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Marketing Mix
Choices about product attributes, distribution strategy, communication strategy, and pricing strategy that a firm offers its targeted markets
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Market Segmentation
Identifying groups of consumers whose purchasing behavior differs from others in important ways
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Intermarket Segment
Segment of customers that spans multiple countries, transcending national borders
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Concentrated Retail System
Few retailers supply most of the market
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Fragmented Retail System
There are many retailers, no one of which has a major share of the market
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Channel Length
Number of intermediaries that a product has to go through before it reaches the final customer
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Exclusive Distribution Channel
Outsiders find difficult to access
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Channel Quality
Expertise, competencies, and skills of established retailers in a nation and their ability to sell and support the products of international businesses
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Source Effects
Effects that occur when the receiver of the message (i.e. a potential consumer) evaluates the message on the basis of status or image of the sender
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Country of Origin Effects
Subset of source effects, or the extent to which the place of manufacturing influences product evaluations
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Noise
Amount of other messages competing for a potential consumer's attention
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Push Strategy
Personal selling rather than mass media advertising
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Pull Strategy
Mass media advertising as opposed to personal selling
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Price Elasticity
Measure of how responsive demand for a product is to changes in price
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Elastic
Small change in price produces a large change in demand
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Inelastic
When a large change in price produces only a small change in demand
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Strategic Pricing
- Concept containing 3 aspects:
- 1. Predatory pricing
- 2. Multipoint Pricing
- 3. Experience curve pricing
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Predatory Pricing
Reducing prices below fair market value as a competitive weapon the driver weaker competitors out of the market ("fair" being cost plus some reasonable profit margin)
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Multipoint Pricing
Occurs when a pricing strategy in one market may have an impact on a rival's pricing strategy in another market
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Experience Curve Pricing
Aggressive pricing designed to increase volume and help the firm realize experience curve economies
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International Market Research
Systematic collection, recording, analysis, and interpretation of data to provide knowledge that is useful for decision making in a global company
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