Term
Do you think that Yum’s other restaurants—Pizza Hut and Taco Bell—would be successful in China? Why or why not?
What would help them be more successful? |
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Definition
Yum’s other restaurants like Taco Bell and Pizza Hut would be successful in China provided they adopt localization strategy.
Incorporating flavours that cater to the Chinese tastes would lead to their popularity. |
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Term
| What advice would you give KFC about how to continue its growth in China? |
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Definition
In order to continue its growth in China, KFC should continue its localization strategy and develop flavours that are liked by the local population.
It should also continue to incorporate traditional Chinese values in its advertisements. |
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Term
| How might KFC’s presence in China help the restaurant in other markets? |
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Definition
The Chinese are considered to uphold traditional values and culture.
The presence of KFC in the Chinese market shows the restaurants’ ability to serve both Western and non-Western customers.
It adds to the brand’s value and can help it to capture other similar Asian markets as well. |
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Definition
Product
Price
Promotion
Place |
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Term
| What is any physical good or intangible service that is offered for sale? |
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Definition
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Term
| What is the amount of money that the consumer pays for the product? |
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Definition
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Term
| What are all the activities that inform and encourage consumers to buy a given product? |
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Definition
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Term
| What is the location at which the company offers its products for sale? |
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Definition
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Term
| What are the series of firms or individuals who facilitate the movement of the product from the producer to the final consumer? |
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Definition
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Term
| What is the shortest channel of distribution, consisting of just the producer and the end consumer? |
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Definition
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Term
| What contains one or more intermediaries between the consumer and the producer? |
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Definition
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Term
| What is a combination of the 4 P's that can be customized for different markets? |
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Definition
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Term
| What is the process of dividing a larger market into smaller markets that share a common characteristic, such as age, gender, income level, or lifestyle? |
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Definition
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Term
| What are commerce areas where, because of price differences across countries, consumers are able to cross international borders to legally purchase products at lower prices than in their home country? |
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Definition
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Term
| What are commerce areas where vendors purposely deceive buyers by altering products and then selling them as branded products at a bargain cost? |
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Definition
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Term
| What is the brand name of a product that has worldwide recognition? |
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Definition
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Term
What is the following?:
Economies of scale in production and packaging, which lower marketing costs while leveraging power and scope. |
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Definition
| The advantage of a Global Brand. |
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Term
What is the following?:
Consumer needs differ across countries, as do legal and competitive environments. |
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Definition
| The disadvantage of a Global Brand. |
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Term
| How low can a company go on quality and performance without damaging the company’s brand? |
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Definition
| The challenge is to balance maintaining a global reputation for quality while serving local markets at lower cost points. |
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Term
| What is the home-country headquarters retains decision-making power for marketing in all countries? |
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Definition
| Centralized-marketing organizational structure |
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Term
| What is the local regional headquarters have the power to make marketing decisions affecting their region? |
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Definition
| Decentralized-marketing organizational structure |
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Term
| What is taking the company’s current products and selling them in other countries without making changes to the product? |
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Definition
| Straight product extension |
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Term
| What is the company strategy of modifying an existing product in a way that makes it better fit local needs? |
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Definition
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Term
| What is creating an entirely new product for a given local market? |
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Definition
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Term
| What is a situation in which consumers use the country where a product was made as a barometer for evaluating the product’s quality? |
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Definition
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Term
| What focuses on increasing quality and reducing errors in production or service delivery? |
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Definition
| Total Quality Management (TQM) |
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Term
| What is designing a product for a developing country and bringing that innovation back to the home country? |
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Definition
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Term
| What is buying the raw materials or components that go into a company’s products from around the world, not just from the headquarters’ country? |
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Definition
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Term
| What is to buy raw materials, components, or services from one supplier exclusively, rather than buying from two or more suppliers? |
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Definition
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Term
| What means that there is no more stock of the company’s product? |
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Definition
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Term
| What is the inventory the company holds to help ensure that it won’t run out of products if there is a delay or crisis in a distant manufacturing region? |
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Definition
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Term
| What is the planning and management of all activities involved in sourcing and procurement, conversion, and logistics? |
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Definition
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Term
| Who helped come up with Total Quality Management? |
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Definition
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Term
| How does offshoring differ from outsourcing? |
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Definition
| The firm retains control of the operations and directly hires the employees. |
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Term
| How does outsourcing differ from offshoring? |
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Definition
| The vendor takes control of the operations and runs the operations as they see fit. |
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