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by: Carli Ward

Chapter2.pdf MKT 230

Carli Ward
Intro to Marketing Management

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About this Document

Here are notes from chapter 2, remember to go over any further definitions, and make sure to get clarification on anything that does not make a lot of sense.
Intro to Marketing Management
Class Notes
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This 5 page Class Notes was uploaded by Carli Ward on Sunday August 30, 2015. The Class Notes belongs to MKT 230 at Illinois State University taught by Attaway in Fall 2015. Since its upload, it has received 61 views. For similar materials see Intro to Marketing Management in Marketing at Illinois State University.


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Date Created: 08/30/15
Chapter 2Global ethical amp sustainable marketing Solomon 2015 What is the de nition of world trade World trade ow of goods amp services among countdes What is a countertrade Countertrade a trade that allows you to pay for a good with something other than cash What are the 4 steps to enter global markets 1 quotGoquot or quotNO goquot 2 Which markets to enter Which companies offer better opportunities 3 Level of commitment 4 How to adapt marketing mix strategies LocaHze Standardize Some markets go global because domestic demand is decreasing while the demand in other foreign markets are increasing GATI39 General Agreement on Tariffs and Trade quotInternational treaty to reduce import tax levels and trade restrictionsquot This treaty established free trade among other nanns Created the WTO World Trade Organization which replaced GATI39 quotset trade rules for its member nations and mediates disputes between nationsquot Protectionism Ta riffs Policy formed by the government to give domestic home companies an advantage Taxes on imported goods What are the 2 perspectives of the economy State of economy 1 Overall economic health amp level of development 2 Current stage of a business cycle GDP gross domestic product most common way to measure the economic health and the total value of the goods and services produced Also to determine economic health a companies needs to know if they can conduct usual business What are BRIC s and why are they accepted by BRIC countries Russia Brazil India amp China The 4 countries that are the fastest developing Attractive to marketers because of the BOP marketers bottom of the pyramid which are those who live on gt2 a day What is a GS Developed countries are advanced economically and offer a range of opportunities for international marketers Group of eight GS France West Germany Italy Japan UK US Canada and Russia The 8 most developed countries What is a business cycle What are the stages of the business cycle Business cycle quotdescribes the overall pattern of changes or uctuations of an economyquot The cycles are Prosperity high levels of demand recession fall in demand and recovery production improvement Sever recession is considered a depression where prices and demand falls In ation is when prices and the cost of living increase and money loses its spending power The business cycle is important because it determines purchase behavior What is the difference between Micro and Macro environments What are their individual characteristics and affects Competition in the microenvironment 1 Discretionary income money left over after paying for living necessities 2 Product competition competition producing different products for the same consumer needs 3 Brand competition competition offering similar products Competition in the Macroenvironment 1 Monopoly quotwhen one seller controls the market 2 Oligopoly small group of sellers with equal market share ie airlines 3 Monopolistic competition larger group of sellers 4 Perfect competition many small sellers that offer the same good or service What are the different types of environments Technology environment typical selling and buying of products over the internet as well as advertising Political and legal environment quotlocal state national and global laws amp regulations that affect businessesquot Laws pertaining to businesses are the Antitrust Act amp WheelerLea Act which makes sure that businesses compete fairly Sociocultural environment characteristics people and culture of the society Part of Political andlegal environment Economic sanctions prohibits trade with other countries to cutoff some markets Nationalization when a foreign owned company is reimbursed by the domestic government Expropriation a foreign company s assets are frozen wo reimbursement by the domestic government Part of political andlegal environment US Generalized System of Preferences GSP quot program that promotes economic growth in developing countries by allowing duty free entry ofgoodsquot ONLY if the participating countries are proving to improve worker rights Part of sociocultural environment Demographics population according to age sex gender ethnic background income education etc Values are beliefs know the difference between collectivist and individualistic cultures Social norms are what tell you what is right and what is wrong Language is important when trying to settle as a market in a foreign country Consumer ethnocentrism is when you value your countries products over the products of another country and deem them inferior What are the 2 global strategies quotdecisions at the company level and the product levelquot Commitment entitles tradeoff as controlled or at risk Exporting company decides to sell products on its own or rely on the resources of its potential country Contractual agreements licensing agreements vs franchising Strategic alliances to form an alliance with other markets in the foreign country or not Direct investment Marketing your product The four P s How are product promotion price and place essential when it comes to marketers and being in a foreign market Production decision 3 ocaiationstandardization choices to decide on product strategies 1 Sell same product but in a new market 2 Modify the product for that speci c market 3 Develop a new product to sell in the new market Strategies Straight extension strategy same product for both your domestic and foreign markets Product adaptation strategy modi ed version of your product in the foreign market Product invention strategy brand new product for the foreign market Promotion Decision How to appeal to the foreign market how to speakcommunicate with consumers and other marketers Price Decision Free trade zones paying for goods wo taxes Gray market goods importing without consent Dumping selling a product cheaper in a foreign market than you would at home Place Decision Knowing an appropriate place to sell your products in a foreign market that will still appeal to consumers but may be a slightly different appearancelocation than in your domestic market Ethical relativism what is ethica in one country may not be in another Code of ethics written standard behavior that everyone in the organization should follow What is bribery How is this relevant to ethics Bribery an illegal payment to get an advantage Sustainable marketing mix strategies Target marketing strategies knowing customers attitudes toward sustainability l Targeting green customers those who are attracted to ecofriendly products Product strategies how customers use and treat products Price strategies pricing green products remotely close to other products because of how expensive green products are and how high the demand for them is Place strategies placing the green product that is ef cient to green customers Promotion strategies making the customers aware of your environmentally safehelpful products


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