What is environmental scanning?
The process of collecting information about the external environment to identify and interpret potential trends.
What are the influential environments?
political-legal, economic, socio-cultural, technological, and competitive
What is the intranet?
Private computer network that uses internet protocols and network connectivity.
What is an OS?
An operating system
What happens in a reverse auction?
Sellers compete to obtain business
What is a trend analysis used for in sales forecasting?
To show historical relationship between sales and time to forecast for the future.
What are the different types of trend analysis?
1. Percent rate of change forecast
2. unit rate of change forecast
3. Naive Forecast
4. Moving Average forcast
How is the percent rate of change forecast used?
It sets a specific percentage rate increase/decrease compared against last year
What are the 4 characteristics of services?
1. Intangible - no physical features
2. inseparable - cannot be separated from service provider
3. Perishable - cannot keep inventory
4. Buyer involvement - buyer is involved in development and distribution of service by virtue of their choice.
What is multi product (or family) branding?
1 name for all products in a product class
What is Multi-branding (or individual)?
Distinct name for each product within a class
What is Private (or distributor) branding?
A retailer, wholesaler or distributor owns the brand, but the product is supplied by the manufacturer but the brand is not. eg. sears (craftsman, kenmore)
What are the 6 elements that make up the Shannon-Weaver Model of communication?
source, encoder, message, channel, decoder, receiver
What are the two international marketing strategies?
1. Global - A standard marketing mix - 4 p's don't really change much
2. Multi-domestic - A mix tailored to a specific country
What are the 4 types of management orientation?
1. Enthnocentrism - home country orientation
2. Polycentrism - host country orientation
3. Regiocentrism - regional orientation
4. Geocentrism - world orientation -looks at global strategies but is sensitive to local market differences.
What are 3 Foreign Market entry strategies?
1. International Direct investment - acquisitions, joint ventures, oversees divisions
2. Contractual agreements - franchising, foreign lisencing, subcontracting
What is the fiscal policy?
Government policies that attempt to influence the direction of the economy through changes in government spending or taxation
What are the 3 types of exchange rates?
1. Flexible/floating exchange rates
2. Fixed Exchange rates
3. the managed float