Marketing Management: New Market Development

Marketing Management

• New Market Development:
  • Influences on Business Buyer Behavior: International is NOT a major influence.
  • E-commerce: Means by which products are sold online to business customers.
  • Channel Length: Number of levels in a distribution channel.
  • Demographic Segmentation: Most popular method, segments based on needs, wants, and usage.
  • Psychographic Segmentation: Dividing by social class, lifestyle, or personality characteristics.
  • Product Positioning: How consumers perceive a product relative to competitors.
  • Behavioral Segmentation: Dividing based on consumer knowledge, attitudes, uses, or responses.
  • Product: Anything offered to a market to satisfy needs and wants.
  • New Product Development: Creating original products or improvements.
  • Idea Screening: Eliminating product ideas based on objectives, policies, feasibility, and financial viability.
  • Behavioral Segmentation Determinants: Marital status is NOT a determinant.
  • Concept Testing: Presenting the product concept to consumers for feedback.
  • Segmentation: Dividing market into segments with distinct needs, typically requiring separate marketing strategies.
  • Intermediaries: Experts in displaying, merchandising, and providing convenient shopping locations.
  • Intensive Distribution: Using all available outlets to distribute a product.

International Marketing

• Ethics: Individual's beliefs about right or wrong decisions.
• Corporate Social Responsibility (CSR): Obligations an organization has to protect and enhance society.
• International Monetary System: Rules for valuing and exchanging currencies.
• Balance of Payments: Records of international transactions, indicating a country's economic health.
• Gold Standard: Countries agree to trade currencies for gold.
• British Pound: Most important currency between 1821 and 1918.
• Anglo-Saxon Approach: State, market, and civil society are viewed separately and competitively.
• Trade: Voluntary exchange of goods, services, or money.
• International Trade: Trade between residents of different countries.
• Limitations of Exporting: Transportation costs and trade barriers can limit exporting strategies.
• Internationalization Theory: Market imperfections and related issues constrain exporting.
• Eclectic Paradigm: Additional factors influencing foreign direct investment alongside traditional factors.
• Offshore Production: Home country concerns about negative economic effects of international production.
• Self-Reference Criterion: Unconsciously using one's own culture as a standard for judgment.
• Mercantilism: Promote exports, discourage imports to increase gold holdings.
• Protectionists: Advocates of mercantilist policies.
• Absolute Advantage: Focus on exporting products where a country has higher productivity.
• Comparative Advantage: Focus on exporting products in which a country has a greater relative productivity than other countries.
• Heckscher-Ohlin Theory: Country comparative advantage is due to relative factor endowments.
• Product Life Cycle Theory: Describes the evolution of marketing strategies.
• New Product Stage: Firm introduces a new product in the domestic market that fulfills a need.
• Obstructionist: Minimum corporate social responsibility.
• Defensive: Meet legal requirements and focuses on profit generation.
• Accommodative: Meets ethical and legal requirements and may exceed minimum expectations.
• Corporate Social Audit: Thorough analysis of company social performance.
• Transaction Costs: Costs associated with negotiating, monitoring, and enforcing contracts.
• Foreign Direct Investment (FDI): Investment in facilities for production/marketing in a foreign country
• Gross Fixed Capital Formation: Summary of capital invested in infrastructure (factories, etc).
• Externalities: Knowledge spillovers from companies sharing a geographic location.