MARKETING - answer-The sum of all the activities involved in the planning, pricing, promotion, distribution, and sale of goods and services to satisfy consumers' needs and wants.
target market - answer-the specific group of customers that a company aims to capture.
Target markets are identified...
International Business Unit 4 2024
MARKETING - answer-The sum of all the activities involved in the planning, pricing,
promotion, distribution, and sale of goods and services to satisfy consumers' needs and
wants.
target market - answer-the specific group of customers that a company aims to capture.
Target markets are identified by gender, age group, interests, income levels, education
levels, culture, etc.
Marketing mix - answer-is the combination of elements that you a company uses to
market its product
4 Ps - answer-Product, Price, Place and Promotion.
PRODUCT STRATEGY - answer-Product strategy defines how a company differentiates its
product with design, features, packaging, warranties, etc.
Product differentiation includes the design of the product and the packaging that it
comes in
Discount Pricing Strategy - answer-Pricing your goods/services at a lower price than
competitors. Examples: Dollar Store, Giant Tiger
Competitive Pricing Strategy - answer-Pricing your goods/services at the same price as
competitors. Examples: Coca-Cola and Pepsi
Premium Pricing Strategy - answer-Pricing your goods/services at a higher price than
competitors. Examples: Mercedes Benz, Gucci
PLACE (DISTRIBUTION) STRATEGY - answer-The paths of control that follow goods from
producer to retailer to consumer
Also, the strategic decisions involved in placing businesses in specific areas (e.g. mall),
cities, countries, etc.
PROMOTIONAL STRATEGY - answer-The element of the marketing mix that is used to
inform, persuade, remind and help sell products to consumers
This includes advertising, sales discounts, public relations, etc.
International Marketing Strategies - answer-Centralized/ decentralized strategy
Incorporating push or pull marketing
focus on international brand acquisition or brand development
[Type here] [Type here] [Type
here]
, Centralized Marketing Strategy - answer-Focuses on the production and
sale of goods from one central
location
"Think locally, act globally"
E.g. American head office
makes decisions for all global
operations (Coca-Cola)
Decentralized Marketing Strategies - answer-Use local production facilities, ad agencies,
sales
reps, to target internationally
"Think Globally, Act Locally"
E.g. Coca Cola Bottling
Push Strategy - answer-Communications and promotional activities by the marketer
persuade wholesalers (e.g. Costco) and retailers (e.g. Loblaw) to stock and promote
specific products E.g. discounted pricing, all-inclusive vacations, cash payments
Other push strategies: trade shows and sales reps visiting stores
Pull Strategy - answer-Strategy aimed at the end consumer of a product
Demand for the product is created through
promotional efforts, sales, advertising, etc.
E.g. Rrroll Up the Rim to Win
Brand Acquisition - answer-International company purchases an existing
company in the foreign country or acquires the
right to distribute the brand
Contracts for distribution rights
Manufacturing rights
E.g. Molson-Coors merger
Brand Development - answer-Often used with
decentralized strategy
Will use foreign
subsidiary to develop
comparable product to
compete in local market
Steps in Target Marketing - answer-Segmenting the market
Selecting the target
Positioning the product accordingly
Successful Segmentation Requires - answer-homogeneity within a segment - all those
within
a segment are the same
heterogeneity between segments - segments
are different from one another
[Type here] [Type here] [Type
here]
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