Reference no: EM132419152

Question 1. After reading these chapters, it was interesting the different ways marketers gather data. I knew about a few of them but others were new to me such as nueromarketing through brain scanning. I felt the mystery shopper method would be the coolest. Have you ever ate at a Chili's or Red Robin restaurant? They utilize these tablets at the table to not only gather information about what they are doing right or wrong with their service but it also serves as a way for the server to gain more shifts. I was not aware of that until I asked the server what they do with these surveys and that was revealed. I was never one to fill out a questionnaire but I make sure I do now because it is important for the company and livelihood of the server.

Question 2. What are the main criteria for comparison between primary and secondary data do you think? What are the key differences between primary and secondary data then?

Question3. Primary data consists of new facts gathered for the project that can also be of figurative value. There are three different divisions of primary data : observational data, questionnaire data, and other sources of data. Observational data is the process of people watching and using mechanical, personal and neuromarketing methods (Kerin& Hartley, 2015). Questionnaire data is the process of asking people using idea generation and evaluation methods. Other sources of primary data include using social media platforms and panels and experiments. The different levels of primary data are necessary for processing and gathering different types of data such as a movie studio, grocery retailer and pharmaceutical company. For instance, to gather information about how many people buy and access their tickets online, the primary data gathering method would be mechanical because it uses technology to record the values. Grocery retailer stores may want to people watch using survey methods to evaluate the different experience shoppers have in the store. Pharmaceutical companies can also use the observational method and watch the people who use specific prescriptions and their reactions to them with personal inquiry methods.

Question 4. When it comes to world trade and global marketing there are five trends that have a major impact on it.
Trend 1: Gradual decline of economic protectionism by individual countries. Through protectionism it is intended to protect a country's economy from competing countries by implementing tariffs (government taxes) and quotas (limited supply of product allowed to trade) (Kerin& Hartley, 2016).Trend 2: Formal economic integration and free trade among nations. This trend is the where countries are forming transnational trade groups or signing trade agreements to enhance free trade amongst themselves which will grow their own economies (Kerin& Hartley, 2016).Trend 3: Global competition among global companies for global customers. This is when companies have similar products and are marketing globally creating competition with each other to gain the customer that lives in various places in the world that wants the same product or services regardless of where they are living at a given time (Kerin& Hartley, 2016).Trend 4: Emergence of a networked global marketspace. Technology has grown dramatically in the last 20 years and is getting faster allowing for the purchase of products, services, and information from sellers globally to get to buyers globally at any time for a much lower cost (Kerin& Hartley, 2016).Trend5: Growing prevalence of economic espionage. This is the act of stealing trade secrets or proprietary information about competitors (Kerin& Hartley, 2016.Based on the reading of the different trends, the one I feel that has the biggest impact is Gradual decline of economic protectionism. With tariffs and quotas in place it doesn't allow for other countries to benefit and narrows world trade. Although they are to protect the country's economy, it also hurts it at the same time. For example, the high tariffs that United States' puts on auto parts are creating tension with a number of trade agreement negotiations which can raise the tension of the trade war (Sanders, 2019). With these type of disagreements it hurts the incomes of each country involved and affects the success of trade of imports and exports (Sanders, 2019).

Question 5. The 5 Trends that have influence world trade and global marketing are:

"Trend 1: Gradual decline of economic protectionism by individual countries.
Trend 2: Formal economic integration and free trade among nations.
Trend 3: Global competition among global companies for global customers.
Trend 4: Emergence of a networked global marketspace.
Trend 5: Growing prevalence of economic espionage." (Kerin& Hartley, 2016)
In our current economy, people can research many things online, and the networked global marketspace is continuing to emerge. Earlier this year, I went to the Dominican Republic. I was considering staying at different places, and one of my coworkers is from there. She advised me that when she went to a Dominican Republic website, and she was able to book a reservation for a much cheaper rate then when she utilized a .com URL that is mostly used within the U.S. "Marketers recognize that the networked global marketspace offers unprecedented access to prospective buyers on every continent." (Kerin& Hartley, 2016) While resorts, for example, can be utilized and reserved for people from every continent, there can be benefits of having different price points for the different areas that people are travelling from. For example, someone from the U.S. might be more willing and expected to pay $300 a night for an all-inclusive resort where someone from a Central American company might only be willing to pay $150 a night for an all-inclusive resort. While businesses can market differently due to the location of their customers, they also risk the customers being able to research other resorts and companies to find a better deal

Question 6. Gradual decline of economic protectionism by individual countries. Protectionism is the practice of shielding one or more industries within a country's economy from foreign competition by using tariffs or quotas (Kerin, R. A., et al, 2016). Formal economic integration and free trade among nations. A number of countries with similar economic goals have formed transnational trade groups or signed trade agreements for the purpose of promoting free trade among member nations and enhancing their individual economies. Two of the best-known examples are the European Union (or simply EU) and the North American Free Trade Agreement (NAFTA) (Kerin, R. A., et al, 2016). Global competition among global companies for global customers. Global competition exists when firms originate, produce, and market their products and services worldwide. The automobile, pharmaceutical, apparel, electronics, aerospace, and telecommunication fields represent well-known industries with sellers and buyers on every continent (Kerin, R. A., et al, 2016). Emergence of a networked global market space. A networked global market space enables the exchange of products, services, and information from sellers anywhere to buyers anywhere at any time and at a lower cost (Kerin, R. A., et al, 2016). Growing prevalence of economic espionage. Economic espionage is the clandestine collection of trade secrets or proprietary information about competitors. This practice is common in high-technology industries such as electronics, specialty chemicals, industrial equipment, aerospace, and pharmaceuticals, where technical expertise and trade secrets separate global industry leaders from followers (Kerin, R. A., et al, 2016).
Call me a conspiracy nut but I'll go with the prevalence of economic espionage. For almost as long as man has been on earth there has been a drive for some to better the competition at all costs. It is due to this fact that whole industries have been built in an effort to safeguarding proprietary information. In today's digital world that need is even greater, in the past one could lock up the written information inside a safe, but today unless you have established strong safeguards a good hacker can defeat the deterrence's that have established.