D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
Global Experience Curve
No foreign marketing
Foreign marketing
International marketing
Global marketing
What types of information required in global market research
Economic
Culture, societal trends
Business environment
Political & legal
4 regional market zones
MERCOSUR
ASEAN
EU
NAFTA
Benefits of having regional market zone
- each country benefits economically & the market zone has more power in the global
marketplace.
- geographic proximity is an advantage;
- political: increased political clout, particularly as smaller countries form broad
political alliances.
Global Market Entry Strategies
Exporting
Contractual agreements (licensing & franchising)
Strategic Alliances
(joint ventures & direct foreign investment)
Joint ventures (JV)
a strategic alliance in which two existing firms collaborate to form and own a third,
independent company; management duties are shared
Licensing
,D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
selling the right to use some process, trademark, patent, or other right for a fee or
royalty
franchising
A contractual agreement to operate a business using a name and format developed
and supported by the franchisor.
direct foreign investment (DFI)
any method of increasing international business that requires a direct investment in
foreign operations
global product lines
products that are sold across country borders
product adaptation
alter an existing product to fit local needs & legal requirements
product innovation
creating new products to meet demand in a specific country or region
direct product extension
introduce a product produced in the company's home market into an international
market with no product changes
4 product issues facing international marketers
1. quality
2. fitting the product to the culture
3. brand strategy
4. country of origin (effect)
6 C's of Channel Strategy
cost, capital, control, coverage, character, continuity
one world price
the company assigns one price for its products in every global market
local market conditions price
,D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
Company assigns price based on local market conditions with minimal consideration
for the actual cost of putting the product into the market.
cost-based price
cost + markup
price escalation
Considerable quandary for companies in global marketing is that the costs of doing
business > than in their home market
4 forces that drive higher costs in global markets
1. Product export costs
2. Tariffs, import fees, taxes
3. Exchange rate fluctuations
4. Middlemen & transportation costs
dumping
Selling goods in another country below market prices
gray market
unauthorized diversion of branded products into global markets; these distributors
divert products from low-price to high-price markets
MIS (marketing information system)
really an "information bank" where data relevant to the company's marketing efforts
are collected & stored until such time as management needs to "withdraw" them.
Internal sources of information
Customer order -CRM
Customer payments
Marketing plans
Salesperson information systems
Customer inquiries
External forces affect marketing decisions
, D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
Economic conditions
natural world
competition
political/legal
technology transformations
demographics (population of interest, ethnic groups, geographic changes)
Market Research Process
1. Define the problem
2. Design the research
3. Conduct the research
4. Analyze the data
5. Address the problem
6. Report the findings
Challenges with market research in global markets
data is more difficult to get and understand than domestic
GDPR (General Data Protection Regulation)
New European Union law on data protection and privacy for individuals.
6 criteria:
consent, contract, legal obligation, vital interests, public task, legitimate interests
CCPA (California Consumer Privacy Act)
Jan. 2020
grants California consumers robust data privacy rights & control over their person
information
What are examples of types of market research that are appropriate ways to select a
target market? (pick 2)
A. Market exposure assessment
B. Competitive product analysis
C. Needs assessment
D. Buyer behavior analysis
C&D
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
Global Experience Curve
No foreign marketing
Foreign marketing
International marketing
Global marketing
What types of information required in global market research
Economic
Culture, societal trends
Business environment
Political & legal
4 regional market zones
MERCOSUR
ASEAN
EU
NAFTA
Benefits of having regional market zone
- each country benefits economically & the market zone has more power in the global
marketplace.
- geographic proximity is an advantage;
- political: increased political clout, particularly as smaller countries form broad
political alliances.
Global Market Entry Strategies
Exporting
Contractual agreements (licensing & franchising)
Strategic Alliances
(joint ventures & direct foreign investment)
Joint ventures (JV)
a strategic alliance in which two existing firms collaborate to form and own a third,
independent company; management duties are shared
Licensing
,D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
selling the right to use some process, trademark, patent, or other right for a fee or
royalty
franchising
A contractual agreement to operate a business using a name and format developed
and supported by the franchisor.
direct foreign investment (DFI)
any method of increasing international business that requires a direct investment in
foreign operations
global product lines
products that are sold across country borders
product adaptation
alter an existing product to fit local needs & legal requirements
product innovation
creating new products to meet demand in a specific country or region
direct product extension
introduce a product produced in the company's home market into an international
market with no product changes
4 product issues facing international marketers
1. quality
2. fitting the product to the culture
3. brand strategy
4. country of origin (effect)
6 C's of Channel Strategy
cost, capital, control, coverage, character, continuity
one world price
the company assigns one price for its products in every global market
local market conditions price
,D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
Company assigns price based on local market conditions with minimal consideration
for the actual cost of putting the product into the market.
cost-based price
cost + markup
price escalation
Considerable quandary for companies in global marketing is that the costs of doing
business > than in their home market
4 forces that drive higher costs in global markets
1. Product export costs
2. Tariffs, import fees, taxes
3. Exchange rate fluctuations
4. Middlemen & transportation costs
dumping
Selling goods in another country below market prices
gray market
unauthorized diversion of branded products into global markets; these distributors
divert products from low-price to high-price markets
MIS (marketing information system)
really an "information bank" where data relevant to the company's marketing efforts
are collected & stored until such time as management needs to "withdraw" them.
Internal sources of information
Customer order -CRM
Customer payments
Marketing plans
Salesperson information systems
Customer inquiries
External forces affect marketing decisions
, D174 (Latest Update ) Marketing
Management Questions with 100% Correct
Verified Answers [Grade A] - WGU
Economic conditions
natural world
competition
political/legal
technology transformations
demographics (population of interest, ethnic groups, geographic changes)
Market Research Process
1. Define the problem
2. Design the research
3. Conduct the research
4. Analyze the data
5. Address the problem
6. Report the findings
Challenges with market research in global markets
data is more difficult to get and understand than domestic
GDPR (General Data Protection Regulation)
New European Union law on data protection and privacy for individuals.
6 criteria:
consent, contract, legal obligation, vital interests, public task, legitimate interests
CCPA (California Consumer Privacy Act)
Jan. 2020
grants California consumers robust data privacy rights & control over their person
information
What are examples of types of market research that are appropriate ways to select a
target market? (pick 2)
A. Market exposure assessment
B. Competitive product analysis
C. Needs assessment
D. Buyer behavior analysis
C&D
