Ib test marketing

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Marketing

The sum total of all activities involved in getting goods and services from the original producer to the ultimate consumer.

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Purpose of marketing

To sell the output of production

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Market research

Finding or collecting data to help solve marketing problems

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Secondary data

Data that you can look up because it has been collected by others

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Statistics Canada

A great source of demographic data in specific areas of Canada.

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Primary data

Information that businesses gather that relates specifically to their problems

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Logistics

The management of the flow of goods and services both into and out of an organization

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What is the difference between selling directly to the public or through a retailer when it comes to price?

The price is less if you sell directly to the the public. Retailers need to make a profit so they take a markup on the price they pay for a product from a manufacturer or distributor

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What are the packaging issues that have to be considered when selling products outside of Canada ?

Package weights,package colors,legal requirements and language requirements

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What system do all industrialised nations use to measure weights and volumes

Metric

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How should weights be expressed when selling to the US?

Imperial weights and volumes

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What other two countries use Imperial weights and volumes

Myanmar and Liberia

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Are Canadian/British gallons the same size as US gallons

No Canada/British gallons are larger

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What does the colour white symbolize in Canada/china?

Purity in Canada, death in china

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What does the colour yellow symbolize in Canada/japan

Canada-cowardice,japan-courage

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What's a potential drawback of using environmentally unfriendly packaging?

Importing country may charge a fee on each package imported

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What would a potato chip manufacturer need to be converted about when selling to a Hindu country?

That the chips were not fried in beef fat because Hindus do not eat beef

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Vegetarian or vegan may not purchase what items?

Wool,leather and other product's that come from animals

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Why won't Sarah's onesies with hockey logos on them, sell well in London, england ?

Hockey is not popular in England

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In terms of “location of operations” a centralized strategy means what?

All manufacturing and marketing performed in one location.

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A decentralized operational strategy might mean what?

That you would set up a manufacturing plant in another location, hire sales force.

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What’s the easiest way to enter a foreign market?

E-Commerce

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B2C

Business to Consumer

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B2G

Business to Government

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B2B

Business to Business

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Which e-commerce transaction is the easiest?

B2B

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Can you think of any examples of businesses that just exist online?

Amazon, Instagram, Netflix, NordVPN

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If a company wants to manufacture in Canada but sell in another country. How should it enter the market?

Sales agent or sales agency.

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When a collection of manufacturers and distributers of similar products rent space, set up display booths and sell their products to registered buyers.

Trade Show

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What is the most expensive market entry strategy?

Building and staffing a branch plant

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3 Major advantages of owning a brand plant in a foreign market

Low Shipping Costs

Import Regulation nd Tariffs are not an Issue

Product modifications are easier

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A contract giving someone the right to use a paten or trademark is called a

Licensing Agreement

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A fee paid to the owner of a trademark or patent which usually amounts to a percentage of the sale of a licensed product is called a

Royalty

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3 Main licensing agreements

Manufacturing Agreement

Distribution Agreements

Franchising Agreements

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An agreement for the right to manufacture a product under license is called a

Manufacturing agreement

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When an importer or retailer agrees with the manufacturer of a product to have the right to distribute the product within a country this is

Distribution agreement

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An agreement between a business that permits an individual or other business to run a business using Business A’s name

Franchise agreement

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Business A is called

Franchisor

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Business B is called

Franchisee

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When you get a mortgage loan from a bank the bank is the lender and is called the

Mortgagee

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You, the borrower are called

Mortgager

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What is the most effective way to deal with competition, whether in a foreign or domestic market?

Acquisition: Buy the company that competes with your company then close the company down or use the firms resources and marketing to expand market

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What image does price skimming convey

That your product is innovative and exclusive

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Once early adopter have responded to skimming by buying your product, what might the company do?

Lower the prices

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Why is premium pricing different from price skimming

With premium pricing, the high price is sustained

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2/10 net 30 is an example of a cash discount and means what?

2 percent discount it goods are paid within to days, full amount owed if paid after (30 days)

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Selling “10 for the price of 8” is an example of a

Quantity or volume discount

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What to the price of a product being sold internationally?

Price increase

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What factors might decrease the price of a product made in a foreign country?

lower labour, transportation and manufacturing costs

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In general businesses entering a foreign product have to make sure that the price of their products is what?

Competitive

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Why are Oreos sold in a smaller package in China than they are in North America

Incomes are lower in China, consumers are not willing to spend money on a larger package and space is limited in money stores

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Markup

The additional percentage added to cost to determine price. This percentage is the profit

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Tend to have smaller markups

Products with a consistent demand such as groceries

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Tend to have Higher Markups

Products with inconsistent demand such as high-fashion clothing and jewellery

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Penetration Pricing

Entering a market at a lower price than the competition to influence customers to buy your product

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Price skimming

Entering a market at a high price during the introductory phase.

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Premium Pricing

Setting the price higher than the competition’s price to evoke an illusion of luxury and high quality.

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Discount pricing

Often used in a B2B situation where the producer wants to sell high volumes to a wholesaler or retailer

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Psychological Pricing

Choosing a particular price in the hope that it will sell the product e.g. setting a price at $199 instead of $200 because consumers tend to concentrate on the first number rather than the whole number

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3 Ways to Sell products internationally

Using existing ads, translating ads, and creating new ads

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A U.S company would be able to use the same ads in what country?

Canada

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What do you need to be concerned about when translating ads

Difficult to say same thing in another language

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The 2-C’s of international marketing

Consumer and Competition

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International target market

The characteristics of the consumers who will likely buy your products or services

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Ethnocentrism

A belief that your own culture values beliefs, represents the right way of doing things and other countries values aren’t important

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Market size

The population of the market you’re selling to

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Demographic Info

Statistical data of various characteristics of population

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Face

The ability to face others without embarrassment and have them think well of you

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Discretionary of Income

The money left over from your salary or wages after you’ve paid for essentials

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Spending patterns

Spending habits of a population

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Direct Competition

Firms that provide products or services that are almost identical to other products or services

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Indirect competition

Firms that provide products or services that are not identical to other products or services

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Competitive advantage

Make product cheaper than another company

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Economies of Sale

The theory of more products you make in a factory the cheaper the unit will be to make.

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Product diff

A difference in flavour quality colour or scent

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Brand Equity

The value of a product’s brand in a market or the number of consumers that can identify the brand.

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