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Marketing > Global Marketing > Flashcards

Global Marketing Flashcards

1
Q

The process of using the 4Ps to meet the needs of individuals and businesses in markets across countries and cultures

A

Global Marketing

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2
Q

What is global marketing sensitive to? (4)

A

Cultural, economic, legal, and linguistic differences

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3
Q

Steps to make international marketing decisions (6)

A

X

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4
Q

What do trade barriers do?

A

Restrict business between countries

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5
Q

Tariffs

A

Taxes levied on certain imported product

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6
Q

Revenue tariffs

A

Raises funds for the government

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7
Q

Protective tariffs

A

Raises the price of a product to match or even exceed that of a domestic product

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8
Q

Quotas

A

Limit the amount of foreign products that a country will accept in certain product categories

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9
Q

Tariffs and quotas are both…

A

Economic trade barriers

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10
Q

What is the purpose of a quota?

A

Protect local industry and employment

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11
Q

Embargo

A

A total block on trade between countries; all transactions are prohibited without specialized authorization

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12
Q

Why are embargoes usually launched?

A

Political reasons

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13
Q

Non-tariff trade barriers

A

Trade is restricted through other means:
Biases against bids, restrictive product standards, excessive regulations etc.

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14
Q

3 strategies for entering new global markets:

A

Exporting
Joint venture
Direct investment

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15
Q

Exporting

A

Entering foreign markets by selling goods produced in the company’s home country
Little modification

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16
Q

Direct exporting

A

The company handles its own exports

17
Q

Indirect exporting

A

Working through independent international marketing intermediaries

18
Q

Joint venturing

A

Entering foreign markets by joining with foreign companies to produce/market and product or service

19
Q

4 types of joint venturing

A

Licensing
Contract manufacturing
Management contracting
Joint ownership

20
Q

Licensing

A

Entering foreign markets through developing an agreement with a license in the foreign market, for a fee/payment the licensee buys the right to use the company’s manufacturing/trademark/trade secret/ other items of vale

21
Q

Contract manufacturing

A

A joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide a service

22
Q

Management contracting

A

Joint venture in which the domestic firms supplies the management know-how to a foreign company that supplies that capital; exports management services rather than goods

23
Q

Joint ownership

A

Cooperative venture in which a company creates a local business with investors in a foreign market who share ownership and control

24
Q

why is joint ownership necessary at times?

A

Needed for economic or political reasons

25
Q

Direct investment

A

Entering foreign markets by developing foreign-based assembly or manufacturing facilities

26
Q

Standardized global marketing

A

Using the same marketing strategy and mix world wide

27
Q

Adapted global marketing

A

Customize the marketing strategy and mix elements to each target market

28
Q

Where do most firms land on the global-local marketing program spectrum?

A

Most firms fall somewhere in the middle

29
Q

Straight extension

A

Marketing a product in a foreign market without making any changes to the product

30
Q

product adaption

A

Changing only the product to meet local requirements, conditions, and wants

31
Q

Product invention

A

Creating an entirely new product or service to meet the needs of consumers in a given country

32
Q

Communication adaptation

A

A global communication strategy of fully adapting advertising messages to local markets, changing method of communication not product

33
Q

Dual adaptation

A

The firm markets a new customized product to their new market using a different communication approach

34
Q

How do we structure our organization to make this development happen? (3 steps)

A

Organize an export department
Create an international division
Become a global organization

35
Q

What does an export department typically include

A

Employees and dedicated to pursuing exporting opportunities

36
Q

Types of international divisions (3)

A

Geographical organizations, world groups, international subsidiaries

37
Q

Geographical organization

A

Have country managers that are responsible for sales people, sales branches, distributors, and licencees in their respective countries

38
Q

World groups

A

Are responsible for worldwide sales of different product groups

39
Q

International subsidiaries

A

Independent and responsible for their own sales and profits

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