Marketing Responsibilities Overview
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Questions and Answers

What does 'FDI' stand for in the context of international business?

  • Foreign Direct Investments (correct)
  • Foreign Domestic Investments
  • Fiscal Duty Incentives
  • Financial Development Institutions

    • Which term describes a marketing strategy that adjusts to local markets and consumer preferences?

  • Glocal Strategy
  • Standardised Marketing
  • Adaptation Strategy (correct)
  • Global Marketing Strategy

    • What is a primary characteristic of a 'Glocal strategy'?

  • It focuses exclusively on cost reductions through economies of scale.
  • It balances global consistency with some local adaptation. (correct)
  • It involves a completely standardized, global approach.
  • It implements a fully customized strategy for each region.

    • What does it mean for products to be sold 'free of customs duties'?

    <p>No taxes or tariffs are applied upon entry to the market. (B)</p> Signup and view all the answers

    What does the term 'subcontracting' most accurately describe?

    <p>Hiring a foreign company to manufacture a product (A)</p> Signup and view all the answers

    What is the term for when a company seeks to make its brand appear more modern and appealing?

    <p>Brand rejuvenation (D)</p> Signup and view all the answers

    What is the primary goal of conducting market research?

    <p>To gather information about consumers and the market (C)</p> Signup and view all the answers

    Which of the following describes the practice of promoting a product through its inclusion in a film or television show?

    <p>Product placement (C)</p> Signup and view all the answers

    Which of the following best describes 'field research'?

    <p>Gathering data directly from the market through methods such as focus groups (A)</p> Signup and view all the answers

    What does it mean when a brand is taken 'down-market'?

    <p>The brand is being positioned to appeal to a lower-end demographic. (C)</p> Signup and view all the answers

    What term best describes the situation when a company's new product takes sales away from its own existing products?

    <p>Cannibalisation (A)</p> Signup and view all the answers

    What does it mean for a company to 'implement marketing strategies'?

    <p>To put marketing plans into action (C)</p> Signup and view all the answers

    What is the term for using a famous person to promote a product?

    <p>Celebrity endorsement (D)</p> Signup and view all the answers

    Why is 'staying up to date with industry trends' important for a marketing team?

    <p>To identify potential market gaps and opportunities (D)</p> Signup and view all the answers

    Which is NOT a method for collecting data for marketing purposes?

    <p>Withdrawing from a market (B)</p> Signup and view all the answers

    What is the term for a product that is a company's most important or popular product?

    <p>Flagship product (D)</p> Signup and view all the answers

    Which of these refers to the act of making a brand's image less valuable or reputable?

    <p>To tarnish a brand image (D)</p> Signup and view all the answers

    What is the significance of 'brand awareness'?

    <p>How familiar consumers are with a particular brand (A)</p> Signup and view all the answers

    What phrase describes the feeling a customer has of belonging, often to a brand or product community?

    <p>Sense of belonging (D)</p> Signup and view all the answers

    What does 'differentiate oneself from...' imply in a marketing context?

    <p>To distinguish a brand from its competitors (B)</p> Signup and view all the answers

    What is most likely to be the responsibility of a Product Manager?

    <p>To manage the life cycle of a specific product (C)</p> Signup and view all the answers

    Flashcards

    Market Research

    The process of gathering information about consumers' needs and preferences.

    Focus Group

    A group of people gathered to discuss and provide feedback on a product or service.

    Consumer Panel

    A group of consumers who provide feedback over time about products and services.

    Data Collection

    The process of gathering and measuring information in a systematic way.

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    Brand Awareness

    The extent to which consumers are familiar with a brand and its products.

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    Time Management

    The ability to use one’s time effectively or productively, especially at work.

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    Market Penetration

    The strategy of entering a market successfully to increase sales.

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    Event Management

    The process of planning and executing events such as conferences and trade shows.

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    Joint Venture (JV)

    A business partnership between two or more parties.

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    Imports

    Products brought into a country from abroad.

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    Import Tariffs

    Taxes imposed on imported goods.

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    Franchising Business Model

    A system where a company allows others to use its brand and business methods.

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    Economies of Scale

    Cost advantages achieved due to increased levels of production.

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    Customer loyalty

    The tendency of customers to continue buying from a specific brand.

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    Emotional appeal

    A marketing strategy that aims to evoke emotions to influence decisions.

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    Brand extension

    Using an established brand name to introduce new products.

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    Conspicuous consumption

    The act of buying expensive items to show off wealth.

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    Brand loyalty

    The commitment of consumers to repurchase or continue using a brand.

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    Product placement

    The practice of featuring products in movies or TV shows for marketing.

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    Celebrity endorsement

    Using a famous person to promote a product.

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    Counterfeiting

    The illegal imitation of a product to deceive consumers.

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    Study Notes

    Marketing Responsibilities

    • Market Research: Conducting market surveys and studies to understand market trends.
    • Data Collection: Gathering information through various methods (polls, surveys, databases, focus groups, consumer panels).
    • Trend Spotting: Identifying current and emerging market trends.
    • Target Market Identification: Defining the specific customer base a product or service aims to target.
    • Lead Generation: Creating and managing potential customer leads.
    • Marketing Strategies: Implementing strategies to promote products and services.
    • Brand Awareness: Increasing public recognition and awareness of a brand.
    • Public Relations (PR): Managing a company's reputation and communication.
    • Digital Content Creation: Developing and distributing online content (social media posts, articles, etc.).
    • Product Management: Overseeing and managing product development and marketing aspects.
    • Market Analysis: Performing critical thinking and analysis to understand market forces.
    • Market Tests: Conducting experiments to evaluate market responses.
    • Product Launching: Introducing a new product or service to the market.
    • Market Entry/Exit: Entering or leaving a specific market.

    Brands

    • Brand Management: Overseeing brand image, reputation, and customer perception.
    • Brand Differentiation: Distinguishing a brand from competitors.
    • Brand Loyalty: Establishing customer loyalty to a brand.
    • Brand Awareness: Increasing public awareness and recognition of a brand.
    • Brand Extension: Expanding a brand into new product lines.
    • Brand Positioning: Determining how a brand positions itself within the marketplace.

    International Marketing

    • Globalization: Developing global marketing strategies.
    • Competition: Managing competition from international markets.
    • International Trade: Examining trade relations and processes.
    • Exports/Imports: Facilitating trade across borders.
    • Foreign Direct Investment (FDI): Making investments in foreign markets.
    • Global Strategies: Utilizing various global marketing strategies.
    • Localization: Tailoring marketing materials and product offerings to specific markets.
    • Pricing: Determining prices for products in international markets.

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    Related Documents

    Marketing Vocabulary List - Branding (PDF)

    Description

    This quiz explores the core responsibilities involved in marketing, including market research, trend analysis, and brand management. Participants will gain insights into identifying target markets and implementing effective marketing strategies. Test your knowledge and enhance your understanding of vital marketing concepts.

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