Business Marketing

Chapter 7 LO1. There be four major trends that have influenced world work and spheric merchandising . first one is decline of economic protectionism , is the behave of shielding one or more industries within a state of matters economy from foreign competition through the use of tariffs or quotas . Second is rise of economic integration , just like trigger of the European Union and the North American Free Trade arranging . Third , there exists world(prenominal) competition among global companies for global consumers , resulting in incorruptibles adopting global market 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 , function , and learning on a global scale. LO2. Global market efforts was design by three major environmental . first , cultural smorgasbord , including a societys values , customs and cultural symbols and language . Second , Econom ic considerations which include economic infrastructure , consumer income and purchasing magnate , currency exchange rates is also shape global merchandising efforts . The last one is political-regulatory climate .Its for trade in a soil or region of the world fashion not only identifying the newborn climate but determining how long a favorable or unfavorable climate will last . LO3. Exporting , licensing , joint gauge , and direct investment argon four alternative approaches for entryway global markets . Exporting reckons producing goods in one country and selling them in an opposite(prenominal) country . A company offers the right to a trademark , conspicuous , trade secret , or other similarly valued degree of intellectual property in return for a royalty or fee , that is licensing .When a foreign company and a local steadfast 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 architectural plans whenever possible and customize them wherever necessary .Companies distinguish between normalisation 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 ,Levis jeans or Sony consumer electronics. Customization means that one or more elements of the marketing program are alter to meet the needs or preferences of consumers is a particular country or culture .Like McDonalds does not sell beef hamburgers in its restaurants in India because the cow is considered sacred by almost 85 percent of the existence . Global marketers apply a simple rule when craftin g 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 difficulty and opportunity , systematically collecting and analyzing information, and recommending exploits .Marketing research reduces risk by providing the critical information to help marketing managers understand those wants and needs and translate them into marketing actions. LO2. Those are five- dance step decisions-making process to collect information that will help rectify marketing decisions when engage marketing researchers. Define the problem is the first step should do . Every marketing problem faces its own research challenges , should shot the research objective and identifying possible marketing actions .Develop the research plan is the sanction step in the marketing research process requires , which the researcher arrange the constaints on the marketing research activi ty , identify the information require for marketing decisions , and determine how to collect the selective information . Collect relevant information is the next step , which includes considering pertinent auxiliary 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 limn 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 onwards the start of the project and consist of two parts upcountry 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(a) data are collected spe cifically for the project and are obtained by either observing or questioning people . LO4. Marketing researchers prize people in various ways , such as electronically using Nielsen people meters to measure TV see behavior or personally using mystery shoppers or ethnographic techniques . A youthful electronic innovation is neuromarketing useing high-tech brain scanning to record the responses of a consumers brain to marketing stimuli like packages or TV ads .Questionnaires involve asking people questions in person using interviews or center 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 . assemblage data from social networks like Facebook or Twitter is increasingly big because users can share their opinions about products and services with countless friends around the globe.LO5. like a shots marketing managers are often overloaded with datafrom internal sales and customer data to external on TV viewing habits or grocery purchases from the scanner data at checkout counters schooling technology enables this massive amount of marketing data to be stored , accessed , and bear on . 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 shaping machine , such as direct or lost-horse prognosticates . A direct count 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 whence lists the factors that could affect the forecast , assesses whether thy have a positive or ostracise impact , and makes the final forecast . Sur veys 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 elongate trend extrapolation .