1/27 Chapter 5 Flashcards
marketing environment
uncontrollable external influences that create opportunities or threats
demographics
changes in populations, age, spending, etc
Henry’s
high earners not rich yet
social change
values cultures, attitudes, knowledge and belief
political and legal changes
people lobby to have things a certain way
technological changes
advances in tech
global marketing
why and how to expand globally
- scan the global marketing environment
- Decide how to enter particular markets
- Decide the marketing mix
4ps
product, place(distribution), price, promotion
Reasons to go global
- goals for growth
- following a customer expanding internationally
- Response to competition
scan the global marketing envrionment
demography, natural resources, cultural, economic development, political structure
1) scan the global marketing environment
automobile sales in India:
there wasn’t enough income that would come from the development
economic development -
political/legal considerations - laws that affect your business
cultural differences - people act different in different countries
dimensions of culture
power distance:cultural difference between what people think about peoples status differences
postponed/immediate gratification
mono vs polychronic: working on one thing at a time vs working on more than one things
individualism vs collectivism - how you think of other people in relation to yourself
2) decide how to enter
exporting - using a product built in the US
licensing & franchising - give someone in a foreign country permission to make a certain product
contract manufacturing - contracting with someone in a foreign country to make your product and license it as your own
joint venture/ownership - companies share ownership
direct investment - when you start a branch of your company in a foreign country
3) decide on the marketing mix
product adaptation, invention price place promotion
