Lecture 1 Flashcards
What is marketing?
A universal discipline involving concepts, tools, theories, and procedures to meet consumer and environmental needs.
How has marketing evolved today?
It’s more strategic, stakeholder-focused, and customer-oriented. It also emphasizes managing partnerships and environmental scanning (PESTLE).
Define customer value.
Value = Benefits / Price
What is international marketing?
Business activities planned to price, promote, and deliver goods/services in more than one nation for profit.
How does global marketing differ from domestic marketing?
It requires adapting to foreign competition, local consumer needs, regulations, and risks.
Define ‘glocal’ strategy.
Think global, act local – blending global reach with local relevance.
What is ethnocentric orientation?
Using a domestic approach globally—extending the home marketing mix abroad.
What is polycentric orientation?
Marketing strategies are adapted per country—each market is unique.
Define regiocentric/geocentric orientation.
A unified strategy across regions or globally; combines efficiency with local responsiveness.
What are some driving forces of global marketing?
Technology, culture, market needs, cost advantages, free markets, strategic intent, and peace.
What are restraining forces in global marketing?
Cultural differences, high costs, nationalism, management myopia, and conflict/war.
What is the Uppsala Model?
A gradual, step-by-step international expansion—starting with exporting.
Describe Network Theory in internationalization.
Focuses on legal, personal, and market-based relationships across borders.
What is a Born Global firm?
A business that starts with a global outlook and minimal adaptation from the outset.
What are the four elements of Porter’s Diamond?
- Factor Conditions
- Demand Conditions
- Related & Supporting Industries
- Firm Strategy, Structure, and Rivalry
What two external forces affect Porter’s diamond?
Government & Chance
