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Marketing Decision Making L2
Terms in this set (18)
Improvisation Definition (Mendonca et al, 2004)
Is said to exist when deliberate but planned actions are executed, aiming to help an organisation in its efforts to respond to unforeseen opportunities or threats.
International Marketing Plan
1. Decision to internationalise
2. Foreign country screening - viability of going into market. Choosing selection criteria, developing likely segments, rate market attractiveness, assess compatibility.
3. Analysis of the international environment - cultural environment needs to be understood.
4. International marketing objectives - SMART
5. Foreign market entry strategies - what level of involvement do you require when entering a new market. Export, contract, investment.
6. International marketing programme - how you implement marketing mix.
7. Implementation of the plan
8. Control - monitor/ evaluate results of plan. Measuring market metrics (Ambler)
Dimensions of Improvisation
-Creativity - innovative behaviour based on instinct. Thinking outside the box.
-Spontaneity - thinking on the spot. E.g. turn an event in the environment into an opportunity.
-Action- orientation - seeing ideas through to implementation/ acting on a creative idea.
Benefits of Improvisation
-Can save relationships with customers/ suppliers
-Speed to market/ to market changes
-Shows flexibility to respond to environment in a creative way.
-Enhance reputation to satisfy customer needs.
Disadvantage of Improvisation
Decision making can become chaotic.
In a turbulent market which is unstable i.e. from political risk, improvisation would have a negative impact.
Export Planning Orientation
Market Driven approach. Generation - dissemination - response is sequential and will happen at different points in time.
Export Improvisation Orientation
Market Driving approach. Creative (design) and speedy (implementation). Both happening at the same time therefore quicker to respond. E.g. Apple is a leader in digital revolution --> market driver.
Positive relationship between planning and economic performance. More planning = better performance.
Action orientation positively relates to customer performance (customer loyalty/ satisfaction) . More you act on creative decisions, more likely customers are to be satisfied.
Customer performance positive relationship with economic performance. More satisfied customers, greater turnover.
The more the firm is responsiveness to customer needs the better customer performance.
The more creative, spontaneous/ action orientated the firm, the better you can respond to customer needs.
Planning is related to responsiveness by suggesting the more a firm plans, the more you can respond to latent customer needs.
Planning is negatively related to customer performance - as planning takes slower to respond to in terms of errors. E.g. Customer wants problem solved quickly and not via a plan.
Creativity is detrimental to the relationship between planning and responsiveness as it might add complexity to the plan.
The more spontaneous you are,the less effective the planning will be in gaining economic performance.
Action orientation enhances relationship between planning and responsiveness.
Usefulness of International Marketing Planning
-Recognise that planning and control are essential but many managers are unclear/ suspicious about true purpose of planning.
Suspicious due to volatility of markets as info will become outdated by the time plan is implemented.
Complexity - they feel plans are complex because they would have to tailor to different environments therefore adapt to different cultures.
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