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Global Marketing > 1 - Basics > Flashcards

1 - Basics Flashcards

1
Q

A fundamental difference between regular marketing and global marketing is…?

A

The Scope of Activities **

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1
Q

The standardization-adaptation scale goes as follows:

A

Standardization Adaptation

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2
Q

Market penetration strategy is identified by these product/market dimensions:

A

Existing products Existing markets

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3
Q

What are key facilitators of globalization?

A

An increasingly mobile workforce More informed customers Rapidly changing transportation and communications technologies

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3
Q

The CAGE distance framework includes these four dimensions:

A

Cultural Administrative Geographic Economic

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4
Q

Adaptation/localization is preferred when there are…?

A
  • Different customer preferences - Different performance requirements and standards across countries - Different cultural perceptions
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5
Q

Product development strategy is identified by these product/market dimensions:

A

New products Existing markets

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6
Q

The EPRG framework includes these four approaches/orientations:

A

Ethnocentric - focus on the home market Polycentric - approach global markets with discrete strategies Regiocentric - strategies target entire regions Geocentric - the world is one market

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7
Q

What three things characterize global markets?

A

1) Greater uncertainty in markets and environments 2) Greater diversity and dynamism than domestic, internal markets 3) Greater separation of geographical and psychological distances

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7
Q

CAGE: Cultural, includes…?

A

Interactions among people. Language, education, religion, values, norms

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9
Q

Diversification strategy is identified by these product/market dimensions:

A

New products New markets

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10
Q

CAGE: Economic, includes…?

A

Wealth. Differences in national income, costs of business, prices, availability of human/natural resources

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10
Q

Direct marketing is a low/high localization need business function

A

High need, marketing must be adapted to appeal to individual, local markets

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11
Q

What is globalization?

A

A process of interaction and integration among people, companies, and governments of many nations.

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12
Q

Driving forces affecting global integration and marketing

A

Leverage Experience transfers Scale economies Resource utilization Global strategy

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13
Q

CAGE: Geographic, includes…?

A

Country size, infrastructure, climate, remoteness from neighboring countries

15
Q

Finance is a low/high localization need business function

A

Low need, finance practices are internal and can be standardized

16
Q

What is the driving force behind globalization?

A

International trade and investment. This has resulted in a global economy.

18
Q

Forces affecting global integration and global marketing

A
  • Multilateral trade agreements - Converging market needs and wants - Transportation and communication improvements - Product development costs
20
Q

Benefits of standardization include…?

A
  • Economies of scale - Lowered costs - Uniform products - Shorter learning curve
21
Q

EPRG: Ethnocentric characteristics

A

Home country is superior to others, looks for similarities in other companies. Products that succeed at home will succeed elsewhere. Leads to standardized approach

22
Q

Restraining forces affecting global integration and marketing

A

Management myopia and organizational culture National control Opposition to globalization

23
Q

EPRG: Regiocentric characteristics

A

A region is the relevant geographic unit (eg: NAFTA)

24
Q

Value equals…?

A

Benefits/Price

25
Q

EPRG: Polycentric characteristics

A

Each country is unique. Unique strategies for individual subsidiaries. Leads to localized approach.

26
Q

Market development strategy is identified by these product/market dimensions:

A

Existing products New markets

27
Q

EPRG: Geocentric characteristics

A

Entire world is market, strives for integrated global strategies. “Global” or “transnational” company. Leads to combination of extension and adaptation elements.

28
Q

CAGE: Administrative, includes…?

A

Policies and red tape. Laws, political risk, government structure

29
Q

How do you create value?

A

Improve benefits or reduce price Improve the product Find new distribution channels Create better communications Cut costs

Global Marketing (4 decks)

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