Marketing 201 Exam 2 questions and
answers
5 trends that have influenced the landscape of global marketing - ANSWER 1.) decline of
economic protectionism
-tariffs and quotes discouraging world trade
2.) rise of economic integration
-transnational trade groups---> EU & NAFTA
3.) global competition among global companies for global consumers
-3 types of companies compete in global mktplce
*international firms
* multinational firms
* transnational firms
4.) emergence of a networked global marketspace
5.) growing prevalence of economic espionage
3 kinds of uncontrollable environmental variables - ANSWER 1.) cultural
2.) economic
-currency exchange rate
3.) political-regulatory
,4 means of market entry - ANSWER 1.) exporting
-least control
-least $ invested (lower profit potential)
-least # of changes need to be made
-disliked my host countries bc provides less local employment
2.) licensing
-low risk
-capital free entry into another country
-licensee gains info to start a comp. advantage
-foreign country gains employment by having product manuf. locally
3.) joint venture
-foreign company and local firm invest together
-share ownership, control, and profits of new firm
4.) direct investment
-most risky
-most $
-most control over merchandise
-biggest commitment
-domestic firm investing in and owning foreign division
a product may be sold globally in 1 of 3 ways - ANSWER 1.) product extension (same form as
home market)
, 2.) product adaptation (some adaptations)
3.) product invention (totally new product)
marketing research - ANSWER process of defining a market problem and opportunity,
systematically collecting and analyzing information, and recommending actions
5 steps in marketing research approach - ANSWER 1.) DEFINE THE PROBLEM
-set the research objectives... specific, measurable goals the decision maker seeks to achieve in
conducting the mkt research
2.) DEVELOP THE RESEARCH PLAN
1st: specify the constraints on the mkt research activity
2nd: identify the data needed for mkt actions
3rd: determine how to collect the data
3.) COLLECT RELEVANT INFORMATION
-primary data (watching ppl, asking ppl, experiment)
-secondary data (internal vs. external)
4.) DEVELOP FINDINGS
1st: analyze carefully
2nd: translate into findings
-data mining
5.) TAKE MARKETING ACTIONS
1st: make action recommendation
answers
5 trends that have influenced the landscape of global marketing - ANSWER 1.) decline of
economic protectionism
-tariffs and quotes discouraging world trade
2.) rise of economic integration
-transnational trade groups---> EU & NAFTA
3.) global competition among global companies for global consumers
-3 types of companies compete in global mktplce
*international firms
* multinational firms
* transnational firms
4.) emergence of a networked global marketspace
5.) growing prevalence of economic espionage
3 kinds of uncontrollable environmental variables - ANSWER 1.) cultural
2.) economic
-currency exchange rate
3.) political-regulatory
,4 means of market entry - ANSWER 1.) exporting
-least control
-least $ invested (lower profit potential)
-least # of changes need to be made
-disliked my host countries bc provides less local employment
2.) licensing
-low risk
-capital free entry into another country
-licensee gains info to start a comp. advantage
-foreign country gains employment by having product manuf. locally
3.) joint venture
-foreign company and local firm invest together
-share ownership, control, and profits of new firm
4.) direct investment
-most risky
-most $
-most control over merchandise
-biggest commitment
-domestic firm investing in and owning foreign division
a product may be sold globally in 1 of 3 ways - ANSWER 1.) product extension (same form as
home market)
, 2.) product adaptation (some adaptations)
3.) product invention (totally new product)
marketing research - ANSWER process of defining a market problem and opportunity,
systematically collecting and analyzing information, and recommending actions
5 steps in marketing research approach - ANSWER 1.) DEFINE THE PROBLEM
-set the research objectives... specific, measurable goals the decision maker seeks to achieve in
conducting the mkt research
2.) DEVELOP THE RESEARCH PLAN
1st: specify the constraints on the mkt research activity
2nd: identify the data needed for mkt actions
3rd: determine how to collect the data
3.) COLLECT RELEVANT INFORMATION
-primary data (watching ppl, asking ppl, experiment)
-secondary data (internal vs. external)
4.) DEVELOP FINDINGS
1st: analyze carefully
2nd: translate into findings
-data mining
5.) TAKE MARKETING ACTIONS
1st: make action recommendation