Shared Flashcard Set

Details

BMGT454
UMD Global Marketing Yu-jen chen
31
Marketing
Undergraduate 4
05/15/2010

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Cards

Term
Dual Extension
Definition
Marketing a standardized product using a uniform communications strategy.
Term
Product Extension-Communication Adaptation
Definition
Maintaining the same product and using customized advertising campaigns.
Term
Product Adaptation-Communications Extension
Definition
Firm adapts their product but markets it using a standardized communications strategy.
Term
Dual Adaption
Definition
Adaptation of both a company's product and communications strategy. used when there are differences in both the cultural and physical environment across countries.
Term
Product Invention
Definition
instead of simply adapting existing products or services to local market conditions, identify global market opportunities and create new products.
Term
Overstandardization
Definition
Stifles initiative and experimentation at the local subsidiary level.
Term
Overcustomization
Definition
Part of the appeal of imported brands is their foreignness. By adapting too much to the local market conditions, an import runs the risk of losing its cachet and simply becoming a me-too brand, barely differentiatied from the local brands.
Term
Relative Advantage
Definition
To what extent does the new product offer more perceived value to potential adopters than existing alternatives
Term
Compatibility
Definition
is the product consistent with existing values and attitudes of the individuals in the social system? Are there any switching costs that people might incur if they decide to adopt the innovation?
Term
Complexity
Definition
Is the product easy to understand? Easy to use?
Term
Triability
Definition
Are the prospects able to try out the product on a limited basis?
Term
Observability
Definition
How easy is it for possible adopters to observe the results or benefits of the innovation? Can these benefits easily be communicated?
Term
Waterfall Strategy
Definition
Introduce the new product first in the company's home market. Next, the innovation is launched in other advanced markets. in the final phase, the multinational firm markets the product in less advanced countries.
Term
Sprinkler Strategy
Definition
Simultaneous world entry.
Term
Brand Equity
Definition
Assets tied to a brand name including brand-name awareness, perceived quality, and any other associations invoked by the brand name in the customer's mind.
Term
Global brand
Definition
Brand with consistent identity across the world. Same product information, same core benefits and values, same positioning.
Term
Private Label Branding
Definition
Can vary between geneeric products packaged very simply and sold at bottom prices or premium store brands that deliver quality sometimes superior to national brands.
Term
Global Branding
Definition
Term
Local Branding
Definition
Term
Cost-plus pricing
Definition
Pricing model that adds international costs and a markup to domestic manufacturing costs.
Term
Dynamic Incremental pricing
Definition
Pricing model that factors variable costs generated by the exporting efforts and a portion of incremental costs including manufacturing costs, shipping expenses, insurance, and overseas promotional costs.
Term
Currency Gain/Loss Pass Through
Definition
How much an exchange rate gain (loss) should be passed through to our customers and in what currency should a company quote its prices.
Term
Transfer prices
Definition
Prices charged for sales transactions between related entities of the same company, involving trade of raw materials, components, finished goods, and services.
Term
Arm's length prices
Definition
The company charges the price that any buyer outside the MNC would pay a if the transaction had occured between two unrelated companies.
Term
Negotiated pricing
Definition
Conflicts between country affiliates are resolved through the noegotiation of transfer prices.
Term
Cost-based pricing
Definition
Pricing model that adds a markup to the cost of goods.
Term
IMC
Definition
Coordination of the different communications vehicles to convey one and the same idea to prospective customers with a unified voice.
Term
Global IMC
Definition
A system of active promotional management that strategically coordinates global communications in all of its component parts both horizontally (country level) and vertically (promotion tools).
Term
Cost Transparency
Definition
Ability to gather and compare prices and product attribute information for a given product from the different markets where the product is sold.
Term
Replacement Effect
Definition
The internet cannibalized existing distribution channels.
Term
Complementary Effect
Definition
The internet expands the overall business by offering a more attractive value proposition to prospective buyers.
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