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ONE OF THE SECRETS TO SUCCESS IS IDEAS MIXED WITH INSPIRATION. BUDAPESTI GAZDASÁGI FŐISKOLA INTERNATIONAL MARKETING LECTURE- 10 In English 4th May2012 – FRIDAY 0940hr –1110hr (E.F. 7-9) Miklós (Nicholas) SOÓS 0630 265 9638 [email protected] somi LECTURE DATES - TIMES - LOCATION RE: Miklós (Nicholas) SOÓS 1. FEB. 17. 0940-1110 [E.F.13-15] 2. FEB. 24. 0940-1110 [E.F.13-15] 3. MARCH 2. 0940-1110 [E.F.13-15] 4. MARCH 9. 0940-1110 [E.F.13-15] MARCH 16. VACATION MARCH 23. VACATION 5. MARCH 30. 0940-1110 [E.F.13-15] – re. feb.10 6. APR. 6. 0940-1110 [E.F.13-15] (guest lect?) 7. APR. 13. 0940-1110 [E.F.13-15] 8. APR. 20. 0940-1110 [E.F.13-15] 9. APR. 27. 0940-1110 [E.F.13-15] 10. MAY 4. 0940-1110 [E.F.13-15] 11. MAY 11. 0940-1110 [E.F.13-15] somi CLASS ATTENDANCE Lectures No. % Lect. 1 16 24 Lect. 2 22 33 Lect. 3 30 45 Lect. 4 30 45 Lect. 5 35 52 Lect. 6 34 51 Lect. 7 34 51 Lect. 8 24 36 Lect. 9 19 28 Lect. 10 somi Please ensure that you personally sign the attendance sheet every time you attend a lecture. somi The visual contents of lectures will be available internally on the following site: K:\Hallgatok\ANGOL\Soós tanár úr (available internally only) somi SOURCES, REFERENCES – SUGGESTED READINGS The course is NOT based on any specific textbook. The following are recommended. International Marketing, Cateora, P. & Graham, J. (2005) 12th edition, McGraw-Hill Global Marketing, Hollensen, S. (2004) 3rd edition, Prentice Hall International Marketing Strategy, Doole, I. & Lowe, R (2004) 4th edition Thomson International Marketing and Export Management, Albaum G, Prentice Hall London Principles of Marketing, Kotler P et. Al, 2nd European edition, Prentice Hall E. 2003 Principles of Marketing, Jobber D, McGraw-Hill Principles of Marketing, Brassington F, Financial Times Prentice Hall, 2000 Marketing on the Internet: Principles of online marketing, Strauss J & Raymond F, Prentice Hall,1999 Internet sites: www.pmcinc.org/ www.tradeport.org www.FAS.USDA.gov somi ASSESSMENT METHOD End of year written examination 60% Two (2) ‘mini’ exams of 20 min. duration during unannounced lectures 40% somi BGF. INTERNATIONAL MARKETING – MINI TEST 1 - ASSESSMENTS Markscale % No. <45 8 46-50 5 51-55 0 56-60 3 61-65 0 66-70 3 71-75 0 76-80 1 81-85 0 86-90 0 91-95 0 96-100 1 Total no. of students: Class average : 52% Lowest score 10% Highest score: 100% 21 somi MINI TEST 1 & 2 - RESULTS 8 7 6 5 4 3 2 1 0 40(- 41) 45 46- 5150 55 5660 61- 6665 70 71- 7675 80 8185 somi Where we finished last week. somi THE RESEARCH PROCESS & INTERNATIONAL ISSUES RESEARCH PROCESS Problem identification Selection of research design Information gathering Data collection Analysis & interpretation Dissemination of results INTERNATIONAL ISSUES Geography & distance Cultural Lack of marketing knowledge Differing perspective Construct equivalence Measurement equivalence Sampling equivalence Secondary data - Accuracy - Comparability - Reliability - Source Primary data - Respondent bias - Researcher bias Comparability of results Local biases in results Eliminate self-reference criterion Avoid culturally offensive conclusions Somi DISTRIBUTION ?? Concerned with transporting goods and services in the most cost effective and efficient way, from where they are to where they needed to be. The role of delivery (distribution) is to ensure the safe and timely provision of goods and services from the suppliers to the organisation and from the organisation to the final customer or client – the final journey to Place, from the four Ps. somi IMPORTANCE OF DISTRIBUTION Marketing channel decisions are among the most important decisions that management faces. The company’s channel decisions are linked with every other marketing decision. The company’s pricing depends on whether it uses mass merchandisers or high quality specialty stores. The firm’s sales force and advertising decisions depend on how much persuasion, training and motivation the dealers or resellers need. Whether a company develops or acquires certain new products may depend on how well those products fit the abilities of its channel members. somi DISTRIBUTION CHANNEL is an organised network of agencies that combine to LINK PRODUCERS WITH USERS. Distribution is the physical flow of goods through channels. A channel makes a product or service available in a convenient location (place), makes a product or service available when wanted (time), packages or reprocesses product or service into a usable form (form), advises about the product or service and its attributes (information). In international marketing distribution channels can be a source of competitive advantage OR a cause of problems. Channels involve relationships and the management of those relationships will determine the success of the firm’s international marketing efforts. Important to establish the right distribution channel because title is transferred, control is more difficult to exercise and competitive environment is fiercer. International distribution channels can be of varying length. somi DISTRIBUTORSHIP DISTRIBUTOR • buys from the supplier on his own account, at own risk, in his name • resells to customers on his own account, • supplier may be subject to warranties Distribution contract Supplier sales Distributor Sale contract customers service somi THE DISTRIBUTOR • imports the product on his own account, • resells on his own account, at own risks • marks up the supply price to cover his profit, • if necessary undertakes services, • normally carries a stock, • likely is involed in local publicity, • undertakes distribution in the market somi Purchase inquiry Purchase inquiry THE ORGANISATION Sales information Buys Supply information Negotiation, agreement Processes Supply Payment Payment Information on performance Negotiation, agreement Sells CUSTOM ER Sales information information SUPPLIER–MANUFACTURER THE SUPPLY PROCESS: - SUMMARISED Information on performance somi INTERNATIONAL DISTRIBUTION CHANNELS Manufacturer Manufacturer Exporting intermediary Exporting intermediary Importing intermediary in foreign country Wholesaler in foreign country And/or 35/52 Manufacturer Manufacturer Manufacturer Manufacturer Importing intermediary in foreign country Wholesaler in foreign country And/or Wholesaler in foreign country And/or SHORT CHANNEL LONG CHANNEL LONG VERSUS SHORT Wholesaler in foreign country And/or Retailer in foreign country Retailer in foreign country Retailer in foreign country Retailer in foreign country Retailer in foreign country Consumer or industrial user Consumer or industrial user Consumer or industrial user Consumer or industrial user Consumer or industrial user Consumer or industrial user somi BASIS UPON WHICH APPROPRIATE CHANNEL INTERMEDIARIES ARE TO BE CHOSEN THE 11 Cs 1. Customer characteristics 6. Cost 2. Culture 7. Capital required 3. Competition 8. Coverage needed 4. Company objectives 9. Control issues 5. Character of market 10.Continuity provided 11. Communication effectiveness somi PRICE is the only marketing variable that produces revenue Price in international marketing is often used as an indicator of quality until experience indicate otherwise. When price is perceived as being similar for alternative products , then product quality or value as communicated through the brand becomes the deciding factor in the decision to purchase. somi IMPORTANT ASPECTS OF PRICING Prices must: 1. 2. 3. 4. provide the customer with value for money cover the costs of product or service be competitive be consistent with corporate objectives Somi PRICE & DEMAND In open markets, the demand for a product or service is related to the extend to which people are able and willing to buy a product or service at different prices. Somi THE DETERMINANTS OF DEMAND The demand for a product or service depends on 4 elements: 1. The price of the product / service 2. The prices of competing products / services. 3. The consumer’s income. 4. The consumer’s preferences. Somi INTERNATIONAL PRICE STRATEGY FRAMEWORK Firm-level factors • Strategic objectives • M.share, profit,costs • 4Ps………… • Inventory level Product-specific factors • Life cycle • Substitutes • Quality, service, delivery Market-specific factors • Consumers • Government intervention • Distribution channel • Barriers to trade Foreign price setting • price relation to product line • redesign & price implication • transfer price setting • inflation adjustment • pricing for multinational clients • client-specific pricing Environmental factors • Competition • Exchange rate • Inflation rate somi CIVILAZATION IS THE INTELLIGENT MANAGEMENT OF HUMAN EMOTION.