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Principals of marketing > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What is marketing?

A

Management process for identifying, anticipating, and satisfying customer needs and wants profitably.

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2
Q

What is International marketing

A

It is the firm in making one or more marketing mix decisions across national boundaries.

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3
Q

what are the three levels of marketing

A

Domestic marketing
International marketing
Global marketing management
International Marketing can be defined and interpreted depending on the level of involvement of the company in the international marketplace.

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4
Q

International Marketing Constitutes the following areas of Business:

A

Imports & Exports Contractual Agreements ( Patent Licensing, Turnkey operations, Technical & Management know-how, Licensing Agreements Joint Ventures with Locals (J.Vs)
Wholly owned Manufacturing Company

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5
Q

What are some Drivers of Globalizations/ International Marketing

A

Technological Improvements
Transportation & Communication.
Rapid Technology Life Cycles which increase competition among countries.
Decline in Tariffs & Retaliatory Trade Policies.
Reduced R & D costs. Technology availability & Information gathering.
Market needs & wants. Shared Global cultures.

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6
Q

What are the Benefits of Globalization

A

Company & Country Survival – Forex.
Access to New Markets.
To grow Market share. Reduce Country Risk effects.
Inflation & Price moderation – Competition.
Employment Creation.
Increased Std of Living through increased GDP.
Improved Quality – Competition.
Wider Product Choice

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7
Q

What are the Disadvantages of Globalization – LDCs Perspective

A

Benefiting the Developed world mostly. They have the capital & Technology.
Dumping ground for poor products. E.g. Chinese.
Loss of Employment through Imports. (e.g. Merlin)
Kills smaller Local companies.
Questionable Ethics – e.g. BP oil spill, Nestle in Africa, Coke in India.
Repatriation of local Resources & capital.

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8
Q

What are some ETHICAL PROBLEMS IN INTERNATIONAL Marketing

A

Traditional Small scale gifts.
Large Scale Bribery.
Gifts/Favors/Entertainment.
False Pricing & Dumping.
Products/Technology banned in Host country.
Tax Evasion.
Pollution.
Questionable Commissions to Channel members.
Cultural differences. (Bribe, Gifts, Political, don’tio)
Involvement in Politics by an MNC.

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9
Q

what are some ENVIRONMENTAL INFLUENCES ON INTERNATIONAL MARKETING

A

Socio/Cultural
Language
Religion
Aesthetics
Values and attributes
Social organization
Material culture

Legal
Local domestic laws
International law
Home domestic law

Political
Operational restrictions
Discriminatory restrictions
Physical actions

Economic
Developed economies
Emerging economies
Less developed economies
Currency movements

Technological
Satellite Communications
ISDN
Internet
WWW
The Electronic Superhighway

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10
Q

What is culture

A

Culture – Sum total of learned beliefs, values and customs that serve to direct the consumer behavior of members of a particular society.

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11
Q

ENVIRONMENTAL INFLUENCES ON INTERNATIONAL MARKETING

A

Legal
Local domestic laws
International law
Home domestic law

Economic
Developed economies
Emerging economies
Less developed economies
Currency movements

Political
Operational restrictions
Discriminatory restrictions
Physical actions

Technological
Satellite Communications
ISDN
Internet
WWW
The Electronic Superhighway

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12
Q

what are the3 dimensions in the legal environment:

A

local domestic law
international law
domestic laws in the home country

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13
Q

Ethnocentric Orientation

A
  • Guided by domestic market extension concept:
  • Domestic strategies, techniques, and personnel are perceived as superior
  • International customers are considered as secondary
  • International markets are regarded primarily as outlets for surplus domestic production
  • International marketing plans are developed in-house by the international division
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14
Q

Polycentric Orientation

A
  • Guided by the multidomestic market concept:
  • Focuses on the importance and uniqueness of each international market
  • Likely to establish businesses in each target country
  • Fully decentralized, minimal coordination with headquarters
  • Marketing strategies are specific to each country
  • Result: No economies of scale, duplicated functions, higher final product costs
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15
Q

Regiocentric Orientation

A
  • Guided by the global marketing concept:
  • World regions that share economic, political, and/or cultural traits are perceived as distinct markets
  • Divisions are organized based on location
  • Regional offices coordinate marketing activities
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16
Q
A
17
Q

Geocentric Orientation

A
  • Guided by the global marketing concept:
  • The world is perceived as a total market with identifiable, homogenous segments
  • Targeted marketing strategies aimed at market segments, rather than geographic locations
  • Achieve position as low-cost manufacturer and marketer of product line
  • Provides standardized product or service throughout the world
18
Q

Globalization Theories

A

Market segments falling apart
Markets globalizing & the Globe being the Theatre
Same Marketing Mix used for a Std product to gain on Economies
World Market as Homogeneous
Gave Coke as an E.g. of a Global Product

19
Q

THE CHALLENGES OF THE INTERNATIONAL MARKETING

A

 Culture: Often diverse and multicultural
 Markets: Widespread and sometimes fragmented
 Data: Difficult to obtain and sometimes expensive
 Politics: Regimes vary in stability, political risk becomes an important variable
 Governments: Can be a strong influence in regulating importers and foreign business ventures
 Competition: Multinationals can distort competitive structure of markets
 Economies: Varying levels of development
 Finance: Many differing finance systems and regulatory bodies
 Currency: Varying and unstable, strong likelihood of transaction risk
 Business: Diverse rules, culturally influenced
 Control: Difficult to control and co-ordinate across markets

20
Q

Benefits of Globalization

A

Company & Country Survival – Forex.
Access to New Markets.
To grow Market share. 80% of Coke sales are foreign.
Diversification. Reduce Country Risk effects.
Inflation & Price moderation – Competition.
Employment Creation. Increased Std of Living through increased GDP.
Improved Quality – Competition.
Wider Product Choice

21
Q

Disadvantages of Globalization

A
  • Benefiting the Developed world mostly. They have the capital & Technology.
  • Dumping ground for poor products. E.g. Chinese.
  • Loss of Employment through Imports. (e.g. Merlin)
  • Kills smaller Local companies.
  • MNCs viewed as Political agents of the West. (Gushongo Estate Milk/Nestle case)
  • Questionable Ethics – e.g. BP oil spill, Nestle in Africa, Coke in India.
  • Repatriation of local Resources & capital.

Principals of marketing (6 decks)

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