What kind of pricing strategy do international marketers typically use for luxury consumer markets? ...

Answer to #1

Targeting luxury markets often allows international marketers to use a global standardization strategy. Luxury products typically target individuals with high incomes who are likely to have similar needs and wants and an equal ability to pay. Given this, luxury products are much more likely to have a global price. Otherwise, products could be purchased in cheaper markets and returned to local markets possibly to enter into a grey market.

Answer to #2

A global product can create economies of scale in R&D, production, and marketing. It also allows a company to compete against other global marketers. However, developing a global product is not always possible, and product adaptation may be required. For instance, products may be used in different environmental situations. They may have to operate in different political and legal environments. Consumers may have different cultural needs and norms. Local competition in foreign markets may be different than in domestic markets, and customization may be necessary to gain a competitive advantage.

Answer to #3

Inseparability suggests that service businesses cannot be separated from their providers.

Answer to #4

Commodity products include goods that cannot be easily differentiated. Examples include grains, minerals, and petroleum.

Answer to #5

The PPP measures how much of a product a currency can buy in a country. It takes into account the average price of identical products in different countries.

Answer to #6

Three factors that can diminish brand equity are counterfeits, forgeries, and grey markets.

Answer to #7

The country-of-origin effect occurs when people see the country where a product is manufactured as a brand.

Answer to #8

The four choices are (1 ) keep their home country of products the same, (2 ) adapt an existing product for new markets, (3 ) design new products for new markets, and (4 ) design one product for a global marketplace.

Answer to #9

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