate satisfaction and high long-run consumer benefit) [example: seat belts in automobiles] Desirable Offerings Give both immediate satisfaction and high long-run benefits (high immediate satisfaction and high long-run consumer benefit) [example: tasty and healthful breakfast food] Product/Market Expansion Grid Portfolio planning method used to identify new growth opportunities Trade Restrictions These impede national trade; try to put the home country at an advantage Tariff (basically a tax) revenue and protective • Revenue tax is respected • Protective tax protects local industry from foreign competition. This is the least sound, economically. In the long term, this costs the consumer more money. Quota * Numerical limit of the amount of product you can bring into a country * Not as powerful as it was in the 80s and 90s * Anything beyond the limit would be taxed. Embargo Ban on importation of product Exchange Control * Amount and rate. * Controlling currency. * Much of the world was involved with this from the middle to late 80s. Discrimination * Bids and standards * They do this protect their culture. Global Marketing Management Forms * Ethnocentric * Polycentric * Geocentric Ethnocentric * International firm * Home country oriented (Japanese; there is a glass ceiling. Want someone from their home country in charge, so only Japanese as head managers) * Extension strategy, extend home country operations to foreign market. * Vertically oriented, predicative of how your going to move up the system. Polycentric Multinational firms Home country oriented, employees act like all the other companies in that foreign country. (do as the romans do) Multi domestic marketing strategy: only looking for profit so they are allowing locals to run their company as long as money is still coming in. Adapting to each domestic environment you are involved with. Geocentric Transnational firms They don't have an allegiance to a specific country; rural orientation They use a global marketing strategy (Starbucks, IBM) Geocentric tends to be the most political