Popular in Managerial Accounting 212
Popular in Department
verified elite notetaker
One Day of Notes
verified elite notetaker
verified elite notetaker
verified elite notetaker
verified elite notetaker
One Day of Notes
verified elite notetaker
This 34 page Class Notes was uploaded by ec on Wednesday August 26, 2015. The Class Notes belongs to ACC 211 at University of Miami taught by Sicre in Summer 2015. Since its upload, it has received 31 views.
Reviews for Notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 08/26/15
Global Marketing 11062012 Globalization 0 How goods services capital people information and ideas ow across national borders Offshoring When products are manufactured purchased from all over the world 0 Differences in cost and quality of factors of production 0 Associate certain products and brands with certain places but sometimes they are produced and created in facilities of different areas because it is cheaper Global Organizations 0 GA39IT 0 General agreement on tariffs and trade 0 International agreement 0 WTO 0 World trade organization 0 Global institution dedicated to trade 0 Trying to support international trade 0 International monetary fund 0 Promotes international monetary cooperation 0 Provide loans to poor countries like Africa 0 World Bank 0 Development bank 0 Provide loans to developing countries to help their economies Assessing Global Markets Factors that decide goodbad global markets Economic metrics Trade de cit vs trade surplus 0 Does a country have more products owing in or out 0 An economy is stronger if it has a trade surplus meaning it is exporting more products than it is taking in 0 GDP gross domestic product 0 Everything that is produced within the borders of a country GNP gross national product 0 Everything that is produced by companies that are owned by a country 0 Example if GM produces cars in Mexico they still count towards their GNP o PPP purchasing power parity 0 Big max index Exactly the same product around the world with the exact same factors of production everywhere but the prices still vary Example big mac in Greece is 500 but in Bulgaria it is only 100 which shows Bulgaria is a less expensive place to live and to do business 0 Human Development Index 0 Quality of life metric o How accessible are things like hospitals phones computers etc Market Size and Population Growth 0 Urban vs rural Growing vs shrinking 0 Age 0 Class structure Government Actions in Countries 0 Can add tariffs to products within a country 0 Dumping 0 Countries are not allowed to dump their products in another country and then sell them for less of a price than the country that they dumped into does Quota 0 Limits the amount of products a country can ship to another 0 quotif your going to sell your products for so low in the US you can only have x amount of products herequot US to Canada Boycott o Prevents all products from one country from entering into another often has to do with government con icts 0 Exchange control 0 Fixing the rate of exchange in order to help your own country 0 100Canada for 150 US Trade Agreements 0 Free trade of people and products within certain regions 0 European Union 0 NAFTA 0 Canada USA Mexico CAFTA 0 US Costa Rica Dominican Republic El Salvador Guatemala Honduras Nicaragua Mercusor 0 South America 0 ASEAN 0 Southeast Global Entry Strategies if you want to enter into a new market around the world Exporting Produce in country A sell in country B o Lowrisk strategy 0 Easy to withdraw Franchising When a franchisee buys rights to operate a business 0 Franchisor sells the right to the franchisee Example McDonalds around the world are mostly owned by franchisee s and not the owner of McDonalds Moderaterisk strategy 0 Low investment because the franchisee has to pay all expenses so it is of no economic risk to the franchisor 0 Risk bad franchisee If you hire a bad franchisee that doesn t manage the business well you can run into problems Strategic Alliance 0 Collaborative relationship between independent rms 0 Not an equity relationship neither bought one another they simply just help one another Mutually bene cial 0 Moderate investment 0 Complementary strengths Joint Venture 0 Equity partnership in a new company 0 Example SonyEricsson BeijingBenz When one company actually buys another Mutually bene cial o Heavier investment 0 Partnership 0 Complementary strengths for both partners 0 Government regulations Direct Investment 0 100 ownership in a new market 0 eg TD Bank Group HSBC o Highestrisk 0 heavy investment 0 brand name 0 government regulations Global Marketing Strategy Segmenting o Targeting o Positioning Global Marketing Mix Product Strategies 0 Same product in all markets eg coke 0 Similar products in different markets McDonald s Different products eg Ford Pricing Strategies 0 Sales legislation 0 Positioning Distribution Place Strategies 0 Structure of marketplace Communication Promotion Strategies 0 Language barriers 0 Literacy Access to population What Compromises Promotion communicating value to consumer 0 Advertising Personal Selling Sales Promotion Public Relations 0 Direct Marketing 0 Online Marketing 0 Social Media The Communication Process Sender o Firm or in election campaigncandidate Transmitter person sending message 0 Communications passed through media Encoding how message is sent 0 Images words sounds 0 Communication Channel media Receiver 0 Noise anything that distracts the message from being sent between every step 0 Feedback oop goes back to sender Example 2012 Presidential Campaign 0 47 Romney Quote 0 victims 0 don t pay taxes 0 entitled sender o mitt Romney 0 communication channel 0 tvnews receiver 0 electorate 0 noise feedbackloop Example 2012 Presidential Campaign 0 quotAnn Romney never worked a day in her lifequot 0 never had to do hard work 0 given everything 0 mother does not equal work Sender 0 Democratic party staffer Communication channel 0 TVnewstwitter Receiver 0 Electorate 0 Noise 0 In the communication channel 0 Individual differences 0 Feedback loop How Consumers Perceive Communications 0 People decode messages differently 0 quotnever worked a day in her lifequot attack on Ann Romney meaning 0 Obama Attack Ad Senders adjust message 0 Memum o Receivers traits 0 Example you can play project The AIDA Model 0 Awareness 0 Obama on Jimmy Fallon April 2012 0 Interest 0 Romney 47 comment 0 Obama campaign attack on Ann Romney Desire 0 Motivation to do something 0 Action o Barackobamacom 0 Michelle Obama quot36 votesquot Florida Ads Communication Strategy 0 Advertising 0 Increases awareness 0 Make people aware of the product no bias here Communication Strategy Elements 0 Public Relations 0 Aimed at media 0 Events 0 Activities 0 Sales Promotions 0 Special incentives Sales Coupons Discounts Free samples Rewardsloyalty programs 0 Personal Selling 0 Interaction with salesperson o Twoway communication 0 Direct Marketing 0 Communicates directly with target market 0 Online Marketing 0 Websites 0 Blogs 0 SocialMedia YouTube 0 Example wwwgmcom Product information Videos Sales YouTube blog YouTube channels TwitterGM Facebook Communication Planning 0 Goals 0 Awareness 0 Sales 0 Loyalty 0 Market share Measuring Success 0 Traditional Media 0 Frequency of Exposure How often audience is exposed to message 0 Reach of target population 0 Gross Ratings Points GRP Frequency x Reach Webbased Media 0 Impressions 0 Clickthrough rate Advertising Objectives 0 Pull Strategy 0 pull customer into store 0 consistent with Pull Supply Chain 0 Push Strategy 0 push products to stores 0 consistent with Push Supply Chain eg free samples incentives o Informative Advertising 0 Creates awareness You Can Play Project Campaign signs Persuasive Advertising 0 Motivates customers to take action Chrysler quotHalftime in Americaquot Democratic Party Reminder Advertising 0 Prompts repurchase Bud light quotHere Wegoquot ProductFocused Advertisements 0 Focus on a speci c product or service Car commercial Institutional Advertisements 0 Focus on places politics industry Got milk Public Service Announcement PSA 0 Focus on public interest Antismoking Antibullying Convey the Message Unique Selling Proposition o What is unique about your offering Sam Adams I pride of craftsmanship a quality because of the foam or head a avor I elds of barley Informational Appeals 0 Offer factual information 0 Highlight key benefits Emotion Appeals 0 Aims at consumers emotional desires Evaluate and Select Media 0 Media mix 0 Combination of media used and frequency 0 Mass Media 0 Large national media outlets 0 Large audience 0 Undifferentiated Niche Media 0 Smaller audience 0 Reach narrower segments 0 Television 0 Wide reach 0 Sound and video Storytelling 0 High cost Airtime Producing commercials 0 Too many channel and program options 0 Radio 0 Wide reach 0 Selectively targeted o Inexpensive Airtime Producing ads 0 No video Storytelling o Inattentive consumers Magazines 0 Very targeted 0 Subscribers Characteristics 0 Lead time Ad development Magazine production and delivery 0 In exible Limited options No audio 0 Newspapers 0 Very exible o Timely Salespromotions 0 Local 0 Expensive 0 Short lifespan 0 Internet 0 Flexible and interactive 0 Link to additional information 0 Very speci c targeting o Cluttered websites 0 Can annoy customers 0 Outdoors 0 Relatively inexpensive 0000 0 Repeated exposures Not easily targeted Placement problems Short exposure time Easy to change 0 Direct mail 0 O O 0 Highly targeted Personalization Relatively expensive quotjunk mailquot 0 Advertising Schedule 0 O 0 Continuous Schedule Same level of advertising all the time a McDonald s or mac and cheese FthUng quotSpurtsquot of intense advertising Pulsing Continuous low level spurts Assessing Impact 0 Pretesting 0 Focus groups 0 Survey responses 0 Tracking 0 Sales vs Gross Ratings Points 0 Awareness vs GRP Posttesting 0 Sales 0 Awareness 0 Consumer Feedback Regulatorv amp Ethical Issues 0 Federal Trade Commissions FTC 0 Truth in Advertising 0 Federal Communications Commission FCC 0 Controls communications 0 Drugs lotteries cigarettes fraud profanityobscenity Food and Drug Administration FDA 0 Food advertising 0 Branding eg organic quotlightquot 0 Labeling o Disclosures eg warnings o Puffery vs Deceipt o puffery legal exaggeration papa johns better ingredients better pizza doesn t say verse who 0 Deceipt illegal exaggeration Activa helps with health 0 What would consumers take seriously Public Relations 0 Promotion through media CauseRelated Marketing 0 Partnership with charity 0 Event Sponsorship Sales Promotions 0 Coupons 0 Increase demand 0 Sales can be traced 0 Low redemption rates 0 High cost 0 Deals 0 Shortterm price reduction Eg quotfeature pricequot Encourages trial Reduces consumer risk Enhances perception of value Premiums 0 Prize award 0 Builds goodwill o lncreases perception of value quotmere tokenquot effect 0 consumers may buy for premium not product Contests 0 Require skill efforts 0 Consumer involvement 0 Excitement o Requires creativity 0 Monitoring costs Sweepstakes o No effort required Samples 0 Encourages trial 0 Direct involvement with product 0 Very costly Loyalty Programs 0 Encourage repurchase 0 Can create loyalty 0 Very costly Pointof purchase displays 0 High visibility o Encourages trial 0 Location is critical 0 Very costly Rebates o Increases demand 0 Increases perceived value 0 Easily copied by competitors 0 May advance future sales 0 Product Placement o Demonstrates product uses features 0 Nontraditional marketing Consumer awareness 0 Lack of rm control over display 0 Learning Topics 0 Consumer Behavior 0 Processing Systems 0 Automatic o Re ective Decision Making Biases o How does this play out in our everyday lives 0 How can we quotnudgequot Consumer Behavior A look at the psychological processes behind why people do the things they do 0 Much of our behavior occurs nonconsciously Economics 0 The study of what people should do Consumer Behavior 0 The study of what people actually do Processing Systems Automatic System I know your face AKA System 1nonconscious system Uncontrolled o Effortless Visceral Associative Fast 0 Passive Independent of cognitive resources not dependent on how much you can memorize Re ective System I know your name AKA System 2Conscious System Controlled o Effortful Cerebral Deductive 0 Slow 0 Active Dependent upon cognitive resources Decision Making Biases Peripheral cues Stimuli in environment that allow us to make quick inferences on a passive level Simple inferences Brand names 0 Packaging Heuristics ways people simplify things use something to simplify a judgment or decision 0 Simple rules of thumb used to aid judgments or decisions 0 Anchoring oJudgments or decisions based on what we know 0 Availability 0 Judgments or decisions via accessibility 0 Weather is either sunny or cloudy asked about mood sun is positive leading to higher wellbeing Representativeness o Judgments or decisions by similarity How similar two objects are 0 Tom Brady selling Under Armour Or selling UGG s associate with females so there is a discrepancy Gains and Losses 0 Prospect Theory quotLosses loom larger than gainsquot 0 Risk aversion play it safe gain 1000 rather than 50 chance of getting 2500 0 Riskseeking be risky rather 50 chance on losing 2500 than 100 of losing 1000 Framing Different perceptions based on how topics are introduced to people SelfControl o Planner vs Doer 0 Former is farsighted and latter is impulsive SelfControl strategies 0 A means of balancing the two 0 Mental accounting Social In uences How you re affected by your surroundings 0 Eat more or less without the prosthesis skinny person or with the prosthesis fat person 0 Eat more with thin confederate 0 Eating alone vs with another person 0 35 increased food intake 0 Eating with four other people 0 75 increased food intake Eating with seven other people 0 96 increased intake How can we quotnudgequot Priming The activation of constructs that can in uence subsequent behavior 0 Mars landing and Mars bar sales 0 quotMere measurementquot effect merely asking people their intentions to do something increase them to do it how many times are you going to exercise increase exercise Manipulation of choice sets Compromise effect 3 cars different quality end up choosing middle encourage moderation Framing Gold quotcheck here to become an organ donorquot 0 Blue quotcheck here to not become an organ donorquot 0 Dramatic difference blue end up being organ donors Heuristics vast rules to make decisions quickly quotsimplifying rulequot helps valid 0 Brand 0 Price Prospect theory assess everything to some reference point Consumer Decision Process 0 Need recognition determine you have some type of need 0 Functional needs Eg going to school want a degree knowledge For cars need to get from A to B o Psychological needs Perceived by others a fun or cool school feel at home Look good while doing it 0 Information search 0 Internal search What do you already know about the product 0 External search You conduct marketing research a Secondary data reports online a Primary data test out the product 0 Consumer Search Costs vs Bene ts D How much search is worthwhile Importance of purchase 0 Cost of item 0 Potential impact of search 0 Product knowledge nancial planning Actual amp Perceived Risk a Greater risk l greater search 0 Performance risk doesn t perform you buy phone doesn t meet what you want 0 Financial risk huge cost accumulating Social risk how do others perceive your purchase 0 Safety risk Psychological risk 0 Alternative evaluation 0 Consideration sets Universal set Retrieval set set of alternatives you can actually think of Evoked set didn t think until started searching o Evaluative criteria Important attributes n Eg price MPG engine HP Brand warranty o Determinant attribute Perceived to differ among competitors n Eg quality ratings product features 0 Looking at Honda and Toyota Not much difference 0 Consumer Decision Rules Compensatory n Tradeoffs between attributes o Eg price vs quality Noncompensatory n Ignore other attributes Eg price brand name 0 Purchase 0 Conversion rate of consumers who purchase after searching differs across channels a retail store a auto dealer a housing market a internet 0 Post purchase 0 Customer satisfaction Actual vs expectation o Enhancing customer satisfaction Realistic expectations Proper product usage Customer feedback Maintain contact with customers Servicewarranties 0 Cognitive dissonance Results from an inconsistency between a Two beliefs 0 Eg environmentally conscious vs arger car is safer n Beliefs amp behavior Eg fair trade vs allinclusive Cuban vacann More likely with n Expensive products a Infrequently purchased products a Riskier purchases What factors in uence consumer decisions Psychological factors 0 Motives Needs or wants that drive behavior 0 Maslow s hierarchy of needs Needs must be satis ed in order El 0 Attitudes Physiological Hunger sleep Safety Love 0 Interactions with others Esteem Feelings about yourself Selfactualization Feelings about your life Feelings towards an object or idea El El El 0 Perception Cognitive component Affective component Behavioral component How we select organize interpret information 0 Learning How experiences change thoughts and behavior 0 Social factors 0 Culture 0 Family Children Parents 0 Reference groups lngroup Outgroup Situationalfactors Marketing mix Marketing Ethics Moral and ethical dilemmas that arise in a marketing setting Coke was marketed as a health product but not anymore unethical Shortterm pro ts vs longterm customer needs Eg mortgage crisis 0 Bank executives compensation Shortterm performance 0 Standards for mortgage approval Longterm implications Personal ethics 0 Why do people act unethically 0 Personal gain Pro t Stresspressure Failure to understand ethics Cultural standards 0 Lax rules American Marketing Association Code of Ethics 0 What is a norm 0 Ethical norms 0 Do no harm Companies recall a product if its going to harm someone 0 Foster trust in the marketing system 0 Embrace ethical values 0 Ethical values 0 Honesty Truth in lending Truth in advertising 0 Responsibility OOOO O O Accept consequences Eg product recalls Fairness Balance needs of the buyer and seller Eg are extended warranties fair Respect Basic human dignity of all stakeholders Transparency Eg disclose risks and all prices Citizenship Economic legal philanthropic societal responsibilities Garment Industry 0 Bangladesh 0 Recent re 0 More than 100 workers killed Garments found from O Polo Disney WalMart Respect Responsibility 0 Not accepting responsibility for their actions 0 Transparency 0 Not saying where it s made Creating an Ethical Climate Creating a set of values 0 Johnson amp Johnson Credo o USMA West Point Honor Code quota cadet will not lie cheat or steal or tolerate those who doquot 0 UM Business Honor Code Ethics amp Marketing Strategy 0 Planning Phase 0 Mission Statement include ethics 0 Implementation Phase 0 Who is the target market Is it ethical to target that group 0 How do we target that group What mix of the 4 P s do we choose Is it an ethical mix 0 Control Phase 0 Monitoring ethical issues Truth in Advertising 0 quotMade in USAquot 0 50 of materials or 75 of manufacturing costs 0 Car ads 0 highend model amp lowend prices Extended Warranties Casinos o Betting stacked against the bettor Target 0 Riskseekers o Lowincome 0 Bene ts 0 Entertainment 0 Indian preserves make pro ts 0 Pro ts also go to state government 0 Costs 0 Gambling issues 0 Are they ethical Do no harm
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'