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Week 7 Monday

by: Marissa McKinney

Week 7 Monday MKTG 25010-001

Marissa McKinney
GPA 3.85
Principles of Marketing
Lawrence Marks

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Mondays class notes
Principles of Marketing
Lawrence Marks
Class Notes
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This 9 page Class Notes was uploaded by Marissa McKinney on Sunday October 18, 2015. The Class Notes belongs to MKTG 25010-001 at Kent State University taught by Lawrence Marks in Summer 2015. Since its upload, it has received 37 views. For similar materials see Principles of Marketing in Marketing at Kent State University.


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Date Created: 10/18/15
H rquot a 39J39 wquot j x gt quot I quotif ii 393 39 V 391 I 7 r1 n gt A r V H m V l R EHquot u E 06 n quoti J 8 dc yr 0 1 e V n w 1 A La rghce 1 bruoic e C 339in quot 9WD 39 b ltis GM s Grown EEW M quot quotif if 7 new cars in the next2year dillelmOt t5 Cci lkr al shaky than in the US IV A Global Environ mental Scan What do we need to know before we go A Cultural Diversity i Social and Cultural Environment 1 Family 2 Customs and Behavior Education 4 Language lmpediments to understanding foreign markets 5le Rama Ch ima unconscious reference to one39s own values experiences and knowledge as a basis for making certain decisions i Can result in ag l lDi lti ANElOlQ an open attitude and a cultural sensitivity enabling managers to look carefully at the foreign market and understand the C needs there and not simply transfer the needs of the domestic market b Ethnocentrism 7 The belieth at one39s culture is spamma on 0 MG c Examples I 39 wwadlmsl user m owes to Banish I Ldnl m moms magma pasrAvOrlem ii Economic Environment 391 WOW can the country provide communications transportation energy etc 2 Level of Economic DeveIOpment a A general indicator of the market s attractiveness b Indicator of the types ot products that will be in demand or Gross National income GNI lPer Capi ta 3 Competition a The hone often overlooked You MUST have a ti S S39Er39 ttal oiclxi OMAQ e oy r int i oral b miss 4 Political Stability when the country is not politically stable business risks lossesl a Examples 125 d5 39 7 V I i 39 j x 1 Best Performers bGWO m asfmama ahL fc L grit t30rnOrrOn ireloncl ON 39 Worst Performers1 r jgraljotj titan Sgtla Me Win Levmi lm clr39l39iiopia QTTWEWIC U 30 F V Global Market Entry Strategies quot Q a Exporting i WK WC Exporting ii Dif l f Exporting b Licensing i Manufacturing Assembly iii Franchising c Joint Venture d Direct Investment e Global Market Entry Strategies 82 Exporting if rennlyi or 1 hrough Joint Contract Ventures 1 Company Licensing Manufacturing and Wholly 1 Sales iForeign by Foreign Strategic Owned M ultinatiunal Middleman Branches ProducersProciucers Alliances Subsidiaries Corporations f Examples E Coca Cola Li Cemng an Wad Minn190nm Goodyear Tire amp Rubber SSWGRE iC ONCE am C ii 5pm i him1c meti r Manama 3 SaintGobain i N xUHir iio ai WOW thm OCU Cgm wes 13 WW Service m 5 CW minng i 6 Vi Product Strategies 33 A Product Extension No change llri Jrl39tf W1 Sf B Product Adaptation Modification Change the product to match the customers 1 W 7 needs wants desires in that country C Product Invention Create an entirely PFC dUCquotiquot 7 to satisfy needs wants and desires that are not being met by any current product Video Example McDonald s Goes to China VII Promotion Strategies 3 Same Promotion Globally b Adapt Promotions to Local Tastes o Create Entirely NEW promotions Vlll Bringing together Product and Promotion Strategies for Global Marketing Figure 7 6 textbook page 185 Product Emphasis i I ADAPT Create NEW SAME PrOdUCt Product Product 5 Same Product Product 6 g Promotion as extension adaptation E Q r Product Domestically strategy 7 strategy E E a v 7 7 Invenhon mi 0 Adapt Communication DUlAL Strata Promotion to adaptation adaption 9y 7 Foreign Culture strategy strategy IX Distribution and Pricing A Channels Usually Long and Complex B Countries May impose Pricing Constraints Muller a Understanding Cultural Difference in Pricing 84 i Timken tends to YE 39lOCalS 77 who understand the culture 39i But in Ci n8 7 misunderstandings can occur 39i They had gfhWCleE dEWlCL f 7 than they could supply 80 they felt they need to WCTEOS Q me because of demand and because at increasing cost v In China increasing price was seen as lc l QlCe 7 But initially management did not understand this They needed to Wag 39lWS C39Gomwmcctl vi 85 h Chapter 8 u Marketing Research From Customer insights to Actions l The Role of Marketing Research a important Factors that Marketers NEED information about CREST 0le 1 ll What is Marketing Research a it is the process of defining a marketing problem and opportunity systematically collecting and analyzing information and recommending actions b implications i Marketing Research is used for 1 Planning matchesm3 bra18 mans In thelmplementatiorl 33 that D j fm t b 3 In their wille Clle g ii Marketing Researchers are responsible for collecting and interpreting data that supports decision making 86 lll Marketing ResearohIProgram Failures a New Coke b Crystal Pepsi c Sony Betarnax lost to d Sega Dreamcest e Colgate Kitchen Entrees IV The Fiveistep Marketing Research approach for better Actions a Step 1 lysine l k gram em i Set Objectives 1 The speci c measureable goals for the research and for the decision maker ii Possible Objectives l To U d r 39 l tcl if the issues better Exploratory Research 2 To understand the V lOkJll ghlps a betterDescriptiVe Research 3 To determine how to WE an element of interest Causal Research b Step 2 3m Re S39CCti Ch Want i Specify Constraints 39 1 FinancialTime ii Identify 7 ddka needed for Marketing Actions 1 What do we NEED to know to iii Determine how COH39 CX r l Sampling 3 Probability Sampling ie Random Sampling 87 amp bNonprobability Sampling 7 c The difference The ability to make Cal 0 Step 3 Collect Relevant lnformation i Types of Data W if r p 1 Secondary Dat L 2 Primary Data Figure 82 Types of Marketing Information text page 198 Source of Data Type of Data li i lfrnui Claim 3 Many internal ttmdumcl lo resources Facts and gures already recorded a prior to the project H iCll dblll Data a Many organizations Facts and gures l pertinent to the roblem 39 V p mulenut lala Primm club 0 Mechanical Facts and gures in Personal r collected for the project 39Gllrsl ibnnmm leaf 0 Interviews and them groups I Survey V V Video Muller on Marketing Research at Timken 39 I n does Marketing Research both waysquot using internal marketing managers and outside firms I b They use research to understand their D l m 79 l V and to find lnno luWL 0 Outside firms for really big jobs d eg Wind Energy Market e Faster Global


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