Chapter 9: Research and Marketing Flashcards

1
Q

10 Research steps for market selection

A

Screen potential markets
1. Obtain statistics
2. Identify 5–10 large and fast-growing markets
3. Identify some small but emerging markets
Assess target market
4. Target three to five most promising
5. Examine trends
6. Ascertain sources of competition
7. Analyze marketing/distribution options
8. Identify foreign barriers
9. Identify government incentives
Draw conclusions
10. Select one or two markets

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2
Q

What are the three subsections of market selection

A
  1. Screen potential markets
  2. Assess target markets
  3. draw conclusions
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3
Q

Why is there a need to strategic?

A
  • New global marketing challenges
  • The lifeblood of global competitiveness
  • High quality and value may come from anywhere
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4
Q

Why is there a need to strategic?: -New global marketing challenges

A

• growing confidence in emerging market supply
• global availability of skilled labour
-the Internet and worldwide competition

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5
Q

Why is there a need to strategic? : -The lifeblood of global competitiveness

A

• a need to address increasingly segmented markets
○ With internet, customer demand is changing
• knowledge and communication are the keys to profits and returns to investors
-Profits and returns are the ultimate goal of business.

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6
Q

Why is there a need to strategic?: -High quality and value may come from anywhere

A

• marketing strategy is the means of overcoming new sales challenges
○ People can buy there product for anywhere to get better price, we must market.

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7
Q

Trade Research

A

Essential to creating the messages that convince potential customers to buy, and crucial to packaging and delivery of the product or service and to even to the initial design and development stages

  • Know the market:
  • Central to the creation of the marketing plan
  • What research is needed?
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8
Q

-Know the market:

A

• who they are
• what they need
• what they believe
-what they are prepared to buy

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9
Q

What research is needed?

A
  • Confirm the existence of market opportunity and provides knowledge of the market’s attributes
    • How a new market can be developed
    • What is important to the customers
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10
Q

Skills and qualities of a market researcher

A
  • A high degree of analytical skill and planning ability
  • Strong creativity and imagination
  • Good communication and people skills
  • Strong self-motivation and initiative
  • An ability to efficiently absorb and interpret information
  • A degree of persuasiveness and sales skills
  • The ability to utilize office and Internet technology effectively
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11
Q

Sources of market information

A
  • Internet sources (news sites, competitor websites, social media sites, etc.)
  • Online and offline commercial databases and subscription services
  • Periodical and trade publications
  • Market guides and briefs
  • Market research firms
  • Government representatives at home and abroad
  • Market visits
  • Commercial banks
  • Business associations and chambers of commerce
  • Bilateral business councils and industry associations
  • Other companies within the domestic market
  • Connecting with diasporas of the target market
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12
Q

Market Types

A

Fast-paced markets require: (ex. US and Canada)

Relationship-based markets require: (ex. Latin American and Asian Countries )

Developing markets require: ( most African countries)

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13
Q

Fast-paced markets require: (ex. US and Canada

A
  • efficient delivery and communications
    • excellent quality assurance
    • good media profile
    • good local partners
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14
Q

Relationship-based markets require: (ex. Latin American and Asian Countries )

A
  • good communication skills
    • cultural sensitivity and local language
    • building trust at senior levels
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15
Q

Developing markets require: ( most African countries)

A
  • understanding of developing economies
    • patience: market penetration takes time
    • flexibility to deal with different situations
    • awareness of political situation
    • experience working with aid or IFI funded projects
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16
Q

What is marketing?

A

• The process of planning and executing the conception,pricing, promotion, and distribution of ideas, goods,services, organizations, and events to create and
maintain relationships that will satisfy individual and
organizational objectives.”

• Seeks to build understanding and communication
• Ongoing collection and analysis of data
-The marketing plan is a “living” document

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17
Q

Elements of the marketing plan :

A
  • descriptions of the business
  • market profile
  • customer profile
  • cultural factors
  • market objectives-pricing strategy
  • details of the product
  • market entry
  • promotion
  • logistics
  • implementation
  • monitoring results
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18
Q

Elements of the marketing plan :descriptions of the business

A

should describe company objectives and the characteristic that set it apart from its competitors

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19
Q

Elements of the marketing plan :market profile

A

describe segment being targets, whether it is based on regional area or definable portion of population

20
Q

Elements of the marketing plan :customer profile

A

who is the end user? individual, government? How big is the market and what drives the buying decisions

21
Q

Elements of the marketing plan :cultural factors

A

how do they affect the way in which we present ot market

22
Q

Elements of the marketing plan : market objectives-

A

what position to we hope to hold in market?

23
Q

Elements of the marketing plan : pricing strategy

A

what is the cost of entering and maintaining the market–>determine price

24
Q

Elements of the marketing plan : -details of the product

A

provide analysis of the product or service with the context of the market characteristics

25
Q

Elements of the marketing plan :-market entry

A

direct or indirect ? Can we do it alone, or do we need partners? How will sales be conduct?

26
Q

Elements of the marketing plan : - promotion

A

promotional channel that will be used. Choice of channel is understanding what is important to the user

27
Q

Elements of the marketing plan :-logistics

A

what is the optimal method of getting our product there

28
Q

Elements of the marketing plan : -implementation

A

what service are required to initiate all the details of the plan , who will execute, what are the timelines and milestones, what skills are required, how will we make changes if necessary

29
Q

Elements of the marketing plan : -monitoring results

A

-how will we measure it?

30
Q

Elements of the marketing plan :Political characteristic

A

markets political stability, will if affect us?

31
Q

Elements of the marketing plan :Competitor analysis

A

describe local and foreign competitors with similar product and list strengths and weakness

32
Q

The 4 P’s of marketing

A

Product-
Price
Place
Promotion

33
Q

Product-

A

selling the right product to the right market and the right time

34
Q

Price

A

the act of selecting the pricing strategy that fits the market and is not costly to business

35
Q

Place

A

a determination of the best way of getting product to the customer

36
Q

Promotion

A

selection of the most effective means of making the customer ware of the value of the product.

37
Q

P’s of international marketing

A
  • planning
  • personnel
  • practices
  • partnership
  • positioning
  • protection
38
Q

-planning

A

business, market, account, sales and calls

39
Q

-personnel

A

identifying the skills required to design, develop and deliver

40
Q

-practices

A

business practices within the culture of the target market

41
Q

-partnership

A

potential partners that may strengthen the opportunity

42
Q

-positioning

A

how the company wants to be perceived by clients and customers

43
Q

-protection

A

an assessment o the potential risks in all aspects of the transaction

44
Q

Resources required and costs

A

Companies need to be aware of costs of doing business and factor them into the pricing strategy the following are costs associate with exporting due to the resources required or to the process itself that the company must consider:

Operational Resources
infrastructure resources
human resources

45
Q

Operational resources

A
  • cost of information gathering (admin, shipping, customs, financial
    • increased paperwork
    • new staff or staff retraining or outsourcing, etc.
46
Q

Infrastructure resources

A
  • up-to-date computer systems
    • full-time Internet access
    • software with foreign language capability, etc.
47
Q

Human resources

A

• country specific knowledge
• local language
-local representation, etc.