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Global Marketing
marketing that targets markets throughout the world
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Global Vision
process of recognizing and reacting to international marketing opportunities
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International Marketing vs. Domestic Marketing
- 1)countries are different
- 2)problems are more complex
- 3)must work within govt. regulations
- 4)currency conversion presents unique problems
- 196 countries in world
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Globalization
- shift toward a more integrated and interdependent world economy.
- EX: competition between coke and pepsi is a global market.
- global production refers to shoes being made in U.S. or not
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External Environment Facing Global Marketers (5)
- 1) culture
- 2) economic+technological development
- 3) policitcal structure
- 4) demographic makeup
- 5) natural resources
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Culture
system of values and norms shared among a group of people, and when taken together, constitute a design for living
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Cross-Cultural Misunderstanding (4)
- 1) spoken language
- 2) unspoken language
- 3) Color
- 4) interesting cultural differences
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Economic and Technological Development
developed country- complex, sophisticated industries
less developed country- basic industries
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Political Structure
no private ownership, minimal individual freedom OR little central govt. maximum personal freedom
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tariff
tax levied on goods entering a country
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quota
limit on the amount of a product entering a country
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boycott
exclusion of products from a country
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exchange control
foreign exchange must be sold to a control agency
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market grouping
common trade alliance
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trade agreement
an agreement to stimulate international trade
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Examples of trade agreements (4)
- NAFTA- North American Free Trade Agreement
- CAFTA- Central American Free Trade Agreement
- Mercosur- Argentina, Brazil, Chile, Uruguay
- Europen Union- aka common market established WW2, 27 countries
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Declining Trade Barriers
- -General agreement on tariffs and trade. Member states (151) in 8 negotiating 'rounds' worked to lower barriers to the free flow of goods and services
- -in the Uruguay Round, nations agreed to enhanced patent, copyright and trademark protections and established the World Trade Org.
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Demographic Makeup (4)
- marketing considerations:
- 1) population density
- 2) urban or rural
- 3) personal income
- 4) age
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Why Go Global? (6)
- 1) earn additional profits
- 2) leverage a unique product or technological advantage
- 3) possess exclusive market info
- 4) saturated domestic markets
- 5) excess capacity
- 6) utilize economies of scale
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Global Marketing Mix
- -product
- -place
- -promotion
- -pricing: dumping, exchange rate, countertrade
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export
sell domestically produced products to buyers in other countries
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licensing
legal process allowing use of manufacturing/patents/knowledge
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contract manufacturing
private label manufacturing by a foreign country
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joint venture
domestic firm buys/joins a foreign company to create a new entity
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direct investment
active ownership of a foreign company/manufacturing facility
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