Int. Mkt Ch.1-2 Flashcards
Discovering customers needs and wants, creating the goods and services products that meet those needs, and then pricing, promoting and delivering those goods and services
Marketing
People/companies with wants and needs, money to spend , PLUS the willingness and ability to spend money to satisfy those wants and needs
Market
Amount of goods or services consumers will purchase at various price levels
Demand
5 Ps + ?
Product, Place, Price, Promotion, Positioning + Relationships
Creating a perception in a consumer’s mind about the nature of a companyand its products relative to the competition
Positioning
Utilisation and adaptation of the best marketing practises for the purposes of conducting commerce in other countries. It includes conducting commerce with customers, clients, partners, society at large and the overall global community
International Marketing
Increased interconnectedness of consumers and businesses
Globalization
1) Communication channels; 2) Lower transportation costs; 3) Immigration/Emigration Patterns 4) Governmental Actions
Globalization Drivers
Firms that operate in two or more countries from inception
Born Global
Nation in which the business is located and/or the country that becomes the site of main HQ
Home Country
Nation being targeted for expansion by a company based in another country
Host Country
Uses its own nationals as employees at home and abroad
Ethnocentric Company
Employs local nationals in host countries
Polycentric Company
When managers are employed from a variety of countries from the same region, such as the Pacific Rim or Latin America
Regiocentric Company
When global companies seek to find the best employees and systems regardless of the country in which they are located
Geocentric Company
organisational and physical structures essential for the operation of a society
Infrastructure
Meeting the needs of the current generation so that future generations are left with the ability to also meet their needs
Sustainability
Economy in which most economic decisions are made in the marketplace
Market Economy
Types of economies
Command, Mixed, Market, State Capitalism. Most of the world’s economies are mixed, somewhere on a spectrum from command to market.
Types of eco-political economies
Communism, Socialist, Capitalist, State Capitalist
Economic system in which an enterprise is operated for profit in the market and in which stock can be purchased, but which key decisions about operation and management are made by the government. Found primarily in China and Russia
State Capitalism
Nations which have experienced rapid economic expansion and industrialisation (China, Taiwan, South Korea, Brazil, Mexico)
NIC (Newly Industrialized Countries)
Rostow Modernisation Model
1) Traditional society; 2) Preconditions for take-off; 3) Take-off; 4) Drive to maturity; 4) The Age of Mass Consumption
Components needed for porudction of goods or services, such as labour and infrastructure
Factor conditions
