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Developing a Global Vision
- The growth of global marketing - the need for it and its importance.
- The feat of globalization and protectionist behavior.
Environmental Factors in Global Markets
- Cultural (significant variations)
- Political (can be unstable); and trade agreements (NAFTA; EU)
- Economic (and currency exchange rates)
Entering Global Markets
- Exporting: selling domestically produced products to buyers in another country. Least complicated and least risky.
- Licensing and Franchising: the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge. Contract Manufacturing - private-label manufacturing by a foreign company.
- Joint Venture: when a domestic firm buys a part of a foreign company or joins with a foreign company to create a new entity.
- Direct Investment: active ownership of a foreign company or of overseas manufacturing or marketing facilities.