Exam (elaborations) MKTG 205

MKTG 205 / MKTG205 – Principles of Marketing Unit 5 - Intellipath __________ is quickly becoming the preferred method of doing business in the global marketplace. E-commerce Contract manufacturing Direct investment Exporting The __________ customer used to be a loyalist, tried out the competition, and has returned. born-again repeat customers allies defectors __________ are obviously good customers to have. They simply want to make a purchase and leave, without any personal involvement that distinguishes a diehard loyalist. Allies Defectors Born-again Repeat customers Just as __________ can add to perceived value, low brand equity can detract from it. little brand equity high brand equity low brand equity short brand equity Branding seeks to __________. create recognition create confusion expedite the delivery of ideas speed up the buying process Customer lifetime value (sometimes abbreviated as CLV, sometimes as CLTV) is a measurement that lets a business assign a dollar value to a long-term customer relationship. It takes into account which of the following? Advertising Profit margins and net profit per customer Branding Product CRM involves two groups of customers. Can you name one? Frustrated customers Customers a company already has Unhappy customers Dissatisfied customers One asset of the __________ is that it can help companies collect and analyze information about larger trends in customer behavior. It is important to use customer data in an ethical manner. CRM database software computer software Facebook LinkedIn Which of the following describes the company's relationship with the customer? Sum of sales and total profits Overall impression of interactions between the company and customer How much profit the company is making Sum of sales and total productivity As global trade is growing, global competition is __________. intensifying erratic stabilizing declining Introduction to Customer Relationship Management E-CRM and Mobile CRM Relationship Marketing and Customer Advocacy Loyalty Brand Equity Customer Costs CRM Databases Introduction to Global Marketplace Culture Methods of Doing Business Internationally Unit 5 - Submission Unit 5 Knowledge Check Introduction to Customer Relationship Management Even though all __________ are unique and have different needs, some have certain aspects in common. companies vendors firms customers The café's business is built on __________, and its relationship with you reflects that. structured relations focused relations casual pleasure quality __________ is the practice of managing customer relationships. Customer satisfaction CRM Empathy Relationship Because CRM is built on __________, what works for one customer may not work for another. interpersonal relationships social memberships family relationships group relationships __________ can also refer specifically to a company's system for managing those relationships. Management CRM Customer satisfaction Relationship What does emotional responsiveness consist of? Anger Resourcefulness Lifestyle Irritation Investment banks need to convey a sense of __________ to build customer relationships. income reliability stability profit __________ is a company's strategy for managing its customers: Empathy Relationship Customer relationship management Customer What are some of the purposes of CRM? How the company builds one-time customers into lifelong clients How the company responds to customer' needs How the company works with and for the customers How customers work with and for the company There are many aspects of the solution a business may provide to enhance customer experience which can be repeated, and will keep customers coming back. Name one. Promptness Courtesy Responsiveness Sensitivity Surprising or memorable experience Managing relationships is not solely dependant on mathematical measures of customer information and behavior but on __________. family relationships social relationships emotional responsiveness social memberships Marketers can learn from the __________ among customers and use them to improve their customer relations. variation dissimilarities similarities difference E-CRM and Mobile CRM These forms of CRM are governed by the same principles as good in-person business: honesty, transparency, politeness, and responsiveness. Politeness Be dishonest Be unhelpful Be fraudulent __________ refers to customer relationship management through the use of the Internet and other information technology. Guerilla Marketing Electronic CRM Word-of-mouth Marketing Visual Marketing A __________ program allows customers to vote on products and to provide feedback on modifying certain items. be the seller be the broker be the company be the buyer One of the most humbling lessons of the Internet is the __________ that businesses have about what other people say. total control lack of control entire control complete control What is the meaning of intangible? Touchable Emotional Untouchable Physical __________ offers new ways of helping customers participate actively in the marketing conversation. E-CRM Media marketing Guerilla marketing Word-of-mouth marketing E-CRM presents both opportunities and challenges when compared to in-person communication. Because __________ cues are largely absent online, it may be difficult, if not impossible, to judge a customer's happiness. oral emotional verbal emotional vocal emotional nonverbal emotional Companies must respond to customer’s comments: Constructively Impersonally Distantly Dishonestly E-CRM works when companies handle customers with __________. disregard disrespect sense rudeness E-CRM also allows satisfied customers to become ___________ who spread information about the business via word of mouth much farther and faster than it could previously travel. combative against resistant advocates Introduction to Global Marketplace There are two design issues that the international marketer needs to address: What is one of them? The core The augmented components of the product Nontariff trade barriers Exchange controls What are economic communities also known as? Open channels Management communities Production communities Free trade zones __________ means selling largely the same products and using the same marketing approaches worldwide. Multinational strategizing Export marketing Adapted global marketing Standardized global marketing There are two key economic factors reflecting a country's attractiveness as a market. What is one of them? Nontariff trade barriers Industrial structure Exchange controls Transportation systems The _________ refer(s) to attributes that are critical to the decision to purchase the product instead of the competition's products. nontariff trade barriers transportation systems core component augmented component When selling to a foreign country, __________ is/are always a determining factor in driving demand. culture exchange controls communication adaptation open channels Lower __________ in many countries prevent(s) marketers from using more efficient and less expensive self-administered questionnaire techniques. educational levels exchange controls communication adaptation income distribution The __________ refer(s) to key benefit-generating attributes (or characteristics) that are critical to the acceptance of the product in the host country's market and are common in the product category where the product is competing. augmented components exchange controls transportation systems core component As global trade is growing, global competition is __________. stabilizing leveling off declining intensifying Culture According to Hofstede and de Mooij's research, in __________ cultures, people acquire information primarily based on implicit feelings of trust in a company. higher power distance lower power distance higher uncertainty avoidance higher masculinity If a culture scores high on __________, it is likely that men hold dominant positions within society. power distance masculinity long-term orientation uncertainty avoidance Cultures that possess a(n) __________ tend to exhibit persistence and patience with changing situations. These cultures also tend to save their money rather than spend it—focusing on the future rather than the present. masculinity uncertainty avoidance individualism long-term orientation Hofsted's first dimension of culture is __________, which is a measure of the extent to which a culture's members accept social inequality. masculinity power distance uncertainty avoidance long-term orientation __________ is Hofstede's second dimension, which is defined as the extent to which "a culture programs its members to feel either uncomfortable or comfortable in structured situations." Power distance Long-term orientation Uncertainty avoidance Individualism __________ is Hofstede's third dimension, with collectivism sitting at the opposite end of this same dimension. This dimension is marked by how connected or separated a person is from the surrounding community. Power distance Masculinity Individualism Long-term orientation Culture is the combination of __________ that makes different groups of people unique. prices places values products A __________ is a group of countries that share similar values and beliefs. culture male dominance masculinity country clusters In __________ cultures, people are more likely to actively seek information on products from friends and media. high uncertainty avoidance high individualism high power distance low power distance __________ measures how much the less powerful members of a social group accept their position of weakness. Uncertainty avoidance Individualism Long-term orientation Power distance Methods of Doing Business Internationally What is it called when an organization in the foreign market buys the right to use a company's manufacturing process? Indirect exporting Contract manufacturing Management contracting Licensing A licensing deal is an agreement in which one company allows the use of its __________ on products that it does not produce. logo name characters symbols A joint venture occurs when two separate companies join their __________ to bring a product to market. resources skills expertise A(n) __________ deal occurs when one company leases its brand name, logo, or characters out for another company to use on its own products. licensing direct exporting exporting direct investment Sometimes a(n) __________ will occur when one company wants to use production or logistics facilities in a foreign country. joint venture direct exporting exporting direct investment A joint venture carries a bit more risk than a simple __________ strategy, but for many companies, the benefits far outweigh those risks. full manufacturing exporting direct investment home country investment The simplest way to enter a foreign market is through __________. exporting contract manufacturing direct investment joint venturing Of the following, which is a joint venture? Management contracting Training Exporting Direct investment E-commerce creates an instant __________ for a company. manufacturing presence international environment expertise logo Unit 5 Knowledge Check What is one example showing how the promotional P of the marketing mix can be manipulated to address global customers? Price all products the same as the price used in the home country. The product matches the wants and needs of the country’s customers. Product brand names are universal, so do not change language translation considerations. English is selected as the primary language on all advertising materials and promotions. Product packaging meets the specifications of the country’s regulatory environment. Standardize advertising in every country. Name one global external competitive environment. Cultural environment Pricing environment Technological environment Regulatory environment Societal environment How could a marketer manipulate the price P of the marketing mix to target specific international customers? Standardized all global products. Currency considerations require product price adjustments by the marketer. Pricing should be set to be the same in all countries. Create company’s profit margins so they are the same in all countries. Pricing can be adjusted to meet the country’s competitive marketplace. Never change the price of the product. Name one example of a global marketing decision that is made for the place P of the marketing mix. The marketer researches where global customers shop. Products are only distributed to a few outlets. All products are distributed online only. Products are only distributed in local stores within the specific country. Products are distributed only in global store chains. Marketers consider distribution strategy with local, national, and global outlets. What is one way the marketing mix is affected by an international consumer? The home country’s product should be the same as the international product offering. The product appeals to all universal customers. The product P may need to be adjusted to fit the wants and needs of the country-specific customer. No adjustments are needed for the product because all customers have the same wants and needs. What is one way the marketing mix is unique and separate as a strategy? Each marketing P is designed to appeal to the targeted customer. The marketing mix usually follows the home country’s strategies. Each marketing P of the 4P's is the same. Each marketing P is designed to fit the domestic market only. Name one environment that can manipulate the marketing mix. Product environment Economic environment Pricing environment Cultural environment Which one of the following is an environmental force difference in the global market? Promotion Culture Marketing Advertising What is one example of how the product P of the marketing mix can be manipulated to address global customer audiences? Select English as the primary language on all advertising materials and promotions. Price all products the same as the price used in the home country. The language on the product’s package can be changed to that country’s. Do not manipulate advertising because advertising is standardized in every country. Product brand names are universal, so do not change language translation considerations. Product packaging meets the specifications of the country’s regulatory environment. What is one factor that a marketer should consider about the shopping habits and practices of a global customer? All global customers do not really prefer to shop. Consumer shopping practices may be different from country to country. International customers do not have different needs. Global customers usually all have the same shopping habits which why buying online is popular.