Last Updated 28 May 2020

Business Marketing

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Chapter 7 LO1. There are four major trends that have influenced world trade and global marketing . first one is decline of economic protectionism , is the practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas . Second is rise of economic integration , just like creation of the European Union and the North American Free Trade Agreement . Third , there exists global competition among global companies for global consumers , resulting in firms adopting global marketing strategies and promoting global brands .

And finally , is the emergence of a networked global marketspace has emerged using internet technology as a tool for exchanging goods , services , and information on a global scale. LO2. Global marketing efforts was shape by three major environmental . first , cultural diversity , including a society’s values , customs and cultural symbols and language . Second , Economic considerations which include economic infrastructure , consumer income and purchasing power , currency exchange rates is also shape global marketing efforts . The last one is political-regulatory climate .

Its for marketing in a country or region of the world means not only identifying the current climate but determining how long a favorable or unfavorable climate will last . LO3. Exporting , licensing , joint venture , and direct investment are four alternative approaches for entering global markets . Exporting involves producing goods in one country and selling them in another country . A company offers the right to a trademark , patent , trade secret , or other similarly valued item of intellectual property in return for a royalty or fee , that is licensing .

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When a foreign company and a local firm invest together to create a local business it is called a joint venture . They share ownership , control , and the profits of the new company . Finally , The direct investment is which entails a domestic firm actually investing in and owning a foreign subsidiary or division , that is the biggest commitment a company can make when entering the global market . LO4. Successful global marketers standardize global marketing programs whenever possible and customize them wherever necessary .

Companies distinguish between standardization and customization when crafting worldwide marketing programs . Standardization means that all elements of the marketing program are the same across counties and cultures , like Coca-Cola ,Levi’s jeans or Sony consumer electronics. Customization means that one or more elements of the marketing program are adapted to meet the needs or preferences of consumers is a particular country or culture .

Like McDonald’s does not sell beef hamburgers in its restaurants in India because the cow is considered sacred by almost 85 percent of the population . Global marketers apply a simple rule when crafting worldwide marketing programs : standardize marketing programs whenever possible and customize them wherever necessary . Chapter 8 LO1. Marketing research is the process of defining a marketing problem and opportunity , systematically collecting and analyzing information, and recommending actions .

Marketing research reduces risk by providing the vital information to help marketing managers understand those wants and needs and translate them into marketing actions. LO2. Those are five-step decisions-making process to collect information that will help improve marketing decisions when engage marketing researchers. Define the problem is the first step should do . Every marketing problem faces its own research challenges , should setting the research objective and identifying possible marketing actions .

Develop the research plan is the second step in the marketing research process requires , which the researcher specify the constaints on the marketing research activity , identify the data needed for marketing decisions , and determine how to collect the data . Collect relevant information is the next step , which includes considering pertinent secondary data and primary data as well as using information technology and data mining to trigger marketing actions . Step 4 is develop findings from the marketing research data collected .

This involved analyze the data and present the findings of the research . The last step is take marketing actions , which involves implement the action recommendations , evaluate the results . LO3. Secondary data have already been recorded before the start of the project and consist of two parts : internal secondary data , which originate from within the organization , such as sales reports and customer comments , and external secondary data , which are created y other organizations , such as the U. S.

Census Bureau , or business and trade publications , Primary data are collected specifically for the project and are obtained by either observing or questioning people . LO4. Marketing researchers observe people in various ways , such as electronically using Nielsen people meters to measure TV viewing behavior or personally using mystery shoppers or ethnographic techniques . A recent electronic innovation is neuromarketing --useing high-tech brain scanning to record the responses of a consumer’s brain to marketing stimuli like packages or TV ads .

Questionnaires involve asking people questions in person using interviews or focus groups or via a questionnaire using a telephone, fax , print, e-mail , or internet survey . Panels involve a sample of consumers or stores that are repeatedly measured through time to see if their behaviors change . Experiments , such as test markets , involve measuring the effect of marketing variables such as price or advertising on sales . Collecting data from social networks like Facebook or Twitter is increasingly important because users can share their opinions about products and services with countless “friends” around the globe.

LO5. Today’s marketing managers are often overloaded with data--from internal sales and customer data to external on TV viewing habits or grocery purchases from the scanner data at checkout counters Information technology enables this massive amount of marketing data to be stored , accessed , and processed . The resulting databases can be queried using data mining to find statistical relationships useful for marketing decisions and actions . LO6. One approach uses subjective judgments of the decision maker , such as direct or lost-horse forecasts . A direct forecast involves estimating the alue to be forecast without any intervening steps . A lost-horse forecast starts with the last known value of the item being forecast , and then lists the factors that could affect the forecast , assesses whether thy have a positive or negative impact , and makes the final forecast . Surveys of knowledgeable groups , a second method , involves obtaining information such as the intentions of potential buyers or estimates of the salesforce . Statistical methods involving extending a pattern observed in past data into the future are a third approach . The best-known statistical method is linear trend extrapolation .

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Business Marketing. (2017, Apr 02). Retrieved from https://phdessay.com/business-marketing/

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