Consumer Orientation
Business approach that prioritizes the satisfaction of customers needs and wants
dark side of Marketing
Terrorism, addictive consumption, exploited people, illegal activities
Production Era/ Production orientation
management philosophy that emphasizes the most efficient ways to produce & distribute (Sellers market)
Sales Era
hard sell" must being aggressive (one time sales)
Marketing Mix
combination or product, price place and promotion
TQM
part of the relationship era in which management philosophy focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement
triple bottom Line orientation
takes a look at financial profits, the community in which the organization operates, & creating sustainable business practices
product development strategy
new product in existing market
market development strategy
introducing existing product to a new market
Diversification Strategy
Emphasize both new products and new markets
market penetration strategy
seeks to increase sales of an existing product in existing markets
operational planning
focuses on developing detailed plans for day to day activities that carry out an organizations functional plan
strategic planning
matches an organizations resources & capabilities to its market opportunities for LONG TERM growth and survival
Functional Planning
concentrates on developing detailed plans for strategies & tactics for the SHORT TERM, while supporting the long term strategic plan
business planning
ongoing process of making decisions that guides the firm BOTH in the short term and long term
1st step in considering to go global
Whether to go global
2nd step in considering to go global
Deciding which market to enter
3rd step in considering to go global
level of commitment
4th step in considering to go global
how to adopt the marketing mix strategies
other thing s to consider when going global
external environment (economic, technological, political/ legal, sociocultural & competitive)
Licensing agreement
agreement in which one firms gives another the right to produce and market there product in a specific country for a loyalty
Export merchants
Intermediaries a firm uses to rep it in another country
dumping
company tries to toehold in a foreign market by pricing its product much lower than at home country
gray market goods
items manufactured in other countries and imported without trademark holders consent
backward invention strategy
firm that creates a less advanced product for living in least developed countries
product invention strategy
firm develops a new product for foreign markets
product adaption strategy
firm offers similar but modified product in foreign country
straight extension
firm offers same product in domestic and foreign market
franchising
form of licensing involving the right to adopt an entire system of doing business
strategic alliance
relationship developed between a firm seeking a deeper commitment to a foreign market and domestic firm in that target country
Joint venture
new entity owned by 2 or more firms allows partners to pool their resources together for one common goal